Document:

Employee Agreement between Stem Cell Therapy Inter, Inc and Andrew J. Norstrud

 Exhibit 10.41 
 EMPLOYMENT AGREEMENT 
 This Employment
Agreement (the “Agreement”) is made and entered into as of November 10, 2009 and effective as of the first day of January 1, 2010, by and between STEM CELL THERAPY INTERNATIONAL, INC. (in the process of changing the name to
Amstem Corporation), a corporation organized under the laws of Nevada (the “Company”), and Andrew J. Norstrud, an individual (“Executive”), residing in Tampa, Florida. 
 W I T N E S S E T H: 
 WHEREAS, the Company a leading research and development company in the regenerative medicine field (such activities, together with all other activities of the Company and its subsidiaries, as conducted at
or prior to the termination of this Agreement, and any future activities reasonably related thereto which are contemplated by the Company and/or its subsidiaries at the termination of this Agreement identified in writing by the Company to Executive
at the date of such termination, are hereinafter referred to as the “Business Activities”); 
 WHEREAS, the Company
desires to employ Executive upon the terms and subject to the terms and conditions set forth in this Agreement; and, 
 WHEREAS,
Executive desires to be employed by the Company upon the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises, the mutual promises, covenants and conditions herein contained and for other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto intending to be legally bound hereby agree as follows: 
 Section 1. Employment. The Company hereby employs
Executive, and Executive hereby accepts employment with the Company, all upon the terms and subject to the conditions set forth in this Agreement. 
 Section 2. Capacity and Duties. Executive is and shall be employed in the capacity of Chief Financial Officer of the Company and shall have such duties, responsibilities and authorities as are
assigned to him by the Board of Directors and the Chief Executive Officer of the Company (the “Board”). Subject to the control and general directions of, and the general policies and guidelines established, by the Board and except as
otherwise herein provided, Executive shall devote such of his business time, best efforts and attention as necessary to promote and advance the business of the Company and its subsidiaries and to perform diligently and faithfully all the duties,
responsibilities and obligations of Executive to be performed by him under this Agreement. There will be no duties or responsibilities given to the Executive that are ethically or professionally in conflict with the Securities and Exchange
Commission or his responsibilities as a Certified Public Accountant. 
 Section 3. Term of Employment. The initial
term of employment of Executive by the Company pursuant to this Agreement shall be for the period (the “Initial Term”) commencing on

 
January 1, 2010, and terminating on January 1, 2014, or such earlier date that Executive’s employment is terminated in accordance with the provisions of this Agreement. The Initial
Term automatically shall be extended for successive additional one year periods (each, an “Extended Term”) unless written notice is given by either party to the other party no later than 30 days prior to the expiration of the Initial Term
or any Extended Term. (The Initial Term, together with each and any Extended Term, is sometimes hereinafter called the “Employment Period”). 
 Section 4. Place of Employment. Executive’s principal place of work shall be located at the principal offices of the Company in Tampa, Florida. 
 Section 5. Compensation. During the Employment Period, subject to all the terms and conditions of this Agreement and as
compensation for all services to be rendered by Executive under this Agreement, the Company shall pay to or provide Executive with the following: 
 5.01 Base Salary. The Company shall compensate Executive during the Initial Term for his services hereunder with a base annual salary of Two Hundred and Twenty Five Thousand and No Dollars
($225,000.00), payable at such intervals (at least biweekly), net of applicable federal state and local taxes of any kind required by law to be withheld with respect to such payment, as salaries are paid generally to other executive officers of the
Company. Executive’s salary will be adjusted on an annual basis for the first and each successive Extended Term, with a minimum of a Ten Thousand and No Dollar ($10,000.00) increase per annum. The Company shall give notice to Executive of any
such adjustment no later than 45 days prior to the expiration of the Initial Term or any Extended Term. 
 5.02
Bonus. The Executive shall be entitled to an annual cash bonus of up to 30% of his base salary per year, based on criteria established by the Chief Executive officer and subject to the approval of the Compensation Committee of the Board. In
addition, the Company may pay to Executive additional cash or other bonuses on an annual or other basis in the sole discretion of the Compensation Committee of the Board and Executive shall become a participant in any incentive compensation or bonus
plan adopted by the Board for any highly compensated officers or other significant employees of the Company on such terms as shall be determined by the Compensation Committee of the Board. Any amounts paid or payable to or on behalf of Employee
shall be prorated through the Date of Termination. 
 5.03 Other Compensation. The Company shall provide
Executive with the other benefits specified on Exhibit 5.03 attached hereto. 
 Section 6.
Adherence to Standards; Review of Performance. Executive shall comply with the written policies, standards, rules and regulations of the Company from time to time established for all executive officers of the Company. The Board
and/or the Chief Executive Officer of the Company shall periodically review and evaluate the performance of Executive under this Agreement with Executive. 
  

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 Section 7. Expenses. The Company shall reimburse Executive for all reasonable,
ordinary and necessary expenses (including, but not limited to, automobile and other business travel and customer entertainment expenses) incurred by him in connection with his employment hereunder in accordance with Company policy; provided,
however, Executive shall render to the Company a complete and accurate accounting of all such expenses in accordance with the substantiation requirements of Section 274 of the Internal Revenue Code of 1986, as amended (the “Code”), as
a condition precedent to such reimbursement. 
 Section 8. Termination Following a Change in Control. 
 8.01 In the event that a “Change in Control” of the Company shall occur at any time during the Term hereof,
Executive shall have the right to terminate his employment under this Agreement upon thirty (30) days written notice given at any time within twelve (12) months after the occurrence of such event. In such event, or if the Company
terminates Executive’s employment at any time other than for Cause within twelve (12) months following a Change in Control, then in either such event, Executive shall be entitled to (a) vesting of all options; and
(b) continuation of his base salary plus any bonus or incentive compensation which has been earned or has become payable pursuant to the terms of any compensation or benefit plan as of such date but which has not yet been paid, and all benefits
pursuant to Section 5 of this Agreement, for the greater of the then current term of the Employment Period, or twelve (12) months. 
 8.02 For purposes of this Agreement, a “Change in Control” shall include any of the events described below: 
 (a) Any one person, or more than one person acting as a group (as determined under Subsection (d) below), acquires (or
has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of Common Stock of the Company possessing 35 percent or more of the total voting power of the outstanding equity
securities of the Company; or 
 (b) a majority of members of the Board of Directors is replaced during any
12-month period by members whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors prior to the date of the appointment or election; or 
 (c) any one person, or more than one person acting as a group (as determined in Subsection (e) below), acquires (or has
acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value
of all of the assets of the Company immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without
regard to any liabilities associated with such assets. 
  

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 (d) The Executive acknowledges that this section does not include the
transaction that was recently filed with the Security and Exchange commission on August 25, 2009. 
 8.03
Anything herein to the contrary notwithstanding, Section 8.01 will not apply where Executive gives his explicit written waiver stating that for the purposes of Section 8.01 a Change in Control shall not be deemed to have occurred.
Executive’s participation in any negotiations or other matters in relation to a Change in Control shall in no way constitute such a waiver which can only be given by an explicit written waiver as provided in the preceding sentence. 

Notwithstanding the foregoing, no Change in Control shall be considered to have occurred for purposes of this Agreement by reason of any issuance of
Common Stock or other equity securities of the Company in any public offering or private placement approved by the Board of Directors, by reason of the issuance of Common Stock upon the exercise of warrants or any convertible securities which were
approved by the Board of Directors, or by reason of a change in the composition of the Board of Directors resulting from the appointment of one or more directors pursuant to Board representation rights granted to a venture capital fund or similar
investor. Further, no Change in Control shall be considered to have occurred by reason of a transfer of Common Stock or assets of the Company to the members of the Company or to another entity that is controlled by the members of the Company
immediately after the transfer. 
 For purposes of this Section 8, persons will not be considered to be acting as a group
solely because they purchase assets or purchase or own equity securities of the same firm at the same time, or as a result of the same public offering. However, persons will be considered to be acting as a group if they are owners of a corporation
or limited liability company that enters into a merger, consolidation, purchase or acquisition of stock, purchase or acquisition of assets, or similar business transaction with the Company. 
 Section 9. Termination with Cause by the Company. This Agreement may be terminated with Cause (as hereinafter defined) by the
Company provided that the Company shall (i) give Executive the Notice of Termination (as hereinafter defined), and (ii) pay Executive his base salary through the Termination Date (as hereinafter defined) at the rate in effect at the time
the Notice of Termination is given, plus any bonus or incentive compensation which has been earned or has become payable pursuant to the terms of any compensation or benefit plan as of the Termination Date, but which has not yet been paid.
Notwithstanding the foregoing, if Executive is terminated with Cause pursuant to Section 11.02(ii) and, subsequently, charges are dropped, Executive is found not guilty or otherwise cleared of wrongdoing, before or after trial or following
appeal, then in such event, the Company shall promptly thereupon recommence payments to Executive (or to his estate in the event of Executive’s death) in the amount of the compensation and other benefits described in Section 5 of this
Agreement for a period of twelve (12) months, increased by such amount as may be necessary to make Executive whole for any incremental taxes due as a result of such continuance of payments. 
 Section 10. Termination without Cause by the Company; Termination by Executive; Non-Renewal. This Agreement may be terminated by
(i) the Company by reason of the death or

  

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Disability (as hereinafter defined) of Executive or for no reason at all. If this Agreement is terminated pursuant to either of subsections the Company shall continue to pay to Executive (or to
his estate in the event of termination due to Executive’s death) the compensation and other benefits described in Section 5 of this Agreement for the greater of through the last day of the then current term of the Employment Period or
twelve (12) months, plus any bonus or incentive compensation which has been earned or has become payable pursuant to the terms of any compensation or benefit plan as of such date but which has not yet been paid. 
 Section 11. Definitions. In addition to the words and terms elsewhere defined in this Agreement, certain capitalized words and
terms used in this Agreement shall have the meanings given to them by the definitions and descriptions in this Section 11 unless the context or use indicates another or different meaning or intent, and such definition shall be equally
applicable to both the singular and plural forms of any of the capitalized words and terms herein defined. The following words and terms are defined terms under this Agreement: 
 11.01 “Disability” shall mean a physical or mental illness which, in the judgment of the Company after consultation
with the licensed physician attending Executive, impairs Executive’s ability to substantially perform his duties under this Agreement as an employee and as a result of which he shall have been absent from his duties with the Company on a
full-time basis for six consecutive months. 
 11.02 A termination with “Cause” shall mean a
termination of this Agreement by reason of (i) Executive’s conviction of a felony or any other crime involving dishonesty, disloyalty or fraud with respect to the Company; (ii) Executive’s arrest or indictment of any lesser crime
or offense committed in connection with the performance of Executive’s duties hereunder; or (iii) a good faith determination by the Board that Executive (a) failed or refused to substantially perform his duties with the Company (other
than a failure resulting from his incapacity due to physical or mental illness) after a written demand for substantial performance has been delivered to him by the Board, which demand specifically identifies the manner in which the Board believes he
has not substantially performed his duties and provides a ten (10) day cure period, and Executive continues to refuse or fail to substantially perform as directed by the Board through the duration of the cure period; or
(b) Executive’s breach of any of the covenants set forth in Sections 15, 16 or 18 hereof. No act, or failure to act, on Executive’s part shall be grounds for termination with Cause unless he has acted or failed to act with an absence
of good faith or without a reasonable belief that his action or failure to act was in or at least not opposed to the best interests of the Company. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated with Cause
unless there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board (exclusive of Executive) at a meeting of the Board called and held for the
purpose of terminating Executive (after reasonable notice to Executive and opportunity for him, together with his counsel, to be heard before the Board), finding that in the good faith opinion of the Board, Executive failed to perform his duties or
engaged in conduct in the manner or of the type set forth above in the first sentence of this Section 11.02 and specifying the particulars thereof in detail. 
  

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 11.04 Notice of Termination. “Notice of Termination” shall
mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s
employment under the provision so indicated; provided, however, no such purported termination shall be effective without such Notice of Termination; provided further, however, any purported termination by the Company or by Executive shall be
communicated by a Notice of Termination to the other party hereto in accordance with Section 4 of this Agreement. 
 11.05 Termination Date. “Termination Date” shall mean the date specified in the Notice of Termination (which, in the case of a termination pursuant to Section 9 of this Agreement shall not be less than 60 days, and in
the case of a termination pursuant to Section 10 of this Agreement shall not be more than 60 days, from the date such Notice of Termination is given); provided, however, that if within 30 days after any Notice of Termination is given the party
receiving such Notice of Termination notifies the other party that a dispute exists concerning the termination, the Termination Date shall be the date finally determined by either mutual written agreement of the parties or by the final judgment,
order or decree of a court of competent jurisdiction (the time for appeal therefrom having expired and no appeal having been taken). 
 Section 12. Fees and Expenses. The Company shall pay all legal fees and related expenses (including the costs of experts, evidence and counsel) incurred by Executive as a result of a contest or dispute over Executive’s
termination of employment if such contest or dispute is resolved in Executive’s favor. 
 Section 13. Notices.
For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or sent by certified mail, return receipt requested,
postage prepaid, or by expedited (overnight) courier with established national reputation, shipping prepaid or billed to sender, in either case addressed to the respective addresses last given by each party to the other (provided that all notices to
the Company shall be directed to the attention of the Board with a copy to the Secretary of the Company) or to such other address as either party may have furnished to the other in writing in accordance herewith. All notices and communication shall
be deemed to have been received on the date of delivery thereof, on the third business day after the mailing thereof, or on the second day after deposit thereof with an expedited courier service, except that notice of change of address shall be
effective only upon receipt. 
 Section 14. Insurance. The Company may, at any time after the execution of this
Agreement, apply for and procure as owner and for its own benefit, life insurance or disability insurance on Executive, in such amounts and in such form or forms as the Company may determine. Executive shall, at the request of the Company, submit to
such medical examinations, supply such information, and execute such documents as may be required by the insurance company or companies to whom the Company has applied for such insurance. Executive hereby represents that to his knowledge he is in
good physical and mental condition and is not under the influence of alcohol, drugs or similar substance. 
  

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 Section 15. Proprietary Information and Inventions. Executive understands and
acknowledges that: 
 15.01 Trust. Executive’s employment creates a relationship of confidence and
trust between Executive and the Company with respect to certain information applicable to the business of the Company and its subsidiaries (collectively, the “Group”) or applicable to the business of any vendor or customer of any of the
Group, which may be made known to Executive by the Group or by any vendor or customer of any of the Group or learned by Executive during the Employment Period. 
 15.02 Proprietary Information. The Group possesses and will continue to possess information that has been created,
discovered, or developed by, or otherwise become known to, the Group (including, without limitation, information created, discovered, developed or made known to by Executive during the period of or arising out of my employment by the Company) or in
which property rights have been or may be assigned or otherwise conveyed to the Group, which information has commercial value in the business in which the Group is engaged and is treated by the Group as confidential. Except as otherwise herein
provided, all such information is hereinafter called “Proprietary Information,” which term, as used herein, shall also include, but shall not be limited to, data, functional specifications, computer programs, know-how, research,
technology, improvements, developments, designs, marketing plans, strategies, forecasts, new products, unpublished financial statements, budgets, projections, licenses, franchises, prices, costs, and customer, supplier and potential acquisition
candidates lists. Notwithstanding anything contained in this Agreement to the contrary, the term “Proprietary Information” shall not include (i) information which is in the public domain, (ii) information which is published or
otherwise becomes part of the public domain through no fault of Executive, (iii) information which Executive can demonstrate was in Executive’s possession at the time of disclosure and was not acquired by Executive directly or indirectly
from any of the Group on a confidential basis, (iv) information which becomes available to Executive on a non-confidential basis from a source other than any of the Group and which source, to the best of Executive’s knowledge, did not
acquire the information on a confidential basis, or (v) information required to be disclosed by any federal or state law, rule or regulation or by any applicable judgment, order or decree or any court or governmental body or agency having
jurisdiction in the premises. 
 All Proprietary Information shall be the sole property of the Group and their respective assigns. Executive
assigns to the Company any rights Executive may have or acquire in such Proprietary Information. At all times, both during Executive’s employment by the Company and after its termination, Executive shall keep in strictest confidence and trust
all Proprietary Information, and Executive shall not use or disclose any Proprietary Information without the written consent of the Group, except as may be necessary in the ordinary course of performing Executive’s duties as an Executive of the
Company. 
 Section 16. Surrender of Documents; No Disparagement. Executive shall, at the request of the Company,
promptly surrender to the Company or its nominee any Proprietary Information or document, memorandum, record, letter or other paper in his possession or under his control relating to the operation, business or affairs of the Group. The Company and
Executive further agree that neither during the Employment Period or at any time thereafter, neither the Company or Executive will in any way disparage the other. 
  

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 Section 17. Other Agreements. Executive represents and warrants that
Executive’s performance of all the terms of this Agreement and as an Executive of the Company does not, and will not, breach any agreement to keep in confidence proprietary information acquired by Executive in confidence or in trust prior to
Executive’s employment by the Company. Executive has not entered into, and shall not enter into, any agreement, either written or oral, which is in conflict with this Agreement or which would be violated by Executive entering into, or carrying
out his obligations under, this Agreement. 
 Section 18. Restrictive Covenant. Executive acknowledges and
recognizes Executive’s possession of Proprietary Information and the highly competitive nature of the business of the Group and, accordingly, agrees that in consideration of the premises contained herein Executive will not, during the period of
Executive’s employment by the Company and for the period ending on the second anniversary of the Termination Date, anywhere in the United States, directly or indirectly (i) engage in any competitive Business Activities, whether such
engagement shall be as an employer, officer, director, owner, employee, consultant, stockholder, partner or other participant in any competitive Business Activities; (ii) assist others in engaging in any competitive Business Activities in the
manner described in the foregoing clause (i); (iii) solicit, induce or influence any employee of the Company to terminate his or her employment with the Company or engage in any competitive Business Activities on behalf of a person other
than the Company; or (iv) solicit, induce or influence any consultant, customer or vendor of the Company to terminate, discontinue, reduce or limit its business with the Company; provided, however, that the ownership of no more than two percent
of the outstanding capital stock of a corporation whose shares are traded on a national securities exchange or on the over-the-counter market shall not be deemed engaging in any competitive Business Activities. For purposes of this Section 18,
a person shall be deemed to be an “employee,” “consultant,” “customer” or “vendor” of the Company, if such person had an employment, consulting or business relationship, as applicable, with the Company during
the Initial Term or any Extended Term of this Agreement. 
 Section 19. Remedies. Executive acknowledges and agrees
that the Company’s remedy at law for a breach or a threatened breach of the provisions herein would be inadequate, and in recognition of this fact, in the event of a breach or threatened breach by Executive of any of Sections 15, 16, 17 or 18
of this Agreement, it is agreed that the Company shall be entitled to equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available,
without posting bond or other security. Executive acknowledges that the granting of a temporary injunction, a temporary restraining order or other permanent injunction merely prohibiting Executive from engaging in any Business Activities would not
be an adequate remedy upon breach or threatened breach of this Agreement, and consequently agrees upon any such breach or threatened breach to the granting of injunctive relief prohibiting Executive from engaging in any activities prohibited by this
Agreement. No remedy herein conferred is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder now or hereinafter existing at law or in equity or
by statute or otherwise. 
  

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 Section 20. Successive Employment Notice. Within five business days after the
Termination Date, Executive shall provide notice to the Company of Executive’s next intended employment. If such employment is not known by Executive at such date, Executive shall notify the Company immediately upon determination of such
information. Executive shall continue to provide the Company with notice of Executive’s place and nature of employment and any change in place or nature of employment during the period ending two years after the Termination Date. 
 Section 21. Successors. This Agreement shall be binding on the Company and any successor to any of its businesses or assets.
Without limiting the effect of the prior sentence, the Company shall use its best efforts to require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. As used in this
Agreement, “Company” shall mean the Company as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement or which is otherwise obligated under this
Agreement by the first sentence of this Section 21, by operation of law or otherwise. 
 Section 22. Binding
Effect. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any
amounts would still be payable to him hereunder if he had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s estate. 
 Section 23. Modification and Waiver. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 Section 24. Headings. Headings used in this Agreement are for convenience only and shall not be used to interpret or construe
its provisions. 
 Section 25. Amendments. No amendments or variations of the terms and conditions of this Agreement
shall be valid unless the same is in writing and signed by each of the parties hereto. 
 Section 26. Severability.
The invalidity or unenforceability of any provision of this Agreement, whether in whole or in part, shall not in any way affect the validity or enforceability of any other provision herein contained. Any invalid or unenforceable provision shall be
deemed severable to the extent of any such invalidity or unenforceability. It is expressly understood and agreed that, while the Company and Executive consider the restrictions contained in this Agreement reasonable for the purpose of preserving for
the Company the goodwill, other proprietary rights and intangible business value of the Company, if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained in this Agreement
is an

  

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unreasonable or otherwise unenforceable restriction against Executive, the provisions of such clause shall not be rendered void but shall be deemed amended to apply as to maximum time and
territory and to such other extent as such court may judicially determine or indicate to be reasonable. 
 Section 27.
Governing Law; Venue. This Agreement shall be construed and enforced pursuant to the laws of the State of Florida, excluding its choice of law provisions. Both parties submit to the jurisdiction of the United States District Court, District
of Florida at Tampa, and the Circuit Court in and for Hillsborough County, Florida, as the exclusive proper forum in which to adjudicate any case or controversy arising hereunder. The prevailing party shall be entitled to an award of its reasonable
attorneys’ fees incurred in connection with any such judicial proceedings. 
 Section 28. Counterparts. This
Agreement may be executed in more than one counterpart and each counterpart shall be considered an original. 
 Section 29.
Exhibits. The Exhibits attached hereto are incorporated herein by reference and are an integral part of this Agreement. 
 IN WITNESS WHEREOF, this Agreement has been duly executed by the Company and Executive in four counterparts as of the date first above written. 
  

			
	STEM CELL THERAPY INTERNATIONAL, INC.
		
	By:	 	     /s/ David Stark

		 	    David Stark
		 	    Chief Executive Officer
	
	EXECUTIVE
	
	           /s/ Andrew J.
Norstrud

  

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 EXHIBIT 5.03 - Other Benefits 
 1. Vacation and Holidays. Executive shall be entitled to a vacation allowance as mutually agreed between Executive and the Board of
Directors; provided, however, Executive shall be entitled to vacation of at least five weeks annually, with the timing of such vacation to be selected by Executive, provided that such timing does not unreasonably interfere with the performance of
Executive’s duties under the Agreement. The vacation allowance does not include holidays observed by the Company. 
 2.
Incentive Compensation and Bonus Plans. Executive shall become a participant in any incentive compensation or bonus plan adopted by the Board for any highly compensated officers and other significant employees of the Company, such
participation to be on such terms as the Compensation Committee of the Board in its discretion shall determine. Any amounts paid or payable to or on behalf of Executive shall be prorated through the Termination Date. 
 3. Expense Allotment. In addition to any base salary compensation the Company shall pay to the Executive One thousand One hundred and
No Dollars ($1,100) per month net of applicable federal state and local taxes of any kind required by law to be withheld with respect to such payment. The expense allotment is for the coverage of normal and standard undocumented expenses incurred by
the executive such as standard cell phone use, transportation, etc. 
 4. Medical Insurance. The Company shall provide
Executive and his dependents with medical and health insurance coverage in such amounts as are presently provided or may hereafter be provided to the executive officers of the Company, in addition to any executive insurance program the Company
implements at a future date. If the Executive elects to not enroll in the Company’s medical insurance, the Company will pay the executive $400.00 per month. 
 5. Disability Insurance. The Company shall provide Executive with disability insurance coverage in such amounts as are presently provided or may hereafter be provided to the executive officers of
the Company. 
 6. Stock Options. The Company shall grant the Executive a minimum of five Hundred Thousand
(500,000) options at the current fair market value of the common stock as quoted on the OTCBB or other exchange on the first business day of each year of the Executive’s employment. 
 The Company may grant to the Executive stock or additional stock options on an annual or other basis in the sole discretion of the Compensation Committee of
the Board. 
 7. Other Benefits. The Company shall provide Executive with any and all other benefits that generally
become available to the executive officers and other significant employees of the Company. 
  

 - 11 -Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT – Anthony M. Sanfilippo 
 This Employment
Agreement (the “Agreement”), is entered into as of October 12 , 2009, by and between Hudson Holding Corporation, a Delaware corporation (the “Company”), having an address of 111 Town Square Place, 15th Floor, Jersey City,
New Jersey 07310, and Anthony M. Sanfilippo (the “Employee”), residing at 261 Bayberry Lane, Westport, Connecticut 06880. 
 WITNESSESTH: 
 WHEREAS, the Company is in the business of securities clearing and brokerage, primarily through its
wholly owned subsidiary Hudson Securities, Inc. that is a registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities and Exchange Commission (“SEC”), along with its additional
subsidiary Hudson Technologies, Inc.; and 
 WHEREAS, the Company wishes to employ the Employee and the Employee is willing to
be so employed and to render services to the Company, all upon the terms and subject to the conditions contained herein; 
 NOW
THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows: 
 1. Employment. Subject to and upon the terms and conditions contained in this Agreement, the Company hereby agrees to employ Employee
and Employee agrees to enter the employ of the Company, for the period set forth in Paragraph 2 hereof, to render the services to the Company, its affiliates and/or subsidiaries described in Paragraph 3 hereof. 
 2. Term. Employee’s term of employment (the “Agreement Term”) under this Agreement shall commence on October 12,
2009 (the “Effective Date”) and shall continue for a period of thirty six months through October, 12, 2012 unless extended in writing by both parties or earlier terminated pursuant to the terms and conditions set forth herein. 

3. Duties. 
 (a) Employee shall be employed as the Company’s Chief Executive Officer of the Company and Hudson Securities, Inc. It is understood that he will become a member of the Board of Directors of the Company and its subsidiaries. In his
capacity as Chief Executive Officer, Employee shall have the customary powers, responsibilities and authorities of Chief Executive Officers of corporations of the size, type and nature of the Company, including that of a public company. It is agreed
that Employee shall perform his services principally in the Company’s Jersey City, New Jersey offices, as well as in the offices of the Company’s affiliates and/or subsidiaries, as required by his duties and responsibilities, or in any
other location mutually agreeable to the parties. 

 (b) Employee shall report to the Board of Directors (the “Board”) of the Company
and agrees to abide by all bylaws and applicable policies of the Company promulgated from time to time by the Board of the Company. 
 4. Exclusive Services and Best Efforts. Employee shall devote all of his working time, attention, best efforts and ability during regular business hours exclusively to the service of the Company, its affiliates and subsidiaries
during the term of this Agreement. Nothing shall preclude Employee from (i) engaging in charitable activities and community affairs or (ii) managing his personal investments and affairs; provided, however, that such activities do not
materially interfere with the proper performance of his duties and responsibilities as an employee of the Company. 
 5.
Compensation. As compensation for his services and covenants hereunder, the Company shall pay Employee the following: 
 (a) Salary. The Company shall pay Employee a salary (the “Salary”) at the rate of $275,000 per year, pro rated for the period from October 12, 2009 to December 31, 2009. The salary will be reviewed annually by the
Compensation Committee in conjuction with the Board of Directors, and may be subject to adjustment pending such review. The Salary shall be payable in accordance with the regular payroll practices of the Company. 
 (b) Annual Bonus. 
 In the
event the Company’s annual consolidated pretax earnings, as determined in accordance with generally accepted accounting principles, and reported in the Company’s Form 10-K (the “Company’s Earnings”), but excluding and any
termination payments to or on behalf of the former CEO made by the Company, are positive for any fiscal year the Company shall pay Employee annual bonus compensation (the “Annual Bonus”) in an amount equal to 6% of the Company’s
Earnings for such fiscal year. The Annual Bonus will be pro rated for the period from the Effective Date of this Agreement to the first fiscal year end . 
  

	 	(i)	 A prorated portion of the Annual Bonus shall be payable quarterly (the “Quarterly Payment”) in the event quarterly and year to date
consolidated pretax earnings (the “Quarterly Earnings”) are positive and after deducting any bonus payments made hereunder in the current fiscal year. All Quarterly Payments are subject to a holdback of 25% (the “Holdback”) of
the Quarterly Payment due Employee. In the event the Quarterly Earnings are not positive calculated on a year to date basis, no Quarterly Payment for that quarter shall be made and payment of the Annual Bonus, if any, shall be deferred to the
subsequent quarters through the completion of the fiscal year. Adjustment will be made to the Annual Bonus at year end to reflect any quarters subsequent to Quarterly Payments where Quarterly Earnings are not positive calculated on a year to date
basis. Payment of the Annual Bonus at the end of the fiscal year shall be paid upon the filing of the Form 10-K and the payment of a Quarterly Payment, when due, shall be made within forth five (45) days of

	 	 
the completion of the fiscal quarter. To the extent the Annual Bonus is due to Employee at the completion of the fiscal year (including the Holdback), such payment shall be less any Quarterly
Payments received by Employee during the fiscal year. To the extent that any payment received by the Employee in a fiscal year is in excess of the Annual Bonus due for such fiscal year, such excess amount shall be credited against the amount due to
Employee for the Annual Bonus for the succeeding fiscal year. In the event that Employee is entitled to a Termination Payment under Section 13 hereunder, any Quarterly Payments that are an overpayment of the Annual Bonus prior to the
Termination Payment will be deducted. 

 Notwithstanding the foregoing, in no event shall the Annual Bonus
payable to Employee pursuant to this Section 5(b) in any fiscal year during the Agreement Term exceed $6,000,000. 
 6.
Equity Compensation 
 (a) The Executive shall receive a grant of 2,500,000 restricted shares of the Company’s common
stock (the “Shares”) on the Effective Date. Based upon the closing price of the Company’s Common Stock on the trading day immediately prior to the date hereof, the per share value of such restricted shares shall be
$            . Twenty-five (25%) of the Shares shall vest immediately and the balance of the Shares shall be subject to vesting pursuant to subsection (c) below. 
 (b) The Executive shall be awarded an option grant to purchase 2,500,000 shares of the Company’s common stock (the “Option”)
at an exercise price equal to .50 cents per share. Twenty-five (25%) of the Options shall vest immediately and the balance of the Such options shall be subject vesting pursuant to subsection (c) below. 
 (c) Seventy-five (75%) percent of the Shares and Options shall be subject to three year vesting in increments of one third each
year, commencing on the first anniversary of the Effective Date and ending on the third anniversary of the Effective Date, except in the case of a Change of Control, in which case subsection (d) governs. 
 (d) In the event of a Change of Control, all unvested shares and options outstanding at the time of such Change of Control will be subject
to immediate vesting . 
 7. Business Expenses. Employee shall be reimbursed by the Company for those business expenses
incurred by him, which are reasonable and necessary for the Employee to perform his duties under this Agreement, upon submission of such accounts and records as may reasonably be required by the policies established from time to time by the Company.

 8. Confidentiality. Employee shall keep confidential, except as the Company may
otherwise consent in writing, and not disclose or make any use of except for the benefit of the Company and in no way harmful to the Company, at any time either during the term of this Agreement or thereafter, any trade secrets, knowledge, data,
intellectual property or other information of the Company relating to the Company and its businesses, including, without limitation, information regarding cost of new accounts, customer lists, customer activity rates and other customer information,
technology (hardware and software), discoveries, processes, algorithms, mask works, strategies, products, processes, know how, technical data, designs, formulas, test data, business plans, marketing plans and advertising results or other subject
matter pertaining to any business of the Company or any of its clients, customers, consultants, licensees or affiliates which Employee may produce, obtain or otherwise learn of during the course of Employee’s performance of services
(collectively “Confidential Information”). Employee shall not deliver, reproduce, or in any way allow any such Confidential Information to be delivered to or used by any third parties without the specific direction or consent of a
duly authorized representative of the Company, except in connection with the discharge of his duties thereunder. The terms of this paragraph shall survive termination of this Agreement. Notwithstanding anything to the contrary herein, Employee shall
not have any obligation to keep confidential any information that: (a) is required by law or regulation to be disclosed by Employee, or (b) is required to be disclosed by Employee to any government agency or person to whom disclosure is
required by judicial or administrative process. 
 9. Return of Confidential Material Upon the completion or other
termination of Employee’s services for the Company, Employee shall promptly surrender and deliver to the Company all records, materials, equipment, drawings, documents, notes and books and data of any nature pertaining to any invention, trade
secret or Confidential Information of the Company or to Employee’s services, and Employee will not take with him any description containing or pertaining to any Confidential Information, knowledge or data of the Company which Employee may
produce or obtain during the course of his services. The terms of this paragraph shall survive termination of this Agreement. 
 10. Other Obligations; Certain Representations. 
 (a) Employee acknowledges that the Company from time to time
may have agreements with other persons which impose obligations or restrictions on the Company made during the course of work there under or regarding the confidential nature of such work. Employee will be bound by all such obligations and
restrictions and will take all action necessary to discharge the obligations of the Company there under. 
 (b) All of
Employee’s obligations under this Agreement shall be subject to any applicable agreements with, and policies issued by the Company to which Employee is subject, that are generally applicable to the five highest paid executives of the Company.

 (c) Employee represents and warrants that he has the legal capacity to enter into this Agreement, is under no employment
contract, bond, confidentiality agreement, non-competition agreement, or any other obligation that would violate or be in conflict with the terms and conditions of this Agreement or encumber his performance of duties assigned to him by the

 
Company. Employee further represents and warrants that he has not signed or committed to any employment or consultant duties or other obligations that would divert his full attention from or
conflict with the duties assigned to him by the Company. 
 (d) Employee holds all licenses required by FINRA, all applicable
self regulatory organizations, and all federal and state securities and other laws necessary to perform services to the Company as contemplated by this Agreement. All such licenses are in full force and effect, and Employee covenants to take such
action as is necessary to maintain all such licenses in full force and effect during the term of this Agreement. 
 10. Trade
Secrets of Others. Employee represents that his performance of all the terms of this Agreement as employee to the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by
Employee in confidence or in trust, and Employee will not disclose to the Company, or allow the Company to use, any confidential or proprietary information or material belonging to any other person or entity. Employee will not enter into any
agreement, either written or oral, which is in conflict with this Agreement. 
 11. Employee Benefits. During the
Agreement Term, the Employee shall be entitled to such insurance, disability and health and medical benefits and be entitled to participate in such retirement plans or programs as generally made available to employees of the Company pursuant to the
policies of the Company; provided that the Employee shall be required to comply with the conditions attendant to such coverage by such plans and shall comply with and be entitled to benefits only in accordance with the terms and conditions of such
plans. The Employee shall also be entitled to six (6) weeks paid vacation each year at such times as does not interfere with Employee’s performance of his duties hereunder. Unused vacation days may be carried forward to subsequent years.
Furthermore, Employee will be entitled to at least nine (9) paid holidays each calendar year. The Company will notify Employee on or about the beginning of each calendar year with respect to the holiday schedule for that year. The Company may
withhold from any benefits payable to the Employee all federal, state, local and other taxes and amounts as shall be permitted or required pursuant to law, rule or regulation. 
 12. Death and Disability. 
 (a) The Agreement Term shall terminate on the date of Employee’s death, in which event the Employee’s Salary and reimbursable expenses and benefits owing to Employee through the date of
Employee’s death shall be paid to his estate. Employee’s estate will not be entitled to any other compensation upon termination of this Agreement pursuant to this Paragraph 12(a). 
 (b) If, during the Agreement Term, in the opinion of a duly licensed physician acceptable to the Employee and the Company, the Employee
because of physical or mental illness or incapacity shall become substantially unable to perform the duties and services required of him under this Agreement for a period of six (6) or more consecutive months or an aggregate of nine
(9) months in any twelve-month period (the “Disability”), the Company may, upon at least thirty (30) days’ prior written notice (given at any time after the expiration of such

 
period) to the Employee of its intentions to do so, terminate this Agreement as of such date as may be set forth in the notice. In case of such termination, the Employee shall be entitled to
receive his Salary and reimbursable expenses and benefits owing to the Employee through the date of termination. Employee will not be entitled to any other compensation upon termination of this Agreement pursuant to this Paragraph 12(b). 

13. Termination for Cause/ Termination for Good Reason. 
 The Company may terminate the employment of Employee under this Agreement prior to expiration of the Term only for Cause (as hereinafter defined), Disability or the death of the Employee during the
Agreement Term. 
 i. Upon such termination for Cause, the Company shall be released from any and all further obligations under
this Agreement, except that the Company shall be obligated to pay Employee his Salary, reimbursable expenses and benefits owing to the Employee through the date of termination and any Annual Bonus (or Quarterly Payment) due and not yet paid as of
the Termination Date. 
 ii. Upon any termination without Cause or Employee’s termination or resignation for Good Reason,
Employee will be paid in a lump sum, less all appropriate withholding, within 30 days of the termination date, a termination payment (the “Termination Payment”). The Termination Payment will be equal to (1) all unpaid Compensation
under section 5 of the Agreement, and any amendments thereto, including Salary, that was not received by the Employee, for each calendar year, or portion thereof, from the Termination Date through the Agreement Term; (2) a payment equal to the
cost of COBRA premiums for medical insurance that were not received by the Employee for each calendar year, or portion thereof, from the Termination Date through the Agreement Term and (3) any Annual Bonus (or Quarterly Payment) due and not yet
paid as of the Termination Date. 
 (b) As used herein, the term “Cause” shall mean: 
 (i) a material breach or material default by Employee of the terms of (A) this Agreement (except any such breach or default that is
caused by the Disability or death of Employee), which breach or default remains uncured after twenty (20) days following Employee’s receipt from the Company of written notice specifying such breach or default or (B) any material
policy of the Company (including, without limitation, the Company’s policies with respect to insider trading and other trading activities); 
 (ii) gross negligence or willful misconduct by Employee or the breach of a fiduciary duty of Employee to the Company in the performance of his duties hereunder; 
 (iii) the commission by Employee of an act of fraud, embezzlement or any other crime by Employee in the performance of his duties as an
employee hereunder; 

 (iv) conviction of Employee of a felony or any other crime that could materially interfere
with the performance of Employee’s duties hereunder or materially damages the reputation of the Company; 
 (v) failure to
hold and maintain in full force and effect during the term of this Agreement, all licenses required by FINRA all applicable self regulatory organizations, and all federal and state securities and other laws necessary to perform services to the
Company as contemplated by this Agreement; 
 (vi). Conviction of, or plea of guilty or nolo contendere to, a crime involving
moral turpitude, dishonesty, fraud or unethical business conduct, or any felony or any nature whatsoever. 
 (vii)
Intentionally giving or accepting undisclosed material commissions or other payments in cash or in kind in connection with the affairs of the Company or its clients. 
 (c) As used herein, the term “Good Reason” is defined as any of the following events which are not cured by Company within twenty (20) days after receipt of written notice of termination
from Employee based on: (i) reduction in the Employee’s (then) current Salary; (ii) diminution, reduction or other adverse change in the Annual Bonus, Quarterly Payment, or other incentive compensation opportunities available to the
Employee; (iii) a change in the Employee’s title subordinate to the title of chief Executive Officer or a significant diminution of the Employee’s title, position, authority, duties or responsibility,; (- (iv) assignment to the
Employee of duties incompatible with the position of Chief Executive Officer; (v) a determination by a court that there has occurred a material breach by the Company of any provision of this Agreement, or any amendments thereto, which is not
remedied within 20 days after receipt by the Company of written notice from Employee; or (vi) a Change in Control as defined in section14. 
 (d ) Employee shall not be required to mitigate the amount of the Termination Payment called for by Section 13, or any other payments or benefits due under this Agreement, by seeking other
employment. 
 14. Change of Control. 
 In the event that there occurs a “Change of Control” (as defined below) during the term of this Agreement and as a result thereof the Employee resigns for Good Reason (as defined in
Section 13(c) above), or this Agreement is terminated, the Company expressly agrees that upon such resignation or termination, the Company shall pay to the Employee the Termination Payment set forth in Section 13 above. As used herein, the
term “Change of Control” shall mean, either 

	 	(i)	any Person, or “group” as defined in section 13(d)(3) of the Securities Exchange Act of 1934, becomes, directly or indirectly, the Beneficial Owner of 50% or
more of the combined voting power of the then outstanding securities of the Corporation that are entitled to vote generally for the election of the Corporation’s directors (the “Voting Securities”) (other than as a result of an
issuance of securities by the Corporation approved by Continuing Directors, or open market purchases approved by Continuing Directors at the time the purchases are made). 

  

	 	(ii)	as the direct or indirect result of, or in connection with, a reorganization, merger, share exchange or consolidation (a “Business Combination”), a contested
election of directors, or any combination of these transactions, Continuing Directors cease to constitute a majority of the Corporation’s board of directors, or any successor’s board of directors, within two years of the last of such
transactions; 

  

	 	(iii)	the shareholders of the Corporation or the Corporation approve a Business Combination, unless immediately following such Business Combination, (1) all or
substantially all of the Persons who were the Beneficial Owners of the Voting Securities outstanding immediately prior to such Business Combination Beneficially Own more than 60% of the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors of the Corporation resulting from such Business Combination (including, without limitation, a company which as a result of such transaction owns the Corporation through one or more
Subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Voting Securities, (ii) no Person and any Affiliate and any employee benefit plan or related trust of the Corporation
or the Corporation resulting from such Business Combination) Beneficially Owns 30% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Corporation resulting
from such Business Combination, and (iii) at least a majority of the members of the board of directors of the Corporation resulting from such Business Combination are Continuing Directors. 

 15. Remedy. (a) It is mutually understood and agreed that Employee’s services are special, unique, unusual, extraordinary and of
an intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated in damages or in an action at law. Accordingly, in the event of any breach of this Agreement by Employee, the Company shall be
entitled to equitable relief by way of injunction or otherwise in addition to damages the Company may be entitled to recover. 

 (b) In the event of any dispute, controversy or claim arising under this Agreement, the
court or arbitration panel that decides the dispute, controversy or claim has the right and power to award to the prevailing party recovery of any or all costs of the legal proceeding (whether in court or in arbitration), interest on any amount
awarded from the date due, and reasonable attorneys’ fees and expenses. “ 
 16. Representations and Warranties of
Employee. 
 (a) In order to induce the Company to enter into this Agreement, Employee hereby represents and warrants to the
Company as follows: (i) Employee has the legal capacity and unrestricted right to execute and deliver this Agreement and to perform all of his obligations hereunder; (ii) the execution and delivery of this Agreement by Employee and the
performance of his obligations hereunder will not violate or be in conflict with any fiduciary or other duty, instrument, agreement, document, arrangement or other understanding to which Employee is a party or by which he is or may be bound of
subject; and (iii) Employee is not a party to any instrument, agreement, document, arrangement or other understanding with any person (other than the Company) requiring or restricting the use or disclosure of any confidential information or the
provision of any employment, consulting or other services. 
 (b) Employee hereby agrees to indemnify and hold harmless the
Company from and against any and all losses, costs, damages and expenses (including, without limitation, its reasonable attorneys’ fees) incurred or suffered by the Company resulting from any breach by Employee of any of his representations or
warranties set forth herein. 
 17. Notices. All notices given hereunder shall be in writing and shall be deemed
effectively given when mailed, if sent by registered or certified mail, return receipt requested, address to Employee at his address set forth on the first page of this Agreement and to the Company at its address set forth on the first page of this
Agreement, Attention: Daisy Minott, with a copy to Haynes & Boone, LLP, 1221 Avenue of the Americas, `26th Floor, New York, NY 10020-1007, Attention: Eden Rohrer, Esq., or at such address as such party shall have designated by a notice
given in accordance with this Paragraph 6. 
 18. Entire Agreement. This Agreement constitutes the entire understanding
of the parties with respect to its subject matter and no change, alteration or modification hereof may be made except in writing signed by the parties hereto. Any prior or other agreements, promises, negotiations, understandings or representations
not expressly set forth in this Agreement are of no force or effect. 
 19. Severability. If any provision of this
Agreement shall be unenforceable under any applicable law, then notwithstanding such unenforceability, the remainder of this Agreement shall continue in full force and effect. 
 20. Amendments, Modifications, Waivers. No amendment, modification or waiver of any provisions of this Agreement shall be effective
unless the same shall be in writing and signed by each of the parties hereto, and then such waiver or consent shall be effective only in specific instances and for the specific purpose for which given. 

 21. Assignment. Neither this Agreement, nor any of Employee’s rights, powers,
duties or obligations hereunder, may be assigned by Employee. This Agreement shall be binding upon and inure to the benefit of Employee and his heirs and legal representatives and the Company and its successors and assigns. Successors of the Company
shall include, without limitation, any corporation or corporations acquiring, directly or indirectly, all or substantially all of the assets of the Company, whether by merger, acquisition, consolidation, purchase or otherwise, and such successor
shall thereafter be deemed “the Company” for purposes hereof. 
 22. Applicable Law. This Agreement shall be
deemed to have been made, drafted, negotiated and the transactions contemplated hereby consummated and fully performed in the State of New Jersey and shall be governed by and construed in accordance with the laws of the State of New Jersey, without
regard to the conflicts of law rules thereof. 
 23. Jurisdiction and Venue. It is hereby irrevocably agreed that all
disputes or controversies between the Company and Employee arising out of, in connection with or relating to this Agreement must be brought in the New Jersey Superior Court, Hudson County or in the United States District Court for the District of
New Jersey (if jurisdiction is available in such court). Each party irrevocably and unconditionally commits to the in personam jurisdiction of such courts and waives, to the fullest extent permitted by law, any objections that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in such courts, any claim that any such suit and action or proceeding brought in such court has been brought in an inconvenient forum. In any suit, action or
proceeding, each party waives, to the fullest extent it may effectively do so, personal service of any summons, compliant or other process and agrees that the service thereof may be made by certified or registered mail, addressed to such party at
its address set forth in Section 6 hereof. 
 24. Full Understanding. Employee represents and agrees that he fully
understands his right to discuss all aspects of this Agreement with his private attorney, that to the extent, if any that he desired, he availed himself of this right, that he has carefully read and fully understands all provisions of this
Agreement, that he is competent to execute this Agreement, that his agreement to execute this Agreement has not been obtained by any duress and that he freely and voluntarily enters into it, and that he has read this document in its entirety and
fully understands the meaning, intent and consequences of this document, which is that it constitutes and agreement of employment. 
 25. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same agreement. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

					
	HUDSON HOLDING CORPORATION
		
	By:	 	 /s/

		 	Name: Keith Knox
		 	Title: President
	
	EMPLOYEE
	
	 /s/

	Anthony M. Sanfilippo

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