Document:

c49473_ex10-8a.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.8(a) 
  

  MARK L. FRIEDMAN 

  September 19, 2007 

  Mr. Michael Lacovara, 

  Chief Executive Officer 

  Rodman & Renshaw Capital Group, Inc. 

  1270 Avenue of the Americas, 16th Floor 

  New York, NY 10020 

  

  Dear Michael, 

        This letter confirms my acceptance to serve as
  a member of the Board of Directors of Rodman & Renshaw Capital Group, Inc. effective as of the date and time of effectiveness of the Company’s
  S-1 registration statement designated as SEC File No. 333-144684. I hereby
consent to the use of my name in such registration statement as a director-nominee. 

		
	 	
    Very truly yours,
  
	 	 

  
	 	
    /s/ MARK L. FRIEDMAN
  
	 	
    Mark L. Friedmanc49473_ex10-8b.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.8(b) 

  WINSTON CHURCHILL 

  September 19, 2007 

  Mr. Michael Lacovara, 

  Chief Executive Officer 

  Rodman & Renshaw Capital Group, Inc. 

  1270 Avenue of the Americas, 16th Floor 

  New York, NY 10020 

  

  Dear Michael, 

          This letter confirms my acceptance to serve as
  a member of the Board of Directors of Rodman & Renshaw Capital Group, Inc. effective as of the date and time of effectiveness of the Company’s
  S-1 registration statement designated as SEC File No. 333-144684. I hereby
consent to the use of my name in such registration statement as a director-nominee. 

		
	 	
    Very truly yours,
  
	 	 

  
	 	
    /s/ WINSTON CHURCHILL
  
	 	
    Winston ChurchillEXHIBIT 10.9 

EMPLOYMENT AGREEMENT

                              THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made as of August 9, 2007, by
and between Enthrust Financial Services, Inc., having its principal place of
business at 1270 Avenue of the Americas, New York, NY 10017 (the “Company”),
and Michael Lacovara, residing at 33 Sherwood Avenue, Greenwich, CT 06831 (the
“Executive”).  

WITNESSETH:

          WHEREAS, the Company believes that it would benefit from the application of the
Executive’s particular and unique skills, experiences and background in
connection with the management and operation of the Company, and wishes to
employ the Executive as it Chief Executive Officer; and

          WHEREAS, the parties desire by this
Agreement to set forth the terms and conditions of the employment relationship
between the Company and the Executive.

          NOW,
THEREFORE, in consideration of the foregoing and the mutual
covenants in this Agreement, the Company and the Executive agree as follows:

                    1.
Employment and Duties. The Company hereby employs the Executive as its
Chief Executive Officer on the terms and conditions provided in this Agreement,
and the Executive agrees to accept such employment, subject to the terms and
conditions of this Agreement. In addition, within thirty (30) days of the
Commencement Date (as defined in Section 2 below), the Executive shall be
nominated by the Board of Directors (the “Board”) to serve as a member of the
Board. If at the time of the termination of the Executive’s employment
regardless of reason, the Executive is a member of the Board, he hereby agrees
to resign as a member of the Board, effective as of such date of termination.
The Executive shall perform the lawful duties and responsibilities as are customary
for and consistent with the Chief Executive Officer of a full service financial
services company of a similar size and capitalization as the Company, and shall
perform such other duties and responsibilities as are consistent with his
position as Chief Executive Officer, as shall be reasonably determined from
time to time by the Board. The Executive shall report to and be supervised by
the Board. The Executive shall be based at the Company’s executive offices in
New York City, New York or such other place where such executive offices may
hereafter be located within a twenty-five (25) mile radius of 42nd Street and
Park Avenue, Manhattan, New York City (but in no event shall the Executive be
located in the state of New Jersey) and, except for reasonable business travel
incident to his employment under this Agreement, the Company agrees the
Executive shall not be required to relocate. The Executive agrees to devote 

substantially
all his attention and time during normal business hours to the business and
affairs of the Company and to use his reasonable best efforts to perform
faithfully and efficiently the duties and responsibilities of his positions and
to accomplish the goals and objectives of the Company as may be established by
the Board from time to time. Notwithstanding the foregoing, the Executive may
engage in the following activities (and shall be entitled to retain all
economic benefits thereof including fees paid in connection therewith) as long
as: (i) they do not interfere in any material respect with the performance of
the Executive’s duties and responsibilities hereunder; and (ii) with respect to
(a) service on the board of directors of a corporation or other business, or
(b) any activity described in clause (2) below, such activity is pre-approved
by the Board: (1) serve on corporate, civic, religious, educational and/or
charitable boards or committees, provided that the Executive shall not serve on
any board or committee of any corporation or other business which competes with
the “Business” (as defined in Section 10(a) below); (2) deliver lectures,
fulfill speaking engagements, or teach on a part-time basis at educational
institutions; and (3) make investments in businesses or enterprises and man­age
his personal investments; provided that with respect to such activities
Executive shall comply with any business conduct and ethics policy applicable
generally to employees of the Company.

                    2.
Term. The term of this Agreement shall commence on September 4, 2007, or
such later date as the Level One Incentive Compensation and Additional
Incentive Compensation set forth in this Agreement is approved by the
stockholders of the Corporation (the “Commencement Date”), and shall
terminate on December 31, 2009, unless extended or earlier terminated in
accordance with the terms of this Agreement (the date of the termination or
expiration of the term of this Agreement, including any extensions thereof, if
applicable, the “Termination Date”). Such term of employment is herein
sometimes referred to as the “Employment Term”. The Employment Term
shall be automatically extended for successive one-year periods unless either
party notifies the other in writing at least 180 days before December 31, 2009,
or any anniversary thereof, as the case may be, that he or it chooses not to
extend the Employment Term.

                    3.
Compensation. As compensation for performing the services required by
this Agreement, and during the Employment Term, the Executive shall be
compensated as follows:

                              (a)
Base Compensation. The Company shall pay to the Executive an annual
salary (“Base Compensation”) of One Hundred Fifty Thousand Dollars
($150,000), payable in equal installments pursuant to the Company’s customary
payroll procedures in effect for its executive personnel at the time of
payment, but in no event less frequently than monthly, subject to withholding
for applicable federal, state, and local income and employment related taxes.
The Executive shall be entitled to such increases in Base Compensation with
respect to each 

2

calendar year
during the term of this Agreement as shall be determined by the Compensation
Committee of the Board (the “Committee”), in its sole and absolute discretion,
based on an annual review of the Executive’s performance. If no Committee is
appointed, the Board shall have the duties and authority of the Committee as
referred to herein. 

                              (b)
Level One Compensation. In addition to Base Compensation, the Executive
shall be paid a bonus (“Level One Incentive Compensation”) determined as
follows:

	
  

 	
  

 
	
  

 	
           (i)
 For the period beginning on the Commencement Date and ending on December 31,
 2007, the Executive shall be paid a bonus of $616,666.

 
	
  

 	
  

 
	
  

 	
           (ii)
 For the calendar year 2008, the Executive shall be paid a bonus equal to: (1)
 $800,000, plus (2) if the consolidated gross revenues of the Company for the
 year ended December 31, 2008 shall be more than 110% of the consolidated
 gross revenues of the Company for the year ended December 31, 2007, an
 additional $1,050,000.

 
	
  

 	
  

 
	
  

 	
           (iii)
 For the calendar year 2009, the Executive shall be paid a bonus equal to: (1)
 $800,000, plus (2) if the consolidated gross revenues of the Company for the
 year ended December 31, 2009 shall be more than 120% of the consolidated
 gross revenues of the Company for the year ended December 31, 2007, an
 additional $1,050,000.

 

                              All
Level One Compensation shall be paid as soon as practicable after each year-end,
and in all events by March 15 of the ensuing year.

                              (c)
Additional Incentive Compensation. In addition to Base Compensation and
the Level One Incentive Compensation, the Executive shall participate, during
the Employment Term, in all bonus plans applicable to senior executives of the
Company (“Additional Incentive Compensation” and together with Level One
Incentive Compensation collectively hereafter called “Incentive Compensation”).
For purposes of this Agreement, the Executive’s share of Additional Incentive
Compensation for any fiscal year of the Company in which the employment of the
Executive terminates shall be the product of: (i) an amount equal to his
Additional Incentive Compensation if he had been employed by the Company for
the entire year (which shall be not less than the product of the aggregate
Additional Incentive Compensation paid under such plan for the year of
termination of employment, multiplied by the Executive’s percentage share of
the aggregate amount paid under such plan for the immediately preceding year),
multiplied by; (ii) a fraction the numerator of which shall be the number of
days in the portion of the year ending with the date of termination of
employment and the denominator of which shall be the number of days in such
fiscal year.

3

                              (d)
Restricted Stock Grant. Executive shall be granted 750,000 shares of the
Common Stock of the Company pursuant to a restricted stock agreement in the
form annexed hereto as Exhibit A on the later of: (i) the Commencement
Date; or (ii) the date that the Company’s stockholders approve the plan
pursuant to which the restricted stock is being granted.

                              (e)
Options. The Executive shall be granted options to purchase 750,000
shares of Common Stock of the Company pursuant to a stockholder approved plan
at a price per share which shall be equal to the offering price set forth on
the cover page of the prospectus relating to the Company’s sale of its Common
Stock in a firm commitment underwritten public offering (a “Public Offering”),
which prospectus is dated any date subsequent to the date of this Agreement and
prior to November 1, 2007; provided that if a Public Offering has not occurred
prior to November 1, 2007, then the price per share shall be equal to the
greater of: (1) $7.00; or (2) the fair market value of a share of Company
Common Stock at the close of business on October 31, 2007, as determined by the
Board in good faith. The foregoing options shall be granted on the earlier of
the date of the Public Offering or November 1, 2007 (such that, for the
purposes of clarity, the exercise price of the options will in all cases be at
least equal to the fair market value of the underlying Company Common Stock on
the date of grant). The options shall expire ten years from the date of grant
(or such earlier date as provided for in the Option Agreement upon the
termination of the Executive’s Employment) and, subject to the continued
employment of the Executive, 34% of the options shall vest on the first
anniversary of the date of grant and 33% of the options shall vest on each of
the second and third anniversaries, respectively, of the date of grant;
provided that if: (1) the Company terminates the Executive other than for
Cause; (2) the Executive shall terminate his employment for either Good Reason
or a Change in Control Event; or (3) the employment of the Executive shall
terminate on account of death or Disability (as defined in Section 8(a)(ii)
below), then upon the occurrence of such event all unvested options shall
immediately become vested. Furthermore, if this Agreement shall expire by
non-renewal by the Company prior to the final vesting date, one-half of the
then unvested options shall immediately vest and one-half of the then unvested
options shall immediately expire. A copy of the form of Option Agreement is
annexed hereto as Exhibit B.

                    4.
Employee Benefits; Life Insurance.

                              (a)
During the Employment Term and subject to the limitations set forth in this
Section 4, the Executive and his eligible dependents shall have the right to
participate in any retirement plans (qualified and non-qualified), pension,
insurance, health, disability or other benefit plan or program that has been or
is hereafter 

4

adopted by the
Company (or in which the Company participates), in each case according to the
terms of such plan or program, on terms no less favorable than the most
favorable terms granted to senior executives of the Company.

                              (b)
Life Insurance. The Executive hereby consents to the purchase by the
Company of one or more “key man” life insurance policies on the life of the
Executive in an aggregate amount not to exceed $5 million of death benefit with
such policies to be owned by the Company and the death benefits being payable
solely to the Company, and the Executive shall cooperate with the Company in
obtaining such policies. The Executive has no reason to believe that such
policies cannot be obtained at commercially reasonable rates. The Executive
shall have no interest in any such life insurance policy. Upon termination of
the Executive’s employment with the Company for any reason, and except as the
Executive and the Company may otherwise agree, such insurance policy or
policies shall be promptly terminated; provided, however, that the Executive
shall have the right, upon notice to the Company within thirty (30) days of the
date of termination of employment, to purchase the policy or policies relating
to him (if transferable by the Company) for an amount equal to their cash value
(if any) plus prepaid premiums.

                    5.
Vacation and Leaves of Absence. The Executive shall be entitled to the
normal and customary amount of paid vacation provided to senior executive
officers of the Company, but in no event less than twenty (20) days during each
calendar year (or pro rata portion thereof), beginning on the Commencement Date
of this Agreement. Any vacation days that are not taken in a given twelve (12)
month period shall not accrue or carry-over from year to year except as may
otherwise be agreed by the Company and the Executive. Upon any termination of
this Agreement for any reason whatsoever, accrued and unused vacation for the
year in which this Agreement terminates will be paid to the Executive within
ten (10) days of such termination based on his annual rate of Base Compensation
in effect on the date of such termination. In addition, the Executive may be
granted leaves of absence with or without pay for such valid and legitimate
reasons as the Company in its sole and absolute discretion may determine, and
the Executive shall be entitled to the same sick leave and holidays as is
provided to other senior executives of the Company.

                    6.
Expenses. The Executive shall be promptly reimbursed for all reasonable
and necessary expenses incurred by him in connection with the performance of
his duties hereunder, subject to the provision of copies of receipts and such
other substantiation as may reasonably be requested by the Company.

                    7.
Indemnification.

                              (a)
General. The Company agrees that if the Executive is made
a party or is threatened to be made a party to any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a “Proceeding”),
by reason of the fact that he is or was a director or officer of the Company,
is or was serving at the 

5

request of the
Company as a director, officer, member, employee or agent of another
corporation or of a partnership, joint venture, trust or other enterprise,
including, without limitation, service with respect to employee benefit plans,
whether or not the basis of such Proceeding is alleged to be action in an official
capacity as a director, officer, member, employee or agent while serving as a
director, officer, member, employee or agent, the Executive shall, except as
otherwise provided below, be indemnified and held harmless by the Company to
the fullest extent authorized by applicable law (in accordance with the
certificate of incorporation, bylaws, and/or other governing documents of the
Company), as the same exists or may hereafter be amended, against all Expenses
(as defined below) incurred or suffered by the Executive in connection
therewith, and such indemnification shall continue as to the Executive even if
the Executive has ceased to be an officer, director or agent, or is no longer
employed by the Company and shall inure to the benefit of his heirs, executors
and administrators. Notwithstanding the foregoing, the Company shall not be
required to indemnify or hold harmless the Executive with respect to Expenses
in connection with any Proceeding which is the result of Executive’s willful
misconduct or gross negligence.

                              (b)
Expenses. As used in this Agreement, the term “Expenses”
shall include, without limitation, damages, losses, judgments, liabilities,
fines, penalties, excise taxes, settlements and costs, attorneys’ fees, accountants’
fees, and disbursements and costs of attachment or similar bonds,
investigations, and any expenses of establishing a right to indemnification
under this Agreement. 

                              (c)
Enforcement. If a claim or request under this Agreement is
not paid by the Company, or on their behalf, within fifteen (15) days after a
written claim or request has been received by the Company, the Executive may at
any time thereafter bring suit against the Company to recover the unpaid amount
of the claim or request and if successful in whole or in part, the Executive
shall also be entitled to be paid the expenses, including all reasonable
attorneys’ fees, of prosecuting such suit. The burden of proving that the
Executive is not entitled to indemnification for any reason shall be upon the
Company.

                              (d)
Subrogation. In the event
of any payment under this Section 7, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of the Executive.

                              (e)
Partial Indemnification. If the Executive is entitled
under any provision of this Agreement to indemnification by the Company for
some or a portion of any Expenses, but not, however, for the total amount
thereof, the Company shall nevertheless indemnify the Executive for the portion
of such Expenses to which the Executive is entitled.

                              (f)
Advances of Expenses. Expenses incurred by the Executive
in connection with any 

6

Proceeding
shall be paid by the Company in advance, either to the Executive or to a third
party designated by the Executive, upon request of the Executive that the
Company pay such Expenses.

                              (g)
Notice of Claim. The Executive shall promptly give to the
Company notice of any claim made against him for which indemnity will or could
be sought under this Agreement. In addition, the Executive shall give the
Company such information and cooperation as it may reasonably require and as
shall be within the Executive’s power and at such times and places as shall be
mutually agreed upon by the Company and the Executive.

                              (h)
Defense of Claim. With respect to any Proceeding as to
which the Executive notifies the Company of the commencement thereof: (i) the Company will be entitled to
participate therein at its own expense; and (ii) except as otherwise provided below, to the extent that it
may wish, the Company jointly with any other indemnifying party similarly
notified will be entitled to assume the defense thereof, with counsel
reasonably satisfactory to the Executive. The Company shall not be entitled to
assume the defense of any action, suit or proceeding brought by or on behalf of
the Company or as to which the Executive shall have reasonably concluded that
there may be a conflict of interest between the Company and the Executive in
the conduct of the defense of such action.

                                        The
Company shall not be liable to indemnify the Executive under this Agreement for
any amounts paid in settlement of any action or claim effected without its
written consent. The Company shall not settle any action or claim in any manner
which would impose any penalty or limitation on the Executive without the
Executive’s written consent. Neither the Company nor the Executive shall
unreasonably withhold or delay their consent to any proposed settlement.

                              (i)
Non-exclusivity. The right to indemnification and the
payment of expenses incurred in defending a Proceeding in advance of its final
disposition conferred in this Section 7 shall not be exclusive of any other
right which the Executive may have or hereafter may acquire under any statute,
provision of the certificate of incorporation, by-laws, or other governing
documents of the Company, agreement, vote of stockholders, members or
disinterested directors or otherwise.

                              (j)
Directors and Officers Liability Insurance. The Company
agrees to use reasonable efforts to maintain one or more directors and officers
liability insurance policies in a reasonable and adequate amount determined by
the Board that provides coverage of at least $5 million.

7

                    8.
Termination and Termination Benefits.

                              (a)
Termination.

                                        
(i) For Cause.
Notwithstanding any provision contained herein, the Company may terminate this
Agreement at any time during the Employment Term for “Cause”. For purposes of
this subsection 8(a)(i), “Cause” shall mean: (1) the continuing willful failure
by the Executive to substantially perform his duties hereunder for any reason
other than total or partial incapacity due to physical or mental illness; (2)
willful misconduct on the part of the Executive in the performance of his
duties hereunder that causes material harm to the Company; (3) failure to
maintain any license or registration required to be maintained by the rules and
regulations of the National Association of Securities Dealers, Inc., the
Securities and Exchange Commission, or any other federal or state regulatory
agency having jurisdiction over the business conduct of the Executive as an
employee of the Company and/or any of its affiliates, if any; or (4) conviction
of a felony or of a misdemeanor involving moral turpitude. For purposes of this
definition, no act or omission by the Executive will be considered “willful”
unless it is made by the Executive in bad faith or without a reasonable belief
that the Executive’s act or omission was in the best interests of the Company
or its affiliates, and any act or omission by the Executive pursuant to a
resolution duly adopted by the Board, or on the written advice of counsel, will
be deemed made in good faith and in the best interests of the Company.
Termination pursuant to this subsection 8(a)(i) shall be effective immediately
upon giving the Executive written notice thereof stating the reason or reasons
therefor with respect to clause (4) above, and thirty (30) days after written notice
thereof from the Company to the Executive specifying the acts or omissions
constituting the failure and requesting that they be remedied with respect to
clauses (1), (2) and (3) above, but only if the Executive has not cured such
failure within such thirty (30) day period. In the event of a termination
pursuant to this subsection 8(a)(i), the Executive shall be entitled to payment
of his Base Compensation as computed through the Termination Date, and any
unpaid Additional Incentive Compensation for periods ended prior to the
Termination Date, and the benefits pursuant to Section 4(a) hereof up to the
Termination Date. It is the intention and agreement of the Company that the
Executive shall not be deprived by reason of termination for Cause of any payments,
options or benefits which have been vested or have been earned or to which the
Executive is entitled as of the Termination Date.  

                                        (ii)
Disability. If due to
illness or physical or mental disability, the Executive shall fail, for a total
of any six (6) consecutive months (“Disability”), to substantially
perform the duties required by this Agreement, the Company may terminate this
Agreement upon thirty (30) days’ written notice to the Executive. In such
event, the Executive shall be: (1) paid his Base Compensation until the
Termination Date and his share of any Incentive 

8

Compensation
to which he would have been entitled for the full fiscal year in which such
termination occurs; and (2) provided with employee benefits pursuant to Section
4(a), to the extent available, for twelve (12) months following the date of
such termination; provided, however, that any compensation to be paid to the
Executive pursuant to this subsection 8(a)(ii) shall be offset against any payments
received by the Executive pursuant to any policy of disability insurance the
premiums of which are paid for by the Company. It is the intention and
agreement of the Company that the Executive shall not be deprived by reason of
termination for Disability of any payments, options or benefits which have been
vested or have been earned or to which the Executive is entitled as of the
Termination Date.  

                                        (iii)
Termination Without Cause or
Termination For Good Reason. The Company may terminate the
Executive’s employment hereunder without Cause and the Executive may terminate
his employment hereunder for “Good Reason” (as defined below). If the Company
terminates the Executive’s employment hereunder without Cause, other than due
to death or Disability, or if the Executive terminates his employment for Good
Reason, the Executive shall be paid in one lump sum payment as soon as
practicable following the Termination Date: (1) if such termination shall have occurred prior to July 1, 2008, (A)
an amount equal to the total of all Base Compensation and all Level One
Incentive Compensation that could have been earned by the Executive for the
period beginning on the Commencement Date through December 31, 2008
($2,666,666) less all Base Compensation and Level One Incentive Compensation
previously paid to the Executive, plus (B) the amount of any Additional
Incentive Compensation to which he would have been entitled for the full year
in which such termination occurs; (2) if such termination shall have occurred
on or after July 1, 2008, and on or before December 31, 2008, (A) the amount
payable to the Executive pursuant to subsection 8(a)(iii)(1) above plus, (B) a
lump sum payment equal to the product of six (6) times the “Monthly Salary
Amount” (as defined below); and (3) if such termination shall have occurred on
or after January 1, 2009, (A) an amount equal to Executive’s Base Compensation
at the rate in effect at the time of termination of employment through the
Termination Date plus, (B) the amount of any Additional Incentive Compensation
to which he would have been entitled through the Termination Date for the year
in which such termination occurs, plus (C) a lump sum payment equal to the
product of six (6) times the Monthly Salary Amount. In addition to the amount
payable to the Executive pursuant to the preceding sentence, the Executive
shall be paid: (i) any accrued vacation pay; (ii) continuation, for the
remainder of the scheduled Employment Term as of such date (or, if longer, for
the one-year period ending on the first anniversary of the Termination Date),
of the health and welfare benefits of the Executive and any long-term
disability insurance generally provided to senior executives of the Company in
accordance with Section 4(a) of this Agreement (or the Company shall provide
the economic equivalent thereof on an after-tax basis); provided,

9

however, if the Executive obtains new employment and
such employment makes the Executive eligible for health and welfare or
long-term disability benefits which are equal to or greater in scope then the
benefits then being offered by the Company, then the Company shall no longer be
required to provide such corresponding benefits to the Executive from and after
the date of the Executive’s eligibility for such benefits; and (iii) any other
compensation and benefits as may be provided in accordance with the terms and
provisions of any applicable plans or programs of the Company. Notwithstanding anything to the contrary
contained herein, if within one (1) year following the occurrence of a Change
in Control (as defined in Section 8(a)(iv) below): (a) the Company should
terminate the Executive’s employment hereunder without Cause; or (b) the
Executive should terminate his employment for Good Reason, then the Executive
shall be paid an amount as determined in accordance with the provisions of
Section 8(a)(iv) hereof, and no payment shall be due pursuant to this Section.
In addition, all options and shares of restricted stock previously granted to
the Executive which are unvested as of the date of such termination shall
become immediately and fully vested, exercisable and all restrictions thereupon
shall lapse, upon such termination of employment.

                              
          As
used herein, “Monthly Salary Amount” shall mean an amount equal to
one-twelfth of the sum of: (a) the Executive’s then current annual Base Compensation;
plus (b) the Incentive Compensation paid to the Executive for the full calendar
year period immedi­ately preceding the Termination Date; or if the Executive
shall not have been employed for a full calendar year on the Termination Date,
the annualized Incentive Compensation for the preceding calendar year.

                              
          As
used herein, “Good Reason” means and shall be deemed to exist if,
without the prior express written consent of the Executive: (a) the Company
breaches this Agreement in any material respect (it being acknowledged that a
change in the location of the principal offices of the Company beyond that
contemplated in Section 1 of this Agreement would be material); (b) the
Executive is assigned duties materially inconsistent with his position as
contemplated by Section 1 of this Agreement, or a material change occurs
in the Executive’s reporting responsibilities, or the Executive’s title,
position, duties or responsibilities as contemplated by Section 1 are changed
in a material manner; (c) the Company fails to use its reasonable best efforts
to maintain, or cause to be maintained directors and officers liability
insurance coverage providing for liability coverage of not less than $5 million
with the Executive as a named insured or a member of a group or class which is
a named insured; or (d) the Company purports to terminate the Executive’s
employment for Cause and such purported ter­mination of employment is not
effected in accordance with the requirements of this Agreement, provided,
however, that with respect to items (a), (b) or (c) above, the Executive
provides written notice of termination
to the Company based upon the condition described in items (a), 

10

(b) or (c) above within ninety (90) days after the
initial existence of such condition and within thirty (30) days of such written
notice of termination by the Executive, the Company has not cured such failure
or breach.

                              
          (iv)
Termination upon Change in Control Event. If, within the one-year period
commencing on the date of a Change in Control (as defined below): (a) the
Company or any successor breaches this Agreement in any material respect (it
being acknowledged that a change in the location of the principal offices of
the Company beyond that contemplated in Section 1 of this Agreement would be
material); (b) the Executive is assigned duties materially inconsistent
with his position as contemplated by Section 1 of this Agreement, or
a material change occurs in the Executive’s reporting responsibilities, or the
Executive’s title, position, duties or responsibilities as contemplated by
Section 1 are changed in a material manner; (c) the Executive suffers any
material reduction in his compensation (including his benefits), or any material
adverse change in his working conditions, and, with respect to (a), (b), or (c)
above, the Company fails to cure such action or omission within thirty (30)
days after written notice of termination of his employment on account thereof
from the Executive; (d) the Executive terminates his employment for Good
Reason; or (e) the Executive’s employment hereunder is terminated by the
Company without Cause (each a “Change in Control Event”), then the
Company shall pay to the Executive in one lump sum promptly following the
Change in Control Event an amount equal to the lesser of: (A) three (3) times
the amount of the total Base Compensation plus three (3) times the Incentive
Compensation paid to the Executive for the calendar year preceding the year in
which the Change in Control shall have occurred (or if the Executive shall not
have been employed for a full calendar year on the Termination Date, the
annualized Incentive Compensation for the preceding calendar year); or (B) the
amount described in clause (A) as reduced to the extent necessary to cause the
aggregate of all amounts paid to the Executive in connection with (i) a change
in ownership or effective control of the Company or (ii) a change in the
ownership of a substantial portion of the assets of the Company (if any of the
foregoing constitutes an event described in clause (b)(2)(A)(i) of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”), taking into
account (without limitation) any options, restricted stock, or other
compensation the vesting of which is accelerated by reason of the Change in
Control Event and subsequent termination of employment, not to exceed 299% of
the “base amount” paid to the Executive as such term is defined in Section
280G(b)(3) (or any successor provision).
If a Change in Control Event shall occur prior to January 1, 2008, the
annualized Incentive Compensation for purposes of clause (A) of the preceding
sentence shall be deemed to be $1,850,000.
In addition, all options and shares of restricted stock previously
granted to the Executive which are unvested as of the date of such termination
shall become immediately and fully vested, exercisable and all restrictions
thereupon shall lapse, upon such termination of employment.

11

                              
          It
is intended by the parties to this Agreement that no amount payable to the
Executive in connection with his employment hereunder constitute an “excess
parachute payment” within the meaning of Section 280G (or any successor
provision) of the Code, and this paragraph (iv) shall be interpreted in a
manner consistent with such intent. 

                              
          For
purposes of this Agreement, a “Change of Control” shall mean any of the
following, as effected through one transaction or a series of related transactions: (a) any merger by, or other combination of
the Company into another corporation or business entity, or other transaction,
which results in the holders of equity interests of the Company immediately prior
to such transaction owning less than fifty (50%) percent of the equity
interests of the surviving corporation or other business entity (in each case
as determined by fair market value); (b) any acquisition (by purchase, lease or
otherwise) of fifty (50%) percent or more of the gross fair market value of the
assets of the Company by any person, corporation or other entity or group
thereof acting jointly; or (c) the acquisition, subsequent to the date hereof,
of beneficial ownership, directly or indirectly, of voting stock of the Company
(defined as Common Stock of the Company or any other stock having voting rights
that the Company may issue in the future) by any person, corporation or other
entity or group thereof acting jointly, in such amount or amounts as would
permit such person, corporation or other entity or group thereof acting jointly
to elect a majority of the members of the Board, as then constituted; or (d)
individuals who, on the date of this Agreement, constitute the Board (the “Incumbent Directors”) cease for any
reason to constitute at least a majority of the Board, provided that any person
becoming a director subsequent to the date of this Agreement, whose election or
nomination for election was approved by a vote of at least a majority of the
Incumbent Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a
nominee for director) shall be an Incumbent Director; provided, however,
that no individual elected or nominated as a director of the Company as a
result of an actual or threatened election contest with respect to directors or
as a result of any other actual or threatened solicitation of proxies or
consents by or on behalf of any person other than the Board shall be deemed to
be an Incumbent Director. Notwithstanding the preceding sentence, any
transaction that involves a mere change in identity, form or place of
organization within the meaning of Section 368(a)(1)(F) of the Code and any
transaction of similar effect shall not constitute a Change in Control.  

                              
          (v)
Termination Other Than For Good Reason or Change in Control Event. If
the Executive terminates his employment other than for Good Reason or a Change
in Control Event, the Executive shall be paid: (a) his Base Compensation
at the rate in effect at the time of termination, through the date of such
termination 

12

of employment; (b) the share of any Additional
Incentive Compensation to which he would have been entitled for the portion of
the year in which such termination occurs; (c) any accrued vacation pay; and
(d) any other compensation and benefits as may be provided in accordance with
the terms and provisions of any applicable plans or programs of the Company.It is the intention and agreement of
the Company that the Executive shall not be deprived by reason of termination
under this Section of any payments, options or benefits which have been vested
or have been earned or to which the Executive is entitled as of the Termination
Date.

                              (b)
Nonexclusivity of Rights. Nothing in this Agreement shall prevent
or limit the Executive’s continuing or future participation in any benefit,
bonus, incentive or other plan or program provided or maintained by the Company
and for which the Executive may qualify, nor shall anything herein limit or
otherwise prejudice such rights as the Executive may have under any other
existing or future agreements with the Company. Except as otherwise expressly provided for in this Agreement,
amounts which are vested benefits or which the Executive is otherwise entitled
to receive under any plans or programs of the Company at or subsequent to the
date of termination shall be payable in accordance with such plans or programs.

                              (c)
Vesting of Stock Grants and Stock Options. In the event of any
termination of this Agreement, the Executive’s rights with regard to any stock
grants, or stock options shall be as set forth in the respective plan and/or
agreement containing the terms and conditions pertaining thereto. 

                              (d)
Death Benefit. Notwithstanding
any other provision of this Agreement, this Agreement shall terminate on the
date of the Executive’s death. In such
event the Company shall continue to pay the Executive’s Base Compensation to
his wife, if she survives him, or, if she does not survive him, to his estate,
through the end of the twelfth month following the month in which such death
occurs. In addition, the Company shall
pay to the Executive’s wife, if she survives him, or, if she does not survive
him, to his estate, the Incentive Compensation to which the Executive would
have been entitled for the year in which such death occurs.

                              (e)
Termination Payment. In
the event that this Agreement shall not have been earlier terminated in
accordance with the terms and provisions hereof and the Company has elected not
to extend the Employment Term as provided for in Section 2 hereof, in
consideration for the post-employment covenant against competition set forth in
Section 10(a) of this Agreement, the Executive shall be entitled to a lump-sum
payment, on the last day of the Employment Term or such later date on which his
employment with the Company shall terminate, equal to the product of nine (9)
times the Monthly Salary Amount (the “Termination Payment”). 

13

                              (f)
Payment. Except as otherwise
provided in this Agreement, any payments to which the Executive shall be
entitled under this Section 8, including, without limitation, any economic
equivalent of any benefit, shall be made as promptly as possible following the
Termination Date; provided, however, that if the Executive is a “specified
employee” of the Company within the meaning of Section 409A(a)(2)(B)(i) of the
Code (or any successor provision), no payment under this Section 8 in
connection with the Executive’s termination of employment (other than a payment
of Base Compensation through the date of such termination, and payments on
account of termination of employment by reason of death) shall be made until
the date which is six (6) months after the date of the termination of the
employment of the Executive (or, if earlier, the date of death of the
Executive); provided further, if the Company determines based upon written
advice of counsel that any such payment if made during the calendar year that
includes the Termination Date would not be deductible in whole or in part
by reason of Code Section 162(m), such payment shall be made on January 2
of the following calendar year (or such later date as may be required
under the preceding proviso if the Executive is a “specified employee”). Any payment deferred as provided for in this
subsection (f) above shall include, when paid, an incremental earnings factor
payment equal to four (4%) percent of the amount deferred multiplied by a
fraction the numerator of which is the number of days that such payment is
deferred and the denominator of which is 365. 

                                        If
the amount of any payment due to the Executive cannot be finally determined
within thirty (30) days after the Termination Date, such amount shall be
estimated on a good faith basis by the Company and the estimated amount shall
be paid thirty (30) days after such Termination Date (or on such later date as
may be determined under the immediately preceding sentence). As soon as practicable thereafter, the final
determination of the amount due shall be made and any adjustment requiring a
payment to or from the Executive shall be made as promptly as practicable

                              (g)
No Mitigation. The Executive
shall not be required to mitigate the amount of any payments provided for by
this Agreement by seeking employment or otherwise, nor shall the amount of any
payment or benefit provided in this Agreement be reduced by any compensation or
benefit earned by the Executive after the Termination Date.

                    9.
Company Property. All
confidential and proprietary information furnished to the Executive by the
Company or developed by the Executive on behalf of the Company or at the
Company’s direction or for the Company’s use or otherwise in connection with
the Executive’s employment hereunder, are and shall remain the sole 

14

and confidential property of the Company. If the Company requests the return of such
materials in connection with or after the termination of the Executive’s
employment, the Executive shall immediately deliver the same to the Company.

                    10.
Covenant Not To Compete; Other Covenants. 

                              (a)
Covenant Against Competition.
The Executive acknowledges that, as of the date of execution of this
Employment Agreement: (i) the Company is, directly and through its
subsidiaries, engaged in the investment banking businesses of corporate finance
or mergers and acquisitions as a broker-dealer (the “Business”); (ii) the
Business is conducted currently by the Company’s subsidiaries throughout the
United States, and may be expanded to other locations; (iii) his employment
with the Company will have given him access to confidential information
concerning the Business as so conducted; and (iv) the agreements and covenants
contained in this Agreement are essential to protect the business and goodwill
of the Company. Accordingly, the
Executive covenants and agrees that, without the prior written consent of the
Board, the Executive shall not during the Restricted Period and within the
Restricted Area (each as defined below), except in the Executive’s capacity as
an officer of the Company or any of its affiliates: (a) engage or participate
in the Business; (b) enter the employ of, or render any services (whether or
not for a fee or other compensation) to, any person or entity engaged in the
Business; or (c) acquire an equity interest in any person engaged in the
Business; provided, that the foregoing restrictions shall not apply at any time
if the Executive’s employment is terminated during the Term by the Executive
for Good Reason or a Change in Control
Event, or by the Company other than for Cause; provided, further, that during
the Restricted Period the Executive may own, directly or indirectly, solely as
a passive investment, not more than five (5%) percent of the outstanding
securities of any company traded on any national securities exchange or on the
National Association of Securi­ties Dealers Automated Quotation System.  

                                        As
used herein, “Restricted Period” shall mean the period commencing on the
Commencement Date and ending on the first anniversary of the Executive’s
termination of employment; and “Restricted Area” shall mean any place within
the United States and any other country in which the Company is conducting a
material portion of its Busi­ness at the time of the Executive’s termination.

                              (b)
Confidential Information; Personal Relationships. The Executive
acknowledges that the Company has a legitimate and continuing proprietary
interest in the protection of its confidential information and has invested
substantial sums and will continue to invest substantial sums to develop,
maintain and protect confidential information. The Executive agrees that,
during the Restricted Period and for a period thereafter ending on the third
anniversary of the termination of employment of the Executive, without the
prior written consent of the Board, the 

15

Executive shall keep secret and retain in strictest
confidence, and shall not knowingly use for the benefit of himself or others
all confidential matters relating to the Company’s Business including, without
limitation, operational methods, marketing or development plans or strategies,
business acquisition plans, joint venture proposals or plans, and new personnel
acquisition plans, learned by the Executive heretofore or hereafter (such
information shall be referred to herein collectively as “Confidential Information”);
provided, that nothing in this Agree­ment shall prohibit the Executive from
disclosing or using any Confidential Information: (A) in the performance of his
duties hereunder; (B) as required by applicable law, or as the Executive
reasonably believes to be required by applicable law based upon written advice
of counsel, in each instance after reasonable notice to the Company; (C) in
connection with the enforcement of his rights under this Agreement or any other
agreement with the Company; or (D) in connection with the defense or settle­ment
of any claim, suit or action brought or threatened against the Executive by or
in the right of the Company.
Notwithstanding any provision contained herein to the con­trary, the
term Confidential Information shall not be deemed to include any general
knowledge, skills or experience acquired by the Executive or any knowledge or
infor­mation known or available to the public in general. Moreover, the
Executive shall be permitted to retain copies of, or have access to, all such
Confidential Information relating to any disagreement, dispute or litigation
(pending or threatened) involving the Executive.

                              (c)
Employees of the Company and its Affiliates. During the Restricted Period, without the
prior written consent of the Board, the Executive shall not, directly or
indirectly, hire or solicit, or cause others to hire or solicit, for employment
by any person other than the Company or any affiliate or successor thereof, any
person who was employed by the Company and its affiliates or successors at any
time within the six-month period ending on the date of termination of employment
of the Executive, or encourage any such employee to leave his employment. For this purpose, any person whose
employment has been terminated by the Company shall be excluded from those
persons protected by this Section for the benefit of the Company.

                              (d)
Business Relationships. During the Restricted Period, the
Executive shall not, directly or indirectly, request or advise a person that
has a business relationship with the Company to curtail or cancel such person’s
business relationship with the Company.

                              (e)
Rights and Remedies Upon Breach.
If the Executive breaches or threatens to commit a breach of any of the
provisions contained in Section 10 of this Agreement (the “Restrictive
Covenants”), the Company shall, in addition to, and not in lieu of, any
other rights and remedies available to the Company under law or in equity, have
the right and remedy to have the Restrictive Covenants specifically enforced by
any court of competent 

16

jurisdiction, it being agreed that any breach or
threatened breach of the Restrictive Covenants would cause irrepa­rable injury
to the Company and that money damages would not provide an adequate remedy to
the Company.

                              (f)
Severability of Covenants.
The Executive acknowledges and agrees that the Restrictive Covenants are
reasonable and valid in duration and geographical scope and in all other
respects. If any court determines that any of the Restrictive Covenants, or any
part thereof, is invalid or unenforceable, the remainder of the Restrictive Cov­enants
shall not thereby be affected and shall be given full effect without regard to
the invalid portions. The provisions set forth in Section 10 above shall be in
addition to any other provisions of the business conduct and ethics policy
applicable to employees of the Company and its subsidiaries during the term of
the Executive’s employment.

                              (g)
Savings Clause. If the period of
time or the area specified in subsection (a) above should be adjudged
unreasonable in any proceeding, then the period of time shall be reduced by
such number of months or the area shall be reduced by the elimination of such
portion thereof or both so that such restrictions may be enforced in such area
and for such time as is adjudged to be reasonable.

                    11.
Executive’s Representation and Warranties. 

                              (a)
Other Agreements. The Executive
represents and warrants that he has the full right and authority to enter into
this Agreement and fully perform his obligations hereunder, that he is not
subject to any non-competition agreement other than with the Company, and that
his past, present and anticipated future activities have not and will not infringe
on the proprietary rights of others.
The Executive further represents and warrants that he is not obligated
under any contract (including, but not limited to, licenses, covenants or
commitments of any nature) or other agreement or subject to any judgment,
decree or order of any court or administrative agency which would conflict with
his obligation to use his best efforts to perform his duties hereunder or which
would conflict with the Company’s business and operations as presently
conducted or proposed to be conducted.
Neither the execution nor delivery of this Agreement, nor the carrying
on of the Company’s business as officer and employee by the Executive will
conflict with or result in a breach of the terms, conditions or provisions of
or constitute a default under any contract, covenant or instrument to which the
Executive is currently a party or by which the Executive is currently bound.

                              (b)
Legal Counsel. The Executive
hereby acknowledges that he has been advised by the Company of his right to
seek independent legal advice with regard to this Agreement. The Executive hereby confirms to the Company
that he has sought such advice and that he is entering into this Agreement freely,
knowingly and after due consideration and consultation with such legal counsel.

17

                    12.
Miscellaneous.

                              (a)
Integration; Amendment. This
Agreement, including the Exhibits hereto and such other documents as are
referred to herein or therein, constitute the entire agreement between the
parties hereto with respect to the matters set forth herein and supersede and
render of no force and effect all prior understandings and agreements between
the parties with respect to the matters set forth herein. No amendments or additions to this Agreement
shall be binding unless in writing and signed by both parties.

                              (b)
Severability. If any part of
this Agreement is contrary to, prohibited by, or deemed invalid under applicable
law or regulations, such provision shall be inapplicable and deemed omitted to
the extent so contrary, prohibited, or invalid, but the remainder of this
Agreement shall not be invalid and shall be given full force and effect so far
as possible.

                              (c)
Waivers. The failure or delay of
any party at any time to require performance by the other party of any
provision of this Agreement, even if known, shall not affect the right of such
party to require performance of that provision or to exercise any right, power,
or remedy hereunder, and any waiver by any party of any breach of any provision
of this Agreement shall not be construed as a waiver of any continuing or
succeeding breach of such provision, a waiver of the provision itself, or a
waiver of any right, power, or remedy under this Agreement. No notice to or demand on any party in any
case shall, of itself, entitle such party to other or further notice or demand
in similar or other circumstances.

                              (d)
Power and Authority. The Company
represents and warrants to the Executive that it has the requisite corporate
power to enter into this Agreement and perform the terms hereof; that the
execution, delivery and performance of this Agreement by it has been duly
authorized by all appropriate corporate action; and that this Agreement
represents the valid and legally binding obligation of the Company and is
enforceable against it in accordance with its terms.

                              (e)
Burden and Benefit; Survival.
This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, executors, personal and legal
representatives, successors and assigns.
The rights and obligations of either party hereunder shall not be
assignable except with the prior written consent of the other party. In addition to, and not in limitation of,
anything contained in this Agreement, it is expressly understood and agreed
that the Company’s obligation to pay any compensation as set forth herein that
is payable following a termination of employment shall survive any termination
of this Agreement.

                              (f)
Governing Law; Headings. This
Agreement and its construction, performance, and 

18

enforceability shall be governed by, and construed in
accordance with, the laws of the State of New York. Headings and titles herein are included solely for convenience
and shall not affect, or be used in connection with, the interpretation of this
Agreement.

                              (g)
Jurisdiction. Except as
otherwise provided for herein, each of the parties: (i) submits to the
exclusive jurisdiction of any state court sitting in New York, New York or
federal court sitting in New York County in any action or proceeding arising
out of or relating to this Agreement; (ii) agrees that all claims in respect of
the action or proceeding may be heard and determined in any such court; (iii)
agrees not to bring any action or proceeding arising out of or relating to this
Agreement in any other court; and (iv) waives any right such party may have to
a trial by jury with respect to any action or proceeding arising out of or
relating to this Agreement. Each of the
parties waives any defense of inconvenient forum to the maintenance of any
action or proceeding so brought and waives any bond, surety or other security
that might be required of any other party with respect thereto. Any party may
make service on another party by sending or delivering a copy of the process to
the party to be served at the address and in the manner provided for giving of
notices in Section 12(h). Nothing in this Section, however, shall affect the
right of any party to serve legal process in any other manner permitted by law.

                              (h)
Notices. All notices called for
under this Agreement shall be in writing and shall be deemed given upon receipt
if delivered personally, mailed through the United States Postal Service by
registered or certified mail (return receipt requested), postage prepaid, or
delivered by nationally recognized overnight courier service to the parties at
their respective addresses as set forth on the first page of this Agreement (or
at such other address for a party as shall be specified by like notice,
provided that notices of a change of address shall be effective only upon
receipt thereof), or to any other address or addresses as any party entitled to
receive notice under this Agreement shall designate, from time to time, to
others in the manner provided in this subsection 12(h) for the service of
notices.

                                        Any
notice delivered to the party hereto to whom it is addressed shall be deemed to
have been given and received on the day it was delivered, if delivered
personally or by overnight courier service; otherwise, on the third business
day after it is mailed in the manner provided above.

                              (i)
Construction. The parties have
participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if
drafted jointly by the parties and no presumption of burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any of
the provisions of this Agreement.

19

                              (j)
Number of Days. In computing the number of days for purposes of this Agreement, all days shall be counted,
including Saturdays, Sundays and holidays; provided, however, that if the final
day of any time period falls on a Saturday, Sunday or holiday on which federal
banks are or may elect to be closed, then the final day shall be deemed to be
the next day which is not a Saturday, Sunday or such holiday.  

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

	
  

 	
  

 	
  

 	
  

 
	
  

 	
   /s/ Michael Lacovara

 
	
  

 	
 

 	
 

 	
 

 
	
  

 	
 MICHAEL LACOVARA

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ENTHRUST FIANACIAL SERVICES, INC.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
 /s/ Thomas Pinou

 
	
  

 	
  

 	
 

 	
 

 
	
  

 	
  

 	
  

 	
 Thomas Pinou, Chief Financial
 Officer

 

20

Exhibit A

ENTHRUST FINANCIAL SERVICES, INC.

RESTRICTED STOCK GRANT AGREEMENT

September __, 2007

Mr. Michael
Lacovara

23 Sherwood Avenue

Greenwich, CT 06831

Dear Mr.
Lacovara:

          Pursuant
to the Employment Agreement (the “Employment Agreement”) dated August 9,
2007 by and between you and Enthrust Financial Services, Inc. (the “Company”),
the Company hereby awards to you under its 2007 Stock and Incentive Plan
750,000 shares of its Common Stock, $0.001 par value per share (the “Shares”)
pursuant to the terms and conditions of this Agreement. The Company represents
that the Shares are fully paid and non-assessable. The Shares are subject to
the vesting provisions set forth herein and certain other restrictions as
provided for herein. Capitalized terms used herein and not defined herein shall
have the meaning ascribed thereto in the Employment Agreement.

          You
are entitled to all the rights and privileges of a holder of the Shares
(including the right to receive and retain all cash dividends declared
thereon). As used herein the term “Shares” shall mean and include, in addition
to the above referenced number of shares, any new shares or other securities
convertible into shares resulting from any merger or reorganization of the
Company, or the recapitalization, reclassification or split of the Shares, or
any stock dividend paid on the Shares.

          By
accepting the Shares you agree as follows:

          1.
The Shares shall vest as follows on the following dates (each, a “Vesting
Date”):

	
 

	
 

	
 

	
 

	
(i)

	
one-third of
 the Shares shall vest on August 31, 2008 if the consolidated gross revenues
 of the Company for the twelve months ended June 30, 2008 shall be more than
 110% of the consolidated gross revenues of the Company for the twelve months
 ended June 30, 2007;

	
 

	
 

	
 

	
 

	
(ii)

	
one-third of
 the Shares shall vest on August 31, 2009 if the consolidated gross revenues
 of the Company for the twelve months ended June 30, 2009 shall be more than
 120% of the consolidated gross revenues of the Company for the twelve months
 ended June 30, 2007; and

	
 

	
 

	
 

	
 

	
(iii)

	
one-third of
 the Shares shall vest on August 31, 2010 if the consolidated gross revenues
 of the Company for the twelve months ended June 30, 2010 shall be more than
 130% of the consolidated gross revenues of the Company for the twelve months
 ended June 30, 2007.

          2.
No Shares shall be sold, conveyed, transferred, pledged, encumbered or
otherwise disposed of (any such disposition being herein called a “Transfer”)
prior to the date on which such Shares shall have vested as provided in Section
1 above(the
period beginning on the date hereof and ending on each respective Vesting Date,
being hereinafter called the “Risk Period”), except that this Transfer
restriction (the “Transfer Restriction”) shall lapse, and full vesting
shall be accelerated with respect to all non-vested Shares that have not been
previously transferred to the Company upon: (i) your death; (ii) your
Disability; (iii) the termination of your employment by the Company other than
for Cause, (iv) your termination of your employment for Good Reason; or (v)
your termination of your employment upon a Change in Control Event.

          3.
(i) If upon any Vesting Date the Shares which may vest on such Vesting Date
shall not vest on account of the failure of the consolidated gross revenues
condition to have been met, then the number of Shares subject to vesting on
such Vesting Date shall be rolled forward and subject to payment on the
following Vesting Date (along with the Shares subject to

vesting in such
following year), provided that the following year’s consolidated gross revenues
condition is achieved; provided, however, that if the next
following consolidated gross revenues condition is also not achieved, the
original rolled forward Shares shall be forfeited (an “Event of Forfeiture”).
Upon any such Event of Forfeiture the Escrowee (as defined in Section 7 below)
shall transfer to the Company that number of the Shares which have been
forfeited upon such Event of Forfeiture. Immediately upon such Event of
Forfeiture, such Shares shall be deemed to have been transferred to the Company
and you shall have no further rights or privileges as a holder of the Shares so
transferred.

                    (ii)
If at any time prior to September 1, 2010, your employment is terminated by the
Company for Cause or you terminate your employment for any reason other than
for Good Reason or a Change in Control Event (each such event being herein
called an “Event of Retransfer”) then, upon such Event of Retransfer the
Escrowee shall transfer to the Company that number of the Shares as to which
the Transfer Restriction shall still apply on the day following such
termination. Immediately upon such Event of Retransfer, such Shares shall be
deemed to have been transferred to the Company and you shall have no further
rights or privileges as a holder of the Shares so transferred.

                    (iii)
Notwithstanding anything to the contrary that may be contained herein, if your
employment should terminate on December 31, 2009 on account of the Company
having elected not to extend your term of employment, as provided for in
Section 2 of the Employment Agreement (such event being herein called a “Term
End Termination”), then the balance of the Shares then being held in escrow
shall be immediately forfeited.

          4.
As an “affiliate” you represent and agree that you will only sell, transfer,
pledge or hypothecate any of the Shares pursuant to an effective registration
statement under the Securities Act of 1933, as amended (the “Securities Act”),
or in a transaction wherein registration under the Securities Act of 1933 is
not required. For purposes of this Agreement “affiliate” shall mean any person
that directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, the Company. 

          5.
All certificates for Shares shall be endorsed as follows:

	
 

	
 

	
 

	
          “The
 shares represented by this certificate have not been registered under the
 Securities Act of 1933, as amended. The shares have been acquired for
 investment purposes and must be held unless they are subsequently registered
 under the Securities Act of 1933, as amended, or, in the opinion of counsel
 to for the Company, an exemption from registration under said Act is
 available.”

          6.
You will be required to satisfy any potential federal, state, local or other
tax withholding liability. Such liability must be satisfied at the time the
Shares become “substantially vested” (as defined in the regulations issued
under Section 83 of the Internal Revenue Code), which would likely be when the
restrictions on the Shares lapse. At such time you will be required to report
the total value of the Shares as of the date the Shares become substantially
vested as ordinary income. This could result in a significant income tax burden
to you if the Shares greatly appreciate in value from the date of this
Agreement through such time as the Shares become substantially vested. THE FOREGOING IS NOT INTENDED TO CONSTITUTE TAX ADVICE
NOR IS IT NECESSARILY COMPREHENSIVE IN LIGHT OF YOUR PERSONAL TAX SITUATION.
ACCORDINGLY, YOU SHOULD CONSULT YOUR TAX ADVISOR GENERALLY WITH RESPECT TO THE
TAX IMPLICATIONS OF THIS AWARD.

          Unless
we approve other arrangements, you must deliver to us either a check or money
order in the amount of the required withholding amount on each Vesting Date. In
the event of a shortfall, we will withhold the remaining required withholding
amount from any compensation which becomes due and payable to you. 

          7.
In order to facilitate compliance with the transactions described herein, until
the Shares vest, certificates representing the shares will be held in escrow by
Morse, Zelnick, Rose & Lander, LLP (the “Escrowee”). If and when
Shares vest they will be released to you, as soon as is reasonably practicable,
subject to your payment of applicable withholding taxes. The Escrowee will hold
the Shares pursuant to the terms and conditions of this Restricted Stock Grant
Agreement, together with stock powers in the form annexed hereto duly endorsed
by you, in blank, with your signature guaranteed thereon by a commercial bank,
and shall dispose of them in accordance with all of the terms hereof. The
deposit of the Shares into escrow shall not affect your rights as the record
holder of the Shares. The Escrowee shall be under no duty except to receive the
Shares and dispose of them in accordance with the terms hereof. The Company may
redesignate an Escrowee at any time on notice to you.

2

          8.
This Agreement shall be binding upon and inure to the benefit of you and the
Company and your and its respective successors and legal representatives.

	
 

	
 

	
 

	
 

	
Very truly
 yours,

	
 

	
 

	
 

	
ENTHRUST FINANCIAL SERVICES, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
        Thomas Pinou, Chief
 Financial Officer

Acceptance:

I hereby
accept the Shares and agree to all of the terms and

conditions described herein.

	
 

	
 

	

	
 

	
Michael Lacovara

	
 

3

Exhibit B

RODMAN & RENSHAW CAPITAL GROUP, INC.

2007 STOCK AND INCENTIVE PLAN

OPTION AGREEMENT

This Option
Agreement (this “Agreement”) is made as of ________ __, 2007, between Rodman
& Renshaw Capital Group, Inc. (the “Corporation”) and the undersigned (the
“Holder”). The Compensation Committee of the Board of Directors of the
Corporation has authorized the grant of the following Options to the Holder
under the Corporation’s 2007 Stock and Incentive Plan (the “Plan”), subject to
the terms and provisions of the Plan and the additional conditions set forth
below. Terms used in this Agreement that are not defined herein shall have the
meanings assigned to them in the Plan.

          1.
The Holder accepts all provisions of the Plan, a copy of which has been
delivered to the Holder. 

          2.
The Corporation grants to the Holder, subject to the conditions of the Plan, a
Option to purchase 750,000 shares of the Stock of the Corporation, exercisable
in installments as set forth in paragraph 3 of this Agreement, at an Exercise
Price equal to the closing price of the Stock on _________ __, 2007 (the
“Options”). [This Option [is] [is not] an Incentive Option intended to qualify
as an “incentive stock option” under Section 422(b) of the Internal Revenue
Code of 1986, as amended.] 

          3.
Options covered by this Agreement shall become exercisable and may be exercised
in installments in accordance with the following schedule: 

	
 

	
 

	
 

	
34% of the
 Options shall vest on the first anniversary of the date of grant and 33% of
 the Options shall vest on each of the second and third anniversaries,
 respectively, of the date of grant; provided that if: (1) the Company
 terminates the Holder other than for Cause (as defined in the Employment
 Agreement dated August 9, 2007 between the Corporation and the Holder,
 hereinafter, the “Employment Agreement”); (2) the Executive shall terminate his
 employment for either Good Reason or a Change in Control Event (each as
 defined in the Employment Agreement); or (3) the employment of the Executive
 shall terminate on account of his death or Disability (as defined in the
 Employment Agreement), then upon the occurrence of such event all unvested
 options shall immediately become vested. Furthermore, if the Employment
 Agreement shall expire by non-renewal by the Corporation prior to the final
 vesting date, one-half of the then unvested Options shall immediately vest
 and one-half of the then unvested Options shall immediately expire.

          4.
No Option covered by this Agreement may be exercised later than ______ __,
2017. Upon the termination of the employment of the Holder by the Corporation
or its Subsidiary, the Options shall be exercisable, if at all, solely to the
extent provided in Article XI of the Plan.

          5.
The Options covered by this Agreement may be exercised nonsequentially in
respect of any other Option granted under the Plan, whether now in the Holder’s
possession or hereafter acquired. 

          6.
The Options are granted expressly subject to the Change of Control provisions
of Article X of the Plan.

          7. The Corporation expressly consents to the
exercise provisions set forth in Sections 6.7 and 6.8 of the Plan.

          8. Neither this Agreement nor the Options
granted hereby shall impose any obligation on the part of the Corporation, or
any Subsidiary to continue the employment of the Holder or impose any
obligation on the Holder to remain in the employ of the Corporation or any
Subsidiary. The Corporation and its Subsidiaries reserve the right to terminate
the employment of the Holder at any time and for any reason.

          9.
The Options granted hereunder shall not be transferable, whether by operation
of law or otherwise,

other than by
will or the laws of descent and distribution, and shall be exercisable during
the lifetime of the Optionee only by such holder or, in the event of
incapacity, by his or her guardian or legal representative.

          10.
In accordance with Section 5.8 of the Plan, any U.S. Federal, state, local and
foreign taxes required to be paid by reason of the exercise of the Options
(including, without limitation, any social security or similar tax) will be
withheld from other compensation, or required to be paid to the Corporation in
connection with the exercise of the Options.

          11.
This Agreement shall be governed by the laws of the State of New York
applicable to contracts made and to be performed therein, without giving effect
to the principles of conflicts of law of such state.

The
undersigned parties have executed this Agreement as of the day and year first
above written. 

RODMAN & RENSHAW CAPITAL GROUP, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
Title:

	
 

	
 

	

By my
signature below I acknowledge receipt of this Award, which has been issued to
me under the terms of the Plan. I further acknowledge receipt of a copy of the
Plan and agree to conform to all of the terms and conditions of this Agreement
and the Plan.

	
 

	
 

	

	
 

	
  Michael Lacovara

	
 

2

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