Document:

EXHIBIT 10.1

Dear Mr. Gorman:

                  We are pleased to inform you that the Compensation Committee
of the Company's Board of Directors has approved a special severance benefit
program for you. The purpose of this letter agreement is to set forth the terms
and conditions of your severance benefits and to explain certain limitations
that may govern their overall value or payment date.

                  Your severance package will become payable should your
employment terminate under certain circumstances following the Company's
execution of a definitive agreement to effect a change in ownership or control
of the Company. To understand the full scope of your benefits, you should
familiarize yourself with the definitional provisions of Part One of this letter
agreement. The benefits comprising your severance package are detailed in Part
Two, and the terms and conditions of the special excise tax gross up to which
you may become entitled are set forth in Part Three. Part Four deals with
ancillary matters affecting your severance arrangement.

                             PART ONE -- DEFINITIONS

                  For purposes of this letter agreement, the following
definitions will be in effect:

                  Agreement means this letter agreement between you and the
Company, as it may be amended from time to time in accordance with the
applicable provisions of Part Four.

                  Average Compensation means the average of your W-2 wages from
the Company for the five (5) calendar years completed immediately prior to the
calendar year in which the Change in Control is effected. Any W-2 wages for a
partial year of employment will be annualized, in accordance with the frequency
which such wages are paid during such partial year, before inclusion in your
Average Compensation.

                  Base Salary means the annual rate of base salary in effect for
you immediately prior to the Change in Control or (if greater) the annual rate
of base salary in effect at the time of your Involuntary Termination.

                  Board means the Company's Board of Directors.

                  Change in Control means:

                           (i)      a merger, consolidation or reorganization
                  approved by the Company's stockholders, unless securities
                                                          ------
                  representing more than fifty percent (50%) of the total
                  combined voting power of the outstanding voting securities of
                  the successor corporation are immediately thereafter
                  beneficially owned, directly or indirectly and in
                  substantially the same proportion, by the persons who
                  beneficially owned the Company's outstanding voting securities
                  immediately prior to such transaction; or

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                           (ii)     the sale, transfer or other disposition of
                  all or substantially all of the Company's assets as an
                  entirety or substantially as an entirety to any person, entity
                  or group of persons acting in consort, other than a sale,
                  transfer or disposition to an entity at least fifty percent
                  (50%) of the combined voting power of the voting securities of
                  which is owned by the Company or by stockholders of the
                  Company in substantially the same proportion as their
                  ownership of the Company immediately prior to such
                  transaction; or

                           (iii)    any transaction or series of related
                  transactions pursuant to which any person or any group of
                  persons comprising a "group" within the meaning of Rule
                  13d-5(b)(1) under the Securities Exchange Act of 1934, as
                  amended (other than the Company or a person that, prior to
                  such transaction or series of related transactions, directly
                  or indirectly controls, is controlled by or is under common
                  control with, the Company) becomes directly or indirectly the
                  beneficial owner (within the meaning of Rule 13d-3 of the
                  Securities Exchange Act of 1934, as amended) of securities
                  possessing (or convertible into or exercisable for securities
                  possessing) more than fifty percent (50%) of the total
                  combined voting power of the Company's securities outstanding
                  immediately after the consummation of such transaction or
                  series of related transactions, whether such transaction
                  involves a direct issuance from the Company or the acquisition
                  of outstanding securities held by one or more of the Company's
                  stockholders; or

                           (iv)     a change in the composition of the Board
                  over a period of thirty-six (36) consecutive months or less
                  such that a majority of the Board members ceases by reason of
                  one or more contested elections for Board membership to be
                  comprised of individuals who either (A) have been Board
                  members continuously since the beginning of such period or (B)
                  have been elected or nominated for election as Board members
                  during such period by at least a majority of the Board members
                  described in clause (A) who were still in office at the time
                  the Board approved such election or nomination; or

                           (v)      the liquidation or winding up of the
                  Corporation's business; or

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                           (vi)     any other transaction or event which
                  constitutes a "change in control" for purposes of the
                  Company's 2002 Stock Option Plan: or

                           (vii)    Any event or transaction that a majority of
                  the Incumbent Directors who are "independent directors" (as
                  such term is defined under the Marketplace Rules of the
                  National Association of Securities Dealers, Inc.) determine to
                  be a "Change in Control"

                  A transaction shall not constitute a Change of Control if its
sole purpose is to change the state of the Company's incorporation or to create
a holding company that will be owned in the same proportions by the persons who
held the Company's securities immediately before such transaction.

                  Change in Control Severance Benefits means the various
payments and benefits to which you may become entitled under Part Two of this
Agreement upon your Involuntary Termination in connection with a Change in
Control or upon any earlier termination of your employment by the Company during
the Pre-Closing Period other than a Termination for Cause. Such Change in
Control Severance Benefits may include one or more of the following: the
accelerated vesting of your Options, a lump sum severance payment, a pro-rated
bonus payment and continued health care coverage provided for you and your
spouse and eligible dependents at the Company's expense.

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

                  Common Stock means the Company's common stock.

                  Company means Immunomedics, Inc,. a Delaware corporation, and
any successor corporation, whether or not resulting from a Change in Control.

                  Independent Auditors means the accounting firm serving as the
Company's independent certified public accountants immediately prior to the
Change in Control; provided, however, that in the event such accounting firm
also serves as the independent certified public accountants for the corporation
or other entity effecting the Change in Control transaction with the Company or
such accounting firm concludes that the services required of it hereunder would
adversely affect its independent status under applicable accounting standards or
the performance of such services would otherwise be in contravention of
applicable law, then the Independent Auditors shall mean a nationally-recognized
public accounting firm mutually acceptable to both you and the Company.

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                  Involuntary Termination means the termination of your
employment with the Company, which occurs by reason of:

                           (i)      your involuntary dismissal or discharge by
                  the Company other than a Termination For Cause, or

                           (ii)     your voluntary resignation within ninety
                  (90) days following (A) a change in your position with the
                  Company which reduces your duties and responsibilities or the
                  level of management to which you report, (B) a reduction in
                  the aggregate dollar amount of your base salary and Target
                  Bonus by more than ten percent (10%), (C) a relocation of your
                  principal place of employment by more than forty (40) miles,
                  (D) the failure by the Company to obtain the assumption of
                  this Agreement by any successor entity or (F) a material
                  breach by the Company of any of its obligations under this
                  Agreement and the failure of the Company to cure such breach
                  within sixty (60) days after receipt of written notice from
                  you in which the actions or omissions constituting such
                  material breach are specified.

                  Option means any option granted you to purchase shares of
Common Stock under any Plan or other arrangement which is outstanding at the
time of the Change in Control (or, if earlier, upon the Company's termination of
your employment during the Pre-Closing Period) or upon your Involuntary
Termination following such Change in Control. Your Options will be divided into
two (2) separate categories as follows:

                           Acquisition-Accelerated Options: any outstanding
                           -------------------------------
         Option (or installment thereof), which automatically accelerates,
         pursuant to the acceleration provisions of the agreement evidencing
         that Option, upon a Change in Control.

                           Severance-Accelerated Options: any outstanding Option
                           -----------------------------
         (or installment thereof) which, pursuant to Part Two of this Agreement,
         accelerates upon the termination of your employment by the Company
         during the Pre-Closing Period for any reason other than a Termination
         for Cause or upon your Involuntary Termination following the Change in
         Control.

                  Option Parachute Payment means, with respect to any
Acquisition-Accelerated Option or any Severance-Accelerated Option, the portion
of that Option deemed to be a parachute payment under Code Section 280G and the
Treasury Regulations issued thereunder. The portion of such Option, which is
categorized as an Option Parachute Payment, will be calculated in accordance
with the valuation provisions established under Code Section 280G and the
applicable Treasury Regulations.

                  Other Parachute Payment means any payments in the nature of
compensation (other than your Option Parachute Payment and any other Change in
Control Severance Benefits to which you become entitled under Part Two of this
Agreement) which are made to you in connection with the Change in Control and
which accordingly qualify as parachute payments within the meaning of Code
Section 280G(b)(2) and the Treasury Regulations issued thereunder.

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                  Parachute Payment means (i) any Change in Control Severance
Benefits provided you under Part Two of this Agreement which is deemed to
constitute a parachute payment within the meaning of Code Section 280G(b)(2) and
the Treasury Regulations issued thereunder and (ii) any Option Parachute Payment
attributable to your Acquisition-Accelerated Options.

                  Permissible Parachute Amount means a dollar amount equal to
2.99 times your Average Compensation.

                  Plan means (i) the Company's 2002 Stock Option Plan, as
amended or restated from time to time, (ii) the Company's 1992 Stock Option
Plan, as amended or restated from time to time and (iii) any other stock
incentive plan implemented or established by the Company.

                  Pre-Closing Period means the period commencing with the
Company's execution of the definitive agreement for a Change in Control
transaction and ending upon the earliest to occur of (i) the closing of the
                                --------
Change in Control contemplated by such definitive agreement, (ii) the
termination of such definitive agreement without the consummation of the
contemplated Change in Control or (iii) the Termination Date.

                  Present Value means the value, determined as of the date of
the Change in Control, of any payment in the nature of compensation to which you
become entitled in connection with the Change in Control or your subsequent
Involuntary Termination, including (without limitation) the Option Parachute
Payment attributable to your Severance-Acceleration Options and the additional
Change in Control Severance Benefits to which you become entitled under Part Two
of this Agreement. The Present Value of each such payment will be determined in
accordance with the provisions of Code Section 280G(d)(4), utilizing a discount
rate equal to one hundred twenty percent (120%) of the applicable Federal rate
in effect at the time of such determination, compounded semi-annually to the
effective date of the Change in Control.

                  Target Bonus means the annual incentive bonus to which you may
become entitled for one or more fiscal years upon the Company's attainment of
the performance milestones designated for the applicable year and your
attainment of any personal objectives specified for you for that year.

                  Termination Date means December 31, 2007; provided, however,
that the Termination Date shall automatically be extended to one or more
successive one-year anniversaries of such date, unless the Company provides you
with written notice of its decision not to extend the Termination Date at least
sixty (60) days prior to the next scheduled Termination Date. In the event of
such notice, this Agreement and the Pre-Closing Period shall terminate on the
next scheduled Termination Date, unless a Change in Control is in fact
consummated on or before that date.

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                  Termination for Cause means the termination of your employment
for any of the following reasons: (i) your conviction of a felony or your
commission of any act of personal dishonesty involving the property or assets of
the Company intended to result in your financial enrichment, (ii) your material
breach of one or more of your obligations under your Proprietary Information and
Inventions Agreement with the Company or your unauthorized use or disclosure of
any material trade secrets or other material confidential information of the
Company or any affiliate, (iii) any intentional misconduct on your part which
has a materially adverse effect upon the Company's business or reputation, (iv)
your failure to perform the major duties, functions and responsibilities of your
executive position with the Company, (v) your material breach of any of your
fiduciary obligations as an officer of the Company or (vi) your intentional and
knowing participation in the preparation or release of false or materially
misleading financial statements relating to the Company's operations and
financial condition or your intentional and knowing submission of any false or
erroneous certification required of you under the Sarbanes-Oxley Act of 2002 or
any securities exchange on which shares of the Common Stock are at the time
listed for trading. However, prior to any termination of your employment for any
of the reasons specified in clauses (ii) through (iv), the Company shall give
you written notice of the actions or omissions deemed to constitute the grounds
for a Termination for Cause, and you shall have a period of not less than thirty
(30) days in which to cure the specified default in performance and thereby
remedy the actions or omissions which would otherwise constitute grounds for a
Termination for Cause.

                PART TWO -- CHANGE IN CONTROL SEVERANCE BENEFITS

                  Should your employment with the Company terminate by reason of
an Involuntary Termination within twelve (12) months after a Change in Control,
or should your employment be terminated by the Company during the Pre-Closing
Period for any reason other than a Termination for Cause, then you will become
entitled to receive the applicable Change in Control Severance Benefits provided
under this Part Two, provided you execute and deliver to the Company a general
release (substantially in the form of attached Exhibit A) which becomes
effective under applicable law and pursuant to which you release the Company and
its officers, directors, stockholders, employees and agents from any and all
claims you may otherwise have with respect to the terms and conditions of your
employment with the Company and the termination of that employment. In no event,
however, shall such release cover any claims, causes of action, suits, demands
or other obligations or liabilities relating to:

                           (a)      any payments, benefits or indemnification to
         which you are or become entitled pursuant to the provisions of this
         Agreement (including, without limitation, the severance benefits
         provided under this Part Two, the special tax gross up payment to which
         you may become entitled under Part Three and the continued
         indemnification coverage to which you are entitled under Paragraph 2 of
         Part Four of this Agreement); and

                           (b)      any claims for workers' compensation
         benefits under any of the Company's workers' compensation insurance
         policy or fund.

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                  The Change in Control Severance Benefits provided under this
Part Two shall be in lieu of any other severance benefits to which you might
otherwise become entitled under any other severance plan, program or arrangement
of the Company upon a termination of your employment either during the
Pre-Closing Period or within twelve (12) months following a Change in Control.

                  1.       ACCELERATED VESTING.

                  Each outstanding Option which you hold at the time of your
Involuntary Termination or at any earlier termination of your employment by the
Company during the Pre-Closing Period other than a Termination for Cause, to the
extent that Option is not otherwise exercisable for all the shares of Common
Stock or other securities at the time subject to that Option, will immediately
vest and become exercisable for all those option shares and may be exercised for
any or all of those shares as fully vested shares. Each such accelerated Option
will remain so exercisable until the earlier of (i) the expiration of the option
                                     -------
term or (ii) 60-days from the date of your Involuntary Termination. This 60-day
grace period will supercede the post-service exercise period specified in the
agreement evidencing your Option. Any Options not exercised prior to the
expiration of the applicable post-service exercise period will terminate and
cease to remain exercisable for any of the option shares.

                  2.       SEVERANCE PAYMENT.

                           (a)      In the event your employment terminates
         pursuant to an Involuntary Termination within twelve (12) months
         following a Change in Control, the Company will make a lump-sum cash
         severance payment to you as soon as administratively practicable
         following the date of your Involuntary Termination in an amount equal
         to two (2) times the sum of your annual rate of Base Salary and Target
         Bonus, including both the Cash Bonus and the bonus paid in equity
         computed as the price at the time of grant times the number of shares
         or options granted (the "Severance Payment").

                           The Severance Payment shall be subject to the
         Company's collection of all applicable withholding taxes, and you will
         only be paid the amount remaining after such withholding taxes have
         been collected.

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                           (b)      In the event your employment is terminated
         by the Company during the Pre-Closing Period for any reason other than
         a Termination for Cause, you will subsequently become entitled to the
         Severance Payment upon the closing of the Change in Control, provided
         and only if that Change in Control is in fact consummated prior to the
         expiration of the Pre-Closing Period. The Company will make such lump
         sum cash Severance Payment to you as soon as administratively
         practicable following the effective date of the Change in Control. The
         Severance Payment shall be subject to the Company's collection of all
         applicable withholding taxes, and you will only be paid the amount
         remaining after such withholding taxes have been collected. In no
         event, however, will you become entitled to all or any portion of the
         Severance Payment if the Change in Control is not consummated prior to
         the expiration of the Pre-Closing Period.

                  3.       PRO-RATED TARGET BONUS

                           (a)      In the event your employment terminates
         pursuant to an Involuntary Termination within twelve (12) months
         following a Change in Control, the Company will make an additional
         lump-sum cash severance payment (the "Pro-Rated Bonus") to you equal to
         the dollar amount obtained by multiplying one-twelfth (1/12th) of the
         annual Target Bonus in effect for you for the year of your Involuntary
         Termination by the number of full or partial months of employment which
         you complete with the Company in that year. The payment of your
         Pro-Rated Bonus shall be made as soon as administratively practicable
         following the date of your Involuntary Termination. The payment shall
         be subject to the Company's collection of all applicable withholding
         taxes, and you will only be paid the amount remaining after such
         withholding taxes have been collected.

                           (b)      In the event your employment is terminated
         by the Company during the Pre-Closing Period for any reason other than
         a Termination for Cause, you will subsequently become entitled to the
         Pro-Rated Bonus upon the closing of the Change in Control, provided and
         only if that Change in Control is in fact consummated prior to the
         expiration of the Pre-Closing Period. The Company will pay the
         Pro-Rated Bonus to you in a lump sum as soon as administratively
         practicable following the effective date of the Change in Control. The
         payment shall be subject to the Company's collection of all applicable
         withholding taxes, and you will only be paid the amount remaining after
         such withholding taxes have been collected. In no event, however, will
         you become entitled to all or any portion of the Pro-Rated Bonus if the
         Change in Control is not consummated prior to the expiration of the
         Pre-Closing Period.

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                  4.       CONTINUED HEALTH CARE COVERAGE.

                  Should you elect under Code Section 4980B to continue health
care coverage under the Company's group health plan for yourself, your spouse
and your eligible dependents following your Involuntary Termination or any
earlier termination of your employment by the Company during the Pre-Closing
Period other than a Termination for Cause, then the Company shall provide such
continued health care coverage for you and your spouse and other eligible
dependents at its sole cost and expense. Such health care coverage at the
Company's expense shall continue until the earliest of (i) the expiration of the
twelve (12)-month period measured from the date of your Involuntary Termination
or any earlier termination of your employment by the Company during the
Pre-Closing Period, (ii) the first date you are covered under another employer's
heath benefit program which provides substantially the same level of benefits
without exclusion for pre-existing medical conditions or (iii) the date the
definitive agreement for the Change in Control is terminated without
consummation of that Change in Control during the Pre-Closing Period. Should the
Company's provision of such continued health care coverage result in the
recognition of taxable income (whether for federal, state or local income tax
purposes) by you or your spouse or other eligible dependent, then each of you
will be responsible for the payment of the income and employment tax liability
resulting from such coverage, and the Company will not provide any tax gross-up
payments to you (or any other person) with respect to such income and employment
tax liability. To the extent you are subject to the delayed benefit commencement
provisions of Paragraph 1 of Part Four, you shall directly pay for the health
care coverage provided hereunder with your own funds, and at the end of delayed
commencement period, the Company shall promptly reimburse you with a lump sum
cash payment equal to the cost you incurred for the such health care coverage
for that period.

                        PART THREE - SPECIAL TAX PAYMENT

                  1.       Special Tax Gross-Up. In the event that (i) one or
more of the Acquisition-Accelerated Options or any of the Change in Control
Severance Payments to which you become entitled under Part Two of this Agreement
or any Other Parachute Payments are deemed, in the opinion of the Independent
Auditors or by the Internal Revenue Service, to constitute an excess parachute
payment under Code Section 280(G) and (ii) it is determined that the aggregate
Present Value (measured as of the Change in Control) of the Parachute Payment
attributable to those Change in Control Severance Payments, the Option Parachute
Payment attributable to your Acquisition-Accelerated Options and any Other
Parachute Payments to which you are entitled exceeds one hundred ten percent
(110%) of the Permitted Parachute Amount, then you shall be entitled to receive
from the Company one or more additional payments (collectively, the "Gross-Up
Payment") in an aggregate dollar amount determined pursuant to the following
formula, provided and only if the general release required of you pursuant to
the provisions of Part Two has become effective:

                           X  =  Y  /  [1 - (A + B + C)], where

                           X is the aggregate dollar payment of the Gross-up
                           Payment.

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                           Y is the total excise tax, together with all
                           applicable interest and penalties (collectively, the
                           "Excise Tax"), imposed on you pursuant to Code
                           Section 4999 (or any successor provision) with
                           respect to the excess parachute payment attributable
                           to (i) one or more of the Change in Control Severance
                           Payments provided you under Part Two of this
                           Agreement, (ii) your Acquisition-Acceleration Options
                           and (iii) any Other Parachute Payments.

                           A is the Excise Tax rate in effect under Code Section
                           4999 for such excess parachute payment,

                           B is the highest combined marginal federal income and
                           applicable state income tax rate in effect for you
                           for the applicable calendar year in which the
                           Gross-Up Payment is made, determined after taking
                           into account the deductibility of state income taxes
                           against federal income taxes to the extent actually
                           allowable for that calendar year, and

                           C is the applicable Hospital Insurance (Medicare) Tax
                           Rate in effect for you for the applicable calendar
                           year in which the Gross-Up Payment is made.

                  Should the aggregate Present Value (measured as of the Change
in Control) of the Parachute Payment attributable to the Change in Control
Severance Payments, the Option Parachute Payment attributable to the
Acquisition-Accelerated Options and any Other Parachute Payments to which you
become entitled not exceed one hundred ten percent (110%) of the Permitted
Parachute Amount, then no Gross-Up Payment shall be made under this Part Three,
and the Change in Control Severance Payments shall instead be subject to
reduction in accordance with the benefit limitation provisions of Appendix I to
this Agreement.

                  2.       Determination Procedures. All determinations required
to be made under this Part Three shall be made by the Independent Auditors in
accordance with the following procedures:

                           (a)      If your employment is terminated by the
         Company during the Pre-Closing Period for any reason other than a
         Termination for Cause, then within ten (10) business days after the
         closing of the Change in Control, the Independent Auditors shall
         provide both you and the Company with a written determination of the
         Parachute Payments attributable to your Acquisition-Accelerated Options
         (if any), your Change in Control Severance Payments under Part Two and
         any Other Parachute Payment to which you are entitled, together with
         detailed supporting calculations with respect to the Gross-Up Payment
         due you by reason of those various Parachute Payments. Except to the
         extent the deferred payment provisions set forth in Paragraph 1 of Part
         Four are applicable to your Gross-Up Payment, the Company shall pay the
         resulting Gross-Up Payment to you within three (3) business days after
         receipt of such determination.

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                           (b)      In the event your employment terminates
         pursuant to an Involuntary Termination within twelve (12) months
         following a Change in Control, then the following determination
         procedures shall be in effect:

                               -    Within ten (10) business days after the
                  closing of the Change in Control, the Independent Auditors
                  shall provide both you and the Company with a written
                  determination of the Parachute Payment attributable to your
                  Acquisition-Accelerated Options (if any), together with
                  detailed supporting calculations with respect to the Gross-Up
                  Payment due you by reason of that Parachute Payment. The
                  Company shall pay the resulting Gross-Up Payment to you within
                  three (3) business days after receipt of such determination.

                               -    Within ten (10) business days after the date
                  of your Involuntary Termination, the Independent Auditors
                  shall provide both you and the Company with a written
                  determination of the Parachute Payments attributable to any
                  Change in Control Severance Payments or Other Parachute
                  Payment to which you are entitled, together with detailed
                  supporting calculations with respect to the Gross-Up Payment
                  due you by reason of those Parachute Payments. Except to the
                  extent the deferred payment provisions set forth in Paragraph
                  1 of Part Four are applicable to your Gross-Up Payment, the
                  Company shall pay the resulting Gross-Up Payment to you within
                  three (3) business days after receipt of such determination or
                  (if later) contemporaneously with the Change in Control
                  Severance Payment or Other Parachute Payment triggering such
                  Gross-Up Payment.

                           (c)      In the event the Treasury Regulations under
         Code Section 280G (or applicable judicial decisions) specifically
         address the status of any Change in Control Severance Payment or Other
         Parachute Payment or the method of valuation therefor, the
         characterization afforded to such payment by the Regulations (or such
         decisions) shall, together with the applicable valuation methodology,
         be controlling. All other determinations by the Independent Auditors
         shall be made on the basis of "substantial authority" (within the
         meaning of Section 6662 of the Code).

                           (d)      Both you and the Company shall provide the
         Independent Auditors with access to and copies of any books, records
         and documents in your or its possession which may be reasonably
         requested by the Independent Auditors and shall otherwise cooperate
         with the Independent Auditors in connection with the preparation and
         issuance of the determinations contemplated by this Part Three.

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                           (e)      All fees and expenses of the Independent
         Auditors and the appraisers shall be borne solely by the Company, and
         to the extent those fees or expenses are treated as a Parachute
         Payment, they shall be taken into account in the calculation of the
         Gross-Up Payment to which you are entitled under this Part Three.

                  3.       Additional Claims. You shall provide written
notification to the Company of any claim made by the Internal Revenue Service,
which would, if successful, require the payment by the Company of an additional
Gross-Up Payment. Such notification shall be given as soon as practicable after
you are informed in writing of such claim and shall apprise the Company of the
nature of such claim and the date on which such claim is requested to be paid.
You shall not pay such claim prior to the expiration of the thirty (30)-day
period following the date on which such notice is given to the Company (or such
shorter period ending on the date that any payment of taxes, interest and/or
penalties with respect to such claim is due). Prior to the expiration of such
thirty (30)-day or shorter period, the Company shall ether (i) pay you the
additional Gross-Up Payment attributable to the Internal Revenue Service claim
or (ii) provide written notice to you that the Company shall contest the claim
on your behalf. In the event, the Company provides you with such written notice,
you shall:

                           (A)      provide the Company with any information
         reasonably requested by the Company relating to such claim;

                           (B)      take such action in connection with
         contesting such claim as the Company may reasonably request in writing
         from time to time, including (without limitation) accepting legal
         representation with respect to such claim by an attorney reasonably
         selected by the Company and reasonably satisfactory to you, with the
         fees and expenses of such attorney to be the sole responsibility of the
         Company without any tax implications to you in accordance with the same
         tax indemnity/gross-up arrangement as in effect under subparagraph (D)
         below;

                           (C)      cooperate with the Company in good faith in
         order to effectively contest such claim; and

                           (D)      permit the Company to participate in any
         proceedings relating to such claim; provided, however, that the Company
         shall bear and pay directly all additional Excise Taxes imposed upon
         you and all costs, legal fees and other expenses (including additional
         interest and penalties) incurred in connection with such contest and
         shall indemnify you for and hold him harmless from, on an after-tax
         basis, any additional Excise Tax (including interest and penalties)
         imposed upon you and any Excise Tax or income or employment tax
         (including interest and penalties) attributable to the Company's
         payment of that additional Excise Tax on your behalf or imposed as a
         result of such representation and payment of all related costs, legal
         fees and expenses. The amounts owed to you

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         by reason of the foregoing shall be paid to you or on your behalf as
         they become due and payable. Without limiting the foregoing provisions
         of this subparagraph (D), the Company shall control all proceedings
         taken in connection with such contest and, at its sole option, may
         pursue or forgo any and all administrative appeals, proceedings,
         hearings and conferences with the taxing authority in respect of such
         claim and may, at the Company's sole option, either direct you to pay
         the tax claimed and sue for a refund or contest the claim in any
         permissible manner, and you shall prosecute such contest to a
         determination before any administrative tribunal, in a court of initial
         jurisdiction and in one or more appellate courts, as the Company shall
         determine; provided, however, that should the Company direct you to pay
         such claim and sue for a refund, the Company shall advance the amount
         of such payment to you, on an interest-free basis, and shall indemnify
         you for and hold him harmless from, on an after-tax basis, any Excise
         Tax or income or employment tax (including interest or penalties)
         imposed with respect to such advance or with respect to any imputed
         income with respect to such advance or any income resulting from the
         Company's forgiveness of such advance; provided, further, that the
         Company's control of the contest shall be limited to issues with
         respect to which a Gross-Up Payment would be payable hereunder, and you
         shall be entitled to settle or contest, as the case may be, any other
         issue raised by the Internal Revenue Service or any other taxing
         authority.

                           PART FOUR -- MISCELLANEOUS

                  1.       Delayed Commencement of Benefits. Notwithstanding any
provision to the contrary in this Agreement, no Severance Payment, Pro-Rated
Bonus and no Company-paid health care coverage to which you otherwise become
entitled under Part Two of this Agreement or any Gross-Up Payment to which you
may become entitled under Part Three shall be made or provided to you prior to
the earlier of (i) the expiration of the six (6)-month period measured from the
date of your "separation from service" with the Company (as such term is defined
in Treasury Regulations issued under Code Section 409A) or (ii) the date of your
death, if you are deemed at the time of such separation from service to be a
"key employee" within the meaning of that term under Code Section 416(i) and
such delayed commencement is otherwise required in order to avoid a prohibited
distribution under Code Section 409A(a)(2). Upon the expiration of the
applicable Code Section 409A(a)(2) deferral period, all payments and benefits
deferred pursuant to this Paragraph (whether they would have otherwise been
payable in a single sum or in installments in the absence of such deferral)
shall be paid or reimbursed to you in a lump sum, and any remaining payments and
benefits due under this Agreement shall be paid or provided in accordance with
the normal payment dates specified for them herein. You shall be entitled to
interest on the deferred benefits and payments for the period the commencement
of those benefits and payments is delayed by reason of Code Section 409A(a)(2),
with such interest to accrue at the prime rate in effect from time to time
during that period and to be paid in a lump sum upon the expiration of the
deferral period.

<PAGE>
                                                                         Page 14

                  2.       Continued Indemnification. The indemnification
provisions for Officers and Directors under the Company's bylaws, the Directors
and Officers Liability Insurance Policy (if any) and any Indemnification
Agreement between you and the Company shall (to the maximum extent permitted by
law) be extended to you during the period following your resignation or
termination of employment for any reason (other than a Termination for Cause),
whether or not in connection with a Change in Control, with respect to all
matters, events or transactions occurring or effected during your period of
employment with the Company.

                  3.       Deferred Compensation. To the extent you participate
in any deferred compensation arrangements with the Company, which are subject to
Code Section, 409A, the payment provisions in effect for that deferred
compensation shall continue in effect, and nothing in this Agreement shall be
deemed to modify, revise or otherwise alter those payment provisions.

                  4.       No Mitigation Duty. The Company shall not be entitled
to set off any of the following amounts against the Change in Control Severance
Benefits to which you may become entitled under Part Two of this Agreement: (i)
any amounts which you may subsequently earn through other employment or service
following your termination of employment with the Company or (ii) any amounts
which you might have potentially earned in other employment or service had you
sought such other employment or service.

                  5.       Death. Should you die before your receive the full
amount of payments and benefits to which you may become entitled under this
Agreement, then the balance of such payments shall be made, on the due dates
hereunder had you survived, to the executors or administrators of your estate.
Should you die before you exercise all your outstanding Options as accelerated
hereunder, then such Options may be exercised, within the applicable exercise
period following your death, by the executors or administrators of your estate
or by the persons to whom those Options are transferred pursuant to your will or
in accordance wit the laws of inheritance. In no event, however, may any such
Option be exercised after the specified expiration date of the option term.

                  6.       Successors and Assigns. The provisions of this
Agreement shall inure to the benefit of, and shall be binding upon, (i) the
Company and its successors and assigns, including any successor entity by
merger, consolidation or transfer of all or substantially all of the Company's
assets (whether or not such transaction constitutes a Change in Control), and
(ii) you, the personal representative of your estate and your heirs and
legatees.

                  7.       General Creditor Status. The benefits to which you
may become entitled under Part Two of this Agreement shall be paid, when due,
from the Company's general assets. No trust fund, escrow arrangement or other
segregated account shall be established as a funding vehicle for such payments.
Your right (or the right of the executors or administrators of your estate) to
receive such benefits shall at all times be that of a general creditor of the
Company and shall have no priority over the claims of other general creditors.

<PAGE>
                                                                         Page 15

                  8.       Amendment and Termination.

                           (a)      This Agreement may only be amended by
         written instrument signed by you and an authorized officer of the
         Company. This Agreement shall remain in effect through December 31,
         2007 and shall be subject to one or more successive one-year automatic
         renewals in accordance with the provisions of the Termination Date
         definition in Part One.

                           (b)      Once a Change in Control has been effected,
         this Agreement may not be terminated at any time prior to the
         expiration of the twelve (12)-month period following the effective date
         of that Change of Control, and no subsequent termination of this
         Agreement shall adversely affect your right to receive any benefits to
         which you may have previously become entitled hereunder in connection
         with your Involuntary Termination following that Change in Control.

                           (c)      In the event your employment is terminated
         by the Company during the Pre-Closing Period for any reason other than
         a Termination for Cause, then the termination of this Agreement on any
         subsequent Termination Date shall not adversely affect your right to
         receive any benefits which previously became due and payable to you, in
         accordance with the applicable provisions of Part Two, at the time of
         your termination.

                  9.       Termination for Cause/Resignation. In the event of
your Termination for Cause or your resignation under circumstances which would
otherwise constitute grounds for a Termination for Cause, the Company will only
be required to pay you (i) any unpaid compensation earned for services
previously rendered through the date of such termination and (ii) any accrued
but unpaid vacation benefits or sick days, and no benefits will be payable to
you under Part Two of this Agreement.

                  10.      Governing Law/Other Agreements. This Agreement is to
be construed and interpreted under the laws of the State of Delaware. This
Agreement supersedes all prior agreements between you and the Company relating
to the subject of severance benefits payable upon a change in control or
ownership of the Company, and you will not be entitled to any other severance
benefits upon such a termination other than those that are provided in this
Agreement.

                  11.      At Will Employment. Nothing in this Agreement is
intended to provide you with any right to continue in the employ of the Company
(or any subsidiary) for any period of specific duration or interfere with or
otherwise restrict in any way your rights or the rights of the Company (or any
subsidiary), which rights are hereby expressly reserved by each, to terminate
your employment at any time and for any reason, with or without cause.

<PAGE>
                                                                         Page 16

                  12.      Arbitration. Any controversy, claim or dispute
arising out of or relating to this Agreement shall be promptly submitted and
settled by arbitration by one arbitrator in accordance with the Employment
Dispute Resolution Rules of the American Arbitration Association (or such other
rules as may be agreed upon by both you and the Company). The arbitration shall
be held in Morris County in the State of New Jersey, and any court having
jurisdiction thereof may enter judgment upon the award rendered by the
arbitrator. Such award shall be binding and conclusive upon the parties. You
expressly agree and understand that by so agreeing you are waiving your right to
a jury trial and irrevocably and unconditionally consent to jurisdiction of such
proceeding. Any arbitrator shall be required to apply the contractual provisions
hereof in deciding any matter submitted to them and shall not have any
authority, by reason of this Agreement or otherwise, to render a decision that
is contrary to the mutual intent of the parties as set forth in this Agreement.

                  13.      Legal Expenses. The Company agrees to reimburse the
Employee, to the full extent permitted by law, for all costs and expenses
(including without limitation reasonable attorney's fees), which the employee
may reasonably incur as a result of any contest of the validity or
enforceability of, or the Company's liability under, any provision of this
Agreement, plus in each case interest at the applicable Federal rate provided
for in section 7872(f)(2) of the Code; provided, however, that such payment
                                       -----------------
shall be made only if the Employee prevails on at least one issue and provided
that Employee submits all invoices to the Company with 60 days of termination of
employment.

                  Please indicate your agreement with the foregoing terms and
conditions of your change in control severance package by signing the Acceptance
section of the enclosed copy of this letter and returning it to the Company.

                                    IMMUNOMEDICS, INC.

                                    By:    /s/ Cynthia Sullivan
                                           -------------------------------------
                                    Name:  Cynthia Sullivan
                                    Title: President and Chief Executive Officer

Date: March 8, 2006

<PAGE>
                                                                         Page 17

                                   ACCEPTANCE

                  I hereby agree to all the terms and provisions of the
foregoing Agreement governing the special benefits to which I may become
entitled in the event my employment should terminate under certain prescribed
circumstances in connection with a substantial change in control or ownership of
the Company.

                                    Signature:
                                               ---------------------------------

                                    Dated:
                                               ---------------------------------

                                    Address
                                               ---------------------------------

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

<PAGE>

                                   APPENDIX I

                                  BENEFIT LIMIT

                  1.       Benefit Limit. Should it be determined that the
aggregate Present Value (measured as of the Change in Control) of the Parachute
Payment attributable to the Change in Control Severance Payments and the Option
Parachute Payment attributable to your Acquisition-Accelerated Options, when
added to the Present Value of any Other Parachute Payment to which you may be
entitled, does not exceed one hundred ten percent (110%) Parachute Amount, then
no Gross-Up Payment shall be made to you under Part Three of the Agreement.
Instead, the limitations set forth in this Appendix I to the Agreement shall
apply. Accordingly, the amount of the Change in Control Severance Payments
otherwise due you under Part Three of the Agreement shall be reduced to the
extent necessary to assure that the aggregate Present Value of the Parachute
Payment attributable to your Change in Control Severance Payments, the Option
Parachute Payment attributable to your Acquisition-Accelerated Options and any
Other Parachute Payments to which you may be entitled does not exceed the
greater of the following dollar amounts (the "Benefit Limit")

                           (a)      the Permissible Parachute Amount, or

                           (b)      the amount which yields you the greatest
         after-tax amount of benefits under Part Two of the Agreement after
         taking into account any excise tax imposed under Code Section 4999 on
         the Parachute Payment attributable to the Change in Control Severance
         Payments which are provided you under Part Two, the Option Parachute
         Payment attributable to your Acquisition-Accelerated Options or any
         Other Parachute Payments to which you are entitled.

                  2.       Benefit Reduction.

                           (a)      To the extent the aggregate Present Value,
         measured as of the Change in Control, of (i) the Option Parachute
         Payment attributable to your Acquisition-Accelerated and
         Severance-Accelerated Options (or installments thereof) plus (ii) the
         Parachute Payment attributable to your other Change in Control
         Severance Benefits under Part Two of the Agreement would, when added to
         the Present Value of all of your Other Parachute Payments, exceed the
         Benefit Limit, then the following reductions shall be made to the
         Change in Control Severance Benefits to which you are otherwise
         entitled under Part Two of this Agreement and your
         Acquisition-Accelerated Options, to the extent necessary to assure that
         such Benefit Limit is not exceeded:

                           first, the dollar amount of the Severance Payment to
                           -----
         which you would otherwise be entitled shall be reduced,

                           next, the dollar amount of the Pro-Rated Bonus to
                           ----
         which you would otherwise be entitled shall be reduced, and

<PAGE>
                                                                          Page 2

                           then the number of shares which would otherwise be
                           ----
         purchasable under your Acquisition-Accelerated and
         Severance-Accelerated Options shall be reduced (based on the amount of
         the Option Parachute Payment attributable to each such Option) to the
         extent necessary to eliminate such excess, with the actual Options to
         be so reduced to be determined by you.

                           (b)      In the event your employment is terminated
         by the Company during the Pre-Closing Period for any reason other than
         a Termination for Cause, the Benefit Limit shall be calculated in good
         faith first at the time of such termination, with such calculation to
         be based upon the probability of the consummation of the contemplated
         Change in Control within the Pre-Closing Period, and any benefit
         reduction required by Paragraph 2 above on the basis of such good-faith
         calculation shall be applied at that time. The Benefit Limit shall be
         recalculated in accordance with this Appendix I as soon as
         administratively practicable following the expiration of the
         Pre-Closing Period. To the extent any Options are reduced and
         terminated in connection with the initial calculation made at the time
         of your termination of employment, those Options will not be
         subsequently restored in connection with the re-calculation of the
         Benefit Limit following the expiration of the Pre-Closing Period, even
         if those terminated Options could have otherwise fallen within the
         Benefit Limit as so re-calculated.

                  3.       Resolution Procedures.

                  In the event there is any disagreement between you and the
Company as to whether one or more payments to which you become entitled in
connection with the Change in Control or your subsequent Involuntary Termination
constitute Parachute Payments, Option Parachute Payments or Other Parachute
Payments or as to the determination of the Present Value thereof, such dispute
will be resolved in accordance with as follows:

                           (i)      In the event the Treasury Regulations under
         Code Section 280G (or applicable judicial decisions) specifically
         address the status of any such payment or the method of valuation
         therefor, the characterization afforded to such payment by the
         Regulations (or such decisions) will, together with the applicable
         valuation methodology, be controlling.

                           (ii)     In the event Treasury Regulations (or
         applicable judicial decisions) do not address the status of any payment
         in dispute, the matter will be submitted for resolution to the
         Independent Auditors. The resolution reached by the Independent
         Auditors will be final and controlling; provided, however, that if in
         the judgment of the Independent Auditors, the status of the payment in
         dispute can be resolved through the obtainment of a private letter
         ruling from the Internal Revenue Service, a formal and proper request
         for such ruling will be prepared and submitted by the Independent
         Auditors, and the determination made by the Internal Revenue Service in
         the issued ruling will be controlling.

<PAGE>
                                                                          Page 3

                           (iii)    In the event Treasury Regulations (or
         applicable judicial decisions) do not address the appropriate valuation
         methodology for any payment in dispute, the Present Value thereof will,
         at the Independent Auditor's election, be determined through an
         independent third-party appraisal.

<PAGE>

                                    EXHIBIT A

                                 GENERAL RELEASE
                                 ---------------

<PAGE>

                          RELEASE AND WAIVER OF CLAIMS
                          ----------------------------

                  In consideration of the severance payments and other benefits
to which I have become entitled, pursuant to that certain Agreement between
Immunomedics, Inc., a Delaware corporation (the "Company"), and myself dated
___________, 2006 (the "Severance Agreement), in connection with the termination
of my employment on this date, I, Gerard G. Gorman, hereby furnish the Company
with the following release and waiver ("Release and Waiver").

                  I hereby release and forever discharge the Company, its
officers, directors, agents, employees, stockholders, successors, assigns and
affiliates from any and all claims, liabilities, demands, causes of action,
costs, expenses, attorney fees, damages, indemnities and obligations of every
kind and nature, in law, equity or otherwise, known and unknown, suspected and
unsuspected, disclosed and undisclosed, arising from or relating to my
employment with the Company and the termination of that employment, including
(without limitation) claims of wrongful discharge, emotional distress,
defamation, fraud, breach of contract, breach of the covenant of good faith and
fair dealing, discrimination claims based on sex, age, race, national origin,
disability or any other basis under Title VII of the Civil Rights Act of 1964,
as amended, the Federal Age Discrimination in Employment Act of 1967, as amended
("ADEA"), the Americans with Disability Act, contract claims, tort claims, and
wage or benefit claims, including (without limitation) claims for salary,
bonuses, commissions, stock grants, stock options, vacation pay, fringe
benefits, severance pay or any other form of compensation (other than the
payments and benefits to which I am entitled under the Severance Agreement, my
vested rights under the Company's Section 401(k) Plan and any worker's
compensation benefits under any Company workers' compensation insurance policy
or fund).

                  This Release and Waiver does not pertain to any claims that
may subsequently arise in connection with the Company's default in any of its
payment obligations under the Severance Agreement or its indemnification
obligations to me thereunder. Nor does it pertain to any claims which may
subsequently arise in connection with the indemnification provisions for
Officers and Directors under the Company's bylaws, the Directors and Officers
Liability Insurance Policy (if any) and any Indemnification Agreement between I
and the Company shall (to the maximum extent permitted by law) be extended to me
during the period following my resignation or termination of employment for any
reason (other than a Termination for Cause), whether or not in connection with a
Change in Control, with respect to all matters, events or transactions occurring
or effected during my period of employment with the Company.

<PAGE>
                                                                          Page 3

                  I acknowledge that, among other rights subject to his Release
and Waiver, I am hereby waiving and releasing any rights I may have under ADEA,
that this release and waiver is knowing and voluntary, and that the
consideration given for this release and waiver is in addition to anything of
value to which I was already entitled as an executive of the Company. I further
acknowledge that I have been advised, as required by the Older Workers Benefit
Protection Act, that: (a) the release and waiver granted herein does not relate
to claims which may arise after this release and waiver is executed; (b) I have
the right to consult with an attorney prior to executing this release and waiver
(although I may choose voluntarily not to do so); and if I am over 40 years old
upon execution of this (c) I have twenty-one (21) days from the date of
termination of my employment with the Company in which to consider this release
and waiver (although I may choose voluntarily to execute this release and waiver
earlier); (d) I have seven (7) days following the execution of this release and
waiver to revoke my consent to this release and waiver; and (e) this release and
waiver shall not be effective until the seven (7)-day revocation period has
expired.

Date: __________________                ----------------------------------------
                                                    GERARD G. GORMANEmployment Agreement

    

       

      Exhibit
        10.5

       

       

      EMPLOYMENT
        AGREEMENT

       

       

      EMPLOYMENT
        AGREEMENT dated as of September 29, 2005, by and between Opteum
        Financial Services, LLC with its principal place of business at W. 115 Century
        Road, Paramus, New Jersey 07652 (the “Company”), and Peter Norden, residing at
        the address set forth on the signature page hereof (the
“Executive”).

       

       

      WHEREAS,
        Bimini Mortgage Management, Inc. a Maryland corporation (the “Parent”) is
        concurrently herewith entering into an Agreement and Plan of Merger and
        Reorganization with the Company, among others, pursuant to which a subsidiary
        of
        Parent will be merged with and into the Company (the "Acquisition Agreement"),
        and in connection therewith, the Executive is to receive the consideration
        set
        forth in the Acquisition Agreement at the times and subject to the terms
        and
        conditions of the Acquisition Agreement;

       

       

      WHEREAS,
        the Parent would not be willing to enter into the Acquisition Agreement in
        the
        absence of this Agreement; and

       

       

      WHEREAS,
        the Company wishes to employ the Executive, and the Executive wishes to accept
        such offer, on the terms set forth below:

       

       

      Accordingly,
        the parties hereto agree as follows:

       

       

      1. Term.
        The
        Company hereby employs the Executive, and the Executive hereby accepts such
        employment, for an initial term commencing as of the “Effective Time” (as
        defined in the Acquisition Agreement) and continuing for a three-year period,
        unless sooner terminated in accordance with the provisions of Section 4 or
        Section 5; with such employment to continue for successive one-year periods
        in
        accordance with the terms of this Agreement (subject to termination as
        aforesaid) unless either party notifies the other party of non-renewal in
        writing prior to three months before the expiration of the initial term and
        each
        annual renewal, as applicable (the period during which the Executive is employed
        hereunder being hereinafter referred to as the “Term”). Notwithstanding anything
        herein to the contrary, if the Effective Time does not occur, and the
        Acquisition Agreement is terminated, this Agreement (except this sentence)
        shall
        be null and void ab
        initio
        and of
        no force or effect. 

       

       

      2. Duties.
        During
        the Term, the Executive shall be employed by the Company as President, and
        Chief
        Executive Officer of the Company, and the Executive also agrees, for no
        compensation in addition to that set forth herein, to serve as Senior Executive
        Vice President of the Parent, and, as such, the Executive shall faithfully
        perform for the Company and the Parent the duties of said offices and shall
        perform such other duties of an executive, managerial or administrative nature
        consistent with such positions as shall be specified and designated from
        time to
        time by the Chief Executive Officer of the Parent (“Parent CEO”) and, as to his
        duties for the Parent, the Board of Directors of the Parent. Unless otherwise
        consented to by the parties hereto, in the event of the termination of
        employment with the Company or the Parent at a time when the Company and
        the
        Parent are affiliates, employment with the other shall also thereupon
        automatically be terminated. The Executive may work in any of the Company’s
        offices anywhere in the United States. In addition, the Company acknowledges
        that the Executive maintains a home office in Boca Raton, Florida, and agrees
        that the Executive may work therein from time to time at the discretion of
        the
        Executive. The Parent is expressly acknowledged as and agreed to be a
        third-party beneficiary hereof with respect to, without limitation, the
        Executive’s services therefor. The Executive also agrees that he shall devote
        substantially all of his business time and effort to the performance of his
        duties hereunder;
        provided that in no event shall this sentence prohibit the Executive from
        performing personal, investment and charitable activities, pre-existing business
        interests, and any other business interests as may be approved by the Parent
        CEO. It is expressly acknowledged and understood that the Executive may continue
        to own his membership interest in SouthStar Partners (as defined in Section
        6.1(a)) and may act in accordance with Section 6.1(a).

       

       

      3. Compensation.

       

       

      3.1 Salary.
        The
        Company shall pay the Executive during the Term a salary at the rate of $750,000
        per annum (the “Annual Salary”), in accordance with the customary payroll
        practices of the Company applicable to senior executives.

       

       

      3.2 Bonus.
        During
        the Term, in addition to the Annual Salary, for each annual period ending
        during
        the Term, the Executive shall receive an annual nondiscretionary cash bonus
        of
        $750,000 to be paid in four equal quarterly installments (the “Nondiscretionary
        Bonus”).

       

       

      3.3 Benefits
        - In General.
        Except
        with respect to benefits of a type otherwise provided for under Section 3.4,
        the
        Executive shall be permitted during the Term to participate in any group
        life,
        hospitalization or disability insurance plans, health programs, retirement
        plans, fringe benefit programs and similar benefits that may be available
        to
        other senior executives of the Company generally, on the same terms as such
        other executives, in each case to the extent that the Executive is eligible
        under the terms of such plans or programs. 

       

       

      3.4 Specific
        Benefits.
        Without
        limiting the generality of Section 3.3, the Executive shall be entitled to
        vacation of 25 days per year. Employee shall accrue sick leave in accordance
        with the Employer’s standard practices as are in effect from time to time.

       

       

      3.5 Expenses
        - In General.
        The
        Company shall pay or reimburse the Executive for all ordinary and reasonable
        out-of-pocket expenses actually incurred (and, in the case of reimbursement,
        paid) by the Executive during the Term in the performance of the Executive’s
        services under this Agreement;
        provided that the Executive submits proof of such expenses, in accordance
        with
        such procedures as may be prescribed from time to time by the Company.

       

       

      3.6 Automobile.
        During
        the term, the Company shall reimburse the Executive for the amount of the
        monthly payments on his current automobile lease until such lease expires.
        Following the expiration of the Executive’s current automobile lease and during
        the remainder of the Term, the Executive shall be permitted the use of an
        automobile reasonably commensurate with the Executive's positions with the
        Company and Parent, which in no event will be of a class of automobile superior
        to that made available to other senior executives of the Company or Parent.
        

       

       

      4. Termination
        upon Death or Disability.
        If the
        Executive dies during the Term, the Term shall terminate as of the date of
        death, and the obligations of the Company and the Parent to or with respect
        to
        the Executive shall terminate in their entirety upon such date except as
        otherwise provided under this Section 4. If the Executive by virtue of ill
        health or other disability is unable to perform substantially and continuously
        the duties assigned to him for more than 180 consecutive or non-consecutive
        days
        out of any consecutive 12-month period, the Company and the Parent shall
        have
        the right, to the extent permitted by law, to terminate the employment of
        the
        Executive upon notice in writing to the Executive. Upon termination of
        employment due to death or disability, (i) the Executive (or the Executive’s
        estate or beneficiaries in the case of the death of the Executive) shall
        be
        entitled to receive any Annual Salary, Nondiscretionary Bonus and other benefits
        earned and accrued under this Agreement prior to the date of termination
        (and
        reimbursement under this Agreement for expenses incurred prior to the date
        of
        termination), (ii) subject to Section 5.2(c), for a 30-month period after
        termination of employment, the Executive (if applicable), and in the event
        of
        his death, his spouse (or life partner) and his dependents, shall receive
        such
        continuing coverage under the group health plans they would have received
        under
        this Agreement (but at such costs no higher than as in effect immediately
        preceding such termination) as would have applied in the absence of such
        termination; and (iii) the Executive (or, in the case of his death, his estate
        and beneficiaries) shall have no further rights to any other compensation
        or
        benefits hereunder on or after the termination of employment, or any other
        rights hereunder (but,
        for
        the avoidance of doubt, the Executive shall receive such disability and death
        benefits as may be provided under the Company’s plans and arrangements in
        accordance with their terms).

       

       

      5. Certain
        Terminations of Employment.

       

       

      5.1 Termination
        by the Company for Cause; Termination by the Executive without Good
        Reason.

       

       

      (a)
        For
        purposes of this Agreement, “Cause” shall mean the Executive’s:

       

       

      (i)
         conviction
        of (or pleading nolo contendere to) a felony (but in no event including a
        traffic or similar violation), a crime of moral turpitude, dishonesty, breach
        of
        trust or unethical business conduct, or
        any
        crime involving the Company or Parent;

       

       

      (ii)
         engagement in the performance of his duties hereunder, in willful
        misconduct, willful or gross neglect, fraud, misappropriation or
        embezzlement;

       

       

      (iii)
         repeated failure to adhere to the directions of the Parent CEO, to adhere
        to the Company’s or Parent’s policies and practices or to devote his business
        time and efforts to the Company and Parent as required by Section 2;

       

       

      (iv)
        willful and continued failure to substantially perform his duties properly
        assigned to him (other
        than any such failure resulting from his Disability) after demand for
        substantial performance is delivered by the Company specifically identifying
        the
        manner in which the Company believes the Executive has not substantially
        performed such duties;

       

       

      (v)
         material breach of any of the provisions of Section 6;
        or

       

       

      (vi)
         breach in any material respect of the terms and provisions of this
        Agreement and failure to cure such breach within 21 days following written
        notice from the Company or Parent specifying such breach;

       

       

      

       

       

      provided
        that the Company shall not be permitted to terminate the Executive for Cause
        except on written notice given to the Executive at any time following the
        occurrence of any of the events described in clauses (i), (ii) or (v) above
        and
        on written notice given to the Executive at any time not more than 30 days
        following the occurrence of any of the events described in clause (iii),
        (iv) or
        (vi) above (or, if later, the Company’s knowledge thereof).
        No
        termination for Cause shall be effective unless the Board makes a Cause
        determination after notice to the Executive and the Executive has been provided
        with the opportunity (with counsel of his choice) to contest the determination
        at a meeting of the Board.

       

       

      (b)
        The
        Company and the Parent may terminate the Executive’s employment hereunder for
        Cause, and the Executive may terminate his employment on at least 30 days’ and
        not more than 120 days’ written notice given to the Company. If the Company
        terminates the Executive for Cause, or the Executive terminates his employment
        and the termination by the Executive is not covered by Section 5.2, (i) the
        Executive shall receive Annual Salary, Nondiscretionary Bonus and other benefits
        (but, in all events, and without increasing the Executive’s rights under any
        other provision hereof, excluding any bonuses, other than the Nondiscretionary
        Bonus, not yet paid) earned and accrued under this Agreement prior to the
        termination of employment (and reimbursement under this Agreement for expenses
        incurred prior to the termination of employment); and (ii) the Executive
        shall
        have no further rights to any other compensation or benefits hereunder on
        or
        after the termination of employment, or any other rights hereunder.

       

       

      5.2 Termination
        by the Company without Cause; Termination by the Executive for Good
        Reason.

       

       

      (a)
        For
        purposes of this Agreement, “Good Reason” shall mean, unless otherwise consented
        to by the Executive,

       

       

      (i)
        the
        material reduction of the Executive’s authority, duties and responsibilities, or
        the assignment to the Executive of duties materially inconsistent with the
        Executive’s position or positions with the Company or Parent;

       

       

      (ii)
        the
        Company’s failure to pay the Executive any amounts otherwise due hereunder or
        under any plan, policy, program, agreement, arrangement or other commitment
        of
        the Company, including, without limitation, the Annual Salary and the
        Nondiscretionary Bonus;

       

       

      (iii)
        the
        Company’s material and willful breach of this Agreement;

       

       

      (iv)
        the
        Company’s material breach of its obligations to pay the Contingent Amount (as
        defined in the Acquisition Agreement) at the times set forth in Section 1.15
        of
        the Acquisition Agreement; or

       

       

      (v)
        the
        Company’s material breach of its obligations pursuant to Section 5.1(a)(i) or
        Section 5.1(a)(v) of the Acquisition Agreement. 

       

       

      Notwithstanding
        the foregoing, (i)(A) Good Reason shall not be deemed to exist pursuant to
        Section 5.2(a)(i), (ii) or (iii) unless notice of termination on account
        thereof
        (specifying a termination date no later than 30 days from the date of such
        notice) is given no later than 30 days after the time at which the event
        or
        condition purportedly giving rise to Good Reason first occurs or arises;
        and (B)
        if there exists (without regard to this clause (B)) an event or condition
        that
        constitutes Good Reason, the Company shall have ten days from the date notice
        of
        such a termination is given to cure such event or condition and, if the Company
        does so, such event or condition shall not constitute Good Reason hereunder;
        and
        (ii) Good
        Reason shall not be deemed to exist pursuant to Section 5.2(a)(iv) or (v)
        unless
        the provisions of this paragraph have been followed. The Executive shall
        give
        the Company written notice of a material breach of either Section 5.2(a)(iv)
        or
        (v) promptly after the time at which the event or condition purportedly giving
        rise to such breach first occurs or arises. The Company shall have 60 days
        from
        the date the initial notice of breach is given by the Executive to cure such
        event or condition. If the Company fails to cure such material breach within
        such 60-day period, the Executive shall give the Company a second written
        notice
        of such material breach and the Company shall have 15 days from the date
        the
        second notice of breach is given to cure such event or condition. If the
        Company
        fails to cure such breach within such 15-day period, the Executive may terminate
        this agreement for Good Reason by providing a written notice of termination
        to
        the Company within 30 days of the expiration of the 15-day period and specifying
        an effective date for such termination that is no later than 60 days after
        the
        expiration of the 15-day cure period. If the Executive does not give such
        notice
        of termination to the Company within such 30-day period, the Executive shall
        no
        longer ever be entitled to terminate this Agreement on account of such event
        or
        condition. For
        purposes of clarification, the Company shall not be deemed to be in material
        breach of its obligations to pay the Contingent Amount at the times set forth
        in
        Section 1.15, 5.1(a)(i) or 5.1(a)(v) of the Acquisition Agreement until such
        time that the notice and cure periods available to the Company pursuant to
        the
        provisions of the Acquisition Agreement have expired, and the notice and
        cure
        periods set forth herein shall be in addition to (and not in lieu of) any
        notice
        and cure periods available to the Company pursuant to the provisions of the
        Acquisition Agreement.

       

       

      (b) The
        Company may terminate the Executive’s employment at any time for any reason or
        no reason and the Executive may terminate the Executive’s employment with the
        Company for Good Reason. If the Company and the Parent terminate the Executive’s
        employment and the termination is not covered by Section 4 or 5.1, (i) the
        Executive shall receive Annual Salary, Nondiscretionary Bonus and other benefits
        earned and accrued under this Agreement prior to the termination of employment
        (and reimbursement under this Agreement for expenses incurred prior to the
        termination of employment); (ii) if (and only if) the Executive provides
        a
        general release substantially in the form attached hereto as Exhibit A, which
        is
        or has become irrevocable, the Executive shall receive (A) a cash payment
        equal
        to 250% of the sum of (x) the Executive’s Annual Salary (as in effect for the
        Company’s fiscal year immediately before such termination) and (y) the
        Nondiscretionary Bonus (as in effect for the Company’s fiscal year immediately
        before such termination), payable monthly over the 30-month period commencing
        with the month to follow termination, (B) for a period of 30 months after
        termination of employment, such
        continuing coverage under the group health plans the Executive would have
        received under this Agreement (but at such costs (if any) to the Executive
        no
        higher than as in effect immediately preceding such termination) as would
        have
        applied in the absence of such termination
        (but not
        taking into account any post-termination increases in Annual Salary that
        may
        otherwise have occurred without regard to such termination and that may have
        favorably affected such benefits) and (C) at
        the
        Company’s cost (not to exceed $7,500), outplacement services reasonably selected
        by the Company; and
        (iii)
        the Executive shall have no further rights to any other compensation or benefits
        hereunder on or after the termination of employment, or any other rights
        hereunder. 

       

       

      (c) Notwithstanding
        clause (ii)(B) of the second sentence of Section 5.2(b), (i) nothing herein
        shall restrict the ability of the Company to amend or terminate with general
        application the plans and programs referred to in such clause (ii)(B) from
        time
        to time in its sole discretion, and (ii) the Company shall in no event be
        required to provide any benefits otherwise required by such clause (ii)(B)
        after
        such time as the Executive becomes entitled to receive benefits of the same
        type
        from another employer or recipient of the Executive’s services (upon which time
        the Executive shall give the Company notice thereof).

       

       

      6. Covenants
        of the Executive.

       

       

      6.1 Covenant
        Against Competition; Other Covenants.
        The
        Executive acknowledges that (i) the principal business of the Company (which
        expressly includes for purposes of this Section 6 (and any related enforcement
        provisions hereof), its successors and assigns, all of which are expressly
        acknowledged and agreed as third-party beneficiaries of, without limitation,
        this Section 6 (and such related provisions)) is providing loan products
        and
        solutions through retail, wholesale and conduit channels (such business herein
        being referred to as the “Business”); (ii) the Company is one of the limited
        number of persons who have developed such a business; (iii) the Business
        is, in
        part, national in scope; (iv) the Executive’s work for the Company has given and
        will continue to give him access to the confidential affairs and proprietary
        information of the Company; (v) the covenants and agreements of the Executive
        contained in this Section 6 are essential to the business and goodwill of
        the
        Company; (vi) as an executive officer and principal shareholder of the Company,
        the Executive will enjoy significant economic benefits as a result of the
        acquisition of the Company by the Parent; and (vii) the Company would not
        have
        entered into this Agreement and the Parent would not have entered into the
        Acquisition Agreement but for the covenants and agreements set forth in this
        Section 6. Accordingly, the Executive covenants and agrees that: 

       

       

      (a) By
        and in
        consideration of the salary and benefits to be provided by the Company
        hereunder, including
        the severance arrangements set forth herein, and
        further in consideration for payment under the Acquisition Agreement as
        described in the recitals hereof, and further as an inducement for the Company
        to enter into the Acquisition Agreement, and further in consideration of
        the
        Executive’s exposure to the proprietary information of the Company, the
        Executive covenants and agrees that, during the period commencing as of the
        Effective Time and ending two years following the date upon which the Executive
        shall cease to be an employee of the Company and its affiliates (for the
        avoidance of doubt, including, but not limited to, the expiration of the
        Term
        where there has not been a renewal) (the “Restricted Period”), he shall not in
        the United States, directly or indirectly, except with the prior approval
        of the
        Parent CEO, (i) engage in any element of the Business (other than for the
        Company or its affiliates) or otherwise compete with the Company or its
        affiliates, (ii) render any services to any person, corporation,
        partnership or other entity (other than the Company or its affiliates) engaged
        in any element of the Business, or (iii) become interested in any person,
        corporation, partnership or other entity (other than the Company or its
        affiliates) engaged in the elements of the Business as a partner, shareholder,
        principal, agent, employee, consultant or in any other relationship or capacity;
        provided, however, that, notwithstanding the foregoing, the Executive may
        invest
        in securities of any entity, solely for investment purposes and without
        participating in the business thereof, if (A) such securities are traded
        on any
        national securities exchange or the National Association of Securities Dealers,
        Inc. Automated Quotation System, (B) the Executive is not a controlling
        person of, or a member of a group which controls, such entity and (C) the
        Executive does not, directly or indirectly, own 1% or more of any class of
        securities of a mortgage REIT or mortgage banking business; provided, however,
        that the Executive may continue to maintain his interest in SouthStar Partners,
        LLC or any other entity organized for the purpose of holding interests in
        or
        conducting the business currently conducted by SouthStar Funding LLC (the
        foregoing, collectively, “SouthStar Partners”) so long as the Executive is not a
        SouthStar Partners or SouthStar Funding LLC officer, director or manager
        and has
        no right to appoint SouthStar Partners or SouthStar Funding LLC officers,
        directors or managers (except that the Executive shall expressly have the
        right
        to appoint (a) two managers to the board of managers of SouthStar Funding
        LLC so
        long as such managers are not members of the Executive’s family or employees of
        the Company (other than Martin Levine) and (b) appoint one manager to the
        board
        of managers of SouthStar Partners so long as such manager is not a member
        of the
        Executive’s family or an employee of the Company (other than Martin Levine)) or
        to direct SouthStar Partners or SouthStar Funding LLC policies or management
        (with the exception of casting votes consistent with his percentage of permitted
        ownership interest). The Executive further covenants and agrees not to trigger
        any buy-sell rights granted to the Executive pursuant to the provisions of
        the
        limited liability company agreement of SouthStar Partners.

       

       

      (b) During
        and after the Restricted Period, the Executive shall keep secret and retain
        in
        strictest confidence, and shall not use for his benefit or the benefit of
        others, except in connection with the business and affairs of the Company
        and
        its affiliates, all confidential matters relating to the Company’s Business and
        the business of any of its affiliates and to the Company and any of its
        affiliates, learned by the Executive heretofore or hereafter directly or
        indirectly from the Company or any of its affiliates (the “Confidential Company
        Information”); and shall not disclose such Confidential Company Information to
        anyone outside of the Company except with the Company’s express written consent
        and except for Confidential Company Information which is at the time of receipt
        or thereafter becomes publicly known through no wrongful act of the Executive
        or
        is received from a third party not under an obligation to keep such information
        confidential and without breach of this Agreement. 

       

       

      (c) During
        the Restricted Period, the Executive shall not, without the Company’s prior
        written consent, directly or indirectly (i) solicit or encourage to leave
        the
        employment or other service of the Company, or any of its affiliates, any
        employee or independent contractor thereof or (ii) hire (on behalf of the
        Executive or any other person or entity) any employee or independent contractor
        who has left the employment or other service of the Company or any of its
        affiliates within the one-year period which follows the termination of such
        employee’s or independent contractor’s employment or other service with the
        Company and its affiliates. During the Restricted Period, the Executive shall
        not, whether for his own account or for the account of any other person,
        firm,
        corporation or other business organization, intentionally interfere with
        the
        Company’s or any of its affiliates’ relationship with, or endeavor to entice
        away from the Company or any of its affiliates, any person who during the
        Term
        is or was a customer or client of the Company or any of its affiliates. While
        the Executive’s non-compete obligations under Section 6.1(a) are in effect, the
        Executive shall not publish any statement or make any statement under
        circumstances reasonably likely to become public that is critical of the
        Company
        or any of its affiliates, or in any way adversely affecting or otherwise
        maligning the Business or reputation of the Company or any of its affiliates.
        Notwithstanding the foregoing, the Executive shall not be subject to the
        restrictions of this Section 6(c) with respect to members of the Executive’s
        family. 

       

       

      (d) All
        memoranda, notes, lists, records, property and any other tangible product
        and
        documents (and all copies thereof), whether visually perceptible,
        machine-readable or otherwise, made, produced or compiled by the Executive
        or
        made available to the Executive concerning the business of the Company or
        its
        affiliates, (i) shall at all times be the property of the Company (and, as
        applicable, any affiliates) and shall be delivered to the Company at any
        time
        upon its request, and (ii) upon the Executive’s termination of employment, shall
        be immediately returned to the Company (except that in all events the Executive
        may retain a copy of his contacts list). 

       

       

      6.2 Rights
        and Remedies upon Breach.
        The
        Executive acknowledges and agrees that any breach by him of any of the
        provisions of Section 6.1 (the “Restrictive Covenants”) would result in
        irreparable injury and damage for which money damages would not provide an
        adequate remedy. Therefore, if the Executive breaches, or threatens to commit
        a
        breach of, any of the provisions of Section 6.1, the Company and its affiliates,
        in addition to, and not in lieu of, any other rights and remedies available
        to
        the Company and its affiliates under law or in equity (including, without
        limitation, the recovery of damages), shall have the right and remedy to
        have
        the Restrictive Covenants specifically enforced by any court having equity
        jurisdiction, including, without limitation, the right to an entry against
        the
        Executive of restraining orders and injunctions (preliminary, mandatory,
        temporary and permanent) against violations, threatened or actual, and whether
        or not then continuing, of such covenants.

       

       

      7. Other
        Provisions.

       

       

      7.1 Severability.
        The
        Executive acknowledges and agrees that (i) he has had an opportunity to
        seek advice of counsel in connection with this Agreement and (ii) the
        Restrictive Covenants are reasonable in geographical and temporal scope and
        in
        all other respects. If it is determined that any of the provisions of this
        Agreement, including, without limitation, any of the Restrictive Covenants,
        or
        any part thereof, is invalid or unenforceable, the remainder of the provisions
        of this Agreement shall not thereby be affected and shall be given full effect,
        without regard to the invalid portions.

       

       

      7.2 Duration
        and Scope of Covenants.
        If any
        court or other decision-maker of competent jurisdiction determines that any
        of
        the Executive’s covenants contained in this Agreement, including, without
        limitation, any of the Restrictive Covenants, or any part thereof, is
        unenforceable because of the duration or geographical scope of such provision,
        then, after such determination has become final and unappealable, the duration
        or scope of such provision, as the case may be, shall be reduced so that
        such
        provision becomes enforceable and, in its reduced form, such provision shall
        then be enforceable and shall be enforced.

       

       

      7.3 Enforceability;
        Jurisdiction; Arbitration.

       

       

      (a)
        The
        Company and the Executive intend to and hereby confer jurisdiction to enforce
        the Restrictive Covenants set forth in Section 6 upon the courts of any
        jurisdiction within the geographical scope of the Restrictive Covenants.
        If the
        courts of any one or more of such jurisdictions hold the Restrictive Covenants
        wholly unenforceable by reason of breadth of scope or otherwise it is the
        intention of the Company and the Executive that such determination not bar
        or in
        any way affect the Company’s right, or the right of any of its affiliates, to
        the relief provided above in the courts of any other jurisdiction within
        the
        geographical scope of such Restrictive Covenants, as to breaches of such
        Restrictive Covenants in such other respective jurisdictions, such Restrictive
        Covenants as they relate to each jurisdiction’s being, for this purpose,
        severable, diverse and independent covenants, subject, where appropriate,
        to the
        doctrine of res judicata.

       

       

      (b)
        Any
        controversy or claim arising out of or relating to this Agreement or the
        breach
        of this Agreement (other than a controversy or claim arising under Section
        6, to
        the extent necessary for the Company (or its affiliates, where applicable)
        to
        avail itself of the rights and remedies referred to in Section 6.2) that
        is not
        resolved by the Executive and the Company (or its affiliates, where applicable)
        shall be submitted to arbitration in Vero Beach or Palm Beach, Florida in
        accordance with Florida law and the procedures of the American Arbitration
        Association. The determination of the arbitrator(s) shall be conclusive and
        binding on the Company (or its affiliates, where applicable) and the Executive
        and judgment may be entered on the arbitrator(s)’ award in any court having
        jurisdiction. In any action in which the Executive is the prevailing party,
        the
        Company shall pay the Executive’s legal fees.

       

       

      7.4 Indemnification
        and Insurance. 
        The Company agrees to indemnify (in addition to any other indemnification
        provided to the Executive under any separate agreement or the by-laws of
        the
        Company) the Executive to the fullest extent permitted by applicable law,
        as the
        same exists and may hereafter be amended, from and against any and all losses,
        damages, claims, liabilities and expenses asserted against, or incurred or
        suffered by, the Executive (including the costs and expenses of legal counsel
        retained by the Company to defend the Executive and judgments, fines and
        amounts
        paid in settlement actually and reasonably incurred by or imposed on such
        indemnified party) with respect to any action, suit or proceeding, whether
        civil, criminal, administrative or investigative in which the Executive is
        made
        a party or threatened to be made a party, either with regard to his entering
        into this Agreement or in his capacity as an officer or director, or former
        officer or director, of the Company or any affiliate thereof for which he
        may
        serve in such capacity.  Such indemnification shall continue after the
        Executive is no longer employed by the Company and shall inure to the benefit
        of
        his heirs, executors, and administrators.  The Company also agrees to
        attempt to secure and maintain reasonable officers and directors liability
        insurance at reasonable rates, within a reasonable time after the date hereof,
        providing coverage for Executive, which coverage would continue after
        termination of employment for a reasonable time (but in no event for a shorter
        time than is applicable to any other senior executive of the
        Company).

       

       

      7.5 Notices.
        Any
        notice or other communication required or permitted hereunder shall be in
        writing and shall be delivered personally, telegraphed, telexed, sent by
        facsimile transmission or sent by certified, registered or express mail,
        postage
        prepaid. Any such notice shall be deemed given when so delivered personally,
        telegraphed, telexed or sent by facsimile transmission or, if mailed, five
        days
        after the date of deposit in the United States mails as follows:

       

       

      (i) If
        to the
        Company, to:

       

      Opteum
        Financial Services, LLC

      W.
        115
        Century Road

      Paramus,
        New Jersey 07652

      Attention:
        Martin Levine

      

      with
        a
        copy to:

      

      Clifford
        Chance US LLP

      31
        West
        52nd
        Street

      New
        York,
        New York 10019-6131

      Attention:
        Robert
        E.
        King, Jr. 

       

      

       

       

      (ii) If
        to the
        Executive, to the address set forth on the signature page hereof.

       

       

      Any
        such
        person may by notice given in accordance with this Section 7.5 to the other
        parties hereto designate another address or person for receipt by such person
        of
        notices hereunder.

       

       

      7.6 Entire
        Agreement.
        This
        Agreement contains the entire agreement between the parties with respect
        to the
        subject matter hereof and supersedes all prior agreements, written or oral,
        with
        respect thereto, including, without limitation, that certain Employment
        Agreement by and between the Company and the Executive, dated as of December
        1,
        2004.

       

       

      7.7 Waivers
        and Amendments.
        This
        Agreement may be amended, superseded, canceled, renewed or extended, and
        the
        terms hereof may be waived, only by a written instrument signed by the parties
        or, in the case of a waiver, by the party waiving compliance. No delay on
        the
        part of any party in exercising any right, power or privilege hereunder shall
        operate as a waiver thereof, nor shall any waiver on the part of any party
        of
        any such right, power or privilege nor any single or partial exercise of
        any
        such right, power or privilege, preclude any other or further exercise thereof
        or the exercise of any other such right, power or privilege.

       

       

      7.8 GOVERNING
        LAW.
        THIS
        AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
        OF THE
        STATE OF FLORIDA WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH
        COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
        STATE
        OF FLORIDA.

       

       

      7.9 Assignment.
        This
        Agreement, and the Executive’s rights and obligations hereunder, may not be
        assigned by the Executive; any purported assignment by the Executive in
        violation hereof shall be null and void. In the event of any sale, transfer
        or
        other disposition of all or substantially all of the Company’s assets or
        business, whether by merger, consolidation or otherwise, the Company may
        assign
        this Agreement and its rights hereunder.

       

       

      7.10 Withholding.
        The
        Company shall be entitled to withhold from any payments or deemed payments
        any
        amount of tax withholding it determines to be required by law.

       

       

      7.11 Binding
        Effect.
        This
        Agreement shall be binding upon and inure to the benefit of the parties and
        their respective successors, permitted assigns, heirs, executors and legal
        representatives.

       

       

      7.12 Counterparts.
        This
        Agreement may be executed by the parties hereto in separate counterparts,
        each
        of which when so executed and delivered shall be an original but all such
        counterparts together shall constitute one and the same instrument. Each
        counterpart may consist of two copies hereof each signed by one of the parties
        hereto.

       

       

      7.13 Survival.
        Anything contained in this Agreement to the contrary notwithstanding, the
        provisions of Sections 6, 7.3, 7.4 and 7.10, and the other provisions of
        this
        Section 7 (to the extent necessary to effectuate the survival of Sections
        6,
        7.3, 7.4 and 7.10), shall survive termination of this Agreement and any
        termination of the Executive’s employment hereunder.

       

       

      7.14 Existing
        Agreements.
        The
        Executive represents to the Company that he is not subject or a party to
        any
        employment or consulting agreement, non-competition covenant or other agreement,
        covenant or understanding which might prohibit him from executing this Agreement
        or limit his ability to fulfill his responsibilities hereunder.

       

       

      7.15 Headings.
        The
        headings in this Agreement are for reference only and shall not affect the
        interpretation of this Agreement.

       

       

      

       

       

      IN
        WITNESS WHEREOF, the parties hereto have signed their names as of the day
        and
        year first above written.

       

       

      OPTEUM
        FINANCIAL SERVICES, LLC

       

       

      

       

       

      By: _/s/
        Martin J. Levin __________

       

       

      Name:
        Martin J. Levine 

       

       

      Title:
        Executive Vice President

       

       

      

       

       

      

       

       

      

       

       

      

       

       

      

       

       

      

       

       

      _/s/
        Peter Norden____________

       

       

      Peter
        Norden

       

       

      800
        South
        Ocean Boulevard, PH-4

       

       

      Boca
        Raton, Florida 33432

       

       

      

       

       

      
        NYA
          752349.2

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