Document:

<PAGE>
                                                                    EXHIBIT 10.1

                                SECOND AMENDMENT

                  SECOND AMENDMENT (this "Amendment"), dated as of January 22,
2003, among FLEMING COMPANIES, INC., the lenders party to the Credit Agreement
referred to below (the "Lenders"), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Administrative Agent. All capitalized terms used herein and not otherwise
defined herein shall have the respective meanings provided such terms in the
Credit Agreement referred to below.

                                   WITNESSETH:

                  WHEREAS, the Borrower, the Lenders and the Administrative
Agent are parties to a Credit Agreement, dated as of June 18, 2002 (as amended,
modified and supplemented to, but not including the date hereof, the "Credit
Agreement"); and

                  WHEREAS, the parties hereto wish to amend the Credit Agreement
on the terms and subject to the conditions contained herein;

                  NOW, THEREFORE, it is agreed:

                  1. The definition of "Applicable Rate" in Section 1.01 of the
Credit Agreement is hereby amended by inserting the following new text at the
end thereof:

                  "; PROVIDED FURTHER that during the period commencing on the
Second Amendment Effective Date to and ending on the last day of the Borrower's
fiscal quarter ending closest to March 31, 2003, the respective percentages in
each column in the table above and the Applicable Rates applicable to B Term
Loans as provided above shall be increased by 0.50%".

                  2. The definition of "Maximum Notes Prepayment Amount" in
Section 1.01 of the Credit Agreement is hereby amended by inserting the
following sentence at the end thereof:

                  "Notwithstanding anything contained above, at all times during
the period from the Second Amendment Effective Date to and including the last
day of the Borrower's fiscal quarter ending closest to March 31, 2003, Maximum
Notes Prepayment Amount shall instead mean $0."

                  3. Section 1.01 of the Credit Agreement is hereby further
amended by inserting the following definitions in such Section in their proper
alphabetical order:

                  "ADJUSTED ASSET COVERAGE RATIO" means, at any time, the ratio
of (i) (x) the consolidated net trade accounts receivable (net of allowances for
doubtful accounts) of the Borrower and the Guarantors plus (y) the consolidated
net inventory of the Borrower and the Guarantors at such time (valued on a
First-in First-out (FIFO) basis), in each case only to the extent the Collateral
Agent has a first priority perfected security interest therein (subject to no
other Lien other than any statutory Lien on such inventory permitted pursuant to
Section 6.01(h), but only if such Lien would not affect in any material respect
the value of such inventory or the ability of the Collateral Agent to exercise
its rights against such inventory pursuant to the

<PAGE>
Security Agreement), to (ii) the sum of (x) the aggregate amount of all
principal of Loans outstanding at such time plus (y) the total LC Exposure at
such time. Notwithstanding anything to the contrary contained in this
definition, for the purposes of making determinations of the Adjusted Asset
Coverage Ratio at any time, the Collateral Agent shall not be considered to have
a first priority perfected security interest in any Inventory of the Borrower or
any Guarantor which is located on real property (i) that the Borrower or the
respective Guarantor leases (other than pursuant to an acquired or assumed
lease) from a Person (other than the Borrower or any of its Subsidiaries)
pursuant to a lease entered into after the Effective Date unless the lessor of
such real property has executed and delivered to the Collateral Agent a
Landlord-Lender Agreement or (ii) owned by the Borrower or one of its
Subsidiaries that is subject to a mortgage (other than an acquired or assumed
mortgage) entered into after the Effective Date in favor of a Person (other than
the Borrower or any Subsidiary thereof) unless the mortgagee in respect thereof
shall have executed and delivered to the Collateral Agent a Mortgagee Agreement.

                  "SECOND AMENDMENT EFFECTIVE DATE" means the date upon which
the Second Amendment to this Agreement, dated January 22, 2003 becomes
effective.

                  4. Section 2.09(c) is hereby amended by deleting the second
sentence of such Section and inserting the following new sentence in lieu
thereof:

                  "In addition, upon the Second Amendment Effective Date, the
Revolving Commitments shall be permanently reduced to $475,000,000."

                  5. Section 5.01 of the Credit Agreement is hereby amended by
(i) deleting the word "and" appearing at the end of clause (j) thereof, (ii)
redesignating clause (k) thereof as clause (l) and (iii) inserting the following
new clause (k) immediately following clause (j) thereof:

                  "(k) within 10 Business Days after the last day of each fiscal
month of the Borrower, a certificate of a Financial Officer setting forth in
reasonable detail the calculations required to establish whether the Borrower
was in compliance with the requirements of Sections 6.11 and 6.18 on the last
day of such fiscal month; and"

                  6. Section 6.08(a) of the Credit Agreement is hereby amended
by inserting the following new text at the end thereof:

                  ", PROVIDED that, notwithstanding anything contained above in
this clause (a), the aggregate amount of Capital Expenditures permitted to be
made by the Borrower and its Subsidiaries during the period from the last day of
the Borrower's fiscal quarter ending closest to December 31, 2002 to, but not
including, the last day of the Borrower's fiscal quarter ending closest to March
31, 2003 shall be $50,000,000".

                  7. Section 6.10 of the Credit Agreement is hereby amended by
(i) deleting the date "September 30, 2002" appearing in the table set forth in
such Section and inserting the date "December 31, 2002" in lieu thereof and (ii)
deleting the ratio "4.75:1.00" appearing in such table and inserting the ratio
"5.00:1.00" in lieu thereof.

                  8. Section 6.18 is hereby added as follows:

                                      -2-

<PAGE>
                  "SECTION 6.18 ADJUSTED ASSET COVERAGE RATIO. The Borrower will
not permit the Adjusted Asset Coverage Ratio to be less than 2.50:1.00 at any
time during the period from the Second Amendment Effective Date to and
including, the last day of the Borrower's fiscal quarter ending closest to March
31, 2003."

                  9. In order to induce the Lenders to enter into this
Amendment, the Borrower hereby represents and warrants that (x) no Default or
Event of Default exists on the Second Amendment Effective Date (as defined
below), after giving effect to this Amendment, and (y) all of the
representations and warranties contained in the Credit Agreement and in the
other Loan Documents shall be true and correct in all material respects on the
date hereof, both before and after giving effect to this Amendment, with the
same effect as though such representations and warranties had been made on and
as of such date.

                  10. This Amendment is limited as specified and shall not
constitute a modification, acceptance or waiver of any other provision of the
Credit Agreement or any other Loan Document.

                  11. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with the Borrower and the Administrative Agent.

                  12. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW
OF THE STATE OF NEW YORK.

                  13. This Amendment shall become effective on the date (the
"Second Amendment Effective Date") when (i) the Borrower and the Required
Lenders shall have signed a counterpart hereof and shall have delivered
(including by way of telecopier) the same to the Administrative Agent at the
address provided in Section 9.01(b) of the Credit Agreement by 2:00 p.m. (New
York City time) on January 22, 2003 and (ii) the Borrower shall have paid to the
Administrative Agent for distribution to each Lender who has delivered an
executed counterpart hereof by 2:00 p.m. (New York City time) on January 22,
2003 as provided in clause (i) above a non-refundable cash fee in an amount
equal to 12.5 basis points (0.125%) of an amount equal to the sum of the
outstanding principal amount of Term Loans of such Lender and the Revolving
Commitment of such Lender, in each case as same is in effect on the Second
Amendment Effective Date (after giving effect to the reduction to the Revolving
Commitments pursuant to this Amendment).

                  14. From and after the Second Amendment Effective Date, all
references in the Credit Agreement and each of the other Loan Documents to the
Credit Agreement shall be deemed to be references to the Credit Agreement as
modified hereby.

                                      * * *

                                      -3-

<PAGE>
                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective authorized officers as of the
day and year first above written.

                                          FLEMING COMPANIES, INC.

                                          By          /s/ Mark Shapiro
                                              ----------------------------------
                                              Name:   Mark Shapiro
                                              Title:  Senior Vice President,
                                                      Finance and Operations
                                                      Control

                                          DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                              Individually and as Administrative
                                              Agent

                                          By          /s/ Marco Orlando
                                            ------------------------------------
                                              Name:   Marco Orlando
                                              Title:  Director

                                          FORTIS CAPITAL CORP.

                                          By          /s/ Eddie Matthews
                                            ------------------------------------
                                              Name:   Eddie Matthews
                                              Title:  Senior Vice President

                                          FORTIS CAPITAL CORP.

                                          By          /s/ John C. Preneta
                                            ------------------------------------
                                              Name:   John C. Preneta
                                              Title:  Executive Vice President

                                          MIZUHO CORPORATE BANK, LTD.

                                          By          /s/ Yuji Tanaka
                                            ------------------------------------
                                              Name:   Yuji Tanaka
                                              Title:  Vice President

<PAGE>
                                          VAN KAMPEN PRIME RATE INCOME TRUST

                                          By:  Van Kampen Investment Advisory
                                               Corp.

                                              By /s/ Darvin D. Pierce
                                                 -------------------------------
                                                 Name:  Darvin D. Pierce
                                                 Title: Executive Director

                                          VAN KAMPEN SENIOR INCOME TRUST

                                          By:  Van Kampen Investment Advisory
                                               Corp.

                                              By /s/ Darvin D. Pierce
                                                 -------------------------------
                                                 Name:  Darvin D. Pierce
                                                 Title: Executive Director

                                          VAN KAMPEN SENIOR FLOATING RATE FUND

                                          By:  Van Kampen Investment Advisory
                                               Corp.

                                              By /s/  Darvin D. Pierce
                                                 -------------------------------
                                                 Name:  Darvin D. Pierce
                                                 Title: Executive Director

                                          VAN KAMPEN CLO II, LIMITED

                                          By:  Van Kampen Investment Advisory
                                               Corp., as Collateral Manager

                                              By /s/ Darvin D. Pierce
                                                 -------------------------------
                                                 Name:  Darvin D. Pierce
                                                 Title: Executive Director

<PAGE>
                                          KZH CNC LLC

                                          By         /s/ Anthony Arrobino
                                             -----------------------------------
                                              Name:  Anthony Arrobino
                                              Title: Authorized Agent

                                          KZH CYPRESSTREE-1 LLC

                                          By         /s/ Anthony Arrobino
                                             -----------------------------------
                                              Name:  Anthony Arrobino
                                              Title: Authorized Agent

                                          KZH ING-2 LLC

                                          By         /s/ Anthony Arrobino
                                             -----------------------------------
                                              Name:  Anthony Arrobino
                                              Title: Authorized Agent

                                          KZH SOLEIL LLC

                                          By         /s/ Anthony Arrobino
                                             -----------------------------------
                                              Name:  Anthony Arrobino
                                              Title: Authorized Agent

                                          KZH SOLEIL-2 LLC

                                          By         /s/ Anthony Arrobino
                                             -----------------------------------
                                              Name:  Anthony Arrobino
                                              Title: Authorized Agent

                                          KZH STERLING LLC

                                          By         /s/ Anthony Arrobino
                                             -----------------------------------
                                              Name:  Anthony Arrobino
                                              Title: Authorized Agent

<PAGE>
                                          KZH WATERSIDE LLC

                                          By       /s/ Anthony Arrobino
                                             -----------------------------------
                                              Name:    Anthony Arrobino
                                              Title:   Authorized Agent

                                          MORGAN STANLEY PRIME INCOME TRUST

                                          By       /s/ Peter Gerwitz
                                             -----------------------------------
                                              Name:    Peter Gerwitz
                                              Title:   Vice President

                                          MUIRFIELD TRADING LLC

                                          By       /s/ Diana L. Mushill
                                             -----------------------------------
                                              Name:    Diana L. Mushill
                                              Title:   Asst. Vice President

                                          OLYMPIC FUNDING TRUST, SERIES 1999-1

                                          By       /s/ Diana L. Mushill
                                             -----------------------------------
                                              Name:    Diana L. Mushill
                                              Title:   Authorized Agent

                                          HARBOUR TOWN FUNDING LLC

                                          By       /s/ Diana L. Mushill
                                             -----------------------------------
                                              Name:    Diana L. Mushill
                                              Title:   Asst. Vice President

                                          WINGED FOOT FUNDING TRUST

                                          By       /s/ Diana L. Mushill
                                             -----------------------------------
                                              Name:    Diana L. Mushill
                                              Title:   Authorized Agent

<PAGE>
                                          JUPITER LOAN FUNDING LLC

                                          By       /s/ Diana L. Mushill
                                             -----------------------------------
                                              Name:    Diana L. Mushill
                                              Title:   Asst. Vice President

                                          DENALI CAPITAL LLC, managing member of
                                              DC Funding Partners, portfolio
                                              manager for DENALI CAPITAL CLO I,
                                              LTD., or an affiliate

                                          By       /s/ John P. Thacker
                                             -----------------------------------
                                              Name:    John P. Thacker
                                              Title:   Chief Credit Officer

                                          DENALI CAPITAL LLC, managing member of
                                              DC Funding Partners, portfolio
                                              manager for DENALI CAPITAL CLO II,
                                              LTD., or an affiliate

                                          By       /s/ John P. Thacker
                                             -----------------------------------
                                              Name:    John P. Thacker
                                              Title:   Chief Credit Officer

                                          AMERICAN EXPRESS CERTIFICATE COMPANY

                                          By: American Express Asset Management
                                              Group, Inc., as Collateral Manager

                                              By      /s/ Yvonne E. Stevens
                                                 -------------------------------
                                                  Name:   Yvonne E. Stevens
                                                  Title:  Senior Managing
                                                          Director

<PAGE>
                                          IGB LIFE INSURANCE COMPANY

                                          By: American Express Asset Management
                                              Group, Inc., as Collateral
                                              Manager

                                              By      /s/ Yvonne E. Stevens
                                                --------------------------------
                                                  Name:   Yvonne E. Stevens
                                                  Title:  Senior Managing
                                                          Director

                                          CENTURION C94 VI, LTD.

                                          By: American Express Asset Management
                                              Group, Inc., as Collateral
                                              Manager

                                              By      /s/ Leanne Stavrakis
                                                --------------------------------
                                                  Name:   Leanne Stavrakis
                                                  Title:  Director - Operations

                                          SEQUILS - CENTURION V, LTD.

                                          By: American Express Asset Management
                                              Group, Inc., as Collateral
                                              Manager

                                              By      /s/ Leanne Stavrakis
                                                --------------------------------
                                                  Name:   Leanne Stavrakis
                                                  Title:  Director - Operations

                                          SEQUILS - GLACE BAY, LTD.

                                          By: Royal Bank of Canada, as
                                              Collateral Manager

                                              By      /s/ Melissa Marano
                                                --------------------------------
                                                  Name:   Melissa Marano
                                                  Title:  Principal

<PAGE>
                                          BLACK DIAMOND INTERNATIONAL FUNDING,
                                          LTD.

                                          By       /s/ Alan Corkish
                                             -----------------------------------
                                              Name:    Alan Corkish
                                              Title:   Director

                                          COMERICA BANK

                                          By       /s/ Mark B. Grover
                                             -----------------------------------
                                              Name:    Mark B. Grover
                                              Title:   First Vice President

                                          SANKATY ADVISORS, LLC, as Collateral
                                              Manager for Castle Hill
                                              II - INGOTS, Ltd., as Term Lender

                                          By       /s/ Timothy M. Barns
                                             -----------------------------------
                                              Name:    Timothy M. Barns
                                              Title:   Senior Vice President

                                          SANKATY ADVISORS, LLC, as Collateral
                                              Manager for Great Point
                                              CLO 1999-1 LTD., as Term Lender

                                          By       /s/ Timothy M. Barns
                                             -----------------------------------
                                              Name:    Timothy M. Barns
                                              Title:   Senior Vice President

                                          SANKATY ADVISORS, LLC, as Collateral
                                              Manager for Race Point
                                              CLO, Limited, as Term Lender

                                          By       /s/ Timothy M. Barns
                                             -----------------------------------
                                              Name:    Timothy M. Barns
                                              Title:   Senior Vice President

<PAGE>
                                          SANKATY HIGH YIELD PARTNERS III, L.P.

                                          By      /s/ Timothy M. Barns
                                             -----------------------------------
                                              Name:   Timothy M. Barns
                                              Title:  Senior Vice President

                                          HARCH CLO I, LTD.

                                          By      /s/ Michael E. Lewitt
                                             -----------------------------------
                                              Name:   Michael E. Lewitt
                                              Title:  Authorized Signatory

                                          APEX (TRIMARAN) CDO I, LTD.

                                          By:  Trimaran Advisors, L.L.C.

                                              By   /s/ David M. Millison
                                                 -------------------------------
                                                  Name:   David M. Millison
                                                  Title:  Managing Director

                                          STANFIELD CARRERA CLO, LTD.

                                          By:  Stanfield Capital Partners LLC,
                                               as its Asset Manager

                                              By   /s/ Christopher A. Bondy
                                                 -------------------------------
                                                  Name:   Christopher A. Bondy
                                                  Title:  Partner

                                          BANK OF AMERICA, N.A.

                                          By   /s/ William F. Sweeney
                                             -----------------------------------
                                              Name:    William F. Sweeney
                                              Title:   Managing Director<PAGE>

                            M.H. MEYERSON & CO., INC.
                        525 Washington Blvd., 34th Floor
                              Jersey City, NJ 07310

                                                            January 14, 2003

Mr. John P. Leighton
180 Nassau Blvd.
Garden City, NY  11530

Dear Mr. Leighton:

         The purpose of this letter agreement (the "Letter Agreement") is to set
forth the terms and conditions upon which you will become an employee of and a
lender to M.H. MEYERSON & CO., INC. (the "Company").

         Concurrently with the execution of this Letter Agreement, you and the
Company are entering into (i) an agreement (the "Employment Agreement")
providing for your employment by the Company as its Chief Executive Officer;
(ii) an Option Agreement providing for the grant of stock options to purchase
375,000 shares of the Company's common stock, par value $.01 per share ("Common
Stock"); and (iii) a Warrant Agreement providing for the issuance of warrants to
purchase 1,000,000 shares of Common Stock. The Agreements referred to in
sub-clauses (i) through (iii) above are collectively referred to as the
"Agreements".

         In addition to the arrangements contemplated by the Agreements, you and
the Company have agreed that concurrently with the execution of this Letter
Agreement and the Agreements, the following actions are being taken:

         1. The Board of Directors of the Company (the "Board") have voted to
expand the number of directors constituting the entire Board by two (2)
positions. You are being appointed to fill one of the newly-created positions
and also appointed to the Board's Executive Committee. In addition, Michael T.
Dorsey, your nominee, is being appointed to fill the other newly-created
position. You are being elected Co-Chairman of the Board.

         2. The Company shall, if required bearing in mind that the terms of the
directors are staggered, nominate you and Mr. Dorsey for re-election as
directors of the Company to serve as such during the Term of Employment (as
defined in the Employment Agreement) when the class of Directors to which you
and Mr. Dorsey have been appointed is to be re-elected. Effective January 1,
2004 and, assuming re-election by the shareholders of the Company, if required,
the Company agrees that during the remaining Term of Employment, you will be
elected and serve as Chairman of the Board.

         3. Martin H. Meyerson will serve as Co-Chairman of the Board through
December 31, 2003. Effective January 1, 2004, Mr. Meyerson will resign as
Co-Chairman and will be retained as a

<PAGE>

consultant to the Company pursuant to a consulting agreement (the "Consulting
Agreement"). The Consulting Agreement shall be for a two (2) year term, provide
for a Ten Thousand Dollars ($10,000) per month fee, reimbursement of health and
life insurance premiums and reimbursement of car, driver and telephone expenses.
During the term of the Consulting Agreement, Mr. Meyerson shall be Chairman
Emeritus of the Board.

         4. Giving effect to your and Mr. Dorsey's appointment to the Board, the
entire Board will consist of ten (10) members. Pursuant to the Company's
Certificate of Incorporation, the entire Board can consist of a maximum of
thirteen (13) members. The Company agrees that the number of directors
constituting the entire Board cannot be expanded beyond ten (10) members without
the vote of seventy-five percent (75%) of the entire Board.

         5. The Board agrees to approve and to submit to a vote of the
shareholders of the Company at the next annual meeting, tentatively scheduled
for June 2003 unless other corporate matters need to be brought to a shareholder
vote sooner than June 2003, in which case these matters will be included in the
proxy materials covering such other corporate matters, for the shareholders'
approval of the following matters:

            (a) Adoption of a new stock option plan pursuant to which the
         Company will issue the Options (as defined in the Employment
         Agreement).

            (b) Issuance of the Warrants (as defined in the Warrant
         Agreement) to you providing for the purchase of 1,000,000 shares of
         Common Stock.

         6. The Company agrees to file, as promptly as practicable after
shareholder approval of the matters set forth in Section 5 hereof, (i) a
Registration Statement on Form S-8 to cover the shares of Common Stock issuable
upon exercise of the Options, which Registration Statement will contain, if
necessary, a re-sale prospectus naming you as a selling stockholder and (ii) a
Registration Statement on Form S-3 to cover the shares of Common Stock issuable
to you upon exercise of the Warrants issued under the Warrant Agreement referred
to above.

         7. To induce you to enter into this Letter Agreement and the
Agreements, the Company hereby represents and warrants to you that as of the
date hereof:

            (a) The Company is duly organized, validly existing and in good
         standing under the laws of the State of New Jersey, with all requisite
         corporate power and authority to execute, deliver and perform its
         obligations under the Letter Agreement and the Agreements.

             (b) The Company is a broker-dealer duly registered with the
         Securities and Exchange Commission pursuant to the Securities Exchange
         Act of 1934, as amended (the "Exchange Act"). The Company is not in
         violation of the "net capital" rules promulgated under the Exchange
         Act.

             (c) The Company is a member of the National Association of
         Securities Dealers, Inc.

                                       2
<PAGE>

             (d) Except as set forth in Schedule A hereto, there is no action,
         claim, suit or proceeding pending or, to the Company's Knowledge (as
         defined below), threatened against the Company before any court or
         governmental entity each involving an amount in excess of $500,000. For
         purposes of this Letter Agreement, the term "Knowledge" with respect to
         the Company means the actual knowledge of any of the officers and other
         employees of the Company identified in Schedule B hereto.

             (e) The Company's Annual Report on Form 10-K for the year ended
         January 31, 2002 contains an unqualified opinion of the Company's
         independent auditors on the Company's financial statements for the
         fiscal year ended January 31, 2002.

             (f) Except pursuant to the Employment Agreement, no bonus payments
         have been promised, are due or owing or will be paid to any employee
         for the year ending (x) December 31, 2002 or (y) December 31, 2003.

             (g) All compensation to employees for the year ending December 31,
         2002 has been paid or adequate reserves have been established to pay
         said compensation.

             (h) Schedule C to this Letter Agreement sets forth the total
         compensation and other amounts due Martin H. Meyerson and members of
         his family from the Company.

         8. Currently with the execution of this Letter Agreement, you or your
nominee are making a $500,000 subordinated loan (NASD Form SL1) to the Company
which loan shall be subject to NASD approval and shall be used for net capital
purposes for the Company (the "Loan"). The proceeds of the Loan shall be
deposited at the Company's clearing firm or in any national financial
institution approved by the NASD. The proceeds of the Loan will be invested for
the same duration and terms as Martin H. Meyerson's or his nominee's
subordinated loan made in December 2002. In the event that your employment by
the Company is terminated, you may, in your discretion, apply to the NASD to
withdraw the subordinated loan made pursuant to this paragraph in accordance
with the guidelines set forth in NASD Form SL1. The Company agrees to reasonably
cooperate in such withdrawal.

         Commencing with the date hereof and for one week thereafter there shall
be a transition period (the "Transition Period"). During the Transition Period,
you will determine if any new employees are required and, if so, you will, with
the assistance of the Co-Chairman and the Board, where required, agree upon
employment agreements or arrangements for the new employees.

         You acknowledge and agree that the Company has provided you with all
information and materials regarding the Company that you have requested in order
to evaluate the desirability of entering into this Letter Agreement and the
Agreements.

         This Letter Agreement shall be governed in all respects, including
validity, construction, interpretation and effect, by New Jersey law, without
giving effect to conflicts of laws. The parties hereby agree that any action,
proceeding or claim arising out of, or relating in any way to, this Letter

                                       3

<PAGE>

Agreement shall be determined by arbitration, except for injunction proceedings
brought to enforce the provisions of this Letter Agreement which may be brought
and enforced in the courts of the State of New Jersey or of the United States of
America for New Jersey, and irrevocably submit to such jurisdiction, and waive
any claim that such courts represent an inconvenient forum. Any arbitration
under this Letter Agreement shall be conducted pursuant to the Rules of the
National Association of Securities Dealers, Inc. and before an arbitration panel
appointed by such Association. The award of the arbitrator or a majority of them
shall be final, and judgment on the award may be entered in any state or federal
court having jurisdiction. In this regard, a request by either party for
arbitration shall be binding on the other. Any process or summons to be served
upon either party may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to such
party at the address set forth hereinabove. Such mailing shall be deemed
personal service and shall be legal and binding upon said party in any action,
proceeding or claim.

         All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given in accordance with the notice
provisions of the Employment Agreement.

         This Letter Agreement, the Agreements and the agreements referred to
herein and therein set forth the entire understanding of, and supersede and
revoke all prior agreements between, the parties relating to the subject matter
contained herein and merges all prior discussions between them.

         If any provision of this Letter Agreement shall be held invalid under
applicable law, the remaining provisions shall remain in full force and effect.

         This Letter Agreement may be amended, superseded, canceled, renewed or
extended, and the terms hereof may be waived, only by a written instrument
signed by you and an authorized representative of the Company or, in the case of
a waiver, by you or an authorized representative of the Company waiving
compliance, as the case may be. No such written instrument shall be effective
unless it expressly recites that it is intended to amend, supersede, cancel,
renew or extend this Letter Agreement or to waive compliance with one or more of
the terms hereof, as the case may be. No delay on the part of any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power
or privilege, or any single or partial exercise of any such right, power or
privilege, preclude any further exercise thereof or the exercise of any other
such right, power or privilege. The rights and remedies herein provided are
cumulative and are not exclusive of any rights or remedies that any party may
otherwise have at law or in equity.

         Kindly indicate your agreement with the above by signing the enclosed
copy of this letter and returning it to the undersigned.

                                               Sincerely yours,
                                               M.H. MEYERSON & CO., INC.

                                               By: /s/ Martin H. Meyerson
                                                   ----------------------
                                                   Martin H. Meyerson
                                                   Chairman

ACKNOWLEDGED AND AGREED
TO AS OF THE DATE FIRST SET
FORTH ABOVE:

/s/ John P. Leighton
--------------------
John P. Leighton

                                       4

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