Document:

CPI
Aerostructures, Inc.

60 Heartland
Blvd.

Edgewood, New York
11717

As of December  1,
2006

Mr.  Edward  Fred
58 West
6th Street
Deer Park, New York
11729

Dear Ed:

This letter will serve to
amend the Amended and Restated Employment Agreement, dated
February  7,  2005 (‘‘Employment
Agreement’’) between you and CPI Aerostructures, Inc.
(‘‘Company’’), effective as of
January  1,  2007. Except as herein amended, all of
provisions of the Employment Agreement shall remain in full force and
effect.

1.    Your ‘‘Bonus’’
under Section 2.2 of the Employment Agreement for the year ending
December  31,  2007 shall be determined in accordance with
Schedule A annexed hereto and your Employment Agreement shall
be deemed amended accordingly.

If this adequately sets forth our
understanding with respect to your Employment Agreement, please sign in
the space provided below and return it to the
undersigned.

		Sincerely,

		CPI
AEROSTRUCTURES, INC.

		By: /s/ Vincent
Palazzolo                                

        Vincent
Palazzolo
        Chief Financial
Officer

ACCEPTED AND AGREED
TO:

/s/ Edward J.
Fred                                    

EDWARD
J. FRED

SCHEDULE
A

Bonus:    Based on our common understanding of
the significance of your participation in the budgeting process of the
Company, your bonus shall be based on specific revenue and earnings
before interest, taxes, depreciation and amortization
(‘‘EBITDA’’) goals, which shall allow you
to earn a target annual bonus equal to sixty-five percent (65%)
of your annual base salary if a 10% annual increase is achieved.
The Company’s auditors will determine EBITDA after taking into
account all necessary provisions and the accrual of all bonuses,
including your own bonus, and excluding all extraordinary items.
Twenty-five percent (25%) of the bonus amount will be determined
by revenues (the ‘‘revenue bonus’’) and
seventy-five percent (75%) by EBITDA (the ‘‘EBITDA
bonus’’).

EBITDA Bonus

1.    At
100% of EBITDA target (i.e., 10% growth), your EBITDA
bonus will equal 100% of 75% of 65% of base
salary.

2.    Should EBITDA fall short or exceed EBITDA
target, your EBITDA bonus will decrease or increase based on the grid,
below. For example, if there is a 50% increase in EBITDA, the
EBITDA bonus would equal 150% of 75% of 65% of
base salary; and if there is a 10% decrease in EBITDA, the
EBITDA bonus would equal 25% of 75% of 65% of base
salary.

3.    If the decrease in EBITDA is 15% or
more, no EBITDA bonus will be paid.

4.    Notwithstanding the
foregoing, if EBITDA for the year preceding the year for which the
EBITDA bonus is to be determined is less than $1  million, then
the EBITDA bonus will be calculated by comparing the current
year’s EBITDA to the EBITDA of the first preceding year in which
EBITDA was in excess of $2 million.

Revenue
Bonus

1.    At 100% of revenue target (i.e.,
10% growth), your revenue bonus will equal 100% of
25% of 65% of base salary.

2.    Should revenue
fall short or exceed revenue target, your revenue bonus will decrease
or increase based on the grid, below. For example, if there is a
50% increase in revenue, the revenue bonus would equal
150% of 25% of 65% of base salary; and if there is
a10% decrease in revenue, the revenue bonus would equal
25% of 25% of 65% of base
salary.

3.    If the decrease in revenue is 15% or
more, no revenue bonus will be paid.

2

General

1.    Both bonuses will
be adjusted pro rata if EBITDA and/or revenues fall in between two grid
percentages.

2.    The first $140,000 of bonus would be paid
in cash. The balance would be paid half in cash and half in shares of
the Company’s common stock, valued at the VWAP for the five
trading days ending two days before issuance. They will be issued under
the Company’s Performance Equity Plan 2000.

3.    The
Company and executive to mutually agree on how to handle all
acquisitions.

Grid

				
	Growth			Bonus
	Decrease
greater than 15%			No bonus
	Decrease
10%			75% Decrease
	Decrease
5%			50%
Decrease
	Flat			25%
Decrease
	Increase 5%			10%
Decrease
	Increase 10%			Baseline
bonus
	Increase 15%			5%
Increase
	Increase 25%			10%
Increase
	Increase 50%			50%
Increase
	Increase 100% or
greater			75%
Increase
	

3November
27, 2006

Janice Stinchfield, Vice President
Sovereign
Precious Metals, LLC
One Financial Plaza, 3rd
Floor
Providence, RI 02903

Re:    Finlay Fine
Jewelry Corporation

Dear Janice:

Reference is
made to that Amended and Restated Gold Consignment Agreement dated as
of March  30, 2001, among Sovereign Precious Metals, LLC, as
agent, the Institutions party thereto, Finlay Fine Jewelry Corporation
and EFinlay, Inc. as amended from time to time (as amended, the
‘‘Consignment Agreement’’). All terms not
otherwise defined herein shall have the meaning ascribed to the
Consignment Agreement.

The purpose of this letter is to notify
Sovereign, as agent for the Institutions, that the Consignees desire to
terminate the Consignment Agreement and is hereby requesting the
consent of the Institutions.

By signing below, the Institutions
agree to the termination of the Consignment Agreement provided the
Institutions receive payment in full for all outstanding Obligations
(as defined in the Consignment Agreement) on or before December 4, 2006
either (i) by payment in full in an amount equal to the Fair Market
Value on the date following such sale of the Consigned Precious Metal
or (ii) Redelivery of Precious Metal (in bullion form), in an amount
(measured in troy ounces) equal to the amount of Consigned Precious
Metal. Futhermore, the Institutions are requiring that the Consignees
give them at least 2 days prior to notice of the termination. At such
time, Agent, on behalf of the Institutions, will provide a pay off
letter which shall include, in addition to other things, an agreement
to release all liens filed against the personal property of the
Consignees and return of all original documents executed in connection
with the Consignment Agreement.

Sincerely,

FINLAY FINE JEWELRY CORPORATION

By:    
/s/ Bruce E. Zurlnick

 Title: Senior Vice President,
Treasurer and
           Chief Financial Officer

EFINLAY, INC.

By:     /s/ Bruce E.
Zurlnick

 Title: Senior Vice President, Treasurer and

          Chief Financial Officer

AGREED

SOVEREIGN BANK, as Agent

By:     /s/
Janice Stinchfield

 Title: Vice President

SOVEREIGN PRECIOUS METALS, LLC, as Agent

By:     /s/ Janice Stinchfield

 Title: Vice
PresidentNovember 27, 2006

Janice Stinchfield, Vice President

Sovereign Precious Metals, LLC

One Financial Plaza, 3rd Floor

Providence, RI 02903

Re:

Finlay Fine Jewelry Corporation

Dear Janice:

Reference is made to that Amended and Restated Gold Consignment Agreement dated as of March 30, 2001, among Sovereign Precious Metals, LLC, as agent, the Institutions party thereto, Finlay Fine Jewelry Corporation and EFinlay, Inc. as amended from time to time (as amended, the “Consignment Agreement”).  All terms not otherwise defined herein shall have the meaning ascribed to the Consignment Agreement.

The purpose of this letter is to notify Sovereign, as agent for the Institutions, that the Consignees desire to terminate the Consignment Agreement and is hereby requesting the consent of the Institutions.

By signing below, the Institutions agree to the termination of the Consignment Agreement provided the Institutions receive payment in full for all outstanding Obligations (as defined in the Consignment Agreement) on or before December 4, 2006 either (i) by payment in full in an amount equal to the Fair Market Value on the date following such sale of the Consigned Precious Metal or (ii) Redelivery of Precious Metal (in bullion form), in an amount (measured in troy ounces) equal to the amount of Consigned Precious Metal.  Futhermore, the Institutions are requiring that the Consignees give them at least 2 days prior to notice of the termination.  At such time, Agent, on behalf of the Institutions, will provide a pay off letter which shall include, in addition to other things, an agreement to release all liens filed against the personal property of the Consignees and return of all original documents executed in connection with the Consignment Agreement.

Sincerely,

FINLAY FINE JEWELRY CORPORATION

By:

 /s/ Bruce E. Zurlnick                              

Title: Senior Vice President, Treasurer and

         Chief Financial Officer

EFINLAY, INC.

By:

 /s/ Bruce E. Zurlnick

Title: Senior Vice President, Treasurer and

         Chief Financial Officer

AGREED

SOVEREIGN BANK, as Agent

By:

 /s/ Janice Stinchfield

Title: Vice President

SOVEREIGN PRECIOUS METALS, LLC, as Agent

By:

 /s/ Janice Stinchfield

Title: Vice PresidentSTOCK OPTION AGREEMENT

            AGREEMENT, dated as of July 17, 2006, by and between GOLF
ROUNDS.COM, INC., a Delaware corporation (the "Company"), and
(the "Director" or Holder).

            WHEREAS, by written consent dated as of July 17, 2006, the Board of
Directors of the Company authorized the grant to the Director of an option (the
"Option") to purchase an aggregate of shares of the authorized but unissued
common stock of the Company, $.01 par value (the "Common Stock"), conditioned
upon the Director's acceptance thereof upon the terms and conditions set forth
in this Agreement; and

            WHEREAS, the Director desires to acquire the Option on the terms and
conditions set forth in this Agreement;

            IT IS AGREED:

            1.    Grant of Stock Option. The Company hereby grants the Director
the Option to purchase all or any part of an aggregate of shares of
Common Stock (the "Option Shares") on the terms and conditions set forth herein.

            2.    Non-Incentive Stock Option. The Option represented hereby is
not intended to be an Option that qualifies as an "Incentive Stock Option" under
Section 422 of the Internal Revenue Code of 1986, as amended.

            3.    Exercise Price. The exercise price of the Option shall be
$0.60 per share, subject to adjustment as hereinafter provided.

            4.    Exercisability. This Option shall become exercisable on July
17, 2006, subject to the terms and conditions of this Agreement, and shall
remain exercisable until the close of business on July 16, 2016 (the Exercise
Period).

            5.    Termination Due to Death. Upon the death of the Director, the
portion of the Option, if any, that was exercisable as of the date of death may
thereafter be exercised by the legal representative of the estate or by the
legatee of the Director under the will of the Director, for a period of one year
from the date of such death or until the expiration of the Exercise Period,
whichever period is shorter. The portion of the Option, if any, that was not
exercisable as of the date of death shall immediately terminate upon death.

            6.    Withholding Tax. Not later than the date as of which an amount
first becomes includible in the gross income of the Director for Federal income
tax purposes with respect to the Option, the Director shall pay to the Company,
or make arrangements satisfactory to the Committee regarding the payment of, any
Federal, state and local taxes of any kind required by law to be withheld or
paid with respect to such amount. The obligations of the Company pursuant to
this Agreement shall be conditional upon such payment or arrangements with the
Company and the Company shall, to the extent permitted by law, have the right to
deduct any such taxes from any payment of any kind otherwise due to the Director
from the Company.

            7.    Adjustments.

                  (1)   In the event of a stock split, stock dividend,
combination of shares, or any other similar change in the Common Stock of the
Company as a whole, the Board of Directors of the Company shall make equitable,
proportionate adjustments in the number and kind of shares covered by the Option
and in the option price hereunder.

                  (2)   In the event of any reclassification or reorganization
of the outstanding shares of Common Stock other than a change covered by
subsection (a) hereof or that solely affects the par value of such shares of
Common Stock, or in the case of any merger or consolidation of the Company with
or into another corporation (other than a consolidation or merger in which the
Company is the continuing corporation and that does not result in any
reclassification or reorganization of the outstanding shares of Common Stock),
the Holder shall have the right thereafter (until the expiration of the right of
exercise of this Option) to receive

upon the exercise hereof after such event, for the same aggregate Exercise Price
payable hereunder immediately prior to such reclassification, reorganization,
merger or consolidation, the amount and kind of consideration receivable by a
holder of the number of shares of Common Stock of the Company obtainable upon
exercise of this Option immediately prior to such event. The provisions of this
subsection (b) shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

            8.    Method of Exercise.

                  8.1   Notice to the Company. The Option shall be exercised in
whole or in part by written notice in substantially the form attached hereto as
Exhibit A directed to the Company at its principal place of business accompanied
by full payment as hereinafter provided of the exercise price for the number of
Option Shares specified in the notice.

                  8.2   Delivery of Option Shares. The Company shall deliver a
certificate for the Option Shares to the Director as soon as practicable after
payment therefor.

                  8.3   Payment of Purchase Price.

                        8.3.1   Cash Payment. The Director shall make cash
payments by wire transfer, certified or bank check or personal check, in each
case payable to the order of the Company. The Company shall not be required to
deliver certificates for Option Shares until the Company has confirmed the
receipt of good and available funds in payment of the purchase price thereof.

                        8.3.2   Cashless Payment. The Company, in its sole
discretion, may allow the Director to use Common Stock of the Company owned by
him or her to pay the purchase price for the Option Shares by delivery of stock
certificates in negotiable form that are effective to transfer good and valid
title thereto to the Company, free of any liens or encumbrances. Shares of
Common Stock used for this purpose shall be valued at the Fair Market Value of
the Company's Common Stock on the last trading day preceding the date of
exercise. "Fair Market Value", unless otherwise required by any applicable
provision of the Internal Revenue Code of 1986, as amended, and any successor
thereto and the regulations thereunder, means, as of any given date: (i) if the
Common Stock is listed on a national securities exchange or quoted on the Nasdaq
National Market or Nasdaq SmallCap Market, the last sale price of the Common
Stock in the principal trading market for the Common Stock on such date, as
reported by the exchange or Nasdaq, as the case may be; (ii) if the Common Stock
is not listed on a national securities exchange or quoted on the Nasdaq National
Market or Nasdaq SmallCap Market, but is traded in the over-the-counter market,
the closing bid price for the Common Stock on such date, as reported by the OTC
Bulletin Board or the National Quotation Bureau, Incorporated or similar
publisher of such quotations; and (iii) if the fair market value of the Common
Stock cannot be determined pursuant to clause (i) or (ii) above, such price as
the Board of Directors shall determine, in good faith.

                        8.3.3   Payment of Withholding Tax. Any required
withholding tax may be paid in cash or with Common Stock in accordance with
Sections 8.3.1. and 8.3.2.

                        8.3.4   Exchange Act Compliance. Notwithstanding the
foregoing, the Company shall have the right to reject payment in the form of
Common Stock if in the opinion of counsel for the Company, (i) it could result
in an event of "recapture" under Section 16(b) of the Securities Exchange Act of
1934; (ii) such shares of Common Stock may not be sold or transferred to the
Company; or (iii) such transfer could create legal difficulties for the Company.

            9.    Nonassignability. The Option shall not be assignable or
transferable except by will or by the laws of descent and distribution in the
event of the death of the Director. No transfer of the Option by the Director by
will or by the laws of descent and distribution shall be effective to bind the
Company unless the Company shall have been furnished with written notice thereof
and a copy of the will and such other evidence as the Company may deem necessary
to establish the validity of the transfer and the acceptance by the transferee
or transferees of the terms and conditions of the Option.

                                        2

            10.   Company Representations. The Company hereby represents and
warrants to the Director that:

                  (1)   the Company, by appropriate and all required action, is
      duly authorized to enter into this Agreement and consummate all of the
      transactions contemplated hereunder; and

                  (2)   the Option Shares, when issued and delivered by the
      Company to the Director in accordance with the terms and conditions
      hereof, will be duly and validly issued and fully paid and non-assessable.

            11.   Director Representations. The Director hereby represents and
warrants to the Company that:

                  (1)   he or she is acquiring the Option and shall acquire the
      Option Shares for his or her own account and not with a view towards the
      distribution thereof;

                  (2)   he or she has received a copy of all reports and
      documents required to be filed by the Company with the Securities and
      Exchange Commission pursuant to the Exchange Act within the last 24 months
      and all reports issued by the Company to its stockholders;

                  (3)   he or she understands that he or she must bear the
      economic risk of the investment in the Option Shares, which cannot be sold
      by him or her unless they are registered under the Securities Act of 1933
      (the "Securities Act") or an exemption therefrom is available thereunder
      and that the Company is under no obligation to register the Option Shares
      for sale under the 1933 Act;

                  (4)   in his or her position with the Company, he or she has
      had both the opportunity to ask questions and receive answers from the
      officers and directors of the Company and all persons acting on its behalf
      concerning the terms and conditions of the offer made hereunder and to
      obtain any additional information to the extent the Company possesses or
      may possess such information or can acquire it without unreasonable effort
      or expense necessary to verify the accuracy of the information obtained
      pursuant to clause (ii) above;

                  (5)   he or she is aware that the Company shall place stop
      transfer orders with its transfer agent against the transfer of the Option
      Shares in the absence of registration under the 1933 Act or an exemption
      therefrom as provided herein; and

                  (6)   The certificates evidencing the Option Shares shall bear
      the following legends:

            "The shares represented by this certificate have been acquired for
            investment and have not been registered under the Securities Act of
            1933. The shares may not be sold or transferred in the absence of
            such registration or an exemption therefrom under said Act."

            "The shares represented by this certificate have been acquired
            pursuant to a Stock Option Agreement, dated as of July 17, 2006, a
            copy of which is on file with the Company, and may not be
            transferred, pledged or disposed of except in accordance with the
            terms and conditions thereof."

                                        3

            12.   Restriction on Transfer of Option Shares.

                  (1)   Anything in this Agreement to the contrary
notwithstanding, the Director hereby agrees that he or she shall not sell,
transfer by any means or otherwise dispose of the Option Shares acquired by him
or her without registration under the Securities Act, or in the event that they
are not so registered, unless (i) an exemption from the Securities Act
registration requirements is available thereunder, and (ii) the Director has
furnished the Company with notice of such proposed transfer and the Company's
legal counsel, in its reasonable opinion, shall deem such proposed transfer to
be so exempt.

                  (2)   Anything in this Agreement to the contrary
notwithstanding, the Director hereby agrees that he or she shall not sell,
transfer by any means or otherwise dispose of the Option Shares acquired by him
except in accordance with the Company's policy, if any, regarding the regarding
the sale and disposition of securities owned by employees and/or directors of
the Company.

            13.   Miscellaneous.

                  13.1  Notices. All notices, requests, deliveries, payments,
demands and other communications that are required or permitted to be given
under this Agreement shall be in writing and shall be either delivered
personally or sent by registered or certified mail, or by private courier,
return receipt requested, postage prepaid to the Company at its principal
executive office and to the Director at his address set forth below, or to such
other address as either party shall have specified by notice in writing to the
other. Notice shall be deemed duly given hereunder when delivered or mailed as
provided herein.

                  13.2  Stockholder Rights. The Director shall not have any of
the rights of a stockholder with respect to the Option Shares until such shares
have been issued after the due exercise of the Option.

                  13.3  Waiver. The waiver by any party hereto of a breach of
any provision of this Agreement shall not operate or be construed as a waiver of
any other or subsequent breach.

                  13.4  Entire Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof. This
Agreement may not be amended except by writing executed by the Director and the
Company.

                  13.5  Binding Effect; Successors. This Agreement shall inure
to the benefit of and be binding upon the parties hereto and, to the extent not
prohibited herein, their respective heirs, successors, assigns and
representatives. Nothing in this Agreement, expressed or implied, is intended to
confer on any person other than the parties hereto and as provided above, their
respective heirs, successors, assigns and representatives, any rights, remedies,
obligations or liabilities.

                  13.6  Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York (without regard
to choice of law provisions); provided, however, that all matters relating to or
involving corporate law shall be governed by the Delaware General Corporation
Law.

                  13.7  Headings. The headings contained herein are for the sole
purpose of convenience of reference and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Agreement.

                                        4

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

GOLF ROUNDS.COM, INC.                   Address: 111 Village Parkway
                                                 Building #2
                                                 Marietta, Georgia 30067

By:

DIRECTOR:

____________________________

                                        5

                                                                       EXHIBIT A

                      FORM OF NOTICE OF EXERCISE OF OPTION

        DATE

Golf Rounds.com, Inc.
111 Village Parkway
Building #2
Marietta, Georgia 30067
Attention: Board of Directors

                  Re:   Purchase of Option Shares

Gentlemen:

            In accordance with my Stock Option Agreement dated as of July 17,
2006 ("Agreement") with Golf Rounds.com, Inc. (the "Company"), I hereby
irrevocably elect to exercise the right to purchase _________ shares of the
Company's common stock, par value $.01 per share ("Common Stock"), which are
being purchased for investment and not for resale.

            As payment for my shares, enclosed is (check and complete applicable
box[es]):

            [ ]   a [personal check] [certified check] [bank check] payable to
                  the order of the Company in the sum of $_______________ ;

            [ ]   confirmation of wire transfer in the amount of $_____________;
                  and/or

            [ ]   With the consent of the Company, a certificate for _________
                  shares of the Company's Common Stock, free and clear of any
                  encumbrances, duly endorsed, having a Fair Market Value (as
                  such term is defined in my Stock Option Agreement) of
                  $_________.

            I hereby represent, warrant to, and agree with, the Company that:

                  (1)   I am acquiring the Option Shares for my own account, for
investment, and not with a view towards the distribution thereof;

                  (2)   I have received a copy of all reports and documents
required to be filed by the Company with the Commission pursuant to the
Securities Exchange Act of 1934 within the last 24 months and all reports issued
by the Company to its stockholders;

                  (3)   I understand that I must bear the economic risk of the
investment in the Option Shares, which cannot be sold by me unless they are
registered under the Securities Act of 1933 (the "Securities Act") or an
exemption therefrom is available thereunder and that the Company is under no
obligation to register the Option Shares for sale under the Securities Act;

                  (4)   I agree that I will not sell, transfer by any means or
otherwise dispose of the Option Shares acquired by me hereby except in
accordance with Company's policy, if any, regarding the sale and disposition of
securities owned by employees and/or directors of the Company;

                  (5)   in my position with the Company, I have had both the
opportunity to ask questions and receive answers from the officers and directors
of the Company and all persons acting on its behalf concerning the terms and
conditions of the offer made hereunder and to obtain any additional information
to the extent the Company possesses or may possess such information or can
acquire it without unreasonable effort or expense necessary to verify the
accuracy of the information obtained pursuant to clause (ii) above;

                  (6)   I am aware that the Company shall place stop transfer
orders with its transfer agent against the transfer of the Option Shares in the
absence of registration under the Securities Act or an exemption therefrom as
provided herein; and

                  (7)   the certificates evidencing the Option Shares shall bear
the following legends:

                  "The shares represented by this certificate have been acquired
                  for investment and have not been registered under the
                  Securities Act of 1933. The shares may not be sold or
                  transferred in the absence of such registration or an
                  exemption therefrom under said Act."

                  "The shares represented by this certificate have been acquired
                  pursuant to a Stock Option Agreement, dated as of July 17,
                  2006, a copy of which is on file with the Company, and may not
                  be transferred, pledged or disposed of except in accordance
                  with the terms and conditions thereof."

Kindly forward to me my certificate at your earliest convenience.

Very truly yours,

_________________________________       _______________________________
(Signature)                             (Address)

_________________________________       _______________________________
(Print Name)

                                        (Social Security Number)

                                        2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]