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      Exhibit
        10.22

       

      AMENDED
        AND RESTATED EMPLOYMENT AGREEMENT

       

      This
        AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement")
        is
        dated as of [________], 2008 and is entered into between Tailwind Financial
        Inc., a Delaware corporation (the "Company"),
        and
        Arnold L. Mintz (the "Employee").

       

      WHEREAS,
        Asset Alliance Corporation, a Delaware Corporation ("AAC")
        and
        the Employee are party to that certain Employment Agreement dated as of October
        31, 2000, as amended from time to time (the "Prior
        Agreement");

       

      WHEREAS,
        the Company is party to that certain Agreement and Plan of Merger (the
        "Merger
        Agreement"),
        dated
        January 8, 2008, by and among the Company, Buyer Acquisition Corporation,
        a
        Delaware corporation and a wholly owned subsidiary of the Company, and AAC;
        and

       

      WHEREAS,
        as a condition to the Company consummating the transactions contemplated
        by the
        Merger Agreement, the Employee and AAC have agreed to terminate the Prior
        Agreement and the Employee has agreed to enter into this Agreement, all
        effective upon and subject to the consummation of the transactions contemplated
        by the Agreement (the date of such consummation, the "Effective
        Date").

       

      NOW,
        THEREFORE, in consideration of the mutual covenants herein contained and
        for
        good and valuable consideration, receipt of which is hereby acknowledged,
        the
        parties, intending to be legally bound, agree, effective as of the Effective
        Date, as follows:

       

       

      
        	
                1.

              	
                Employment
                  and Term.

              

      

       

      
        	 	
                (a)

              	
                The
                  Employee shall serve on the Board of Directors of the Company (the
                  "Board")
                  and as President and Chief Operating Officer of the Company and
                  in such
                  other executive managerial position or positions with the Company
                  or its
                  subsidiaries or affiliates as shall hereafter be designated by
                  the Board,
                  to perform such managerial duties consistent with the usual duties
                  of an
                  officer of such status. Such employment shall be on the terms and
                  conditions set forth herein. The Employee agrees to devote substantially
                  all of the Employee's business time to the faithful and diligent
                  performance of the duties provided
                  herein.

              

      

       

      
        	 	
                (b)

              	
                Unless
                  earlier terminated in accordance with Section 3 hereof, the term
                  of the
                  Employee's employment by the Company (the "Term")
                  shall commence as of the Effective Date and continue for a period
                  of three
                  (3) years from such date (the "Initial
                  Employment Period"),
                  which Initial Employment Period shall be automatically extended
                  for an
                  additional one (1) year period on each anniversary of the Effective
                  Date
                  (such that the remaining term
                  as of each anniversary shall be three (3) years) unless either
                  the
                  Employee or the Company gives sixty (60) days notice that the Term
                  shall
                  not be extended, subject to the conditions of termination pursuant
                  to
                  Section 3 hereof.

              

      

       

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      
        	
                2.

              	
                Compensation.

              

      

       

      
        	 	
                (a)

              	
                Salary.
                  The
                  Company shall compensate the Employee with a base salary of $600,000
                  per
                  annum, commencing
                  on the Effective Date and payable in accordance with the normal
                  payroll
                  practices of the Company. The base salary shall be reviewed annually
                  and
                  may be increased (but shall not be decreased) by the Board in its
                  sole
                  discretion.

              

      

       

      
        	 	
                (b)

              	
                Guaranteed
                  Annual Bonus. The
                  Company shall pay the Employee for each calendar year during the
                  Term a
                  guaranteed annual bonus of $200,000, payable in accordance with
                  normal
                  payroll practices of the Company but in no event later than the
                  15th day
                  of the third month following
                  the year for
                  which such bonus is paid.

              

      

       

      
        	 	
                (c)

              	
                Incentive
                  Bonus. The
                  Company shall pay Employee for each calendar year during the Term
                  an
                  incentive bonus determined by reference to the Company's consolidated
                  Earnings Before Interest, Taxes, Depreciation and Amortization
                  ("EBITDA")
                  before executive incentive and other executive discretionary compensation,
                  in each case including the results of AAC and its subsidiaries
                  from not
                  later than January 1, 2008, but that for the purposes of calculating
                  EBITDA, earnings should exclude gain/loss associated with certain
                  items
                  such as impairment or valuation allowance for long-lived assets
                  and
                  gain/loss on separation from affiliates (as so adjusted, "Adjusted
                  EBITDA").
                  The incentive bonus (the "Incentive
                  Bonus")
                  that the Employee shall receive shall be 4.44% of Adjusted EBITDA,
                  provided that no Incentive Bonus shall be payable for a particular
                  year
                  unless the Company's Adjusted EBITDA is greater than twelve million
                  dollars ($12,000,000). Seventy-five percent (75%) of the Incentive
                  Bonus
                  shall be paid no later than the 30th day after the year for which
                  such
                  Incentive Bonus was earned, and the remainder of the Incentive
                  Bonus shall
                  be paid no later than the 15th day of the third month following
                  the end of
                  the year for which such Incentive Bonus was
                  earned.

              

      

       

      
        	 	
                (d)

              	
                Discretionary
                  Bonus. Employee
                  may be eligible to receive a discretionary annual bonus in such
                  amount and
                  based on special achievement, in each case as determined by the
                  Board in
                  its sole discretion.

              

      

       

      
        	 	
                (e)

              	
                Option
                  Plan. Employee
                  shall be eligible to participate in the Company's employee option
                  pool
                  (the "Employee
                  Option Pool")
                  and on the Effective Date shall be granted an option to purchase
                  800,000
                  shares of the Company's common stock with an exercise price equal
                  to the
                  closing price of the Company's common stock on the Effective Date.
                  Unless
                  otherwise provided in applicable agreement, payment of the exercise
                  price
                  and any other payment required may be made in on a net-settlement
                  basis
                  with the Company withholding the amount of common stock sufficient
                  to
                  cover the exercise price and tax withholding obligation. Such options
                  will
                  vest and become exercisable on the Effective Date.
                  

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (f)

              	
                Benefits.
                  The
                  Employee shall be entitled to participate in any Company sponsored
                  401(k)
                  plan and any other retirement plan, deferred compensation plan
                  and any
                  other executive compensation plan, and any Company sponsored group
                  health,
                  medical, hospitalization, disability, accident and life insurance
                  plans,
                  all on such terms as the Board shall determine in establishing
                  such
                  benefit programs as promptly as is reasonably practicable after
                  the
                  Effective Date, and such other employee benefits as the Board may
                  hereafter make available to the executives of the Company, provided
                  that
                  in no event shall such benefits be less favorable in the aggregate
                  than
                  those in effect immediately before the Effective Date unless otherwise
                  agreed to by the Employee in writing. The Company agrees to pay
                  to the
                  Employee an amount equal to the premiums on (i) the personal life
                  insurance policy for the Employee providing death benefits for
                  the
                  Employee's designated beneficiaries and (ii) the personal disability
                  policy for the benefit of the Employee, each as in effect at the
                  time of
                  termination.

              

      

       

      
        	 	
                (g)

              	
                Expenses.
                  The
                  Company shall pay or reimburse the Employee for all expenses normally
                  reimbursed by the Company and reasonably incurred by the Employee
                  in
                  furtherance of the Employee's duties hereunder, including, without
                  limitation, expenses for a Company leased automobile, gas, insurance,
                  parking, and related expenses consistent with the Company's automobile
                  policies as adopted by the Board, and for traveling, meals, hotel
                  accommodations , car service and driver, and the like upon submission
                  by
                  the Employee of vouchers or an itemized list thereof prepared in
                  compliance with such rules relating thereto as the Board may, from
                  time to
                  time, adopt and as may be required in order to permit such payments
                  as
                  proper deductions to the Company under the Internal Revenue Code
                  of 1986,
                  as amended (the "Code"),
                  and the rules and regulations adopted pursuant thereto now or hereafter
                  in
                  effect; provided,
                  however,
                  that to the extent required to comply with the provisions of Section
                  409A
                  of the Code, no reimbursement of expenses incurred by the Employee
                  during
                  any taxable year shall be made after the last day of the following
                  taxable
                  year, and the right to reimbursement shall not be subject to liquidation
                  or exchange for another benefit.

              

      

       

      
        	 	
                (h)

              	
                Vacations.
                  During
                  each year of employment, the Employee shall be entitled to paid
                  vacations
                  and personal days for the greater of (A) a minimum of four (4)
                  weeks, or
                  (B) such period as may be provided from time to time in the Company's
                  vacation policy; provided, however, that any unused vacation at
                  the end of
                  the year may be carried over to following years so long as no more
                  than
                  eight (8) weeks of unused vacation may be carried over to a following
                  year.

              

      

       

      
        	 	
                (i)

              	
                Continuation
                  of Life Insurance Policy. The
                  Company shall continue that certain life insurance policy on the
                  Employee's life for $10 million purchased by the Company (the
                  "Life
                  Insurance Policy").
                  The Company shall continue to be the beneficiary of the Life Insurance
                  Policy, and shall pay the premiums due on such policy during the
                  Term. Any
                  dividends on the Life Insurance Policy prior to its maturity or
                  the death
                  of the Employee shall inure to the benefit of the Company.
                  

              

      

       

      
        
          
          

        

        
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      In
        the
        event that the Employee's death occurs during the Term, subject to applicable
        law, including but not limited to the requirements of any stock exchange
        on
        which the Company is listed, the Company shall use the proceeds of the Life
        Insurance Policy as follows: (1) to purchase, and the estate of the Employee
        shall be obligated to sell, shares of capital stock of the Company then held
        by
        the Employee's estate (the "Shares"),
        at a
        price per Share equal to the average of the closing prices for the Company's
        common stock for the 20 trading days ending immediately prior to the date
        of the
        Employee's death, for an amount of Shares equal to the lesser of (x) all
        of such
        Shares and (y) the quotient obtained by dividing $8 million by such average
        price; and (2) if less than $8 million is used by the Company to repurchase
        Shares, the excess of $8 million in proceeds over the amount used to repurchase
        Shares shall be paid to the Employee's estate.

       

      Within
        sixty (60) days after termination of this Agreement, the Arnold Mintz Insurance
        Trust of 1996 or its designee, may, at its option, purchase the Life Insurance
        Policy for a price not to exceed the cash surrender value and unearned premiums
        as of the date of the termination of this Agreement, less any indebtedness
        thereon; provided,
        however,
        that if
        the Life Insurance Policy is a term policy, the price shall be the unearned
        portion of the premium paid. The Company shall not cause or permit the Life
        Insurance Policy to lapse except upon termination of this Agreement and
        following sixty (60) days' prior written notice to the Employee. 

       

       

      
        	
                3.

              	
                Termination.

              

      

       

      
        	 	
                (a)

              	
                This
                  Agreement may be terminated at any time by the Company with or
                  without
                  Cause, upon Permanent Disability, by the Employee for Good Reason
                  or by
                  the Employee for any other reason (with thirty (30) days notice),
                  and
                  shall terminate upon death.

              

      

       

      
        	 	
                (b)

              	
                In
                  the event that the Employee's employment with the Company is terminated
                  by
                  the Company without Cause or is terminated by the Employee for
                  Good
                  Reason, then during the period from the effective date of termination
                  through the date on which the then current term of this Agreement
                  was to
                  expire, the Employee shall, in accordance with the Company’s normal
                  payroll practices, continue to receive the full amount of the Employee's
                  then current base salary plus all other benefits to which the Employee
                  is
                  entitled to receive pursuant to Section 2 hereof and otherwise
                  (including,
                  without limitation, the continued vesting and exercisability during
                  such
                  period of all stock options held by the Employee) and in a single
                  lump sum
                  within five (5) days after the date of the Employee's employment
                  is
                  terminated three (3) times the average of the Incentive Bonus paid
                  or
                  payable to the Employee in the last two (2) years; provided, however,
                  that
                  if such termination is the result of a Change of Control, then
                  all
                  unvested options or restricted shares shall vest immediately and
                  (as
                  applicable) become exercisable upon the date the Employee's employment
                  is
                  terminated and remain exercisable for a period of not less than
                  ninety
                  (90) days following termination (but not beyond their expiration
                  date),
                  and the full amount which would be payable to the Employee under
                  this
                  subparagraph (b) during the foregoing period through the end of
                  the
                  then-current term of this Agreement will be paid to the Employee
                  in a
                  single lump sum within five (5) days after the date the Employee's
                  employment is terminated

              

      

       

      
        
          
          

        

        
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                (c)

              	
                For
                  purposes of this Agreement, termination of employment means the
                  Employee
                  has incurred a "separation from service" within the meaning of
                  Section
                  409A of the Code and applicable guidance issued
                  thereunder.

              

      

       

      
        	 	
                (d)

              	
                In
                  the event the Employee's employment with the Company is terminated
                  upon
                  the Employee's death or Permanent Disability, the Employee or the
                  Employee's legal representative shall continue to receive the Employee's
                  then current base salary for a two (2) year period and all stock
                  options
                  held by Employee shall, to the extent vested, continue to be exercisable
                  during such period.

              

      

       

      
        	 	
                (e)

              	
                In
                  the event the Employee's employment with the Company is terminated
                  by the
                  Company for Cause, the Company shall not be obligated to pay the
                  Employee
                  any compensation or benefits after the date of termination, any
                  unvested
                  stock options held by the Employee will expire immediately, and
                  any vested
                  stock options will remain exercisable for a period of ninety (90)
                  days
                  following termination (but not beyond their expiration
                  date).

              

      

       

      
        	 	
                (f)

              	
                For
                  purposes hereof, "Cause"
                  shall mean any of the following: (i) the continued, intentional
                  failure,
                  neglect or refusal of the Employee to substantially fulfill the
                  Employee's
                  material duties as an employee after ninety (90) days' notice of
                  breach
                  has been provided by the Company; (ii) a material breach of any
                  fiduciary
                  duty or other material dishonesty by the Employee with respect
                  to the
                  Company or any affiliate thereof resulting in actual material harm
                  to the
                  Company or such affiliate; or (iii) the conviction of the Employee
                  for a
                  felony.

              

      

       

      
        	 	
                (g)

              	
                For
                  purposes hereof, "Permanent
                  Disability"
                  shall mean the total incapacitation of the Employee so as to preclude
                  performance of the duties of the Employee's employment hereunder
                  for an
                  aggregate period of six (6) months in any twelve (12) month
                  period.

              

      

       

      
        	 	
                (h)

              	
                For
                  purposes hereof, "Good
                  Reason"
                  means one or more of the following: (i) a material diminution in
                  the
                  Employee's compensation; (ii) a material diminution in the Employee's
                  authority, duties, or responsibilities; (iii) a material adverse
                  change in
                  reporting responsibilities; (iv) a material change in the geographic
                  location at which the Employee must perform the services (including,
                  without limitation, a relocation outside Manhattan, New York that
                  results
                  in a material adverse change in commute); or (v) any other action
                  or
                  inaction that constitutes a material breach of the terms of this
                  Agreement
                  (expressly including, without limitation, a reduction in benefits
                  in
                  violation of Section 2(f) hereof). The Employee shall provide notice
                  of
                  the existence of the Good Reason condition within ninety (90) days
                  of the
                  date he learns of the condition, and the Company shall have a period
                  of
                  thirty (30) days during which it may remedy the condition, and
                  in case of
                  full remedy such condition shall not be deemed to constitute Good
                  Reason
                  hereunder.

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (i)

              	
                For
                  purposes hereof, a "Change
                  of Control"
                  of the Company shall have occurred if (a) any "person" (as such
                  term is
                  used in Sections 13(d) and 14(d)(2) of the U.S. Securities Exchange
                  Act of
                  1934, as amended (the "Exchange
                  Act")),
                  other than the Company or any subsidiary of the Company or any
                  employee
                  benefit plan sponsored by the Company or any subsidiary of the
                  Company,
                  shall become the beneficial owner (within the meaning of Rule 13d-3
                  under
                  the Exchange Act), directly or indirectly, of securities of the
                  Company
                  representing in excess of 50% of the combined voting power of the
                  Company's then outstanding securities, or if (b) during any period
                  of two
                  (2) consecutive years, individuals who at the beginning of such
                  period
                  constituted the Board cease for any reason to constitute a majority
                  of the
                  directors thereof, unless each new director was elected by, or
                  on the
                  recommendation of, a majority of the directors then still in office
                  who
                  were directors at the beginning of such period.

              

      

       

      
        	 	
                (j)

              	
                The
                  Employee shall have no obligation to seek to mitigate any amounts
                  payable
                  under this Section 3 and any amounts the Employee receives from
                  other
                  employment shall not be offset against or otherwise reduce the
                  amount due
                  to the Employee hereunder.

              

      

       

      
        	 	
                (k)

              	
                In
                  the event that the Employee becomes entitled to any payment under
                  this
                  Section 3 as a result of a termination of employment occurring
                  on or
                  before the first anniversary of the Effective Date, then this Section
                  3(k)
                  shall apply and Section 3(l) shall not be applicable. In the event
                  the
                  Company determines, based upon the advice of the independent public
                  accountants for the Company, that part or all of the consideration,
                  compensation or benefits to be paid to the Employee under this
                  Agreement,
                  singularly or together with any consideration, compensation or
                  benefits to
                  be paid to the Employee under any other plan, arrangement or agreement,
                  constitutes "parachute payments" under Section 280G(b)(2) of the
                  Code,
                  then, if the aggregate present value of such parachute payments
                  (collectively, the "Parachute
                  Amount")
                  exceeds 2.99 times the Employee's "base amount", as defined in
                  Section
                  280G(b)(3) of the Code (the "Employee
                  Base Amount"),
                  the amounts constituting "parachute payments" which would otherwise
                  be
                  payable to or for the benefit of the Employee under this Agreement
                  shall
                  be eliminated or reduced to the extent necessary so that the Parachute
                  Amount is equal to 2.99 times the Employee Base Amount. The independent
                  public accountants for the Company shall determine which consideration,
                  compensation or benefits shall be eliminated or reduced in accordance
                  with
                  this Section 3(k) and to what extent they shall be so eliminated
                  or
                  reduced, in such manner that the Employee shall retain, after such
                  elimination or reduction, the maximum after-tax benefit.
                  

              

      

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      
        	 	
                (l)

              	
                In
                  the event that the Employee becomes entitled to any payment under
                  this
                  Section 3 as a result of a termination of employment occurring
                  after the
                  first anniversary of the Effective Date, then this Section 3(l)
                  shall
                  apply and Section 3(k) shall not be applicable. If any of the payments
                  or
                  benefits received or to be received by the Employee (whether
                  pursuant to the terms of this Agreement or any other plan, arrangement
                  or
                  agreement (all such payments and benefits, excluding the Gross-Up
                  Payment,
                  being hereinafter referred to as the "Total
                  Payments"))
                  will be subject to any excise tax imposed under Section 4999 of
                  the Code
                  (the "Excise
                  Tax"),
                  the Company shall pay to the Employee an additional amount (the
                  "Gross
                  Up Payment")
                  such that the net amount retained by the Employee, after deduction
                  of any
                  Excise Tax on the Total Payments and any federal, state and local
                  income
                  and employment taxes and Excise Tax upon the Gross-Up Payment,
                  and after
                  taking into account the phase out of itemized deductions and personal
                  exemptions attributable to the Gross-Up Payment, shall be equal
                  to the
                  Total Payments. The Company will make any Excise Tax payments to
                  the
                  Employee as soon as practical after the Employee remits the excise
                  tax
                  imposed under Section 4999 of the Code but in any event no later
                  than the
                  end of the calendar year following the calendar year in which the
                  Employee
                  makes such payments.

              

      

       

      
        	 	
                (m)

              	
                To
                  the extent required by Section 409A, amounts that would otherwise
                  be
                  payable under this Section 3 during the six-month period immediately
                  following the Employee's termination of employment shall instead
                  be paid
                  on the first business day after the expiration of such six-month
                  period,
                  plus interest thereon, at a rate equal to 120 percent of the applicable
                  Federal short-term rate (as defined in Section 1274(d) of the Code)
                  for
                  the month in which such date of termination occurs from the respective
                  dates on which such amounts would otherwise have been paid until
                  the
                  actual date of payment.

              

      

       

       

      
        	
                4.

              	
                Noncompetition;
                  Nonintervention. 

              

      

       

      
        	 	
                (a)

              	
                While
                  in the employ of the Company, the Employee agrees to devote substantially
                  all of the Employee's
                  business time, attention and energies to the performance of the
                  business
                  of the Company and the Employee shall not, directly or indirectly,
                  alone
                  or as a member of any partnership or other business organization,
                  or as a
                  partner, officer, director, employee, stockholder, consultant,
                  or agent of
                  any other corporation, partnership, or other business organization, be
                  actively engaged in or concerned with any other duties or pursuits
                  which
                  interfere with the performance of the Employee's duties as an employee
                  of
                  the Company, or which, even if noninterfering, may be contrary
                  to the best
                  interests of the Company; provided, however, that the Employee
                  shall be
                  permitted to serve on the boards of directors of other companies
                  that do
                  not compete with the Company, and that Employee may make personal
                  investments or enter into joint ventures or partnerships or corporate
                  entities, as long as such investments and activities do not materially
                  conflict or interfere with the performance of Employee's duties
                  hereunder;
                  and provided, further, that with the Board's prior consent the
                  Employee
                  shall be permitted to participate in certain business activities
                  that are
                  not related to or in competition with the business of the Company
                  or its
                  affiliates at the time such activity commences (the "Existing
                  Activities").

              

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (b)

              	
                From
                  the Effective Date until two (2) years after the termination or
                  cessation
                  of the Employee's employment with the Company for any reason (including
                  termination of employment by the Company without Cause) (such period,
                  the
                  "Restricted
                  Period"),
                  the Employee shall not, directly or indirectly, alone or as a member
                  of
                  any partnership or other business organization, or as a partner,
                  officer,
                  director, employee, stockholder, consultant or agent of any corporation,
                  partnership or business organization, engage in the business of
                  acquiring
                  equity interests of, or otherwise investing in, investment management
                  firms other than (i) continuation of the Existing Activities, and
                  (ii)
                  after termination of the Employee's employment with the Company
                  for any
                  reason, investing in or acting as a partner, officer, director,
                  employee,
                  stockholder, consultant or agent of any investment management firm
                  that is
                  not competitive with the business activities of the Company or
                  its
                  affiliate managers or entities and in which the Employee is a principal
                  executive officer involved in management of the business on a day-to-day
                  basis. During the Restricted Period, the Employee shall not, directly
                  or
                  indirectly, alone or as a member of any partnership or other business
                  organization, or as a partner, officer, director, employee, stockholder,
                  consultant or agent of any corporation, partnership or business
                  organization (A) request or cause any customer of the Company or
                  its
                  affiliates to cancel or terminate any business relationship with
                  the
                  Company or such affiliate, or (B) solicit or otherwise cause any
                  employee
                  of the Company or its affiliates to terminate such employee's relationship
                  with the Company or such affiliate.

              

      

       

       

      
        	
                5.

              	
                Confidential
                  Information.

              

      

       

      
        	 	
                (a)

              	
                The
                  Employee will not at any time, whether during or after the termination
                  or
                  cessation of the Employee's
                  employment, reveal to any person, association or company any of
                  the trade
                  secrets or confidential information concerning the organization,
                  business
                  or finances of the Company so far as they have come or may come
                  to the
                  Employee's knowledge, except as may be required in the ordinary
                  course of
                  performing the Employee's duties as an employee of the Company
                  or except
                  as may be in the public domain through no fault of the Employee,
                  and the
                  Employee shall keep secret all matters entrusted to the Employee
                  and shall
                  not use or attempt to use any such information in any manner which
                  may
                  injure or cause loss or may be calculated to injure or cause loss
                  whether
                  directly or indirectly to the
                  Company.

              

      

       

      
        	 	
                (b)

              	
                The
                  Employee agrees that during the Employee's employment the Employee
                  shall
                  not make, use or permit to be used any notes, memoranda, drawings,
                  specifications, programs, data or other materials of any nature
                  relating
                  to any matter within the scope of the business of the Company or
                  concerning any of its dealings or affairs otherwise than for the
                  benefit
                  of the Company. The Employee shall not, after the termination or
                  cessation
                  of the Employee's employment, use or permit to be used any such
                  notes,
                  memoranda, drawings, specifications, programs, data or other materials,
                  it
                  being agreed that any of the foregoing shall be and remain the
                  sole and
                  exclusive property of the Company and that immediately upon the
                  termination or cessation of the Employee's employment the Employee
                  shall
                  deliver all of the foregoing, and all copies thereof, to the Company,
                  at
                  its main office.

              

      

       

      
        
          
          

        

        
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                6.

              	
                Binding
                  Effect.

              

      

       

      This
        Agreement shall inure to the benefit of and shall be binding upon the parties
        hereto and the Company's successors or assigns (whether resulting from any
        reorganization, consolidation or merger of the Company or any business to
        which
        all or substantially all of the assets of the Company are sold) and the
        Employee's heirs, executors and legal representatives.

       

       

      
        	
                7.

              	
                Entire
                  Agreement.

              

      

       

      This
        Agreement contains the entire agreement and understanding of the parties
        with
        respect to the subject matter hereof, supersedes all prior agreements and
        understandings with respect thereto, including the Prior Agreement, which
        shall
        be deemed terminated in its entirety upon the Effective Date, and cannot
        be
        modified, amended, waived or terminated, in whole or in part, except in writing
        signed by the party to be charged.

       

       

      
        	
                8.

              	
                Governing
                  Law; Jurisdiction.

              

      

       

      The
        validity, interpretation, construction and performance of this Agreement
        shall
        be governed by the laws of the State of New York applicable to contracts
        executed and to be performed entirely within said State. The provisions of
        this
        Agreement are intended to satisfy the requirements of Section 409A of the
        Code
        and shall be administered and interpreted in a manner consistent with such
        requirements.

       

       

      
        	
                9.

              	
                Arbitration.
                  

              

      

       

      Subject
        to Section 10:

       

      
        	 	
                (a)

              	
                All
                  disputes between the Employee and the Company of any kind whatsoever,
                  including, without limitation, all disputes relating in any manner
                  to the
                  employment or termination of
                  the Employee and all disputes arising under this Agreement shall
                  be
                  resolved by arbitration ("Arbitrable
                  Claims").
                  Arbitration shall be final and binding upon the parties and shall
                  be the
                  exclusive remedy for all Arbitrable Claims. The parties hereby
                  waive any
                  rights they may have to trial by jury in regard to Arbitrable
                  Claims.

              

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	 	
                (b)

              	
                Arbitration
                  of Arbitrable Claims shall be in accordance with the Employment
                  Dispute
                  Resolution Rules of the American Arbitration Association ("AAA
                  Employment Rules"),
                  except as provided otherwise in this Agreement. There shall be
                  one
                  arbitrator selected in accordance with the AAA Employment Rules.
                  In any
                  arbitration, the burden of proof shall be allocated as provided
                  by
                  applicable law. Either party may bring an action in court to compel
                  arbitration under this Agreement and to enforce an arbitration
                  award.
                  Otherwise, neither party shall initiate or prosecute any lawsuit
                  or
                  administrative action in any way related to any Arbitrable Claim.
                  All
                  arbitration hearings under this Agreement shall be conducted in
                  New York,
                  New York. The Federal Arbitration Act shall govern the interpretation
                  and
                  enforcement of this Section 9. The fees of the arbitrator shall
                  be split
                  between both parties equally.

              

      

       

      
        	 	
                (c)

              	
                All
                  proceedings and all documents prepared in connection with any Arbitrable
                  Claim shall be confidential and, unless otherwise required by law,
                  the
                  subject manner thereof shall not be disclosed to any person other
                  than the
                  parties to the proceedings, their counsel, witnesses and experts,
                  the
                  arbitrator and, if involved, the court and court
                  staff.

              

      

       

      
        	 	
                (d)

              	
                The
                  rights and obligations of Employee and the Company as set forth
                  in this
                  Section 9 with respect to arbitration shall survive the termination
                  of the
                  Employee's employment and the expiration of this
                  Agreement.

              

      

       

      The
        foregoing consent to arbitration shall not be deemed to confer rights on
        any
        person other than the respective parties to this Agreement.

       

       

      
        	
                10.

              	
                Right
                  to Injunction.

              

      

       

      The
        Employee acknowledges and agrees that irreparable and immediate damage will
        result to the Company if the Employee breaches the Employee's obligations
        under
        Section 4 or Section 5 hereof. In the event of a breach by the Employee of
        Section 4 or Section 5 hereof, the Company shall be entitled in any court
        of
        competent jurisdiction to such equitable and injunctive relief as may be
        available to restrain the Employee from the violation of such provisions.
        The
        remedies provided in this Agreement shall be deemed cumulative and the exercise
        of one shall not preclude the exercise of any other remedy at law or in equity
        for the same event or any other event.

       

       

      
        	
                11.

              	
                Indemnification.

              

      

       

      The
        Company shall indemnify the Employee to the fullest extent permitted by law
        (including, without limitation, advancement of legal fees on a current basis)
        for all matters related to or arising from the Employee's service as an officer,
        director and/or fiduciary of any benefit plan of the Company. The Company
        shall
        cover the Employee during and after the Employee's employment under the
        Company's director and officer liability insurance to the greatest extent
        afforded any senior officer and director of the Company.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      
        	
                12.

              	
                Miscellaneous.

              

      

       

      
        	 	
                (a)

              	
                Amendments.
                  No
                  amendment, modification or waiver of any of the terms of this Agreement
                  shall be valid unless made in writing and signed by the Employee
                  and the
                  Company.

              

      

       

      
        	 	
                (b)

              	
                Survival.
                  All
                  provisions of this Agreement shall survive the termination or cessation
                  of
                  the Employee's employment with the
                  Company.

              

      

       

      
        	 	
                (c)

              	
                Successor
                  in Interest.
                  This Agreement and the rights and obligation hereunder shall be
                  binding
                  upon and inure to the benefit of the parties hereto and their respective
                  legal representatives, and shall also bind and inure to the benefit
                  of any
                  successor of the Company by merger or consolidation or any purchaser
                  or
                  assignee of all or substantially all of its assets. Neither this
                  Agreement
                  nor any of the rights or benefits hereunder may be assigned by
                  either
                  party hereto, except to any such aforementioned successor, purchaser,
                  or
                  assignee of the Company. The Employee may not assign any of his
                  obligation
                  or duties under this Agreement.

              

      

       

      
        	 	
                (d)

              	
                Waiver.
                  The
                  waiver by the Company of a breach of this Agreement by the Employee
                  shall
                  not operate or be construed as a waiver of any subsequent breach
                  by the
                  Employee.

              

      

       

      
        	 	
                (e)

              	
                Notices.
                  All
                  notices to be given hereunder shall be in writing and shall be
                  (i)
                  personally delivered, (ii) sent by certified mail, return receipt
                  requested, (iii) sent by facsimile or (iv) transmitted by e-mail.
                  Notices
                  to be given to the Employee shall be sent to the address indicated
                  below
                  the Employee's signature below. Notices to be given to the Company
                  shall
                  be sent to Tailwind Financial Inc., 800 Third Avenue, New York,
                  New York
                  10022, Facsimile 212-207-8785, to the attention of Arnold L. Mintz,
                  President and Chief Operating Officer. Notices of any changes in
                  the above
                  addresses shall be given to the other party in
                  writing.

              

      

       

      
        	 	
                (f)

              	
                Severability.
                  If
                  any provision of this Agreement shall contravene any law of any
                  particular
                  state where the Employee shall perform services for the Company,
                  then this
                  Agreement shall be first construed to be limited in scope and duration
                  so
                  as to be enforceable in that state, and if still unenforceable,
                  shall then
                  be construed as if such provision is not contained
                  herein.

              

      

       

      
        	 	
                (g)

              	
                Headings.
                  Titles or captions of Sections contained in this Agreement are
                  inserted
                  only as a matter of convenience and for reference, and in no way
                  define,
                  limit, extend or describe the scope of this Agreement or the intent
                  of any
                  provisions hereof.

              

      

       

      
        	 	
                (h)

              	
                Counterparts.
                  This
                  Agreement may be executed in two or more counterparts, and by each
                  party
                  on separate counterparts, each of which shall be deemed an original,
                  but
                  all of which together shall constitute one and the same
                  instrument.

              

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

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

       

      
        	 	 	 
	 	
                Tailwind
                  Financial Inc.

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Name:
	 	Title:

        	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                
Arnold
                L. Mintz
	 	
                Address:

                200
                  East 82nd Street, Apartment 27G

                New
                  York, New York 10028

              

      
The
        undersigned hereby consents to the termination of the Prior Agreement in
        its
        entirely, subject to and effective as of the Effective Date.

      

      Asset
        Alliance Corporation

      

      By:
        _______________________________

      Name:

      Title:

      

      

      

    

     

    
      
        
        

      

      
        12Unassociated Document

    Exhibit
      10.23

     

    AMENDED
      AND RESTATED EMPLOYMENT AGREEMENT

     

    This
      AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement")
      is
      dated as of [________], 2008 and is entered into between Tailwind Financial
      Inc., a Delaware corporation (the "Company"),
      and
      Stephen G. Bondi (the "Employee").

     

    WHEREAS,
      Asset Alliance Corporation, a Delaware Corporation ("AAC") and the Employee
      are
      party to that certain Employment Agreement dated as of July 10, 2000, as amended
      from time to time (the "Prior
      Agreement");

     

    WHEREAS,
      the Company is party to that certain Agreement and Plan of Merger (the
      "Merger
      Agreement"),
      dated
      January 8, 2008, by and among the Company, Buyer Acquisition Corporation, a
      Delaware corporation and a wholly owned subsidiary of the Company and AAC;
      and

     

    WHEREAS,
      as a condition to the Company consummating the transactions contemplated by
      the
      Merger Agreement, the Employee and AAC have agreed to terminate the Prior
      Agreement and the Employee has agreed to enter into this Agreement, all
      effective upon and subject to the consummation of the transactions contemplated
      by the Agreement (the date of such consummation, the "Effective
      Date").

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained and for
      good and valuable consideration, receipt of which is hereby acknowledged, the
      parties, intending to be legally bound, agree, effective as of the Effective
      Date, as follows:

     

     

    
      	
              1.

            	
              Employment
                and Term.

            

    

     

    
      	 	
              (a)

            	
              The
                Employee shall serve as Executive
                Vice President and Chief Financial Officer of the Company and in
                such
                other executive managerial position or positions with the Company
                or its
                subsidiaries or affiliates as shall hereafter be designated by the
                Board
                of Directors of the Company (the "Board")
                and shall perform such managerial duties consistent with the usual
                duties
                of an officer of such status. The Employee shall report to and carry
                out
                the lawful directions of the Company's President. Such employment
                shall be
                on the terms and conditions set forth herein. The Employee agrees
                to
                devote substantially all of the Employee's business time to the faithful
                and diligent performance of the duties provided
                herein.

            

    

     

    
      	 	
              (b)

            	
              Unless
                earlier terminated in accordance with Section 3 hereof, the term
                of the
                Employee's employment by the Company (the "Term")
                shall commence as of the Effective Date and continue for a period
                of three
                (3) years from such date (the "Initial
                Employment Period"),
                which Initial Employment Period shall be automatically extended for
                an
                additional one (1) year period on each anniversary of the Effective
                Date
                (such that the remaining term
                as of each anniversary shall be three (3) years) unless either the
                Employee or the Company gives sixty (60) days notice that the Term
                shall
                not be extended, subject to the conditions of termination pursuant
                to
                Section 3 hereof.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              Compensation.

            

    

     

    
      	 	
              (a)

            	
              Salary.
                The
                Company shall compensate the Employee with a base salary of $400,000
                per
                annum, commencing
                on the Effective Date and payable in accordance with the normal payroll
                practices of the Company. The base salary shall be reviewed annually
                and
                may be increased (but shall not be decreased) by the Board in its
                sole
                discretion. 

            

    

     

    
      	 	
              (b)

            	
              Guaranteed
                Annual Bonus. The
                Company shall pay the Employee for each calendar year during the
                Term a
                guaranteed annual bonus of $150,000, payable in accordance with normal
                payroll practices of the Company but in no event later than the 15th
                day
                of the third month following the year for which such bonus is
                paid.

            

    

     

    
      	 	
              (c)

            	
              Incentive
                Bonus. The
                Company shall pay Employee for each calendar year during the Term
                an
                incentive bonus determined by reference to the Company's consolidated
                Earnings Before Interest, Taxes, Depreciation and Amortization
                ("EBITDA")
                before executive incentive and other executive discretionary compensation,
                in each case including the results of AAC and its subsidiaries from
                not
                later than January 1, 2008, but that for the purposes of calculating
                EBITDA, earnings should exclude gain/loss associated with certain
                items
                such as impairment or valuation allowance for long-lived assets and
                gain/loss on separation from affiliates (as so adjusted, "Adjusted
                EBITDA").
                The incentive bonus (the "Incentive
                Bonus")
                that the Employee shall receive shall be 3% of Adjusted EBITDA, provided
                that no Incentive Bonus shall be payable for a particular year unless
                the
                Company's Adjusted EBITDA is greater than twelve million dollars
                ($12,000,000). Seventy-five percent (75%) of the Incentive Bonus
                shall be
                paid no later than the 30th day after the year for which such Incentive
                Bonus was earned, and the remainder of the Incentive Bonus shall
                be paid
                no later than the 15th day of the third month following the end of
                the year for which such Incentive Bonus was
                earned.

            

    

     

    
      	 	
              (d)

            	
              Discretionary
                Bonus. Employee
                may be eligible to receive a discretionary annual bonus in such amount
                and
                based on special achievement, in each case as determined by the Board
                in
                its sole discretion.

            

    

     

    
      	 	
              (e)

            	
              Option
                Plan. Employee
                shall be eligible to participate in the Company's employee option
                pool
                (the "Employee
                Option Pool")
                and on the Effective Date shall be granted an option to purchase
                600,000
                shares of the Company's common stock with an exercise price equal
                to the
                closing price of the Company's common stock on the Effective Date.
                Unless
                otherwise provided in applicable agreement, payment of the exercise
                price
                and any other payment required may be made in on a net-settlement
                basis
                with the Company withholding the amount of common stock sufficient
                to
                cover the exercise price and tax withholding obligation. Such options
                will
                vest and become exercisable on the third anniversary of the Effective
                Date. 

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              Benefits.
                The
                Employee shall be entitled to participate in any Company sponsored
                401(k)
                plan and any other retirement plan, deferred compensation plan and
                any
                other executive compensation plan, and any Company sponsored group
                health,
                medical, hospitalization, disability, accident and life insurance
                plans,
                all on such terms as the Board shall determine, and such other employee
                benefits as the Board may hereafter make available to the executives
                of
                the Company, provided that in no event shall such benefits be less
                favorable in the aggregate than those in effect immediately before
                the
                Effective Date unless otherwise agreed to by the Employee in
                writing.

            

    

     

    
      	 	
              (g)

            	
              Expenses.
                The
                Company shall pay or reimburse the Employee for all expenses normally
                reimbursed by the Company and reasonably incurred by him in furtherance
                of
                his duties hereunder, including, without limitation, expenses for
                a
                Company leased automobile, gas, insurance, parking, and related expenses
                consistent with the Company's automobile policies as adopted by the
                Board,
                travel expenses, meals, hotel accommodations and the like upon submission
                by him of vouchers or an itemized list thereof prepared in compliance
                with
                such rules relating thereto as the Board may, from time to time,
                adopt and
                as may be required in order to permit such payments as proper deductions
                to the Company under the Internal Revenue Code of 1986, as amended
                (the
                "Code")
                and the rules and regulations adopted pursuant thereto now or hereafter
                in
                effect; provided,
                however,
                that to the extent required to comply with the provisions of Section
                409A
                of the Code, no reimbursement of expenses incurred by the Employee
                during
                any taxable year shall be made after the last day of the following
                taxable
                year, and the right to reimbursement shall not be subject to liquidation
                or exchange for another benefit.

            

    

     

    
      	 	
              (h)

            	
              Vacations.
                During
                each year of employment, the Employee shall be entitled to paid vacations
                and personal days for the greater of (A) a minimum of three (3) weeks,
                or
                (B) such period as may be provided from time to time in the Company's
                vacation policy; provided, however, that any unused vacation at the
                end of
                the year may be carried over to following years so long as no more
                than
                eight (8) weeks of unused vacation may be carried over to a following
                year.

            

    

     

     

    
      	
              3.

            	
              Termination.

            

    

     

    
      	 	
              (a)

            	
              This
                Agreement may be terminated at any time by the Company with or without
                Cause, upon Permanent Disability, by the Employee for Good Reason
                or by
                the Employee for any reason (with thirty (30) days notice), and shall
                terminate upon death. 

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              In
                the event that the Employee's employment with the Company is terminated
                by
                the Company without Cause or is terminated by the Employee for Good
                Reason, then during the period from the effective date of termination
                through the date on which the then current term of this Agreement
                was to
                expire, the Employee shall, in accordance with the Company’s normal
                payroll practices, continue to receive the full amount of his then
                current
                base salary, plus annual or pro-rata guaranteed annual and incentive
                bonus
                equal to the average of the two previous years' bonuses, such bonuses
                to
                be paid no later than the
                end of the calendar year in which the
                Employee’s termination occurs
                or, if later, by the 15th day of the third month following the
                Employee's termination,
                plus all other benefits to which the Employee is entitled to receive
                pursuant to Section 2 hereof and otherwise (including, without limitation,
                the continued vesting and exercisability during such period of all
                stock
                options held by the Employee); provided, however, that if such termination
                is the result of a Change of Control, then all unvested options or
                restricted shares shall vest immediately and (as applicable) become
                exercisable upon the date the Employee's employment is terminated
                and
                remain exercisable for a period of not less than ninety (90) days
                following termination (but not beyond their expiration
                date).

            

    

     

    
      	 	
              (c)

            	
              For
                purposes of this Agreement, termination of employment means the Employee
                has incurred a "separation from service" within the meaning of Section
                409A of the Code and applicable guidance issued
                thereunder.

            

    

     

    
      	 	
              (d)

            	
              In
                the event the Employee's employment with the Company is terminated
                upon
                the Employee's death or Permanent Disability, the Employee or the
                Employee's legal representative shall continue to receive the Employee's
                then current base salary for a twelve (12) month period and all stock
                options held by Employee shall, to the extent vested, continue to
                be
                exercisable during such period in accordance with their
                terms.

            

    

     

    
      	 	
              (e)

            	
              In
                the event the Employee's employment with the Company is terminated
                by the
                Company for Cause, the Company shall not be obligated to pay the
                Employee
                any compensation or benefits after the date of termination, any unvested
                stock options held by the Employee will expire immediately, and any
                vested
                stock options will remain exercisable for a period of ninety (90)
                days
                following termination (but not beyond their expiration date).
                

            

    

     

    
      	 	
              (f)

            	
              For
                purposes hereof, "Cause"
                shall mean any of the following: (i) dishonesty of the Employee
                detrimental to the best interests of the Company and its subsidiaries;
                (ii) a breach of any fiduciary duty or other act of dishonesty by the
                Employee with respect to the Company or any subsidiary thereof; (iii)
                the
                conviction of the Employee of a crime which constitutes a felony
                or any
                other crime involving moral turpitude, fraud or misrepresentation;
                (iv)
                material breach by the Employee of his obligations under this Agreement
                which breach, if susceptible to cure, has continued for a period
                of thirty
                (30) days following written notice to the Employee specifying the
                nature
                of such breach; or (v) failure, neglect or refusal of the Employee
                to
                follow the reasonable instructions of the Board or its designee,
                the
                President of the Company or the Executive Vice President of the Company,
                which are consistent with his position.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (g)

            	
              For
                purposes hereof, "Permanent
                Disability"
                shall mean the total incapacitation of the Employee so as to preclude
                performance of the duties of the Employee's employment hereunder
                for an
                aggregate period of three (3) months in any twelve (12) month
                period.

            

    

     

    
      	 	
              (h)

            	
              For
                purposes hereof, "Good
                Reason"
                means one or more of the following: (i) a material diminution in
                the
                Employee's compensation; (ii) a material diminution in the Employee's
                authority, duties, or responsibilities; (iii) a material adverse
                change in
                reporting responsibilities; (iv) a material change in the geographic
                location at which the Employee must perform the services (including,
                without limitation, a relocation outside Manhattan, New York that
                results
                in a material adverse change in commute); or (v) any other action
                or
                inaction that constitutes a material breach of the terms of this
                Agreement
                (expressly including, without limitation, a reduction in benefits
                in
                violation of Section 2(f) hereof). The Employee shall provide notice
                of
                the existence of the Good Reason condition within ninety (90) days
                of the
                date he learns of the condition, and the Company shall have a period
                of
                thirty (30) days during which it may remedy the condition, and in
                case of
                full remedy such condition shall not be deemed to constitute Good
                Reason
                hereunder. 

            

    

     

    
      	 	
              (i)

            	
              For
                purposes hereof, a "Change
                of Control"
                of the Company shall have occurred if (a) any "person" (as such term
                is
                used in Sections 13(d) and 14(d)(2) of the U.S. Securities Exchange
                Act of
                1934, as amended (the "Exchange
                Act")),
                other than the Company or any subsidiary of the Company or any employee
                benefit plan sponsored by the Company or any subsidiary of the Company,
                shall become the beneficial owner (within the meaning of Rule 13d-3
                under
                the Exchange Act), directly or indirectly, of securities of the Company
                representing in excess of 50% of the combined voting power of the
                Company's then outstanding securities, or if (b) during any period
                of two
                (2) consecutive years, individuals who at the beginning of such period
                constituted the Board cease for any reason to constitute a majority
                of the
                directors thereof, unless each new director was elected by, or on
                the
                recommendation of, a majority of the directors then still in office
                who
                were directors at the beginning of such period.

            

    

     

    
      	 	
              (j)

            	
              The
                Employee shall have no obligation to seek to mitigate any amounts
                payable
                under this Section 3 and any amounts the Employee receives from other
                employment shall not be offset against or otherwise reduce the amount
                due
                to the Employee hereunder. 

            

    

     

    
      	 	
              (k)

            	
              In
                the event that the Employee becomes entitled to any payment under
                this
                Section 3 as a result of a termination of employment occurring on
                or
                before the first anniversary of the Effective Date, then this Section
                3(k)
                shall apply and Section 3(l) shall not be applicable. In the event
                the
                Company determines, based upon the advice of the independent public
                accountants for the Company, that part or all of the consideration,
                compensation or benefits to be paid to the Employee under this Agreement,
                singularly or together with any consideration, compensation or benefits
                to
                be paid to the Employee under any other plan, arrangement or agreement,
                constitutes "parachute payments" under Section 280G(b)(2) of the
                Code,
                then, if the aggregate present value of such parachute payments
                (collectively, the "Parachute
                Amount")
                exceeds 2.99 times the Employee's "base amount", as defined in Section
                280G(b)(3) of the Code (the "Employee
                Base Amount"),
                the amounts constituting "parachute payments" which would otherwise
                be
                payable to or for the benefit of the Employee under this Agreement
                shall
                be eliminated or reduced to the extent necessary so that the Parachute
                Amount is equal to 2.99 times the Employee Base Amount. The independent
                public accountants for the Company shall determine which consideration,
                compensation or benefits shall be eliminated or reduced in accordance
                with
                this Section 3(k) and to what extent they shall be so eliminated
                or
                reduced, in such manner that the Employee shall retain, after such
                elimination or reduction, the maximum after-tax
                benefit. 

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (l)

            	
              In
                the event that the Employee becomes entitled to any payment under
                this
                Section 3 as a result of a termination of employment occurring after
                the
                first anniversary of the Effective Date, then this Section 3(l) shall
                apply and Section 3(k) shall not be applicable. If any
                of
                the payments or benefits received or to be received by the Employee
                (whether pursuant to the terms of this Agreement or any other plan,
                arrangement or agreement (all such payments and benefits, excluding
                the
                Gross-Up Payment, being hereinafter referred to as the "Total Payments"))
                will be subject to any excise tax imposed under Section 4999 of the
                Code
                (the "Excise
                Tax"),
                the Company shall pay to the Employee an additional amount (the
                "Gross
                Up Payment")
                such that the net amount retained by the Employee, after deduction
                of any
                Excise Tax on the Total Payments and any federal, state and local
                income
                and employment taxes and Excise Tax upon the Gross-Up Payment, and
                after
                taking into account the phase out of itemized deductions and personal
                exemptions attributable to the Gross-Up Payment, shall be equal to
                the
                Total Payments. The Company will make any Excise Tax payments to
                the
                Employee as soon as practical after the Employee remits the excise
                tax
                imposed under Section 4999 of the Code but in any event no later
                than the
                end of the calendar year following the calendar year in which the
                Employee
                makes such payments.

            

    

     

    
      	 	
              (m)

            	
              To
                the extent required by Section 409A, amounts that would otherwise
                be
                payable under this Section 3 during the six-month period immediately
                following the Employee's termination of employment shall instead
                be paid
                on the first business day after the expiration of such six-month
                period,
                plus interest thereon, at a rate equal to 120 percent of the applicable
                Federal short-term rate (as defined in Section 1274(d) of the Code)
                for
                the month in which such date of termination occurs from the respective
                dates on which such amounts would otherwise have been paid until
                the
                actual date of payment.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              Noncompetition;
                Nonintervention. 

            

    

     

    
      	 	
              (a)

            	
              While
                in the employ of the Company, the Employee agrees to devote substantially
                all of the Employee's
                business time, attention and energies to the performance of the business
                of the Company and the Employee shall not, directly or indirectly,
                alone
                or as a member of any partnership or other business organization,
                or as a
                partner, officer, director, employee, stockholder, consultant or
                agent of
                any other corporation, partnership or other business organization,
                be
                actively engaged in or concerned with any other duties or pursuits
                which
                interfere with the performance of the Employee's duties as an employee
                of
                the Company, or which, even if noninterfering, may be contrary to
                the best
                interests of the Company; provided, however, that the Employee shall
                be
                permitted to serve on the boards of directors of other companies
                that do
                not compete with the Company, and that Employee may make personal
                investments or enter into joint ventures or partnerships or corporate
                entities, as long as such investments and activities do not materially
                conflict or interfere with the performance of Employee's duties
                hereunder.

            

    

     

    
      	 	
              (b)

            	
              From
                the Effective Date until two (2) years after the termination or cessation
                of the Employee's employment with the Company for any reason (including
                termination of employment by the Company without Cause) (such period,
                the
                "Restricted
                Period"),
                the Employee shall not, directly or indirectly, alone or as a member
                of
                any partnership or other business organization, or as a partner,
                officer,
                director, employee, stockholder, consultant or agent of any corporation,
                partnership or business organization, engage, other than as an incidental
                and immaterial component of a business in which the Employee otherwise
                engaged, in (i) the business of acquiring equity interests of, or
                otherwise investing in, investment management firms or (ii) the business
                of marketing or developing alternative investment strategies (such
                as
                those employed by the Company's affiliates during the term of this
                Agreement) or structured products involving alternative investment
                strategies where either the investment strategies or structured products
                involve terms or methodologies which are proprietary to the Company
                or its
                affiliates; provided, however, that the foregoing prohibition shall
                not
                apply to the extent such business is conducted in a business unit
                that is
                separate from the business unit in which the Employee works and for
                which
                the Employee performs no services. During the Restricted Period,
                the
                Employee shall not, directly or indirectly, alone or as a member
                of any
                partnership or other business organization, or as a partner, officer,
                director, employee, stockholder, consultant or agent of any corporation,
                partnership or business organization (A) request or cause any customer
                of
                the Company or its affiliates to cancel or terminate any business
                relationship with the Company or such affiliate, or (B) solicit or
                otherwise cause any employee of the Company or its affiliates to
                terminate
                such employee's relationship with the Company or such
                affiliate.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              Confidential
                Information.

            

    

     

    
      	 	
              (a)

            	
              The
                Employee will not at any time, whether during or after the termination
                or
                cessation of the Employee's
                employment, reveal to any person, association or company any of the
                trade
                secrets or confidential information concerning the organization,
                business
                or finances of the Company so far as they have come or may come to
                the
                Employee's knowledge, except as may be required in the ordinary course
                of
                performing the Employee's duties as an employee of the Company or
                except
                as may be in the public domain through no fault of the Employee,
                and the
                Employee shall keep secret all matters entrusted to the Employee
                and shall
                not use or attempt to use any such information in any manner which
                may
                injure or cause loss or may be calculated to injure or cause loss
                whether
                directly or indirectly to the
                Company.

            

    

     

    
      	 	
              (b)

            	
              The
                Employee agrees that during the Employee's employment the Employee
                shall
                not make, use or permit to be used any notes, memoranda, drawings,
                specifications, programs, data or other materials of any nature relating
                to any matter within the scope of the business of the Company or
                concerning any of its dealings or affairs otherwise than for the
                benefit
                of the Company. The Employee shall not, after the termination or
                cessation
                of the Employee's employment, use or permit to be used any such notes,
                memoranda, drawings, specifications, programs, data or other materials,
                it
                being agreed that any of the foregoing shall be and remain the sole
                and
                exclusive property of the Company and that immediately upon the
                termination or cessation of the Employee's employment the Employee
                shall
                deliver all of the foregoing, and all copies thereof, to the Company,
                at
                its main office.

            

    

     

    
      	 	
              (c)

            	
              The
                Employee agrees that during his employment and after the termination
                or
                cessation of the Employee's employment with the Company for any reason
                (including termination of employment by the Company without Cause),
                the
                Employee agrees not to make any statement to any customer or client
                of the
                Company, including their employees, agents or independent contractors,
                or
                to the media or in any public forum, which statement is disparaging
                of the
                Company, its affiliates or their officers or
                employees.

            

    

     

     

    
      	
              6.

            	
              Binding
                Effect.

            

    

     

    This
      Agreement shall inure to the benefit of and shall be binding upon the parties
      hereto and the Company's successors or assigns (whether resulting from any
      reorganization, consolidation or merger of the Company or any business to which
      all or substantially all of the assets of the Company are sold) and the
      Employee's heirs, executors and legal representatives.

     

     

    
      	
              7.

            	
              Entire
                Agreement.

            

    

     

    This
      Agreement contains the entire agreement and understanding of the parties with
      respect to the subject matter hereof, supersedes all prior agreements and
      understandings with respect thereto, including the Prior Agreement, which shall
      be deemed terminated in its entirety upon the Effective Date, and cannot be
      modified, amended, waived or terminated, in whole or in part, except in writing
      signed by the party to be charged.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              Governing
                Law; Jurisdiction.

            

    

     

    The
      validity, interpretation, construction and performance of this Agreement shall
      be governed by the laws of the State of New York applicable to contracts
      executed and to be performed entirely within said State. The provisions of
      this
      Agreement are intended to satisfy the requirements of Section 409A of the Code
      and shall be administered and interpreted in a manner consistent with such
      requirements.

     

     

    
      	
              9.

            	
              Arbitration.
                

            

    

     

    Subject
      to Section 10:

     

    
      	 	
              (a)

            	
              All
                disputes between the Employee and the Company of any kind whatsoever,
                including, without limitation, all disputes relating in any manner
                to the
                employment or termination of
                the Employee and all disputes arising under this Agreement shall
                be
                resolved by arbitration ("Arbitrable
                Claims").
                Arbitration shall be final and binding upon the parties and shall
                be the
                exclusive remedy for all Arbitrable Claims. The parties hereby waive
                any
                rights they may have to trial by jury in regard to Arbitrable
                Claims.

            

    

     

    
      	 	
              (b)

            	
              Arbitration
                of Arbitrable Claims shall be in accordance with the Employment Dispute
                Resolution Rules of the American Arbitration Association ("AAA
                Employment Rules"),
                except as provided otherwise in this Agreement. There shall be one
                arbitrator selected in accordance with the AAA Employment Rules.
                In any
                arbitration, the burden of proof shall be allocated as provided by
                applicable law. Either party may bring an action in court to compel
                arbitration under this Agreement and to enforce an arbitration award.
                Otherwise, neither party shall initiate or prosecute any lawsuit
                or
                administrative action in any way related to any Arbitrable Claim.
                All
                arbitration hearings under this Agreement shall be conducted in New
                York,
                New York. The Federal Arbitration Act shall govern the interpretation
                and
                enforcement of this Section 9. The fees of the arbitrator shall be
                split
                between both parties equally.

            

    

     

    
      	 	
              (c)

            	
              All
                proceedings and all documents prepared in connection with any Arbitrable
                Claim shall be confidential and, unless otherwise required by law,
                the
                subject manner thereof shall not be disclosed to any person other
                than the
                parties to the proceedings, their counsel, witnesses and experts,
                the
                arbitrator and, if involved, the court and court
                staff.

            

    

     

    
      	 	
              (d)

            	
              The
                rights and obligations of Employee and the Company as set forth in
                this
                Section 9 with respect to arbitration shall survive the termination
                of the
                Employee's employment and the expiration of this
                Agreement.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    The
      foregoing consent to arbitration shall not be deemed to confer rights on any
      person other than the respective parties to this Agreement.

     

     

    
      	
              10.

            	
              Right
                to Injunction.

            

    

     

    The
      Employee acknowledges and agrees that irreparable and immediate damage will
      result to the Company if the Employee breaches the Employee's obligations under
      Section 4 or Section 5 hereof. In the event of a breach by the Employee of
      Section 4 or Section 5 hereof, the Company shall be entitled in any court of
      competent jurisdiction to such equitable and injunctive relief as may be
      available to restrain the Employee from the violation of such provisions. The
      remedies provided in this Agreement shall be deemed cumulative and the exercise
      of one shall not preclude the exercise of any other remedy at law or in equity
      for the same event or any other event.

     

     

    
      	
              11.

            	
              Indemnification.

            

    

     

    The
      Company shall indemnify the Employee to the fullest extent permitted by law
      (including, without limitation, advancement of legal fees on a current basis)
      for all matters related to or arising from the Employee's service as an officer,
      director and/or fiduciary of any benefit plan of the Company. The Company shall
      cover the Employee during and after the Employee's employment under the
      Company's director and officer liability insurance to the greatest extent
      afforded any senior officer and director of the Company.

     

     

    
      	
              12.

            	
              Miscellaneous.

            

    

     

    
      	 	
              (a)

            	
              Amendments.
                No
                amendment, modification or waiver of any of the terms of this Agreement
                shall be valid unless made in writing and signed by the Employee
                and the
                Company.

            

    

     

    
      	 	
              (b)

            	
              Survival.
                All provisions of this Agreement shall survive the termination or
                cessation of the Employee's employment with the
                Company.

            

    

     

    
      	 	
              (c)

            	
              Successor
                in Interest.
                This Agreement and the rights and obligations hereunder shall be
                binding
                upon and inure to the benefit of the parties hereto and their respective
                legal representatives, and shall also bind and inure to the benefit
                of any
                successor of the Company by merger or consolidation or any purchaser
                or
                assignee of all or substantially all of its assets. Neither this
                Agreement
                nor any of the rights or benefits hereunder may be assigned by either
                party hereto, except to any such aforementioned successor, purchaser,
                or
                assignee of the Company. The Employee may not assign any of his
                obligations or duties under this
                Agreement.

            

    

     

    
      	 	
              (d)

            	
              Waiver.
                The
                waiver by the Company or the Employee, as the case may be, of a breach
                of
                this Agreement by the Employee or the Company, as the case may be,
                shall
                not operate or be construed as a waiver of any subsequent breach
                by the
                other party.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              Notices.
                All
                notices to be given hereunder shall be in writing and shall be (i)
                personally delivered, (ii) sent by certified mail, return receipt
                requested, (iii) sent by facsimile or (iv) transmitted by e-mail.
                Notices
                to be given to the Employee shall be sent to the address indicated
                below
                the Employee's signature below. Notices to be given to the Company
                shall
                be sent to Tailwind Financial Inc., 800 Third Avenue, New York, New
                York
                10022, Facsimile 212-207-8785, to the attention of Arnold L. Mintz,
                President and Chief Operating Officer. Notices of any changes in
                the above
                addresses shall be given to the other party in
                writing.

            

    

     

    
      	 	
              (f)

            	
              Severability.
                If
                any provision of this Agreement shall contravene any law of any particular
                state where the Employee shall perform services for the Company,
                then this
                Agreement shall be first construed to be limited in scope and duration
                so
                as to be enforceable in that state, and if still unenforceable, shall
                then
                be construed as if such provision is not contained
                herein.

            

    

     

    
      	 	
              (g)

            	
              Headings.
                Titles or captions of Sections contained in this Agreement are inserted
                only as a matter of convenience and for reference, and in no way
                define,
                limit, extend or describe the scope of this Agreement or the intent
                of any
                provisions hereof.

            

    

     

    
      	 	
              (h)

            	
              Counterparts.
                This
                Agreement may be executed in two or more counterparts, and by each
                party
                on separate counterparts, each of which shall be deemed an original,
                but
                all of which together shall constitute one and the same
                instrument.

            

    

     

     

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

     

    
      	 	 	 
	 	
              Tailwind
                Financial Inc.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

            
	 	Title 

    

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              

              Stephen
                G. Bondi

            
	 	
               

              Address:

              17
                Meritoria Drive

              East
                Williston, NY 15596

            

    

     

    
    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    

    The
      undersigned hereby consents to the termination of the Prior Agreement in its
      entirely, subject to and effective as of the Effective Date.

    

    Asset
      Alliance Corporation

    

    By:
      _______________________________

    Name:

    Title:

     

     

     

     

     

     

     

    
 

     

    
      
        
        

      

      
        12

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