Document:

EX-10.1

 

July 25, 2007

DEPFA BANK plc

1, Commons Street

Dublin 1

Ireland

Attention: Legal Department

DEPFA BANK plc, New York Branch

623 Fifth Avenue, 22nd Floor

New York, NY 10022

Attention: Executive Director

Ladies and Gentlemen:

     Re: Notice and Waiver

     We refer to that certain Asset Purchase Agreement, dated as of March 6, 2007, among DEPFA BANK
plc, an Irish public limited company (“Buyer”), First Albany Capital Inc., a New York
corporation (“Seller”), and First Albany Companies Inc., a New York Corporation
(“Parent”) (the “Asset Purchase Agreement”). Capitalized terms used but not
otherwise defined herein shall have the meanings given to them in the Asset Purchase Agreement.

     Section 8.2 of the Asset Purchase Agreement requires that Parent include, as a management
proposal to be voted on by the shareholders of Parent at its next annual meeting no later than June
30, 2007, an amendment to its certificate of incorporation changing its corporate name to a name
that does not include the words “First Albany” or any derivative thereof or the word “FA” except as
set forth in the Disclosure Letter Schedule 2.2 (the “Charter Amendment”). By signing
below you acknowledge prior receipt of notification in accordance with Section 7.2 of the Asset
Purchase Agreement that Parent will not include certain information related to the Charter
Amendment in its annual meeting proxy for its annual meeting of shareholders and will not hold its
annual meeting of shareholders on or before June 30, 2007.

     Pursuant to Section 13.8 of the Asset Purchase Agreement, which provides that any provision of
the Asset Purchase Agreement may be waived, or the time for its performance may be extended, by the
party or parties entitled to the benefit thereof, Parent requests that Buyer waive, and Buyer
hereby waives, the provisions in Section 8.2 of the Asset Purchase Agreement requiring that the
Charter Amendment be voted upon by the shareholders of Parent at its next annual meeting and that
the annual meeting be held no later than June 30, 2007; provided, that on the tenth
Business Day following the satisfaction or waiver of all of the conditions set forth in Articles IX
and X of the Asset

 

 

Purchase Agreement, other than the condition set forth in Section 9.8 and other than such
conditions to be satisfied on the Closing Date, then, unless otherwise agreed in writing by the
parties (i) Parent shall have caused its Subsidiaries to have changed their corporate names as
required by Section 8.2 of the Asset Purchase Agreement, (ii) Parent shall have caused the business
of Parent to be operated under a trade name that does not include the name “First Albany” or “FA”
or any derivatives thereof and (iii) Parent and Buyer shall have entered into a license agreement,
substantially in the form of Exhibit A hereto. Notwithstanding the foregoing or any other
provision of the Asset Purchase Agreement, Parent agrees that it shall use its commercially
reasonable efforts to hold a meeting of shareholders as necessary to approve the Charter Amendment
prior to or (if necessary) following the Closing, including following the closing of the Investment
Agreement dated May 14, 2007 between Parent and MatlinPatterson FA Acquisition LLC
(“MatlinPatterson”) irrespective of whether prior to such closing, a meeting of
shareholders was held at which the Charter Amendment was voted on and not approved.

     Section 7.4(b)(v) of the Asset Purchase Agreement provides that Parent and Seller shall not
maintain Tentative Net Capital of Seller (on a company wide basis) of less than $18,000,000;
provided, that for a period not less than five (5) consecutive Business Days, Seller’s
Tentative Net Capital may be less than $18,000,000 but not less than $15,000,000. Pursuant to
Section 13.8 of the Asset Purchase Agreement, which provides that any provision of the Asset
Purchase Agreement may be waived, or the time for its performance may be extended, by the party or
parties entitled to the benefit thereof, Parent requests that Buyer waive, and Buyer hereby waives,
Parent’s and Seller’s compliance with the requirements of Section 7.4(b)(v); provided, that
Seller shall provide to Buyer (a) on a daily basis from the date hereof until the Closing Date (or
earlier termination of the Asset Purchase Agreement) the daily haircut capital report in the form
delivered to Seller’s management, (b) a copy of Seller’s FOCUS Report for the quarter ended March
31, 2007 and (c) a copy of Seller’s FOCUS Report for the quarter ended June 30, 2007 promptly
following filing of such report with the NASD.

     This waiver from Buyer is conditioned on the prior execution and delivery by MatlinPatterson
to Buyer of the Voting Agreement, substantially in the form of Exhibit B hereto. This waiver shall
be effective upon execution by the Buyer, Seller and Parent. This waiver shall be governed by and
construed in accordance with the internal laws (as opposed to the conflicts of law provisions) of
the State of New York. This waiver may be executed in several counterparts, each of which is an
original, but all of which together constitute one and the same agreement. The execution and
delivery of this waiver by Buyer represents its irrevocable consent to, and agreement and
acknowledgment of, the terms contained herein. The execution and delivery of this waiver shall
not, except as specifically provided herein, constitute a waiver of any other provision of the
Asset Purchase Agreement, including any other obligations of Parent under Section 7.3(a) and
Section 8.2 of the Asset Purchase Agreement. Except as specifically provided herein, the Asset
Purchase Agreement shall remain in full force and effect.

[SIGNATURE PAGE FOLLOWS]

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     Please indicate your agreement to the foregoing by signing below.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	FIRST ALBANY COMPANIES INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter J. McNierney	 	 
	 

	 	 	 	 
	 	 
	 

	 	Name:
	 	Peter J. McNierney	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	FIRST ALBANY CAPITAL INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Peter J. McNierney	 	 
	 

	 	 	 	 
	 	 
	 

	 	Name:
	 	Peter J. McNierney	 	 
	 

	 	Title:
	 	Chief Executive Officer	 	 

     We confirm our agreement and acceptance of the foregoing.

	 	 	 	 	 
	DEPFA BANK PLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kieran Walsh	 	 
	 

	 	 
	 	 
	Name:

	 	Kieran Walsh	 	 
	Title:
	 	Managing Director	 	 
	 
	 	 	 	 
	By:

	 	/s/ John Andrade	 	 
	 

	 	 
	 	 
	Name:

	 	John Andrade	 	 
	Title:
	 	Director	 	 

 
 
 

Waiver Agreement Signature Page

 

 

Exhibit A

LICENSE AGREEMENT

     This LICENSE AGREEMENT (this “Agreement”) is made and entered into this [_] day of
[_], 2007 (the “Effective Date”), by and between [DEPFA BANK plc, an Irish public limited
company][Depfa First Albany Securities LLC, a New York limited liability company]
(“Licensor”), and First Albany Companies Inc., a New York corporation (“Licensee”).
Licensor and Licensee will be referred to herein collectively as the “Parties” and each
individually as a “Party.” Capitalized terms not otherwise defined herein shall have the
meanings given to such terms in the APA (as defined below).

     WHEREAS, Licensor and Licensee have entered into that certain Asset Purchase Agreement, dated
March 6, 2007 (the “APA”), pursuant to which, among other things, Licensor will purchase at
the Closing Licensee’s Municipal Capital Markets Group and certain related assets, including
without limitation all right, title and interest to the common law trademark “First Albany” (the
“Mark”);

     WHEREAS, in accordance with Section 8.2 of the APA, Licensee will include as a management
proposal to be voted on by its shareholders at its next special meeting of shareholders (the
“Meeting”) an amendment to its certificate of incorporation changing its corporate name to
a name that does not include the Mark (such amendment, the “Charter Amendment”);

     WHEREAS, Licensor has waived certain provisions of the APA so that Licensee may hold the
Meeting following the Closing, and the Parties intend that Licensee will have the right to continue
to use the Mark as part of its official corporate name in accordance with, and subject to, the
terms and conditions of this Agreement; and

     WHEREAS, this License Agreement is being entered into at the Closing.

     NOW, THEREFORE, the Parties agree as follows:

     1. License. Subject to the terms and conditions of this Agreement, Licensor hereby
grants to Licensee a non-exclusive, royalty-free, non-transferable, non-sublicensable license (the
“License”) under Licensor’s rights in and to the Mark to use the Mark in Licensee’s
official corporate name and in any other context where (a) use of Licensee’s official corporate
name is required by applicable law, including without limitation its certificate of incorporation,
by-laws and regulatory and other governmental filings, and (b) Licensee in the ordinary conduct of
its business must use the Mark in order to identify itself, including without limitation in
correspondence and contracts.

     2. Quality Control; Indemnification. Licensee acknowledges the high standards,
quality, style and image of the Mark and agrees that it shall not take any action materially
inconsistent with the reputation for high quality symbolized by the Mark. It is acknowledged and
agreed that Licensee’s obligations under the preceding sentence shall be fully satisfied if
Licensee provides services under the Mark of a quality at least equivalent to those provided by
Licensee under the Mark immediately prior to the Closing. Licensee agrees to indemnify and hold
harmless the Licensor against any and all Losses and Expenses incurred by Licensor in connection
with or arising from any breach by Licensee of any of its covenants or

 

 

agreements contained in this Agreement; provided, that such indemnification by
Licensee (x) will be subject to the terms and limitations contained in Article XI of the APA as if
such indemnification were included in Section 11.1(a) of the APA together with the other
indemnifications by Licensee and Seller therein and (y) shall survive for the period of the Term.

     3. Assignment. Licensor shall not assign, convey or otherwise transfer or dispose of
the Mark to any third party, and any attempt to do so by Licensor shall be null and void, unless
such assignee or transferee agrees in writing that such assignment, conveyance or transfer shall be
subject to the terms of this Agreement. At Licensee’s expense, Licensor will take all
commercially reasonable actions and execute all documents necessary to effect the foregoing.

     4. Representations and Warranties. Licensor hereby represents and warrants to
Licensee that: (a) Licensor has the power to execute and deliver this Agreement and all rights
necessary to grant the License; and (b) the License and the grant thereof does not, and will not,
conflict with or otherwise violate (i) any agreements to which Licensor is a party or by which
Licensor’s assets are bound, or (ii) any of Licensor’s charter documents.

     5. Term. This Agreement shall become effective on the Effective Date and continue in
force and effect until the Charter Amendment is filed by Licensee with the New York Department of
State, unless terminated earlier in accordance with Section 6 (such period of time, the
“Term”). The License shall survive expiration or termination of this Agreement to the
extent that Licensee is required by applicable law to use the Mark in connection with matters that
arose prior to the filing of the Charter Amendment.

     6. Termination. Either Party may terminate this Agreement upon written notice to the
other Party if the other Party breaches this Agreement and does not cure such breach within thirty
(30) days of receipt of such notice.

     7. Covenant; Royalty. Licensee will use commercially reasonable efforts to effect the
Charter Amendment within sixty (60) days following the Closing (the “Amendment
Deadline”) and thereafter until the Charter Amendment is effected. Notwithstanding Section
1, if the Charter Amendment is not effected on or before the Amendment Deadline, then in
consideration for the License, Licensee shall pay to Licensor within ten (10) Business Days
following the Amendment Deadline, and on each anniversary of the Amendment Date thereafter until
this Agreement terminates in accordance with its terms, an annual royalty fee of Fifty Thousand
Dollars ($50,000).

     8. General Provisions.

     (a) Notices. All notices or other communications required or permitted hereunder
shall be in writing and shall be given or delivered in the same manner as notice to the applicable
Party is to be given or delivered under Section 13.3 of the APA.

     (b) Assignment. Neither Party may assign this Agreement without the prior written
consent of the other Party (such consent to not be unreasonably withheld), except that no consent
shall be required for an assignment [by Buyer to its subsidiary pursuant to Section 13.4

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of the APA or] to a successor in interest to the assigning Party or the acquiror of all or
substantially all of the assigning Party’s assets.

     (c) Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws (as opposed to the conflicts of law provisions) of the State of New York.

     (d) Submission to Jurisdiction; Waiver of Jury Trial. The Parties hereby irrevocably
submit in any suit, action or proceeding arising out of or related to this Agreement or any of the
transactions contemplated hereby or thereby to the jurisdiction of the United States District Court
for the Southern District of New York and the jurisdiction of any court of the State of New York
located in the City of New York and waive any and all objections to jurisdiction that they may have
under the laws of the State of New York or the United States. Each of the Parties hereby waives
trial by jury in any action to which they are parties involving, directly or indirectly, any matter
in any way arising out of, related to or connected with this Agreement and the transactions
contemplated hereby.

     (e) Entire Agreement; Modification. This Agreement and the APA (including all
consents and waivers related to the APA) supersede all prior agreements between the Parties with
respect to this Agreement’s subject matter, and constitute a complete and exclusive statement of
the terms of the agreement between the Parties with respect to such subject matter. This Agreement
may not be amended except by a written agreement executed by both Parties.

     (f) Partial Invalidity. Wherever possible, each provision hereof shall be interpreted
in such manner as to be effective and valid under applicable law, but in case any one or more of
the provisions contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such provision shall be ineffective to the extent, but only to the
extent, of such invalidity, illegality or unenforceability without invalidating the remainder of
such invalid, illegal or unenforceable provision or provisions or any other provisions hereof,
unless such a construction would be unreasonable.

     (g) Waiver. Any term or provision of this Agreement may be waived, or the time for
its performance may be extended, by the Party entitled to the benefit thereof. Any such waiver
shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any
Party, it is authorized in writing by an authorized representative of such Party. The failure of
any Party to enforce at any time any provision of this Agreement shall not be construed to be a
waiver of such provision, nor in any way to affect the validity of this Agreement or any part
hereof or the right of any Party thereafter to enforce each and every such provision. No waiver of
any breach of this Agreement shall be held to constitute a waiver of any other or subsequent
breach.

     (h) Counterparts. This Agreement may be executed and delivered in one or more
counterparts, each of which will be deemed to be an original copy of this Agreement and all of
which, when taken together, will be deemed to constitute one and the same agreement.

     (i) No Adequate Remedy. Each Party acknowledges that its breach of this Agreement
would cause irreparable harm to the other Party (the “Non-Breaching Party”) and the

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Non-Breaching Party would have no adequate remedy at law for such breach. Accordingly, the
Parties agrees that any Non-Breaching Party shall be entitled to obtain an injunction against any
such breach without the requirement of posting a bond or other security.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective
authorized officers as of the day and year first written above.

	 	 	 	 	 
	 	 	DEPFA BANK PLC
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	FIRST ALBANY COMPANIES INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

5

 

VOTING AGREEMENT

     This Voting Agreement dated as of June 29, 2007 (the “Agreement”), is made by and
between DEPFA Bank plc, an Irish public limited company (“DEPFA”), and MatlinPatterson FA
Acquisition LLC, a Delaware limited liability company (“MatlinPatterson”).

PRELIMINARY STATEMENTS

     A. DEPFA entered into the Asset Purchase Agreement (the “Asset Purchase Agreement”),
dated as of March 6, 2007, with First Albany Capital Inc., a New York corporation (“FA
Capital”), and First Albany Companies Inc., a New York corporation (“FAC”).

     B. MatlinPatterson entered into the Investment Agreement (the “Investment Agreement”)
dated as of May 14, 2007 with FAC, whereby MatlinPatterson will acquire certain shares of FAC
common stock, par value $0.01 per share (the “Common Stock”).

     C. Under the Asset Purchase Agreement, FAC agreed to include as a management proposal, to be
voted on by the shareholders of FAC at its next annual meeting of shareholders no later than June
30, 2007, an amendment to its certificate of incorporation (the “Charter Amendment”)
changing its corporate name to a name that does not include the words “First Albany” or any
derivative thereof or the word “FA” except for certain agreed derivations provided in Schedule 2.2
thereto. The approval of the Charter Amendment by FAC’s shareholders is a condition precedent to
the closing of the transactions contemplated by the Asset Purchase Agreement.

     D. FAC is seeking DEPFA’s consent to waive the requirement to have a shareholder meeting on
the Charter Amendment by June 30, 2007, and as a condition to granting such waiver, DEPFA has
requested that MatlinPatterson enter into this Agreement and vote any Shares held by
MatlinPatterson in favor of the Charter Amendment.

     E. As used herein, the term “Shares” includes all shares of such Common Stock as to
which MatlinPatterson and its affiliates (at any time prior to the termination of this Agreement)
are the beneficial owner or is otherwise able to direct the voting thereof and all securities
issued or exchanges with respect to any such Shares upon any reclassification, recapitalization,
reorganization, merger, consolidation, spin-off, stock split, combination, stock or other dividend
or any other change in FAC’s capital structure.

     NOW, THEREFORE, for good and valuable consideration, the receipt, sufficiency and adequacy of
which are hereby acknowledged, the parties to this Agreement intending to be legally bound do agree
as follows:

     1. Representations and Warranties. MatlinPatterson represents and warrants to DEPFA
that (i) upon the closing of the recapitalization of FAC contemplated by the Investment Agreement,
MatlinPatterson expects to own and have the right to vote Shares
constituting a majority of the shares of Common Stock then outstanding; (ii) this Agreement
has

 

 

been duly authorized, executed and delivered by all necessary organizational action of
MatlinPatterson; and (iii) this Agreement constitutes the legal, valid and binding obligation of
MatlinPatterson, enforceable in accordance with its terms.

     2. Agreements with Respect to the Shares. MatlinPatterson agrees during the term of
this Agreement:

          (i) to vote the Shares in favor of the Charter Amendment at every meeting of the stockholders
of FAC at which such matter is considered and at every adjournment thereof;

          (ii) not to solicit, encourage or recommend to other stockholders of FAC that (x) they vote
their shares of Common Stock or any other securities in any contrary manner, or (y) they not vote
their shares of Common Stock at all; and

          (iii) to vote the Shares (x) in favor of the approval of Asset Purchase Agreement, if
submitted to a vote of the FAC stockholders, and (y) against any Incompatible Transaction submitted
to a vote of the FAC stockholders.

     For purposes of this Agreement, a “Incompatible Transaction” shall mean a transaction
of any kind (including, without limitation, a merger, consolidation, share exchange,
reclassification, reorganization, recapitalization, sale or encumbrance of substantially all the
assets of FAC or FA Capital outside the ordinary course of business, or sale or exchange by
stockholders of FAC or FA Capital of all or substantially all the shares of FAC’s or FA Capital’s
capital stock) proposed by any person(s) pursuant to which (x) a person other than FA Capital would
become the owner of the Business (as defined in the Asset Purchase Agreement), unless such person
assumes the obligations of FA Capital under the Asset Purchase Agreement, or (y) a person other
than FAC would become the controlling shareholder of FA Capital, unless such person assumes the
obligations of FAC under the Asset Purchase Agreement. For the avoidance of doubt, the Investment
Agreement and the transactions contemplated thereby as of the date hereof shall not constitute an
Incompatible Transaction.

     3. Limitation on Sales. During the term of this Agreement, MatlinPatterson agrees not
to sell, assign, transfer, loan, tender, pledge, hypothecate, exchange, encumber or otherwise
dispose of, or issue an option or call with respect to, any of the Shares unless the transferee,
pledgee, optionee or other counterparty, to the extent it could acquire rights to vote such Shares
during the term of this Agreement, agrees to be bound by and subject to the terms and conditions of
this Agreement as if such transferee, pledgee, optionee or other counterparty had executed this
Agreement on the date hereof.

     4. Specific Performance. MatlinPatterson acknowledges that it will be impossible to
measure in money the damage to DEPFA if MatlinPatterson fails to comply with the obligations
imposed by this Agreement, and that, in the event of any such failure, DEPFA will not have an
adequate remedy at law or in damages. Accordingly, MatlinPatterson agrees that injunctive relief
or any other equitable remedy, in addition to any remedies at law or damages, is the appropriate
remedy for any such failure and will not oppose the granting of any
such remedy on the basis that DEPFA has an adequate remedy at law. MatlinPatterson agrees

2

 

not
to seek, and agrees to waive any requirement for, the securing or posting of a bond in connection
with DEPFA seeking or obtaining such equitable relief.

     5. Publicity. MatlinPatterson agrees that, from the date hereof through the Closing
Date, it shall not issue any public release or announcement concerning the transactions
contemplated by this Agreement without the prior consent of DEPFA (which consent shall not be
unreasonably withheld or delayed), except as such release or announcement, in the opinion of
MatlinPatterson’s counsel, may be required by applicable law or NASDAQ rule.

     6. Term of Agreement; Termination.

     The term of this Agreement shall commence on the date hereof and shall terminate upon the
earlier to occur of (i) the Closing Date (as defined in the Asset Purchase Agreement) and (ii) the
due and proper termination of the Asset Purchase Agreement in accordance with its terms. Upon such
termination, no party shall have any further obligations or liabilities hereunder.

     7. Miscellaneous.

     (a) Entire Agreement. This Agreement constitutes the entire agreement among the
parties with respect to the subject matter of this Agreement and supersedes all prior written and
oral and all contemporaneous oral agreements and understandings with respect to the subject matter
of this Agreement.

     (b) Notices. Any notice, request, instruction or other document to be given hereunder
by any party to the others shall be in writing and shall be deemed to have been duly given on the
next business day after the same is sent, if delivered personally or sent by telecopy or overnight
delivery, or five calendar days after the same is sent, if sent by registered or certified mail,
return receipt requested, postage prepaid, as set forth below, or to such other persons or
addresses as may be designated in writing in accordance with the terms hereof by the party to
receive such notice.

If to DEPFA:

DEPFA BANK plc

1, Commons Street

Dublin 1

Ireland

Facsimile: + 353 1 792 2210

Attention: Legal Department

and

DEPFA BANK plc, New York branch

623 Fifth Avenue, 22nd Floor

New York, NY 10022

Facsimile: 212 796 9219

Attention: Executive Director

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If to MatlinPatterson:

MatlinPatterson FA Acquisition LLC

c/o MatlinPatterson Global Advisers LLC

520 Madison Avenue, 35th Floor

New York, New York 10022

Attention: General Counsel

Fax: (212) 651-4011

     (c) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York as applied to contracts made and fully performed in such
state without giving effect to the principles of conflict of laws thereof.

     (d) Rules of Construction. The descriptive headings in this Agreement are inserted
for convenience of reference only and are not intended to be part of or to affect the meaning or
interpretation of this Agreement. Words used in this Agreement, regardless of the gender and
number specifically used, shall be deemed and construed to include any other gender, masculine or
feminine, or neuter, and any other number, singular or plural, as the context requires. As used in
this Agreement, the word “including” is not limiting, and the word “or” is not exclusive.

     (e) Parties in Interest. This Agreement shall be binding upon and inure solely to the
benefit of the parties to this Agreement and their legal successors-in-interest, and nothing in
this Agreement, express or implied, is intended to confer upon any other person any rights or
remedies of any nature whatsoever under or by reason of this Agreement.

     (f) Counterparts. This Agreement may be executed in one or more counterparts, and
each of such counterparts shall for all purposes be deemed to be an original, but all such
counterparts together shall constitute but one instrument.

     (g) Assignment. No party hereto shall assign its rights and obligations under this
Agreement or any part thereof, nor shall any party assign or delegate any of its rights or duties
hereunder without the prior written consent of the other party, and any assignment made without
such consent shall be void. Except as otherwise provided herein, this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns.

     (h) Amendment. This Agreement may not be amended except by an instrument in writing
signed on behalf of all the parties.

     (i) Extension; Waiver. Any party to this Agreement may extend the time for the
performance of any of the obligations or other acts of any of the other parties to this Agreement
or waive compliance by any other party with any of the agreements or conditions contained herein or
any breach thereof. Any agreement on the part of any party to any such

4

 

extension or waiver shall be valid only if set forth in an instrument in writing signed on
behalf of such party.

     (j) Severability. The provisions of this Agreement are severable and, if any thereof
are invalid or unenforceable in any jurisdiction, the same and the other provisions hereof shall
not be rendered otherwise invalid or unenforceable.

5

 

     IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have duly
executed this Voting Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	DEPFA BANK, PLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jim Ryan	 	 
	 

	 	 	 	 
	 	 
	 

	 	Name:
	 	Jim Ryan	 	 
	 

	 	Title:	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John Andrade	 	 
	 

	 	 	 	 
	 	 
	 

	 	Name:
	 	John Andrade	 	 
	 

	 	Title:	 	Director	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	MATLINPATTERSON FA ACQUISITION LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Robert H. Weiss	 	 
	 

	 	 	 	 
	 	 
	 

	 	Name:	 	Robert H. Weiss	 	 
	 

	 	Title:	 	Vice President and Secretary	 	 

6EX-10.2

 

	 	 	 
	First Albany Companies
	677 Broadway
	Albany, NY 12207
	Facsimile:

	 	518-447-8606
	Attention:

	 	General Counsel
	 
	 	 
	with a copy to:
	 
	 	 
	Dewey Ballantine LLP
	1301 Avenue of the Americas
	New York, NY 10019
	Facsimile:

	 	212-259-6333
	Attention:

	 	Donald J. Murray
	 

	 	Christopher P. Peterson

July 25, 2007

Ladies and Gentlemen:

Re:
Notice and Waiver

     We refer to the Asset Purchase Agreement dated as of March 6, 2007 among DEPFA BANK plc
(“Buyer”), First Albany Capital Inc. (“Seller”) and First Albany Companies Inc.
(“Parent”) (the “Asset Purchase Agreement”). Capitalized terms used but not
otherwise defined herein shall have the meanings given to them in the Asset Purchase Agreement.

     1. Section 4.1. Section 4.1 of the Asset Purchase Agreement provides the Closing
shall be consummated on the third Business Day following satisfaction or waiver of all the
conditions set forth in Articles IX and X of the Asset Purchase Agreement, or at such other place
or at such other date and time as shall be agreed upon by Buyer and Seller. Buyer requests, and
each of Seller and Parent agrees that, the Closing shall be consummated on the tenth Business Day
following the satisfaction or waiver of all the conditions set forth in Articles IX and X of the
Asset Purchase Agreement, unless otherwise agreed by the parties.

     2. Section 8.4(a). Section 8.4(a) of the Asset Purchase Agreement provides that
prior to the Closing Date, Buyer or its Affiliate shall offer to interview each of the Employees
who are in good standing with Seller with respect to a potential offer of employment. Pursuant to
Section 13.8 of the Asset Purchase Agreement, which provides that any provision of the Asset
Purchase Agreement may be waived, Buyer requests that each of Seller and Parent agree to waive
Buyer’s obligation set forth in Section 8.4(a) to offer interviews prior to the Closing Date to
each of the Employees who are in good standing with Seller.

     Each of Seller and Parent agree to waive Buyer’s obligation set forth in Section 8.4(a) to
offer interviews prior to the Closing Date to each of the Employees who are in good standing with
Seller, subject to Buyer providing to each Employee who is in good standing, for completion and
return to Buyer (or its Affiliate) within a specified period of time prior to the Closing Date, a
standard form of job application (substantially in the form of Exhibit A hereto) and a current job
description template.

	 	 	 
	DEPFA BANK plc
	1 Commons Street
	Dublin 1, Ireland
	Phone:

	 	+353 1 792 2222
	Fax:

	 	+353 1 792 2211
	info@depfa.com
	www.depfa.com

Company Secretary:

Elaine Tiernan

Registered in Ireland

Company no. 348819

VAT no. IE6368819N

Board of Directors: G. Bruckermann, Dr. R. Brantner,

Prof. Dr. A. Hemmeirath, Dr. T. M. Kolbeck, H. W. Reich,

Prof. Dr. Dr. h.c. muh. H. Tietmeyer (all German)

J. Poos (Lux), D. M. Cahillanc, M. O’Connell (both Irish)

 

 

     Together with such job application, Buyer will provide to each Employee, for completion and
return to Seller within a specified period of time prior to the Closing Date, a form of request and
consent (the “Request and Consent”) (substantially in the form of Exhibit
B hereto) requesting Seller’s Human Resources Department to deliver to Buyer, and consenting to the
delivery of, the current and any deferred compensation details for such Employee, including details
of the last bonus awarded to such Employee. Seller will only deliver to Buyer the current and any
deferred compensation details, including details of the last bonuses awarded, for those Employees
who deliver (or cause to be delivered) the Request and Consent to Seller. Buyer shall have no
right to receive from Seller’s Human Resources Department the current or any deferred compensation
details, including details of the last bonuses awarded, for those Employees who do not deliver (or
cause to be delivered) the Request and Consent to Seller.

     3. Consents Regarding “First Albany” Name. In accordance with the terms of and
conditions of Section 13.4(a) of the Asset Purchase Agreement, upon written notice to Parent and
Seller, Buyer shall be permitted to assign the Asset Purchase Agreement and the rights and
obligations under it to a wholly owned direct or indirect corporation or limited liability company
organized under the laws of the United States or any state thereof (the “Subsidiary”).
Buyer requests, and each of Seller and Parent consents that, Buyer shall be permitted to change the
name of the Subsidiary to include the words “First Albany” effective at the close of business on
the Business Day prior to Closing (including filing an amendment to the organizational documents
with the Secretary of State of the State of New York to effect such
name change); provided, that if
the Closing shall not occur for any reason on the scheduled Closing Date, Buyer promptly shall
cause the removal of the words “First Albany” from the name of the Subsidiary.

Furthermore, Buyer requests, and each of Seller and Parent consents that:

	 	(i)	 	Buyer shall be permitted to communicate with third parties the scheduled date of the
Closing (once known) and, that upon Closing, (x) Buyer intends to operate the Subsidiary
under a name that includes the words “First Albany” and (y) Buyer will have new third party
clearing arrangements in relation to the acquired Division,
provided, that Buyer shall
inform Seller and Parent of the third parties Buyer intends to communicate with (other than
(a) relevant regulators, (b) clients of Seller, (c) counterparties of Seller, Buyer or the
Subsidiary, (d) service providers of Seller, Buyer or the Subsidiary or (e) U.S.
broker-dealers or other market participants with whom Seller interacts in the ordinary
course of business (collectively, “Permitted Parties”)) and such communication to
such third parties (other than Permitted Parties), and the form of any written
communication to such third parties and Permitted Parties (other than relevant regulators),
shall be subject to each of Seller’s and Parent’s prior written approval, not to be
unreasonably withheld or delayed; and
	 
	 	(ii)	 	each of Seller and Parent shall cooperate in good faith on Buyer’s reasonable requests
with respect to the form of Parent’s or Seller’s communications to third parties in
relation to any name change of Seller effected prior to Closing before any such
communications shall be made by Seller or Parent to such third parties.

     This waiver shall be effective upon execution and delivery by Seller and Parent. This waiver
shall be governed by, and construed in accordance with, the internal laws (as opposed to the
conflicts of law provisions) of the State of New York. This waiver may be executed and delivered
(including by facsimile transmission) in several counterparts, each of which is an original, but
all of which taken together constitute one and the same agreement. The execution and delivery of
this waiver by each of Seller and Parent represents its irrevocable

Page 2

 

consent to, and acknowledgement
of, the terms contained herein. The execution and delivery of this waiver shall not, except as
specifically provided herein, constitute a waiver of any other provision of the Asset Purchase
Agreement. Except as specifically provided herein, the Asset Purchase Agreement shall remain in
full force and effect.

[SIGNATURE PAGE FOLLOWS]

Page 3

 

Please indicate your agreement to the foregoing by signing below.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	DEPFA BANK plc
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Willie Holohan
	 

	 	 	 	 
	 

	 	Name:
	 	 Willie Holohan
	 

	 	Title:
	 	MANAGING DIRECTOR
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Andrade
	 

	 	 	 	 
	 

	 	Name:
	 	John Andrade
	 

	 	Title:	 	Director

We confirm our agreement and acceptance of the foregoing.

	 	 	 	 	 
	FIRST ALBANY COMPANIES INC.	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Peter J. McNierney	 	 
	 

	 	 	 	 
	Name:

	 	Peter J. McNierney	 	 
	Title:

	 	Chief Executive Officer
	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	FIRST ALBANY CAPITAL INC.	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	By:

	 	/s/ Peter J. McNierney	 	 
	 

	 	 	 	 
	Name:

	 	Peter J. McNierney	 	 
	Title:

	 	Chief Executive Officer	 	 

 

 

 

 

 

	 	 	 
	 

	 	July ___, 2007

CONFIDENTIAL

First Albany Companies Inc.

1 Penn Plaza

New York, NY 100119-4000

Attention: Human Resources Department

Ladies and Gentlemen: 

     Re Request and Consent

     Reference is hereby made to the Asset Purchase Agreement (the “Asset Purchase Agreement”),
dated as of March 6, 2007, among DEPFA BANK plc, an Irish public limited company (“DEPFA”), First
Albany Capital Inc., a New York corporation and First Albany Companies Inc., a New York corporation
(the “Company”), pursuant to which DEPFA has agreed to purchase certain assets of the Municipal
Capital Markets Group of the Company. Capitalized terms used but not otherwise defined herein
shall have the meanings given to them in the Asset Purchase Agreement.

     In connection with the sale of the assets of the Municipal Capital Markets Group to DEPFA, the
undersigned Employee wishes to submit an application for employment with DEPFA or its wholly-owned
subsidiary. The Employee hereby requests that the Company deliver to DEPFA the current and any
deferred compensation details for the Employee, including details of the last bonus awarded to the
Employee (such current and deferred compensation details and last bonus awarded, the “Compensation
Information”). The Employee understands that without his/her consent, the Company will not deliver
the Employee’s Compensation Information to DEPFA.

     The execution and delivery of this letter by the Employee represents the Employee’s
irrevocable consent to, and agreement and acknowledgment of, the terms contained herein and the
Employee hereby waives all rights related to the delivery of the Employee’s Compensation
Information to DEPFA.

     This letter shall be effective upon execution by the Employee. This letter shall be governed
by and construed in accordance with the laws of the State of New York.

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 

	 	EMPLOYEE
	 
	 	 
	 
	 	 
	 

	 	 
Name:
	 

	 	Address:
	 
	 	 
	 

	 	Telephone:

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