Document:

Exhibit
      4.12

    
 

    PUT/CALL
      OPTION AGREEMENT (this
“Agreement”) dated as of June 15, 2007, among van der Moolen Specialists USA,
      LLC, a New York limited liability company (the “Company”), Mill Bridge IV, LLC,
      a New York limited liability company (the “Buyer”), and the individuals listed
      on Schedule A hereto (each a “Seller” and collectively, the
“Sellers”).

     

    WHEREAS,
      the Sellers collectively own
      15.5875% of the limited liability company membership interests of the Company
      (the “Membership Interests”), with each Seller owning the percentage of
      outstanding Membership Interests shown opposite his name on Schedule A;
      and

     

    WHEREAS,
      the Sellers desire to give the
      Buyer the option to purchase (the “Call Option”), and the Buyer desires to give
      Sellers the option to require the Buyer to purchase (the “Put Option”) some or
      all of their respective Membership Interests, upon the terms and subject to
      the
      conditions set forth herein.

     

    NOW,
      THEREFORE, in consideration of the
      premises and the mutual covenants and agreements contained herein, the parties
      hereby agree as follows:

     

     

    ARTICLE
      I

    Definitions

     

    Section
      1.1  Definitions.  When
      used in this
      Agreement, the following terms shall have the meanings set forth in this Section
      1.1.

     

    “Affiliate”
means,
      with respect to any specified
      Person, a Person that directly, or indirectly through one or more
      intermediaries, controls, is controlled by or is under common control with,
      such
      specified Person.

     

    “Bonus
      Pool” shall have the meaning
      set forth in
      Section 7.2.

     

    “Business
      Day” shall mean any day
      other than a
      Saturday, Sunday or a day on which banks in New York, New York are authorized
      or
      obligated by Law to close.

     

    “Buyer”
shall
      have the meaning set forth in
      the preamble.

     

    “Call
      Exercise Notice” shall have the meaning
      set forth in
      Section 3.2.

     

    “Call
      Option” shall have the meaning
      set forth in
the recitals hereto.

     

    “Capital
      Balance” means with respect
      to a Seller, the
      Capital Account of such Seller set forth on Schedule
      4.2.  For purposes
      of
      determining the Capital Balance, (i) no losses 

     

    
      
        
        

      

      
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    previously
      or subsequently incurred by VDM Trading, LLC will be deducted from the Capital
      Balances of the Sellers, and the Sellers will have no responsibility for such
      losses, and (ii) no losses incurred by the Company subsequent to March 31,
      2007
      will be deducted from the Capital Balances of the Sellers.

     

    “Cash
      Flow” means Net Profit
      plus amounts deducted
therefrom for depreciation,
      of personal property.

     

    “Cause”
shall
      mean (a) in the good faith
      determination of the Company, the willful failure or refusal of an employee
      of
      the Company to substantially perform employee’s duties as of the date hereof
      (other than as a result of employee’s being totally disabled), and employee’s
      failure to cure within 10 days of his being given written notice of the
      Company’s intention to terminate due to that failure or refusal; (b) employee’s
      conviction (including conviction on a nolo contendere
      plea) of a felony or any crime
      involving, in the good faith determination of the Company, fraud, dishonesty
      or
      moral turpitude; or (c) suspension or other disciplinary action taken against
      an
      employee, related to violation of applicable SEC or SRO rules or
      regulations.

     

    “CEO”
shall
      mean the chief executive officer
      of the Company.

     

    “Chicago
      Holdings
      Obligation” shall mean
      the obligation of VDM Chicago Holdings, LLC to Buyer with respect to
      $10,000,000 advanced by Buyer to VDM Chicago Holdings, LLC.

     

    “Claims”
shall
      mean any and all manner of
      claims, demands, causes of action, obligations, damages, or liabilities
      whatsoever of every kind and nature, at law or in equity, known or unknown,
      and
      whether or not discoverable.

     

    “Closing”
shall
      have the meaning set forth in
      Section 4.6.

     

    “Closing
      Date” shall mean the date
      on which the
      Closing takes place.

     

    “Indemnified
      Party” shall mean a
      Seller.

     

    “Lien”
shall
      mean any lien (including,
      without limitation, liens imposed by Law, such as, but not limited to, mechanics
      liens), claim, charge, security interest, mortgage, pledge, easement,
      encumbrance, condition, covenant or restriction of record, zoning or similar
      restriction, conditional sale or other title retention agreement, action, equity
      or adverse claim.

     

    “Member”
shall
      mean each Person holding a
      Membership Interest in the Company.

     

    “Membership
      Interests” shall have the meaning
      set forth in
      the recitals hereto.

     

    “Net
      Profit” shall mean, with respect
      to any
      period, net profit of the
      Company for such period,
      and shall be calculated in accordance with the Company’s past
      practicesafter deduction of all
      expenses actually incurred by the Company for such period, including the Support
      Fee.

     

    
      
        
        

      

      
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    “NYSE”
shall
      mean the New York Stock
      Exchange.

     

    “Operating
      Agreement” shall mean the Amended and Restated Operating Agreement of the
      Company, made effective December 1, 2004.

     

    “Person”
shall
      mean an individual, a
      corporation, a limited liability company, a partnership, an association, or
      trust or any other entity or organization.

     

    “Purchase
      Price” shall have the meaning
      set forth in
      Section 4.2.

     

    “Put
      Exercise Notice” shall have the meaning
      set forth in
      Section 3.3.

     

    “Put
      Option” shall have the meaning
      set forth
in the recitals hereto.

     

    “Released
      Parties” shall mean each of
      the Buyer, the
      Company, CBONP LLC and their respective Affiliates and each of their respective
      past and present officers, directors, agents and employees, and the members
      of
      the Management Committees of the Company, CBONP LLC, VDM Trading LLC, VDM
      Capital Markets LLC, Windmill Capital Holdings, LLC and VDM Chicago Holdings,
      LLC, and their successors and assigns, in both their individual and LLC
      capacities.

     

    “Releasing
      Party” shall mean each
      Seller.

     

    “SEC”
shall
      mean the Securities and Exchange
      Commission.

     

    “Sellers”
shall
      have the meaning set forth in
      the preamble.

     

    “SRO”
shall
      mean self-regulatory
      organization, including but not limited to NYSE.

     

    “Support
      Fee” means a fee at the
      rate of 10% per
      annum on the unpaid portion of the Purchase Price due to each
      Seller.

     

    “Team
      Leaders” shall mean a group
      of six (6) to eight
      (8) managers of the Company, each of whom leads a team of six (6) to eight
      (8)
      persons on the floor, and each of whose selection has been approved by the
      Buyer.  If any Team Leader terminates his membership in the team, the
      remaining Team Leaders shall select a new Team Leader, subject to the approval
      of the Buyer.

     

    “Term”
shall
      have the meaning set forth in
      Section 3.1.  

     

     

    ARTICLE
      II

    Grant
      of
      Options

     

    Section
      2.1  The
      Call Option.  Subject to and upon
      the
      terms and conditions set forth in this Agreement, each Seller does hereby grant
      a Call Option to the Buyer to purchase, in 

     

    
      
        
        

      

      
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    whole
      or in part, the Membership
      Interests of each Seller as set forth on Schedule A hereto, which in the
      aggregate constitute
      15.5875% of the Membership Interests of the Company.

     

    Section
      2.2  The
      Put Option.  Subject to and upon
      the
      terms and conditions set forth in this Agreement, the Buyer does hereby grant
      a
      Put Option to each Seller to require the Buyer to purchase, in whole or in
      part,
      the Membership Interests of each Seller as set forth on Schedule A hereto,
      which
      in the aggregate constitutes 15.5875% of the Membership Interests of the
      Company.

     

     

    ARTICLE
      III

    Exercise
      of Call and Put
      Options

     

    Section
      3.1  Determination
      of Available
      Cash.  Not
      later than the 10th day of each calendar quarter for so long as any of
      the Sellers hold
      Membership Interests in the Company which have not been scheduled for a Closing
      pursuant to a Put Exercise Notice or Call Exercise Notice (the “Term”), the
      Buyer shall review the financial position of the Company at the end of the
      previous calendar quarter and determine whether, in Buyer’s sole
      judgment, the Company has sufficient Cash Flow available to permit the Buyer
      (using such available Cash Flow) to exercise its Call Option to purchase
      Membership Interests, and, if so, the dollar amount of cash available for such
      call.

     

    Section
      3.2  Exercise
      of Call
      Option.  In
      the event, in the Buyer’s judgment, there is sufficient Cash Flow available at
      the end of any
      calendar quarter, then at any time thereafter, the Buyer may notify the Members
      whether the Buyer will exercise its Call Option, and if so, the Buyer shall exercise
      the Call
      Option to acquire the
      amount of Membership Interests of the Sellers on a pro rata basis that can
      be
      purchased with such amount of Cash Flow.  The Call Option shall be
      exercised by the giving of written notice (“Call Exercise Notice”) to all
      Members, fixing a Closing Date for the purchase and sale of the Membership
      Interests to be purchased and sold.

     

    Section
      3.3  Exercise
      of Put
      Option.   If
      by

     

    (a)  June
      30, 2009 or

     

    (b)  any
      earlier date on which the
Company sells substantially all of its assets or Buyer, through any
      transaction or series of transactions, including any merger or 

     

    
      
        
        

      

      
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    consolidation,
      sells toany Person other than an
      Affiliate of Buyer
more than fifty
      percent (50%) of its Membership Interests
      in the
      Company, any
      of the Membership Interests remain
      owned by the Sellers, then each Seller shall have the right, exercisable within
      ninety (90) days thereafter, to exercise his Put Option as to all his remaining
      and previously unsold Membership Interest by giving notice to the Buyer (“Put
      Exercise Notice”), whereupon the Buyer shall be obligated to purchase such
      Membership Interest, as well as the Membership Interest of all the Sellers,
      for
      the Purchase Price applicable to each Seller.  The Put Exercise Notice
      may be given to the Buyer by any of the Sellers, with a copy to the other
      Sellers and to the Company, fixing a date for the Closing of the purchase and
      sale of the remaining Membership Interests.

     

    3.4           Distribution
      in the Event of Capital Reduction.  In the event of any reduction
      of required capital (“NLA” requirement) affecting the Company, any repayment or
      other distribution of capital by the Company shall be made pro rata to Buyer
      and
      the Sellers in proportion to their then existing Membership Interests in the
      Company.

     

     

    ARTICLE
      IV

    Purchase
      and Sale of Membership
      Interests Following Option Exercise

     

    Section
      4.1  Purchase
      and Sale.  Subject to the terms
      and
      conditions set forth in this Agreement, at the Closing following the exercise
      of
      any Call Option or Put Option, each Seller as to which such Option has been
      exercised agrees to sell, transfer, convey and assign to the Buyer and the
      Buyer
      agrees to purchase from each Seller, the Seller’s respective Membership
      Interests as set forth next to his name on Schedule 4.1 hereof
      in exchange for the Purchase
      Price applicable to such Seller.

     

    Section
      4.2  Purchase
      Price.  The purchase
      pricefor the Membership Interests
      being sold by each of the Sellers upon exercise of a Call Option or Put Option
      (the “Purchase Price”) shall be an amount equal
      to such
      Member’s Capital Balance.  The Purchase Price for
      any partial
      purchase of a Seller’s Membership Interest shall be pro-rated in proportion to
      the fraction thereof being purchased.

     

    Section
      4.3  Payment
      of Purchase
      Price.  The
      Purchase Price payable to each Seller shall be paid by the
      Buyer.  Three of the Sellers have a negative capital balance at March

     

    
      
        
        

      

      
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    31,
      2007, as reflected on Schedule 4.2.  No
      payments shall be made
      by the Buyer to any Seller with a negative Capital
      Balance.  Sellers with a negative
      Capital
      Balanceneed not repay the Company
      for the negative Capital Balances except as an offset to any bonus such Seller
      may be awarded as provided in ARTICLE VII.  It is understood and
      agreed that distributions by the Company to the Buyer are and will be subject
      to
      approval of the NYSE, and such distributions may be delayed by the need to
      receive NYSE approval.  Except for payments made
      pursuant to
Section
      4.5, amounts payable
      to
      the Sellers shall be paid pro rata to each Seller at the same time as payments
      are made to all Sellers, and each Seller’s amount shall be in the proportion
      that the amount of Purchase Price owed to such Seller bears to the aggregate
      amount owed to all Sellers.

     

    Section
      4.4  Support
      Fee.  The Buyer shall pay
      to each
      Seller a Support Fee, which shall be paid monthly on the 10th day of each
      calendar month to each
      Seller by the Buyer.

     

    Section
      4.5  Termination
      of
      Employment.  

     

    (a)  In
      the
      event that any Seller shall cease to be employed by the Company or any of its
      Affiliates following the date hereof, for any reason, the Put Option of such
      Seller shall be deemed exercised on the last day of the Seller’s employment and
      the remaining unpaid balance of the Purchase Price payable to such Seller shall
      be paid to him by the Buyer within thirty (30) days of termination of his
      employment, subject to approval by the NYSE.  A Seller who voluntarily
      resigns from the Company up to and including June 30, 2007, shall be granted
      a
      severance package comparable to the severance package as of the date hereof
      that
      would be granted to other employees of the Company with a similar duration
      of
      service and service record with the Company; provided, however, that the
      obligation of the Company and the Buyer under this sentence shall be limited
      to
      providing a severance package to a maximum of eight (8) Sellers.

     

    (b)  Any
      Seller
      whose employment with the Company is terminated involuntarily, without Cause,
      at
      any time from and after the date hereof, shall be granted a severance package
      comparable to the severance package as of the date hereof that would be granted
      to other employees of the Company with a similar duration of service and service
      record with the Company.

     

    Section
      4.6  The
      Closing.  The closing(s) of
      the
      purchase and sale of the Membership Interests contemplated hereby (each, a
      “Closing”) shall take place at the offices of 

     

    
      
        
        

      

      
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    Kramer
      Levin Naftalis & Frankel LLP,
      1177 Avenue of the Americas, New York, New York at 10:00 a.m. local time upon
      one (1) week’s written notice from the Buyer to the Sellers, or from the Sellers
      to the Buyer, at any time after the exercise of a Put or Call Option and
      satisfaction or waiver of all conditions precedent to the Closing as set forth
      in ARTICLE VIII of this Agreement (other than conditions which can be satisfied
      only by delivery of certificates, opinions or other documents at the Closing),
      or at such other time and place as the parties shall agree.

     

    Section
      4.7  Deliveries
      at Closing.  On a Closing Date,
      each of
      the Sellers shall deliver to the Buyer assignments of their Membership Interests
      in the form of Schedule 4.7 hereto, against delivery by the Buyer to each of
      the
      Sellers of the portion of the Purchase Price payable to them at the Closing,
      by
      check or by wire transfer of immediately payable funds.  At the
      Closing, the parties hereto shall also execute and deliver to each other all
      of
      the documents and other items required to be delivered at such Closing pursuant
      to this Agreement.

     

    Section
      4.8  Guarantee.  Van
      der Moolen
      Holding,
      N.V., by its signature hereto, hereby
      agrees to guarantee the payment of the Purchase Price to each Seller, as and
      when it would be payable by the Buyer pursuant to the provisions of this
      Agreement.

     

     

    ARTICLE
      V

    Representations
      and Warranties of the
      Sellers

     

    Section
      5.1  Ownership
      of
      Interests.  Each Seller hereby,
      severally and not jointly, represents and warrants to the Buyer as
      follows:

     

    (a)  Each
      Seller is the record and beneficial
      owner of all of the issued and outstanding Membership Interests set forth
      opposite his name on Schedule 4.1, free and clear of Liens, and there are no
      voting trusts, proxies or other voting agreements with respect to such
      Membership Interests.  The delivery to the Buyer by each Seller of his
      Membership Interests pursuant to the provisions of this Agreement will transfer
      to the Buyer good and valid title thereto, free and clear of all
      Liens.

     

    (b)  Each
      Seller has the valid power and
      authority to enter into, deliver and perform this Agreement, and this Agreement
      constitutes his valid and binding obligation enforceable against him in
      accordance with its terms.

     

    
      
        
        

      

      
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    (c)  Except
      for any payments due to each
      Seller under this Agreement or for payroll compensation owing in the ordinary
      course of business, each Seller has been paid all sums due to him from the
      Company as of the date hereof for loans and compensation
      and no monies are
      otherwise owed as of the date hereof to any Seller by the Company or the
      Buyer.

     

    ARTICLE
      VI

    Representations
      and Warranties of the
      Buyer and the Company

     

    Section
      6.1  The
      Buyer and the Company, jointly and
      severally, represent to the Sellers as follows:

     

    (a)  The
      Company and the Buyer are each
      limited liability companies validly existing under the laws of the State of
      New
      York.

     

    (b)  Each
      of the Company and Buyer (i) has
      duly authorized and executed this Agreement; (ii) has the full power and
      authority to enter into, deliver and perform this Agreement, and (iii) this
      Agreement constitutes its valid and binding obligations enforceable against
      it
      in accordance with its terms.

     

     

    ARTICLE
      VII

    Employment

     

    Section
      7.1  Nature
      of Employment.  Following the Closing,
      the
      Company and the Sellers contemplate that the employment of the Sellers by the
      Company will be continued.  Such employment will be “at will” such
      that it may be terminated by either party with or without Cause.  The
      initial salaries and benefits of each Seller shall
      be the same as that
      prevailing at the date of this Agreement.

     

    Section
      7.2  Bonus
      Pool.  The Company shall
      establish
      an annual bonus pool for the employees of the Company which, subject to the
      adjustments provided in paragraph (a) of this Section 7.2, and to the provisions
      of Sections 7.3 and 7.4, will be in an amount equal to 35% of the annual Net
      Profit of the Company (the “Bonus Pool”).

     

    (a)  A
      total of
      4.2857% of the Bonus Pool shall be payable not to the Sellers, but to CBONP,
      LLC
      for application against that portion of the Chicago Holdings Obligation owing
      by
      CBONP, LLC, until such times as the balance of such portion has been

     

    
      
        
        

      

      
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    reduced
      to
      zero, or VDM Chicago Holdings, LLC or CBONP is no longer obligated with respect
      to the Chicago Holdings Obligation.  This will leave an amount equal
      to 33.5% of the annual Net Profit available for the Bonus Pool, subject to
      further adjustments, as provided below.

     

    (b)  Two
      (2) of the employees, namely,
      Messrs. Oscher and Rubinstein, have employment agreements directly with the
      Company; and their bonuses, as described in those agreements, will be determined
      and paid to them pursuant to those employment
      agreements.  Accordingly, the Bonus Pool will be reduced by the
      aggregate amount of the bonuses payable to those employees under their
      employment agreements; provided, however, that the amount of any “Supplemental
      Payments” (as defined in those employment agreements) shall not reduce the Bonus
      Pool.

     

    (c)  The
      amount of the Bonus Pool for each
      year will be calculated within ten (10) Business Days of the receipt by the
      Company of its audited financial statements for the year in
      question.  The allocation of the Bonus Pool, after amounts allocated
      pursuant to 7.2(a), shall be made annually by the CEO, in consultation
      with the
      Team Leaders.

     

    (d)  Prior
      to the end of the calendar year,
      the CEO, in consultation with the Team Leaders, shall estimate the Bonus
      Pool.

     

    Section
      7.3  Bonus
      Pool Calculation for 2007 and
      2008.  The
      2007 Bonus Pool shall be based on results of Company operations commencing
      as of
      January 1, 2007 in order that the results of operations from January 1, 2007
      through the Closing Date will be included in the calculation of the 2007 Bonus
      Pool.  The 2008 Bonus Pool shall be based on results of Company
      operations commencing as of January 1, 2008.

     

    Section
      7.4  Discretionary
      Changes to Bonus
      Pool.  The
      CEO may, in his discretion, determine to add or subtract from the Bonus Pool
      otherwise determined in accordance with Sections 7.2 and 7.3.  If the
      CEO exercises discretion under this paragraph to reduce the Bonus Pool he will
      so notify the Sellers in writing within ten (10) days of such
      decision.  Examples of circumstances under which such discretion might
      be exercised are as follows:

     

    (a)  If
      Net Profit for 2007 proves to be a
      small amount, the CEO may in his discretion, determine that the Bonus Pool
      for
      that year shall be an amount greater than 35% of Net Profit.

     

    
      
        
        

      

      
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    (b)  If
      an increase in the 2007 Bonus Pool
      resulted from exercise by the CEO of discretion to do so, as for example
      illustrated in Paragraph 7.2(a), the CEO may, in his discretion, reduce the
      2008
      Bonus Pool by an amount approximating the discretionary increase for
      2007.

     

    It
      is understood that the above are
      examples, are not the only cases that might involve discretionary
      changes.

     

    Section
      7.5  Timing
      of Bonus
      Payments.  The Company shall
      pay
      ninety percent (90%) of the estimated Bonus Pool to the recipients during the
      last week of the calendar year. The remaining ten percent (10%), as adjusted
      for
      the actual Net Profits of the Company, shall be paid within five (5) Business
      Days after the actual amount of the Bonus Pool has been determined pursuant
      to
      Sections 7.2, 7.3 and 7.4 but in no event later than March 15 of the following
      year.  

     

    Section
      7.6  Indemnification.

     

    (a)  The
      Company shall indemnify and hold
      harmless, and advance expenses to, any Indemnified Party who becomes a party
      or
      is threatened to be made a party to, any threatened, pending or completed
      action, suit or proceeding, by reason of such Indemnified Party’s activities on
      behalf of the Company, as a Member or former Member of the Company or as a
      Team
      Member of the Company, or as a Member of the Management Committee of the
      Company, VDM Trading, LLC, VDM Capital Markets, LLC, Windmill Capital Holdings,
      LLC, and Van der Moolen Chicago Holdings, LLC, against losses, damages, claims
      or expenses actually or reasonably incurred by the Indemnified Party in
      connection with such action, suit or proceeding, for which such Indemnified
      Party has not otherwise been reimbursed (including reasonable attorneys’ fees,
      judgments, fines and amounts paid in settlement); provided, however, that no
      indemnification shall be made to or on behalf of any Indemnified Party if a
      judgment or other final adjudication adverse to such Indemnified Party
      establishes that his or her acts were committed in bad faith or were the result
      of active and deliberate dishonesty and were material to the cause of action
      so
      adjudicated.

     

    
      
        
        

      

      
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    ARTICLE
      VIII

    General
      Release

     

    Section
      8.1  General
      Release.  Except for Claims
      relating
      to a breach of this Agreement or arising out of the obligations of Company
      or
      Buyer hereunder, and in exchange for  and in consideration of the
      promises, covenants and agreements made by the Released Parties herein, each
      Releasing Party hereby releases the Released Parties, to the maximum extent
      permitted by law, from any and all Claims which such Releasing Party has, owns
      or holds for any period prior to and arising up to the Releasing Party’s
      execution of this Agreement, and for all Claims which a Releasing Party might
      have, own or hold in the future, including, but not limited to Claims arising
      out of or related to the Releasing Party’s employment by the Company or
      termination of such employment.

     

    ARTICLE
      IX

    Conditions
      of
      Closing

     

    Section
      9.1  Conditions
      Precedent to the
      Obligations of the Sellers.  The obligation of
      each
      Seller to sell, transfer, convey and assign the Membership Interests and
      otherwise effect the transactions contemplated hereby is subject to the
      satisfaction at or prior to the relevant Closing Date of each of the following
      conditions, unless waived in writing by the Sellers:

     

    (a)  Compliance
      with
      Covenants.  The Buyer and the
      Company
      shall have performed in all material respects all obligations and agreements,
      and complied in all material respects with all covenants, contained in this
      Agreement to be performed or complied with by them prior to or at the Closing
      Date;

     

    (b)  Representations
      and Warranties of the
      Buyer and the Company.  Each and every
      representation and warranty of the Buyer and the Company contained in this
      Agreement, shall have been true and correct when made and shall be deemed
      repeated at the Closing and shall be true and correct as of the Closing Date,
      except that any such representations and warranties that are made as of a
      specified date shall only be required to be true and correct as of that
      date.

     

    
      
        
        

      

      
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    (c)  General
      Release.  Each Releasing
      Partyagrees that it will unconditionally
      release, acquit and discharge each of the Released Partiesfrom
      any and all actions, causes of
      action, suits, rights, debts, dues, sums of money, accounts, bonds, bills,
      covenants, contracts, controversies, omissions, agreements, promises, variances,
      damages, liabilities, obligations, judgments, executions, claims and demands,
      or
      other recourse of any kind or nature whatsoever, matured or unmatured,
      liquidated or unliquidated, absolute or contingent, known or unknown, at law,
      in
      equity or otherwise regardless of the nature of the claim, whether arising
      in
      contract, statute, tort, fraud, negligence or otherwise (including, without
      limitation, claims for rescission, contribution or indemnification), which
      such
      Releasing Party has, owns or holds, or might have, own or hold, or which could
      have been brought or alleged, or could be brought or alleged, against any of
      the
      Released Parties based upon, in connection with, arising from or otherwise
      related to the transfer of Membership Interests and the Call Options or the
      Put
      Options.  This release is not intended to cover and shall not cover
      any obligations of the Company or the Buyer under this Agreement or any rights
      of Sellers to the NYSE shares set forth on Schedule B attached hereto and
      incorporated herein by this reference, which were held in the name of the
      Company and which are in the process of being transferred to certain of the
      Sellers.

     

    Section
      9.2  Conditions
      Precedent to the
      Obligations of the Buyer and the Company.  The obligation of
      the Buyer
      to purchase the Membership Interests and of the Buyer and the Company otherwise
      to effect the transactions contemplated hereby is subject to the satisfaction
      at
      or prior to the Closing Date of each of the following conditions, unless waived
      in writing by the Buyer and the Company:

     

    (a)  Compliance
      with
      Covenants.  Each Seller shall
      have
      performed in all material respects all obligations and agreements, and complied
      in all material respects with all covenants, contained in this Agreement to
      be
      performed or complied with by them prior to or on the Closing
      Date;

     

    (b)  Representations
      and Warranties of the
      Sellers.  Each and every
      representation and warranty of each Seller contained in this Agreement shall
      have been true and correct when made and shall be deemed repeated at the Closing
      and shall be true and correct as 

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    of
      the Closing Date, except that any
      such representations and warranties that are made as of a specified date shall
      only be required to be true and correct as of that date.

     

    (c)  Consents
      and
      Approvals.  All consents, approvals,
      orders, authorizations, registrations, declarations and filings required to
      be
      obtained from unrelated third parties or made prior to the Closing Date shall
      have been made or obtained;

     

    (d)  NYSE
      Approval.  The NYSE shall have
      granted
      all approvals which are required to be obtained.  Promptly upon
      exercise of either a Put Option or Call Option, Buyer and the Company shall
      seek
      all needed NYSE approvals, and diligently pursue same at their sole
      expense.

     

    (e)  Purchases
      of Not Less Than all
      Membership Interests.  All Sellers who shall
      have
      received a Call Exercise Notice or given or deemed to have given a Put Exercise
      Notice shall have tendered all the Membership Interests to the Buyer at the
      Closing.

     

     

    ARTICLE
      X

    MISCELLANEOUS

     

    Section
      10.1  Notices.  All
      notices and other
      communications given or made pursuant hereto shall be in writing and shall
      be
      deemed to have been duly given or made as of the date delivered, mailed or
      transmitted, and shall be effective upon receipt, if delivered personally,
      mailed by registered or certified mail (postage prepaid, return receipt
      requested) or sent by fax (with immediate confirmation) or nationally recognized
      overnight courier service, as follows:

     

    If
      to the Sellers, to each of them at
      the address shown under his name on Schedule 4.1

    

    

    with
      a copy to (which shall not
      constitute notice):

    

    Troutman
      Sanders LLP

    405
      Lexington Avenue

    New
      York, New
      York  10174

    Attention:  James
      M. Kaplan,
      Esq.

    Fax: (212)
      704-8346

    

    and

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    If
      to the Buyer, to:

    

    Mill
      Bridge IV, LLC

    c/o
      van der Moolen Specialists USA,
      Inc.

    45
      Broadway

    New
      York, New
      York  10006

    Attention:  Paul
      Vroling

    Fax: (646)
      576-3011

    

    with
      a copy to (which shall not
      constitute notice):

    

    Kramer
      Levin Naftalis & Frankel
      LLP

    1177
      Avenue of the
      Americas

    New
      York, New York
      10036

    Attention:  Richard
      Marlin,
      Esq.

    Fax
      No.:  (212)
      715-8000

    

    or
      to such other Person or address or
      facsimile number as either party shall specify by like written notice to the
      other party hereto (any such notice of a change of address to be effective
      only
      upon actual receipt thereof).

     

    Section
      10.2  Entire
      Agreement.  This Agreement (including
      any Schedules and Exhibits, which are an integral part hereof) constitute the
      entire agreement between the parties hereto with respect to the subject matter
      hereof and thereof and supersede all prior written or oral and all
      contemporaneous oral agreements and undertakings between any of the parties
      hereto with respect to the subject matter hereof and
      thereof.

     

    Section
      10.3  Assignment;
      Binding Effect; No Third
      Party Beneficiary.  Buyer shall have
      the right
      to assign its rights and obligations under this Agreement to an Affiliate of
      Buyer; provided (a) it shall give notice to Sellers of any such assignment
      within five (5) Business Days of making the same; (b) no such assignment shall
      discharge the guaranty given pursuant to Section 4.8 of this Agreement and
      (c)
      the assignee shall execute an instrument agreeing to such assignment and assume
      the obligations of Buyer under this Agreement, a copy of which shall be
      delivered to Sellers, together with the notice given pursuant to Clause (a)
      above.  Except as just stated, neither this Agreement nor any of the
      rights, benefits or obligations hereunder may be assigned, in whole or in part,
      by either party (whether by operation of law or otherwise) without the prior
      written consent of the other party hereto; provided, however, that the Buyer
      may
      assign its rights hereunder to any Affiliate of the Buyer which assumes the
      obligations of the Buyer 

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    hereunder,
      provided that no such
      assignment shall relieve the Buyer of its obligations hereunder.  Any
      attempted assignment in violation of this Section 9.3 shall be
      void.  Subject to the preceding sentence, this Agreement shall be
      binding upon, inure to the benefit of and be enforceable by the parties and
      their respective successors and permitted assigns.  Except as
      expressly provided herein, nothing in this Agreement
      is intended
      to, or shall be construed to, confer on any Person, other than the parties
      or
      their respective successors and permitted assigns, any rights, remedies,
      obligations or liabilities under or by reason of this
      Agreement.

     

    Section
      10.4  Fees
      and Expenses.  Buyer and/or the
      Company
      shall pay reasonable fees and disbursements of Troutman Sanders LLP as
      counsel to Sellers in connection
      with negotiating and closing this Agreement.  In the event of a
      dispute between the Buyer and/or the Company and the Sellers, arising only
      with
      respect to the exercise or consummation of a Put Option or Call Option pursuant
      to this Agreement, and with respect to no other provisions of this Agreement,
      if
      there is a court decision in favor of one party, such prevailing party shall
      be
      entitled to recover its reasonable legal fees and disbursements from the other
      party in connection with such dispute.  Except as otherwise expressly
      set forth herein, all costs and expenses incurred in connection with this
      Agreement and the transactions contemplated hereby shall be borne by the party
      which incurs such cost or expense.  

     

    Section
      10.5  Amendments.  This
      Agreement may be
      amended by the parties at any time prior to the Closing Date; provided, however,
      that this Agreement may not be amended or modified except by an instrument
      in
      writing signed on behalf of each of the parties hereto.

     

    Section
      10.6  Waivers.  At
      any time prior to the
      Closing Date, the Sellers or the Buyer and the Company may, to the extent
      legally allowed, (a) extend the time specified herein for the performance of
      any
      of the obligations or other acts of the other, (b) waive any inaccuracies in
      the
      representations and warranties of the other contained herein or in any document
      delivered pursuant hereto or (c) waive compliance by the other with any of
      the
      agreements or covenants of such other party contained herein.  Any
      such extension or waiver shall be valid only if set forth in a written
      instrument signed on behalf of the party to be bound thereby.  No such
      extension or waiver shall constitute a waiver of, or estoppel with respect
      to,
      any subsequent or other breach or failure to strictly comply with the provisions
      of this Agreement.  The failure of any party to insist on strict
      compliance with this Agreement or to 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    assert
      any of its rights or remedies
      hereunder or with respect hereto shall not constitute a waiver of such rights
      or
      remedies.

     

    Section
      10.7  Severability.  If
      any term or other
      provision of this Agreement is held to be
      invalid, illegal or incapable of being
      enforced by any court of competent jurisdiction, all other conditions and
      provisions of this Agreement shall nevertheless remain in full force and effect
      so long as the economic or legal substance of the transactions contemplated
      thereby is not affected in any manner materially adverse to either
      party.  Upon such determination that any term or other provision is
      invalid, illegal or incapable of being enforced, the parties hereto shall
      negotiate in good faith to modify this Agreement so as to effect the original
      intent of the parties as closely as possible in an acceptable manner to the
      end
      that the transactions contemplated hereby are fulfilled to the fullest extent
      possible.

     

    Section
      10.8  Captions.  The
      headings contained in
      this Agreement are for reference purposes only and shall not affect in any
      way
      the meaning or interpretation of this Agreement.

     

    Section
      10.9  Counterparts.  This
      Agreement may be
      executed in counterparts, each of which shall be deemed to be an original,
      and
      all of which together shall be deemed to be one and the same
      instrument.  This Agreement shall become effective when one or more
      such counterparts have been signed by each of the parties and delivered to
      the
      other party.  Facsimile transmission of any signed original
      counterpart and/or retransmission of any signed facsimile transmission shall
      be
      deemed the same as the delivery of an original.

     

    Section
      10.10  Governing
      Law.  This Agreement shall
      be
      governed by and construed in accordance with the laws of the State of New York,
      without regard to any applicable principles of conflicts of law to the
      contrary.

     

    Section
      10.11  Consent
      to
      Jurisdiction.  Each of the parties
      irrevocably submits to the exclusive jurisdiction of the United States District
      Court for the Southern District of New York located in the borough of Manhattan
      in the City of New York, or if such court does not have jurisdiction, the
      Supreme Court of the State of New York, New York County, for the purposes of
      any
      suit, action or other proceeding in connection with this Agreement and the
      transactions contemplated hereby.  Each of the parties agrees not to
      bring any suit, action or proceeding against the other party in connection
      with
      this Agreement and the transactions

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    contemplated
      hereby in any court other
      than the United States District Court for the Southern District of New York
      located in the borough of Manhattan in the City of New York, or if such court
      does not have jurisdiction, the Supreme Court of the State of New York, New
      York
      County.  Each of the parties irrevocably and unconditionally waives
      any objection to the laying of venue of any action, suit or proceeding arising
      out of this Agreement or the transactions contemplated hereby in the courts
      referred to above, and hereby further irrevocably and unconditionally waives
      and
      agrees not to plead or claim in any such court that any such action, suit or
      proceeding brought in any such court has been brought in an inconvenient
      forum.

     

    Section
      10.12  WAIVER
      OF JURY TRIAL.  EACH OF THE PARTIES
      HEREBY
      IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL RIGHTS TO TRIAL
      BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT,
      TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
      DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR
      THEREBY.

     

    Section
      10.13  Construction.  In
      this Agreement (i) “he”
or “his” or words denoting any gender include all genders, (ii) the word
“including” shall mean “including without limitation,” whether or not expressed,
      (iii) any reference to a statute shall mean the statute and any regulations
      thereunder in force as of the date of this Agreement unless otherwise expressly
      provided, (iv) any reference herein to a Section, Article, Schedule or Exhibit
      refers to a Section or Article of or a Schedule or Exhibit to this Agreement,
      unless otherwise stated, and (v) when calculating the period of time within
      or
      following which any act is to be done or steps taken, the date which is the
      reference day in calculating such period shall be excluded and if the last
      day
      of such period is not a Business Day, then the period shall end on the next
      day
      which is a Business Day. 

     

    Section
      10.14  Negotiated
      Agreement.  The Buyer, the Company
      and
      each Seller acknowledge that they have been advised and represented by counsel
      in the negotiation, execution and delivery of this Agreement and accordingly
      agree that if an ambiguity exists with respect to any provision of this
      Agreement, such provision shall not be construed against any party because
      such
      party or its representatives drafted such provision.

     

    Signatures
      On Next
      Page

     

    

    
      
        
          
                         

          

          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

    

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

     

    
      	BUYER:	 	 	 	 
	 	 	 	 	 	 
	MILL
              BRIDGE IV,
              LLC	 	 	 	 
	 	 	 	 	 	 
	By:	
              /s/
                R.E. den Drijver

            	 	 	
               

            	 
	 	
              Name:
                R.E. den Drijver

            	 	 	
               

            	 
	 	
              Title 

            	 	 	
               

            	 

    

     

    
       

      
        	
                COMPANY:

              	 	 	 	 
	 	 	 	 	 	 
	
                VAN
                  DER MOOLEN SPECIALISTS USA,
                  LLC

              	 	 	 	 
	 	 	 	 	 	 
	By:	
                
                  /s/
                    R.E. den Drijver

                

              	 	 	
                 

              	 
	 	
                
                  Name:
                    R.E. den Drijver

                

              	 	 	
                 

              	 
	 	
                Title:

              	 	 	
                 

              	 

      

      

         

        
          	
                  By
                    its signature below the
                    undersigned agrees to 

                  the
                    provision of Section 4.8 of
                    this Agreement.   

                	 
	 	 	 	 	 	 
	
                  VAN
                    DER MOOLEN HOLDING
                    N.V.

                	 	 	 	 
	 	 	 	 	 	 
	By:	
                  
                    /s/
                      R.E. den Drijver

                  

                	 	 	
                   

                	 
	 	
                  
                    Name:
                      R.E. den Drijver

                  

                	 	 	
                   

                	 
	 	
                  Title:

                	 	 	
                   

                	 

        

      

    

    

    
      	Sellers	 
	 	 
	
              
                /s/
                  Carmen Barone

              

            	 
	
              Carmen
                Barone

            	 
	 	 
	
              
                /s/
                  Jason Blatt

              

            	 
	
              Jason
                Blatt

            	 
	 	 
	
              
                /s/
                  William Brazier

              

            	 
	
              William
                Brazier

            	 
	 	 
	
               

            	 
	
               

            	 

    

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

       

    

    
      	 	 
	
              
                /s/
                  James Campanella

              

            	 
	
              James
                Campanella

            	 
	 	 
	
              /s/
                Matthew C. Cebulski

            	 
	Matthew
              C.
              Cebulski	 
	 	 
	
              
                /s/
                  Joseph Creen

              

            	 
	
              Joseph
                Creen

            	 
	 	 
	
              
                /s/
                  Chris Dearborn

              

            	 
	
              Chris
                Dearborn

            	 
	 	 
	
              
                /s/
                  James Demaira

              

            	 
	
              James
                Demaira

            	 
	 	 
	
              
                /s/
                  Paul Frankel

              

            	 
	
              Paul
                Frankel

            	 
	 	 
	
              
                /s/
                  Geoff Freidman

              

            	 
	
              Geoff
                Freidman

            	 
	 	 
	
              
                /s/
                  Robert
                  Grahame

              

            	 
	
              Robert
                Grahame

            	 
	 	 
	
              /s/
                Stephen Green

            	 
	Stephen
              Green	 
	 	 
	
              
                /s/
                  Mark Innaimo

              

            	 
	
              Mark
                Innaimo

            	 
	 	 
	
              
                /s/
                  Matthew Mandola

              

            	 
	
              Matthew
                Mandola

            	 
	 	 
	
              
                /s/
                  Matthew Markiewicz

              

            	 
	
              Matthew
                Markiewicz

            	 
	 	 
	
              
                /s/
                  Scott E. Mazzella

              

            	 
	
              Scott
                E.
                Mazzella

            	 
	 	 
	/s/
              Michael J. McDonnell	 
	
              Michael
                J.
                McDonnell

            	 
	 	 
	
              
                /s/
                  Scott E. McMahon

              

            	 
	
              Scott
                E. McMahon

            	 
	 	 
	
              
                /s/
                  James L. Miller

              

            	 
	
              James
                L. Miller

            	 
	 	 
	
              
                /s/
                  Nicholas S. Orlando

              

            	 
	
              Nicholas
                S.
                Orlando

            	 

    

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

    

    
      	 	 
	
              
                /s/
                  Eric Oscher

              

            	 
	
              Eric
                Oscher

            	 
	 	 
	
              
                /s/
                  William Quinn

              

            	 
	
              William
                Quinn

            	 
	 	 
	
              
                /s/
                  Steven Rubinstein

              

            	 
	
              Steven
                Rubinstein

            	 
	 	 
	
              
                /s/
                  James J. Scavone

              

            	 
	
              James
                J. Scavone

            	 
	 	 
	
              
                /s/
                  Brian Schaeffer

              

            	 
	
              Brian
                Schaeffer

            	 
	 	 
	
              
                /s/
                  Louis J. Spina

              

            	 
	
              Louis
                J.
                Spina

            	 
	 	 
	
              
                /s/
                  Glen Surnamer

              

            	 
	
              Glen
                Surnamer

            	 
	 	 
	/s/
              William White	 
	
              William
                White

            	 

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    Van
      der Moolen Specialists USA, LLC

    
      As
        of March 31, 2007

       

    

    
      	
              SCHEDULE
                A

            	 	
              SCHEDULE
                4.1

            	 	
              SCHEDULE
                4.2 

            
	 	 	 	 	
              3/31 

            
	
              Sellers

            	 	
              3/31/2007

            	 	
              Capital
                Balance 

            
	
              March-07

            	 	
              
                Points

              

            	 	
              
                (Total
                  (a+b)) 

              

            
	
              1
                Barone Carmen

            	 	
              *

            	 	
              
                *

              

            	 
	
              2
                Blatt Jason

            	 	
              
                *

              

            	 	
              *

            	 
	
              3
                Brazier William

            	 	
              
                *

              

            	 	
              *

            	
               

            
	
              4
                Brigandi Nicholas R

            	 	
              *

            	 	
              *

            	 
	
              5
                Campanella James

            	 	
              *

            	 	
              *

            	 
	
              6
                Cebulski Matthew C

            	 	
              *

            	 	
              *

            	 
	
              7
                Creen, Joseph

            	 	
              *

            	 	
              *

            	 
	
              8
                Dearborn, Chris

            	 	
              *

            	 	
              *

            	 
	
              9
                Demaira James

            	 	
              *

            	 	
              *

            	 
	
              10
                Frankel Paul

            	 	
              *

            	 	
              *

            	 
	
              11
                Freidman Geoff

            	 	
              *

            	 	
              *

            	 
	
              12
                Grahame Robert

            	 	
              *

            	 	
              *

            	 
	
              13
                Green Stephen

            	 	
              *

            	 	
              *

            	 
	
              14
                Greenhill Thomas M

            	 	
              *

            	 	
              *

            	 
	
              15
                Innaimo Mark

            	 	
              *

            	 	
              *

            	 
	
              16
                Mandola Matthew

            	 	
              *

            	 	
              *

            	 
	
              17
                Markiewicz Matthew

            	 	
              *

            	 	
              *

            	 
	
              18
                Mazzella Scott E

            	 	
              *

            	 	
              *

            	 
	
              19
                McDonnell Michael J

            	 	
              *

            	 	
              *

            	 
	
              20
                McMahon Scott E

            	 	
              *

            	 	
              *

            	 
	
              21
                Miller James L

            	 	
              *

            	 	
              *

            	 
	
              22
                Orlando Nicholas S

            	 	
              *

            	 	
              *

            	 
	
              23
                Oscher Eric

            	 	
              *

            	 	
              *

            	 
	
              24
                Quinn, William

            	 	
              *

            	 	
              *

            	 
	
              25
                Rubinstein Steven

            	 	
              *

            	 	
              *

            	 
	
              26
                Scavone James J

            	 	
              *

            	 	
              *

            	 
	
              27
                Scavone Thomas

            	 	
              *

            	 	
              *

            	 
	
              28
                Schaeffer Brian

            	 	
              *

            	 	
              *

            	 
	
              29
                Spina Louis J

            	 	
              *

            	 	
              *

            	 
	
              30
                Sumamer Glen

            	 	
              *

            	 	
              *

            	 
	
              31
                Talento Joseph V

            	 	
              *

            	 	
              *

            	 
	
              32
                White William

            	 	
              *

            	 	
              *

            	 
	 	 	 	 	 	 
	
              Total

            	 	
              
                15.587500%

              

            	 	
              
                8,269,963

              

            	 

    

    

    

    
      
        
          
          

          
          

        

        
          21

          
            

          

        

        
          
          

        

      

    

    

    SCHEDULE
      B

    Transfer
      of NYSE Shares to VDM Specialist USA, LLC Partners

    January
      18, 2007

    

    
      	
              Name
                (Last, First)

            	 	
              NYSE
                Shares

            	 
	
              Barone,
                Carmen

            	 	 	
              
                *

              

            	 
	
              Blatt,
                Jason

            	 	 	
              
                *

              

            	 
	
              Brigandi,
                Nicholas R

            	 	 	
              
                *

              

            	 
	
              Campanella,
                James

            	 	 	
              
                *

              

            	 
	
              Cebulski,
                Matthew C

            	 	 	
              *

            	 
	
              Close,
                Forrest

            	 	 	
              *

            	 
	
              Creen,
                Joseph

            	 	 	
              
                *

              

            	 
	
              Dearborn,
                Chris

            	 	 	
              
                *

              

            	 
	
              Demaira,
                James

            	 	 	
              
                *

              

            	 
	
              Fagenson,
                Robert B

            	 	 	
              *

            	 
	
              Frankel,
                Paul

            	 	 	
              
                *

              

            	 
	
              Grabowski,
                Andrew J

            	 	 	
              
                *

              

            	 
	
              Grahame,
                Robert

            	 	 	
              
                *

              

            	 
	
              Green,
                Stephen

            	 	 	
              *

            	 
	
              Greenhill,
                Thomas M

            	 	 	
              
                *

              

            	 
	
              Grossman,
                Steven

            	 	 	
              
                *

              

            	 
	
              Innaimo,
                Mark

            	 	 	
              
                *

              

            	 
	
              Mazzella,
                Scott E

            	 	 	
              
                *

              

            	 
	
              McDonnell,
                Michael J

            	 	 	
              
                *

              

            	 
	
              McMahon,
                Scott E

            	 	 	
              
                *

              

            	 
	
              Miller,
                James L

            	 	 	
              *

            	 
	
              Miranda,
                David

            	 	 	
              
                *

              

            	 
	
              Misshula,
                Irwin

            	 	 	
              
                *

              

            	 
	
              Monahan,
                John D

            	 	 	
              
                *

              

            	 
	
              Orlando,
                Nicholas S

            	 	 	
              
                *

              

            	 
	
              Oscher,
                Eric

            	 	 	
              *

            	 
	
              Perry,
                Thomas

            	 	 	
              
                *

              

            	 
	
              Quinn,
                William

            	 	 	
              
                *

              

            	 
	
              Rubinstein,
                Steven

            	 	 	
              *

            	 
	
              Scavone,
                Edward J

            	 	 	
              
                *

              

            	 
	
              Scavone,
                James J

            	 	 	
              
                *

              

            	 
	
              Scavone,
                Thomas

            	 	 	
              *

            	 
	
              Shafer,
                Thomas H

            	 	 	
              *

            	 
	
              Sherman,
                Stephen

            	 	 	
              
                *

              

            	 
	
              Smythe,
                Ken

            	 	 	
              
                *

              

            	 
	
              Sokoll,
                Michael

            	 	 	
              
                *

              

            	 
	
              Sorrentino,
                Gregg F

            	 	 	
              
                *

              

            	 
	
              Spina,
                Louis J

            	 	 	
              
                *

              

            	 
	
              Steinthal,
                Martin B

            	 	 	
              
                *

              

            	 
	
              Surnamer,
                Glen

            	 	 	
              
                *

              

            	 
	
              Talento,
                Joseph A

            	 	 	
              
                *

              

            	 
	
              Talento,
                Joseph V

            	 	 	
              
                *

              

            	 
	
              Veenstra,
                Albert

            	 	 	
              
                *

              

            	 
	
              Verdiglione,
                Thomas J

            	 	 	
              
                *

              

            	 
	
              Wagner,
                Mark

            	 	 	
              
                *

              

            	 
	
              White,
                William

            	 	 	
              
                *

              

            	 
	
              Total

            	 	 	
              27,084

            	 

    

    

    

    
      
        
          
          

          
          

        

        
          22exh10_1.htm

     

    Exhibit
      10.1

     

    
      BIOSPECIFICS
        TECHNOLOGIES CORP.

       

      Non-Employee
        Director Change of Control Agreement

       

      This
        Non-Employee Director Change of Control Agreement, effective as of June ___,
        2007 is entered into by and between BioSpecifics Technologies Corp., a Delaware
        corporation (the “Company”), with its principal offices located
        at 35 Wilbur Street, Lynbrook, NY 11563, and ___________ (the
“Director”).

      

      The
        Director is a non-employee member of the Board of Directors of the Company
        and
        the Company and the Director desire to arrange for certain provisions applicable
        in the event that the Director’s service on the Company’s Board of Directors
        terminates under the circumstances provided herein.

       

      Accordingly,
        the parties hereto agree as follows:

       

      1. 
        Change of Control. For purposes of this
        Agreement, a “Change of Control” shall mean the occurrence of any one of the
        following:

       

      1.1.
         the acquisition by any “person” (as such term is defined in Section
        3(a)(9) of the Securities Exchange Act of 1934), other than the Company or
        its
        affiliates, from any party of an amount of the capital stock of the Company,
        so
        that such person holds or controls 40% or more of the Company’s capital stock;
        or

       

      1.2. 
        a merger or similar combination between the Company and another entity after
        which 40% or more of the voting stock of the surviving corporation is held
        by
        persons other than the Company or its affiliates; or

       

      1.3.
         a merger or similar combination (other than with the Company) in which the
        Company is not the surviving corporation; or

       

      1.4. 
        the sale of all or substantially all of the Company’s assets or
        business.

       

      2.
         Benefits. If the Director’s
        service on the Board of Directors of the Company is terminated pursuant to
        a
        transaction resulting in a Change of Control, then the following provisions
        shall apply:

       

      2.1. 
        Option Vesting. 100% of any options to
        purchase shares of common stock of the Company then held by the Director,
        which
        options are then subject to vesting, shall, notwithstanding any contrary
        provision in the option agreement or stock option plan pursuant to which
        such
        options had been granted, be accelerated and become fully vested and exercisable
        on the date immediately preceding the effective date of such termination.
        All
        other terms of the Director’s options shall remain in full force and
        effect.

        

      2.2.
         Restricted Stock. If, on the date
        immediately preceding the effective date of such termination, the Director
        then
        holds shares of common stock of the Company that are subject to restrictions
        on
        transfer (“Restricted Stock”) issued to the Director in a transaction other than
        pursuant to the exercise of a stock option, then, notwithstanding any contrary
        provision in the relevant stock purchase agreement or other instrument pursuant
        to which the Director acquired such shares of Restricted Stock, such
        restrictions shall expire in their entirety on the date immediately preceding
        the date of termination and all of such shares of common stock shall become
        transferable free of restriction, subject to the applicable provisions of
        federal and state securities laws. All other terms of any existing stock
        purchase or similar document shall remain in full force and effect.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.
         Confidentiality Agreement. The
        Director confirms that as of the date hereof he or she has executed, or agrees
        that he or she will execute, the Company’s standard Confidentiality Agreement
        pursuant to which the Director has agreed to refrain from disclosing the
        Company’s confidential information as set forth in such Confidentiality
        Agreement.

       

      4. 
        Miscellaneous.

       

      4.1. 
        Assignment. This Agreement may not be
        assigned, in whole or in part, by either party without the prior written
        consent
        of the other party, except that the Company shall assign its rights and
        obligations under this Agreement to any corporation, firm or other business
        entity with or into which the Company may merge or consolidate, or to which
        the
        Company may sell or transfer all or substantially all of its assets, or of
        which
        50% or more of the equity investment and of the voting control is owned,
        directly or indirectly, by, or is under common ownership with, the Company.
        In
        the event of any such assignment by the Company, the Company shall not be
        discharged from its liability hereunder.

       

      4.2. 
        Notices. All notices, requests, demands
        and other communications to be given pursuant to this Agreement shall be
        in
        writing and shall be deemed to have been duly given if delivered by hand
        or
        mailed by registered or certified mail, return receipt requested, postage
        prepaid, to the addresses set forth at the beginning of this Agreement or
        such
        other address as a party shall have designated by notice in writing to the
        other
        party, provided that notice of any change in address must actually have been
        received to be effective hereunder.

       

      4.3.
         Integration. This Agreement is
        the entire agreement of the parties with respect to the subject matter hereof
        and supersedes any prior agreement or understanding relating to the subject
        matter hereof. This Agreement may not be superseded amended, supplemented
        or
        otherwise modified except by a writing signed by the Director and the
        Company.

       

      4.4. 
        Binding Effect. Subject to Section 4.1,
        this Agreement shall inure to the benefit of and be binding upon the parties
        hereto and their successors, assigns, heirs and personal
        representatives.

       

      4.5. 
        Counterparts. This Agreement may be
        executed in two counterparts, each of which shall be deemed an original and
        shall together constitute one and the same instrument.

       

      4.6.
         Severability. If any provision
        hereof shall, for any reason, be held to be invalid or unenforceable in any
        respect, such invalidity or unenforceability shall not affect any other
        provision hereof, and this Agreement shall be construed as if such invalid
        or
        unenforceable provision had not been included herein. If any provision hereof
        shall for any reason be held by a court to be excessively broad as to duration,
        geographical scope, activity or subject matter, it shall be construed by
        limiting and reducing it to make it enforceable to the extent compatible
        with
        applicable law as then in effect.

       

      4.7.
         Governing Law. This Agreement
        shall be governed by the laws of the State of New York, without regard to
        its
        conflict-of-law provisions.

       

      4.8. 
        Termination. Nothing in this Agreement
        is intended to or shall modify the nature of the Director’s service as a member
        of the Board of Directors of the Company. The Director may resign as a director
        at any time and the Board may take action to remove the Director, subject
        only
        to the express provisions of this Agreement.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      4.9.
         Survival of Obligations;
        Enforcement. The Director’s duties hereunder shall
        survive the Director’s service as a member of the Board of Directors of the
        Company. The Director acknowledges that a remedy at law for any breach or
        threatened breach by the Director of the provisions of this Agreement may
        be
        inadequate and the Director therefore agrees that the Company shall be entitled
        to injunctive relief in case of any such breach or threatened
        breach.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

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

       

       

      
        
          	 	
                  DIRECTOR

                   

                   

                
	 	  
	 	Name:
	 	
                   

                   

                   

                	 
	 	
                  BIOSPECIFICS
                    TECHNOLOGIES CORP.

                   

                   

                
	 	
                  By:

                	 
	 	 	
                  Name:  Thomas
                    L. Wegman

                  Title:   
                    President

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