Document:

exh10-5.htm

    Exhibit 10.5

    RATIFICATION
OF GUARANTY

    (Ex-Im
Bank-Guaranteed Transaction Specific Revolving Line of Credit)

    

    THIS RATIFICATION OF GUARANTY (this
“Ratification”), dated
as of May 5, 2009, is made by each of the undersigned guarantors (each, a “Guarantor” and, collectively,
the “Guarantors”) in
favor of BANK OF AMERICA, N.A., its successors and assigns (“Bank”).

     

    RECITALS

    

    A.           Each
Guarantor executed a separate Continuing and Unconditional Guaranty (Ex-Im
Bank-Guaranteed Transaction Specific Revolving Line of Credit) dated as of March
28, 2008, (each, a “Guaranty”) in favor of Bank in
connection with that certain Loan Agreement (Ex-Im Bank-Guaranteed Transaction
Specific Revolving Line of Credit) dated as of March 28, 2008, (the “Loan Agreement”) by and among
GSE Systems, Inc., a Delaware corporation, GSE Power Systems, Inc., a Delaware
corporation. (collectively, “Borrower”), and
Bank.

    

    B.           Borrower
has requested that Bank amend the Loan Agreement to modify the revolving line of
credit established by the Loan Agreement.  Bank has agreed to so amend
the Loan Agreement, subject to, among other things, Guarantors providing to Bank
the representations, assurances and other agreements hereinafter set
forth.

    

    C.           In
connection with the foregoing, Bank and Borrower shall execute a First Amendment
to Loan Agreement of even date herewith (the “First Amendment”) to evidence
the modification of the revolving line of credit.

    

    AGREEMENT

    

    NOW, THEREFORE, for Ten Dollars
($10.00) and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and because the Guarantors will benefit from
some of the changes to the Loan Agreement, each Guarantor does hereby agree as
follows:

    

    1.           The
Recitals hereinabove contained are true and correct and are made a part
hereof.

    

    2.           Guarantor
acknowledges receipt of the First Amendment and agrees,
ratifies and confirms that such Guarantor’s Guaranty remains in full force and
effect with respect to the Loan Agreement, as amended by the First
Amendment.

    

    3.           Guarantor
represents and warrants unto Bank that (i) such Guarantor’s Guaranty and all
other documents executed by Guarantor in connection therewith are valid and
binding obligations of Guarantor, enforceable in accordance with their terms;
(ii) all of the terms, covenants, conditions, representations, warranties and
agreements contained in such Guarantor’s Guaranty are hereby ratified and
confirmed in all respects; and (iii) no oral representations, statements, or
inducements have been made by Bank with respect to the First Amendment, this
Ratification or such Guarantor’s  Guaranty.

    

    4.           Guarantor
does not now have, nor had at any prior time, any defenses (including, without
limitation, the defense of usury), claims, counterclaims, cross-actions or
equities or rights of rescission, setoff, abatement or diminution, with respect
to the Loan Agreement, such Guarantor’s Guaranty or any other document executed
in connection therewith, or the enforcement of Bank's rights thereunder, and
Guarantor further waives and releases any and all such defenses, claims,
counterclaims, cross-actions and equities, and rights of rescission, set-off,
abatement and diminution with respect thereto.

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    IN WITNESS WHEREOF, each of the
undersigned Guarantors has caused this Ratification to be made as of the date
first written above.

    

    
      	 
      	 
      	
              “GUARANTOR”

            
	 
      	 
      	 
      
	 
      	 
      	
              MSHI,
      INC.

               

               

              By:                                                                

              Jeffery Hough

              Chief Financial
      Officer

               

            
	 
      	 
      	 
      
	 
      	 
      	
              GSE
      PROCESS SOLUTIONS, INC.

               

               

              By:                                                                

              Jeffery Hough

              Chief Financial
      Officer

               

            
	 
      	 
      	 
      

    

    

    2

     

    #
6186990_v1<p style='margin-top:0pt;margin-bottom:24pt;text-align:center'><b>EMPLOYMENT
AGREEMENT</b></p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;text-indent:36pt'>THIS AGREEMENT is effective as of
the -1<sup>st</sup>- day of -April-, 2009, by and between <i>Capital Financial
Services, Inc.</i>, a Wisconsin corporation (hereinafter referred to as the <i>"Company"</i>),
and <i>Bradley Wells</i> (hereinafter referred to as the <i>"Employee"</i>);
and <i>Integrity Mutual Funds, Inc</i>., ("<i>the Parent</i>") a North Dakota
corporation that is the parent and sole owner of the Company. This agreement is
an Employment Agreement between the Employee and the Company. The Parent of the
Company is a party to this Agreement and consents and ratifies this Agreement
to the extent it is affected by the terms of this Agreement.</p>
<p style='margin-top:0pt;margin-bottom:24pt;text-align:center'><b>W I T N E S S E T
H:</b></p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;text-indent:36pt'>WHEREAS, Capital Financial
Services, Inc., a Wisconsin corporation (the <i>"Company"</i>), is a FINRA
member Broker Dealer; and</p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;text-indent:36pt'>WHEREAS, the Company desires to
retain the services of the Employee to be the Chief Executive Officer of the
Company and to assist with the growth, direction and oversight of the business
activities of the Company; and</p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;text-indent:36pt'>WHEREAS, Employee desires to
render services upon the terms herein set forth.</p>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;text-indent:36pt'>NOW THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the Company and the
Employee hereby agree as follows:</p>
<p style='margin-top:0pt;margin-bottom:24pt;text-align:center'><b>AGREEMENT</b></p>
<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>1.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Employment</i>. The Company hereby employs the Employee
  and the Employee hereby accepts employment with the Company upon the terms
  and conditions hereinafter set forth. It is expressly understood that the
  Employee will also have separate employment, separate duties and a separate
  compensation package as an officer of Integrity Mutual Funds, Inc.,
  independent of this Agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  2.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Term</i>. Subject to the provisions for earlier termination hereinafter
  set forth, the term of employment hereunder shall be for two years and shall
  commence on the date hereof and end on the day preceding the second
  anniversary of the date hereof (the <i>"Employment Period"</i>). The parties
  hereto may by mutual consent agree to renew this contract for another
  two-year period. In such case all provisions of this contract will continue
  in effect for an additional two-year period.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  3.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Compensation</i>. The Company agrees to provide the Employee with the
  following compensation for all services rendered by the Employee under this
  Agreement:</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  3.1.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Base Salary</i>. The Company shall pay to the Employee
  an initial salary equal to the sum of One Hundred Thirty Five Thousand
  Dollars ($135,000) per year as a base salary, which sum shall be payable per
  two week pay period, in arrears, (or prorated amount if the first month is a
  portion of a month) commencing on the first day of the month of April 2009,
  first payable on the first regular payroll of the Company after April 1, 2009
  and thereafter on each regular two week payroll period thereafter during the
  entire term hereof. All compensation provided for in this section shall be
  subject to the Company deducting therefrom Social Security, Medicare, federal
  and state income taxes and any and all withholding payments as may be
  required by law.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  3.2.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Net Income Based Compensation</i>.
  Employee shall receive additional monthly compensation equal to five percent
  (5%) of the net income of the Company, as determined from the statement of
  operations of the Company before deduction for federal and state income tax
  expense and before deduction of the combination of the Net Income Based
  Compensation to Employee described herein together with the similar Net
  Income Based Compensation payable to Jeffrey Lindsey under his contract dated
  the same date as this Agreement. Said additional monthly compensation to be
  paid to Employee on the next scheduled pay period following completion of the
  Company's financial reports for each calendar month but in no event more than
  twenty one (21) days after each month end. In the event that the Company
  incurs a loss in any month, there will be no payment to Employee and that
  loss will be carried forward to the next month and deducted from that month's
  income (and each successive month thereafter if necessary until positive net
  income in excess of the prior month's loss is achieved) for purposes of
  calculation of Employee's net income based compensation. Employee's first
  monthly net income based compensation shall be determined for the month ended
  March 31, 2009. All compensation provided for in this section shall be
  subject to the Company deducting therefrom Social Security, Medicare, federal
  and state income taxes and any and all withholding payments as may be
  required by law.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  3.3.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Increase of Base Salary for Cost of Living</i>: Employee's Base Salary
  shall be increased each year beginning April 1, 2010 by the percentage amount
  of the most recently federally published annual "Cost of Living Index"
  increase (if any increase is reported) for the United States of America.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  3.4.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Incremental Company Value Increase Bonus</i>. A "Fair Value" appraisal valuation of the Company at
  Nine Million Five Hundred Thousand Dollars ($9,500,000) was completed with a
  valuation date of March 31, 2008 on behalf of Integrity Mutual Funds, Inc. by
  Valuation &amp; Tacservices, LLC. This amount is accepted as the base value
  of the Company for purposes of this Agreement. At the date of termination of
  this contract, whether by passage of time or by death, disability, or
  voluntary or involuntary termination, Employee shall be entitled to a bonus,
  payable in cash, equal to five percent (5%) of the increase in appraised
  value of the Company over an initial base valuation of which is equal to the
  March 31, 2008 appraised value of $9,500,000 less the $742,380 United
  Heritage debt allocated to the Company and Capital Financial Holding, Inc.,
  which is the allocation of debt which was utilized for purposes of the
  amended proxy filed September 23, 2008 by Integrity Mutual Funds, Inc. (the
  "base valuation") and a contract termination date valuation of the Company
  mutually determined and agreed by Employee and the Company or if no such
  mutual determination is made or agreed within 30 days of termination of this
  Agreement, then a valuation as determined by the "Fair Value" appraisal
  valuation of the Company which shall be determined by a utilizing a composite
  of the One-Year Capitalization Method which utilizes estimated one year cash
  flow divided by an adjusted discount rate and the Discounted Cash Flow Method
  which utilizes three future years and a perpetuity estimate (terminal period)
  divided by an adjusted discount rate ("Fair Value") and which amount will
  then further include a reduction in the Fair Value valuation for the
  capitalized costs of each acquisition made by the Company after the date of
  this employment contract as evidenced by such capitalized costs included in
  the Balance Sheet of the Company (the "Termination Valuation"). Said
  valuation will be performed at the Company's cost by an independent,
  qualified Valuation Consultant to be mutually agreed by the Company and the
  Employee, as of the date of Employee's termination or the termination of this
  contract. To clarify, the Termination Valuation shall include a reduction in
  the "Fair Value" appraisal amount for the capitalized cost (on the Company's
  accounting records) of acquisitions made in the expansion of the Company after
  the date of this agreement. For example, with the base valuation of
  $8,757,620, if a Fair Value valuation at the termination of this contract was
  determined to be $12,000,000, and two acquisitions occurred with combined
  capitalized costs on the accounting books of the Company of $2,000,000, then
  Employee would be entitled to a bonus in cash of $62,119 ($12,000,000 Fair
  Value - $2,000,000 capitalized acquisition costs -8,757,620 base valuation *
  5%). For avoidance of doubt, upon termination of Employee for any reason
  other than financial fraud, or upon the expiration date of this contract,
  which expiration date would include the potential five-year renewal, Employee
  is entitled to the appraisal valuation and the bonus described herein. So as
  not to impair the financial health of the Company, the maximum payout of this
  bonus in any one year is limited to .75% of the previous year's gross
  revenues.</p>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  In the event that the parties mutually agree to renew this contract
  for an additional two-year term, the provisions and benefits of the above
  paragraph shall continue to the end of the two-year renewal period. In the
  event that the Company elects not to renew this contract, Employee shall be
  immediately entitled to the benefits described in the above paragraph upon
  termination of employment. In the event that the Employee elects not to renew
  this contract, and agrees not to compete with the Company for a period of one
  year after termination of this contract, Employee shall be immediately
  entitled to the benefits described in the above paragraph upon termination of
  employment. In the event that the Employee elects not to renew this contract,
  and elects not to execute an agreement not to compete with the Company for a
  period of one year after termination of this contract, Employee will not be
  entitled to the benefits described in the above paragraph upon termination of
  employment. <i>Competition with the Company for
  purposes of this paragraph shall mean: (1) employment with, ownership of
  (other than less than 5% of a publicly traded entity) acting as a principal,
  manager, or officer of, or otherwise acting in a management or principal
  capacity of, a FINRA member broker dealer and/or (2) soliciting employees or
  registered representatives of the Company to work for another FINRA member
  broker dealer.</i></p>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i><br>
  </i>Alternatively, if the Company is sold, resulting in the
  termination of Employee, Employee shall be entitled to a bonus, payable in
  cash, equal to five percent (5%) of the difference between the actual
  unrelated willing buyer/willing seller market sale price of the Company and
  the base value of $8,757,620. If the sale is other than an unrelated willing
  buyer/willing seller market sale price, the bonus shall be based upon the
  independent appraisal method described above.</p>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The parties agree that the amount of the potential bonus (if any) to Employee
  as described in this paragraph is a contingency, the amount of which is
  unknown and cannot be reasonably determined or estimated in advance of it
  final determination.</p>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  In the event that the Company is the subject of a spin-off from Parent and
  becomes a subsidiary of another holding entity, the valuation and bonus
  described in this Section 3.4 shall be based upon the valuation of the entire
  value of the holding entity of which the Company is a subsidiary.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  3.5.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Other Employee Benefits</i></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (a)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The Company shall pay for and/or reimburse the
  Employee for the cost of attending relevant professional, management or
  technical seminars, including travel and lodging.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (b)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Employee may personally advance payments for various expenses or cost items
  attributable to the Company's operations or administration and the Company
  will pay for and/or reimburse the Employee for all such reasonable expenses
  upon the presentation by the Employee, from time to time, of an itemized
  account of such expenditures. The Employee is also authorized to incur
  reasonable expenses for promoting the business of the Company, including the
  expenses for entertainment, travel and similar items. The Company will pay
  for and/or reimburse the Employee for all such reasonable expenses upon the
  presentation by the Employee, from time to time, of an itemized account of
  such expenditures in a form complying with all applicable rules and regulations
  of the Internal Revenue Service and reasonable requirements of the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Other Benefits</i>. To the extent that the Employee is otherwise eligible
  to participate therein, during the Employment Period the Employee shall be
  entitled to participate in and receive the benefits of any and all pension,
  retirement, vacation, profit sharing, health, disability, insurance and other
  benefit plans, programs and policies, if any, which may be maintained by the
  Company from time to time during the term hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  3.6.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Final Payment from Previous Contract</i>. In addition to the compensation
  provided by this agreement, Employee was paid his normal compensation in
  December 2008 due from his previous contract with Integrity Mutual Funds,
  Inc., which compensation is based upon November 2008 registered
  representative production of the Company. Thereafter said previous contract
  between Employee and Integrity Mutual Funds, Inc. will no longer be in
  effect. Additionally, all amounts paid Employee as salary or bonus from
  December 2008 to the effective date of this contract are deemed earned by
  Employee.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  4.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Duties</i>. The Employee shall serve as the Chief Executive Officer of the
  Company. As such, the Employee's duties and responsibilities shall include,
  but shall not be limited to:</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (i)</p>
  </td>
  <td width="75%" valign=top style='width:75.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Reporting to the Chairman of the Board of the Company;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (ii)</p>
  </td>
  <td width="75%" valign=top style='width:75.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Overall supervision of the Company;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (iii)</p>
  </td>
  <td width="75%" valign=top style='width:75.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Recruiting and retaining brokers;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (iv)</p>
  </td>
  <td width="75%" valign=top style='width:75.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Identifying acquisition opportunities;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (v)</p>
  </td>
  <td width="75%" valign=top style='width:75.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Assisting with the annual financial audit and reporting process;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (vi)</p>
  </td>
  <td width="75%" valign=top style='width:75.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Maintaining working relations between the Company and its brokers as the
  liaison between the Company and its brokers.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The Employee shall also be responsible for the performance of such other
  tasks and responsibilities related to the above duties as may be reasonably
  prescribed from time to time by the Chairman of the Board of the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  5.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Extent of Service</i>. During the Employment Period, the Employee agrees
  to devote substantially all of his attention and time during normal business
  hours to the business and affairs of the Company and to perform such
  responsibilities competently and in good faith. Employee
  may continue to engage in pre-existing personal business and investment for
  his own benefit so long as it does not interfere with Employee's duties to
  the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  6.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Working Facilities</i>. The Employee shall be furnished with office space,
  furnishings, secretarial assistance and such other facilities and services as
  the Chairman of the Board of the Company on behalf of the Company shall
  decide are reasonably necessary for the performance of the Employee's duties.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  7.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Expenses</i>. The Company will reimburse the Employee for such reasonable
  business expenses which are incurred by the Employee in promoting the
  business of the Company upon the presentation by the Employee from time to
  time (and at least monthly) of an itemized account of such expenditures
  containing such detail as may be reasonably required by<b> </b>the Chairman
  of the Board of the Company on behalf of the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  8.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Termination of Employment</i>.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  8.1.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Disability. </i>If the Board of Directors of the Company determines in
  good faith that the Disability of the Employee has occurred during the
  Employment Period (pursuant to the definition of Disability set forth below),
  the Board of Directors of the Company may give written notice to the Employee
  of its intention to terminate the Employee's employment. In such event, the
  Employee's employment with the Company shall terminate effective on the tenth
  (10<sup>th</sup>) day after delivery of such notice to the Employee (the <i>"Disability
  Effective Date"</i>), provided that, within the ten (10) days after such
  delivery, the Employee shall not have returned to full-time performance of
  the Employee's duties. For purposes of this Agreement, <i>"Disability"</i>
  shall mean the absence of the Employee from the Employee's duties with the
  Company on a full-time or part-time basis for thirty (30) consecutive
  business days as a result of incapacity due to mental or physical illness.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  8.2.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Cause. </i>The Company may terminate the Employee's employment during the
  Employment Period for Cause. For purposes of this Agreement, <i>"Cause"</i>
  shall mean:</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (a)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The failure of the Employee to substantially perform the Employee's duties
  with the Company (other than any such failure resulting from incapacity due
  to mental or physical illness) after a written demand for performance is
  delivered to the Employee by the Chairman of the Board of the Company on
  behalf of the Company which specifically identifies the manner in which the
  Company believes that the Employee has not performed the Employee's duties; <i>provided,
  however,</i> if such failure can be reasonably cured by the Employee so that
  the Company shall not have suffered any damage or detriment as a result of
  such failure, the Employee shall have the opportunity to cure such failure to
  the satisfaction of the Chairman of the Board of the Company on behalf of the
  Company within thirty (30) calendar days after receipt of such written
  demand;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (b)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Any material violation of any rules or policies of the Company; <i>provided,
  however,</i> if such material violation can be reasonably cured by the
  Employee so that the Company shall not have suffered any damage or detriment
  as a result of such material violation, the Employee shall have the
  opportunity to cure such material violation to the satisfaction of the
  Chairman of the Board of the Company on behalf of the Company within thirty
  (30) calendar days after receipt of such written demand; or</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (c)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The conviction or pleading of guilty or nolo
  contendra of any crime classified as a felony, or violation of any federal,
  state or self regulatory organization rule by the Employee which would by law
  or regulatory rule prevent Employee from carrying out his duties and responsibilities
  under this agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (d)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The conviction or pleading of guilty or nolo
  contendra of any crime classified as financial fraud.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  8.3.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Good Reason. </i>The Employee's employment may be terminated by the
  Employee for Good Reason. For purposes of this Agreement, "Good Reason" shall
  mean:</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (a)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Any failure by the Company to comply with any of the provisions of this
  Agreement, other than an isolated, insubstantial and inadvertent failure not
  occurring in bad faith and which is remedied by the Company promptly after
  receipt of notice thereof given by the Employee; or</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (b)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Any purported termination by the Board of Directors of the Company of the
  Employee's employment otherwise than as expressly permitted by this
  Agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  8.4.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Notice of Termination. </i>Any termination by the Company for Cause, or by
  the Employee for Good Reason, shall be communicated by Notice of Termination
  to the other party hereto given in accordance with [Section
  11.7] hereof. For purposes of this Agreement, a <i>"Notice of Termination"</i>
  means a written notice which</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (a)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Indicates the specific termination provision in this Agreement relied upon;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (b)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  To the extent applicable, sets forth in reasonable detail the facts and
  circumstances claimed to provide a basis for termination of the Employee's
  employment under the provision so indicated; and</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (c)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If the Date of Termination (as defined below) is other than the date of
  receipt of such notice, specifies the termination date (which date shall be
  not more than thirty (30) days after the giving of such notice).</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The failure by the Employee or the Company to set forth in the Notice of
  Termination any fact or circumstance which contributes to a showing of Good
  Reason or Cause shall not waive any right of the Employee or the Company,
  respectively, hereunder or preclude the Employee or the Company,
  respectively, from asserting such fact or circumstance in enforcing the
  Employee's or the Company's rights hereunder.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  8.5.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Date of Termination. </i>As used in this Agreement, <i>"Date of Termination"</i>
  means</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (a)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If the Employee's employment is terminated by the Company for Cause, or by
  the Employee for Good Reason, the date of delivery of the Notice of
  Termination or any later date specified therein, as the case may be;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (b)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If the Employee's employment is terminated by the Company, other than for
  Cause or Disability, the Date of Termination shall be the date on which the
  Company notifies the Employee of such termination; and</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (c)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If the Employee's employment is terminated by reason of death or Disability,
  the Date of Termination shall be the date of death of the Employee or the
  Disability Effective Date, as the case may be.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  The failure by the Employee or the Company to set forth in the Notice of
  Termination any fact or circumstance which contributes to a showing of Good
  Reason or Cause shall not waive any right of the Employee or the Company,
  respectively, hereunder or preclude the Employee or the Company,
  respectively, from asserting such fact or circumstance in enforcing the
  Employee's or the Company's rights hereunder.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  8.5.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Date of Termination. </i>As used in this Agreement, <i>"Date of
  Termination"</i> means</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (a)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If the Employee's employment is terminated by the Company for Cause, or by
  the Employee for Good Reason, the date of delivery of the Notice of
  Termination or any later date specified therein, as the case may be;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (b)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If the Employee's employment is terminated by the Company, other than for
  Cause or Disability, the Date of Termination shall be the date on which the Company
  notifies the Employee of such termination; and</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  (c)</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If the Employee's employment is terminated by reason of death or Disability,
  the Date of Termination shall be the date of death of the Employee or the
  Disability Effective Date, as the case may be.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  9.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Obligations of the Company upon Termination</i>.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  9.1.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Good</i> <i>Reason; Other Than for Cause. </i>If,<i> </i>during the
  Employment Period, the Company shall terminate the Employee's employment
  other than for Cause or Disability or the Employee shall terminate his
  employment for Good Reason, such termination shall constitute a breach of
  contract by the Company and during the period commencing on the date of such
  termination and ending on the expiration date of the Employment Period the
  Company shall, subject to the provisions of [Section 9.2] hereof, continue to
  pay the Employee, as liquidated damages, and not as a penalty, the monthly
  payments provided in [Section 3] hereof and Employee shall be entitled to the
  bonus described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  9.2.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Mitigation of Damages</i>. If the Employee's employment is terminated
  pursuant to [Section 9.1] hereof, the Employee shall have the duty to use his
  reasonable efforts to mitigate his damages by seeking employment comparable
  to his employment with the Company with respect to position, compensation and
  geographic location.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  9.3.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Death</i>. If the Employee's employment is terminated by reason of the
  Employee's death during the Employment Period, this Agreement shall terminate
  without further obligations by the Company to the Employee's legal
  representatives under this Agreement, other than for payment of the
  compensation set forth under [Section 3] hereof accrued up to the date of the
  Employee's death and the bonus described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  9.4.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Disability. </i>If the Employee's employment is terminated by reason of
  the Employee's Disability during the Employment Period, this Agreement shall
  terminate without further obligations by the Company to the Employee under
  this Agreement other than for payment of the compensation set forth in
  [Section 3] hereof accrued up to the Date of Termination and the bonus
  described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  9.5.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Cause; Other than for Good Reason. </i>If the Employee's employment shall
  be terminated for Cause during the Employment Period, this Agreement shall
  terminate without further obligations of the Company to the Employee under
  this Agreement other than the payment of the compensation set forth in
  [Section 3] hereof accrued up to the Date of Termination. If the Employee voluntarily
  terminates his employment during the Employment Period, excluding a
  termination for Good Reason, this Agreement shall terminate without further
  obligations of the Company to the Employee or the Employee to the Company
  under this Agreement other than the Company will be liable for payment of the
  compensation set forth in [Section 3] hereof accrued up to the Date of
  Termination but employee will not receive the bonus described in [Section
  3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  9.6.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Financial Fraud.</i> If the Employee's employment shall be terminated for
  Financial Fraud as described in Paragraph 8.2(d), <i>i.e.</i> the conviction or pleading of guilty or nolo contendra of
  any crime classified as financial fraud, this Agreement shall
  terminate without further obligations of the Company to the Employee under
  this Agreement other than the payment of the compensation set forth in
  [Section 3] hereof accrued up to the Date of Termination. Under such
  termination, Employee will <u>not</u> be entitled to the bonus described in
  [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  10.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Restrictive Covenants</i>.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  10.1.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>All Materials are the Property of the Company</i>. The Employee agrees
  that all customer, supplier and distributor lists, financial data, computer
  software programs, source codes, plans, contracts, agreements, literature, manuals,
  catalogs, brochures, books, records, maps, correspondence and other materials
  furnished to the Employee by the Company, or any of its Affiliates, or
  secured through the efforts of the Employee, relating to the business
  conducted by the Company or any of its Affiliates, are and shall remain the
  property of the Company, and/or its Affiliates, and the Employee agrees to
  deliver all such materials, including all copies thereof, to the Company upon
  the termination of the Employee's employment hereunder, or at any other time
  at the Company's request.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  10.2.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Confidential Information</i>. The Employee agrees that the Employee will
  not at any time during or after the Employee's employment with the Company
  reveal, divulge or make known to any person, firm or corporation any trade
  secrets or confidential business information relating to the business of the
  Company or any of its Affiliates, and will retain all such knowledge and
  information in trust in a fiduciary capacity for the sole benefit of the
  Company, its Affiliates and their respective successors and assigns.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  10.3.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Provisions not Void</i>. In the event that any court shall finally hold
  that any provision of this [Section 10] constitutes an unreasonable
  restriction against the Employee, the Employee agrees that the provisions
  hereof shall not be rendered void but shall apply as to such time, territory
  and other extent as such court may judicially determine or indicate
  constitutes a reasonable restriction under the circumstances involved. The
  Company and the Employee each request that any such court which holds that
  any of the provisions of this [Section 10] constitutes an unreasonable
  restriction against the Employee, make a determination of what would
  constitute a reasonable restriction under the circumstances involved and to
  reform this Agreement accordingly.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  10.4.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Termination of Agreement; Survival</i>. Except as expressly provided in
  any other written agreement between the Company and the Employee, the
  provisions of this [Section 10] shall survive the termination of the term of
  this Agreement and the termination of the Employee's employment with the
  Company and shall run to and inure to the benefit of the Company, its
  Affiliates and their respective successors and assigns.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.</p>
  </td>
  <td width="94%" colspan=4 valign=top style='width:94.04%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>General</i>.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.1.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Prior Agreements</i>. This Agreement supersedes all prior agreements and
  understandings between the Employee and the Company, its Parent, Integrity
  Mutual Funds, Inc. or any of their Affiliates or their respective directors,
  officers, shareholders, employees, attorneys, agents or representatives, and
  constitutes the entire Agreement between the parties, respecting the subject
  matter hereof, and there are no representations, warranties or commitments
  other than those expressed herein. Specifically, this agreement terminates,
  voids and replaces that certain agreement by and between Employee and
  Integrity Mutual Funds, Inc. dated June 1, 2007.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.2.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Employee Not in Breach of Other Agreements</i>. The Employee represents
  and warrants to the Company that the Employee is not a party to or bound by,
  and the employment of the Employee by the Company or the Employee's
  disclosure of any information to the Company or its utilization of such
  information will not violate or breach any employment, retainer, consulting,
  license, non-competition, non-disclosure, trade secrets or other agreement or
  understanding between the Employee and any other person, partnership,
  corporation, joint venture, association or other entity.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.3.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Modifications or Amendments to Agreement</i>. No modification or amendment
  of, or waiver under, this Agreement shall be valid unless in writing and
  signed by the Employee and the Chairman of the Board of the Company on behalf
  of the Company and approved by the Board of Directors of the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.4.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Indemnification</i>. The Employee agrees to indemnify the Company and its
  Affiliates against, and to hold the Company and its Affiliates harmless from,
  any and all claims, lawsuits, losses, damages, expenses, costs and
  liabilities, including, without limitation, court costs and attorneys' fees,
  which the Company or any of its Affiliates may sustain as a result of, or in
  connection with, either directly or indirectly, the Employee's breach or
  violation of any of the provisions of this Agreement. The Company agrees to
  indemnify the Employee against, and to hold the Employee harmless from, any
  and all claims, lawsuits, losses, damages, expenses, costs and liabilities,
  including, without limitation, court costs and attorneys' fees, which the
  Employee may sustain as a result of, or in connection with, either directly
  or indirectly, the Company's breach or violation of any of the provisions of
  this Agreement. The Company will indemnify Employee
  for claims against Employee that arise from lawful actions of the Employee
  authorized by the Company and done within the scope of Employee's employment.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.5.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Institution of Proceedings</i>. The Employee hereby agrees that in the
  event of the violation by the Employee of any of the provisions of this
  Agreement, the Company will be entitled, if it so elects, to institute and
  prosecute proceedings at law or in equity to obtain damages with respect to
  such violation or to enforce the specific performance of this Agreement by
  the Employee or to enjoin the Employee from engaging in any activity in
  violation hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.6.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Waiver</i>. The waiver by the Company or the Employee of a breach of any
  provision of this Agreement by the other shall not operate or be construed as
  a waiver of any subsequent breach.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.7.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Communications</i>; <i>Notice.</i> Each notice, request, demand, approval
  or other communication which may be or is required to be given under this
  Agreement shall be in writing and shall be deemed to have been properly given
  when delivered personally at the address set forth below for the intended party
  during normal business hours at such address, or when sent by recognized
  overnight courier or by United States registered or certified mail, return
  receipt requested, postage prepaid, addressed as follows:</p>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If to the Company or the Parent:</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p class=MsoNormal align=left style='text-align:left'>Capital Financial
  Services, Inc. or Integrity Mutual Funds, Inc.<br>
  1 Main Street North<br>
  Minot, North Dakota 58703<br>
  Attention: Chairman of the Board</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  If to the Employee:</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="81%" colspan=2 valign=top style='width:81.34%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p class=MsoNormal align=left style='text-align:left'>Bradley Wells<br>
  2705 Bel Air Drive<br>
  Minot, ND 58703</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  Notices shall be given to such other addressee or address, or both, or by way
  of such other facsimile transmission number, as a particular party may from
  time to time designate by written notice to the other party hereto. Each
  notice, request, demand, approval or other communication which is sent in
  accordance with this Section shall be deemed delivered, given and received
  for all purposes of this Agreement when delivered personally, as of three (3)
  business days after the date of deposit thereof for mailing in a duly
  constituted United States post office or branch thereof, one (1) business day
  after deposit with a recognized overnight courier service. Notice given to a
  party hereto by any other method shall only be deemed to be delivered, given
  and received when actually received in writing by such party.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.8.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Binding on Others</i>. This Agreement shall inure to the benefit of and be
  binding upon the Company and the Employee and their respective heirs,
  personal representatives, successors and assigns.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.9.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Governing law</i>. This Agreement shall be governed by and construed in
  accordance with the laws of the State of North Dakota.</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign=top style='width:5.96%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="6%" valign=top style='width:6.72%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  11.10.</p>
  </td>
  <td width="87%" colspan=3 valign=top style='width:87.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><br>
  <i>Counterparts</i>. This Agreement may be executed in two or more
  counterparts, all of which taken together shall constitute one and the same
  agreement.</p>
  </td>
 </tr>
</table>
<p style='margin-top:36pt;margin-bottom:12pt;text-align:justify;text-indent:36pt'>IN WITNESS WHEREOF, the parties
hereto have executed this Employment Agreement to be effective as of the day
and year first above written.</p>
<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="62%" colspan=2 valign=top style='width:62.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>CAPITAL FINANCIAL SERVICES, INC. (THE "COMPANY")</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="10%" valign=top style='width:10.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>By</p>
  </td>
  <td width="52%" valign=top style='width:52.06%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="10%" valign=top style='width:10.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Its</p>
  </td>
  <td width="52%" valign=top style='width:52.06%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
</table>
<p style='margin-top:24pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="62%" colspan=2 valign=top style='width:62.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>INTEGRITY MUTUAL FUNDS, INC. (THE "PARENT")</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="10%" valign=top style='width:10.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>By</p>
  </td>
  <td width="52%" valign=top style='width:52.06%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="10%" valign=top style='width:10.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Its</p>
  </td>
  <td width="52%" valign=top style='width:52.06%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
</table>
<p style='margin-top:24pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="62%" valign=top style='width:62.38%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>EMPLOYEE</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="62%" valign=top style='width:62.38%;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign=top style='width:37.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="62%" valign=top style='width:62.38%;border:none;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Bradley Wells</p>
  </td>
 </tr>
</table>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]