Document:

Unassociated Document

    Exhibit
      10.26

     

    AMENDED
      AND RESTATED

    EMPLOYMENT
      AGREEMENT

     

    This
      AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is dated as of
      October 31, 2000, and is entered into between Asset Alliance Corporation, a
      Delaware corporation (the “Company”), and Arnold L. Mintz (the
“Employee”).

     

    WHEREAS,
      the Employee and the Company are parties to an Employment Agreement, dated
      as of
      March 4, 1998 (the “Prior Agreement”); and

     

    WHEREAS,
      the Employee and the Company have agreed to amend the Prior Agreement as set
      forth herein,

     

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

     

    
      	1.	
              Employment
                and Term.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

            	
              The
                term of the Employee’s employment by the Company shall commence as of
                January 1, 2000 (the “Effective Date”) and continue for a period of five
                years from such date (the “Initial Employment Period”), which Initial
                Employment Period shall be automatically extended for an additional
                one
                year period on each anniversary of this agreement (such that the
                remaining
                term as of each anniversary shall be five years) unless and until
                the
                Employee’s employment is terminated pursuant to the terms
                hereof.

            

    

     

    
      	2.	
              Compensation.

            

    

     

    
      	 	
              (a)

            	
              Salary.
                The Company shall compensate the Employee with a base salary of $500,000
                per annum, commencing on the Effective Date and payable in accordance
                with
                the normal payroll practices of the Company. The base salary shall
                be
                reviewed annually and may be increased (but shall not be decreased)
                in the
                sole discretion of the Board.

            

    

     

    
      	 	
              (b)

            	
              Incentive
                Bonus.
                The Company shall pay Employee each year during the Term as additional
                compensation amounts determined by reference to the Company’s Audited Cash
                Earnings Available for Common Shareholders per Fully Diluted Common
                Share,
                par value $0.01 per share, of the Company (the “Common Stock”), as
                determined by the Board and the Company’s independent accountants in
                accordance with Exhibit A.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              Discretionary
                Bonus.
                Employee shall be eligible to receive a discretionary annual bonus
                in the
                sole discretion of the Board.

            

    

     

    
      	 	
              (d)

            	
              Benefits.
                The Employee shall be entitled to participate in a Company sponsored
                401(k) plan, and any Company sponsored group health, medical,
                hospitalization, disability, accident and life insurance plans, all
                on
                such terms as the Board shall determine in establishing such benefit
                programs as promptly as is reasonably practicable after the date
                hereof,
                and such other employee benefits as the Board may hereafter make
                available
                to the executives of the Company. The Company agrees to pay to the
                Employee up to $15,000 per year for the Employee to use to pay the
                premiums on (i) personal life insurance policy for Employee providing
                death benefits for Employee’s designated beneficiaries and (ii) a personal
                disability policy for the benefit of
                Employee.

            

    

     

    
      	 	
              (e)

            	
              Expenses.
                The Company shall pay or reimburse the Employee for all expenses
                normally
                reimbursed by the Company and reasonably incurred by him in furtherance
                of
                his duties hereunder, including, without limitation, expenses for
                a
                Company leased automobile and related expenses consistent with the
                Company’s automobile policies as adopted by the Board, and for traveling,
                meals, hotel accommodations and the like upon submission by him of
                vouchers or an itemized list thereof prepared in compliance with
                such
                rules relating thereto as the Board may, from time to time, adopt
                and as
                may be required in order to permit such payments as proper deductions
                to
                the Company under the Internal Revenue Code of 1986, as amended (the
                “Code”), and the rules and regulations adopted pursuant thereto now or
                hereafter in effect.

            

    

     

    
      	 	
              (f)

            	
              Vacations.
                During each year of employment, the Employee shall be entitled to
                paid
                vacations for an aggregate of the greater of (A) four weeks, or (B)
                such
                period as may be provided from time to time in the Company’s vacation
                policy.

            

    

     

    
      	3.	
              Termination.

            

    

     

    
      	 	
              (a)

            	
              This
                agreement shall be terminated upon the happening of any of the following
                events: (i) in the case of a termination by the Company for Cause
                (as
                defined in section 3(e) hereof), on the date set forth in the notice
                of
                termination; (ii) in the case of other terminations, whenever the
                Company
                or the Employee shall give at least six months’ advance written notice of
                termination, in which event the Agreement shall be terminated on
                the date
                set forth in such notice; (iii) upon the death of the Employee; or
                (iv)
                upon the Permanent Disability (as such term is defined in Section
                3(1)
                hereof) of the Employee.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

            	
              In
                the event that the Employee’s employment with the Company is terminated by
                the Company without Cause (as defined in Section 3(e) hereof) or
                is
                terminated by the Employee for Good Reason (as defined in Section
                3(g)
                hereof), then during the period from the effective date of termination
                through the date on which the then-current term of this Agreement
                was to
                expire, the Employee shall continue to receive the full amount of
                his then
                current base salary plus all other benefits to which the Employee
                is
                entitled to pursuant to Section 2(e) hereof and otherwise (including,
                without limitation, the continued vesting and exercisability during
                such
                period of all stock options held by the Employee) and in a single
                lump sum
                within 5 days after the date of the Employee’s employment is terminated
                three (3) times the average of the Incentive Bonus paid or payable
                to the
                Employee in the last two years pursuant to Section 2(b) of the Agreement,
                provided, however, that if such termination is the result of a Change
                of
                Control, then the full amount which would be payable to the Employee
                under
                this subparagraph (b) during the foregoing period through the end
                of the
                then-current term of this Agreement will be paid to the Employee
                in a
                single lump sum within five days after the date the Employee’s employment
                is terminated.

            

    

     

    
      	 	
              (c)

            	
              In
                the event the Employee’s employment with the Company is terminated upon
                the Employee’s death or Permanent Disability (as such term is defined in
                Section 3(f) hereof), the Employee or his legal representative shall
                continue to receive his then current base salary for a two year period
                and
                all stock options held by Employee shall, to the extent vested, continue
                to be exercisable during such
                period.

            

    

     

    
      	 	
              (d)

            	
              In
                the event of a termination of Employee by the Company for Cause (as
                defined in Section 3(e) hereof), the Company shall not be obligated
                to pay
                Employee any compensation or benefits after the date of termination
                and
                Employee must exercise any vested stock options held by Employee
                within 30
                days of such date.

            

    

     

    
      	 	
              (e)

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

            

    

     

    
      	 	
              (f)

            	
              For
                purposes hereof, “Permanent Disability” shall mean the total
                incapacitation of the Employee so as the preclude performance of
                the
                duties of his employment hereunder for an aggregate period of six
                months
                in any twelve month period.

            

    

     

    
      	 	
              (g)

            	
              For
                purposes hereof, “Good Reason” shall exist if the Company shall: (i) be in
                breach of or default under any material provision of this Agreement
                and
                not cure such breach within 30 days or receiving notice of such breach
                from the Employee; (ii) change the principal work location of the
                Employee
                away from Manhattan, New York, without the consent of the Employee,
                which
                consent may be withheld by the Employee for any reason; (iii) materially
                change the duties of the Employee without the Employee’s consent, which
                consent may be withheld by the Employee for any reason; (iv) reduce
                the
                Employee’s base salary or benefits without the Employee’s consent, which
                consent may be withheld by the Employee for any reason; (v) become
                insolvent or bankrupt or file a voluntary or involuntary petition
                in
                bankruptcy or make an assignment for the benefit of creditors or
                consent
                to the appointment of a trustee or receiver; or (vi) undergo a Change
                of
                Control (as defined in Section 3(h)
                hereof).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (h)

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

            

    

     

    
      	 	
              (i)

            	
              In
                the event Employee shall become subject to the excise tax imposed
                by
                Section 4999 of the Code and any related penalties or interest (the
                “Excise Tax”) by reason of any compensation payable to him hereunder, as
                determined by the Company’s independent accountants on the request of
                Employee, the Company agrees to make an additional “gross-up” payment to
                the Employee in an amount such that, after payment by Employee of
                all
                taxes (including any Excise Tax, interest and penalties) imposed
                upon the
                gross-up payment, Employee shall retain an amount equal to the Excise
                Tax.

            

    

     

    
      	 	
              (j)

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

            

    

     

    
      	4.	
              Noncompetition;
                Nonintervention.

            

    

     

    
      	 	
              (a)

            	
              While
                in the employ of the Company, the Employee agrees to devote substantially
                all of his time, attention and energies to the performance of the
                business
                of the Company and the Employee shall not, directly or indirectly,
                alone
                or as a member of any partnership or other business organization,
                or as a
                partner, officer, director, employee, stockholder, consultant, or
                agent of
                any other corporation, partnership, or other business organization,
                be
                actively engaged in or concerned with any other duties or pursuits
                which
                interfere with the performance of his duties as an employee of the
                Company, or which, even if noninterfering, may be contrary to the
                best
                interests of the Company (provided, however, that the Employee may
                continue his business activities involving the providing of investment
                management and advisory services for a cash alternative fund and
                involving
                market neutral strategies and convertible arbitrage programs or,
                with the
                Board’s prior consent, any other strategy which is not in competition with
                the Company or its affiliates at the time such strategy commences
                (the
                “Existing Activities”)).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

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

            

    

     

    
      	5.	
              Confidential
                Information.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	6.	
              Binding
                Effect.

            

    

     

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

     

    
      	7.	
              Entire
                Agreement.

            

    

     

    This
      Agreement contains the entire agreement and understanding of the parties with
      respect to the subject manner hereof, supersedes all prior agreements and
      understandings with respect thereto and cannot be modified, amended, waived
      or
      terminated, in whole or in part, except in writing signed by the party to be
      charged.

     

    
      	8.	
              Arbitration.

            

    

     

    
      	 	
              (a)

            	
              All
                disputes between Employee and the Company of any kind whatsoever,
                including, without limitation, all disputes relating in any manner
                to the
                employment or termination of Employee and all disputes arising under
                this
                Agreement, but excluding (at the Company’s option) any proceedings
                pursuant to Section 9, shall be resolved by arbitration (“Arbitrable
                Claims”). Arbitration shall be final and binding upon the parties and
                shall be the exclusive remedy for all Arbitrable Claims. The parties
                hereby waive any rights they may have to trial by jury in regard
                to
                Arbitrable Claims.

            

    

     

    
      	 	
              (b)

            	
              Arbitration
                of Arbitrable Claims shall be in accordance with the Employment Dispute
                Resolution Rules of the American Arbitration Association (“AAA Employment
                Rules”), except as provided otherwise in this Agreement. There shall be
                one arbitrator selected in accordance with the AAA Employment Rules.
                In
                any arbitration, the burden of proof shall be allocated as provided
                by
                applicable law. Either party may bring an action in court to compel
                arbitration under this Agreement and to enforce an arbitration award.
                Otherwise, neither party shall initiate or prosecute any lawsuit
                or
                administrative action in any way related to any Arbitrable Claim.
                All
                arbitration hearings under this Agreement shall be conducted in New
                York,
                New York. The Federal Arbitration Act shall govern the interpretation
                and
                enforcement of this Section 8. The fees of the arbitrator shall be
                split
                between both parties equally.

            

    

     

    
      	 	
              (c)

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (d)

            	
              The
                rights and obligations of Employee and the Company as set forth in
                this
                Section 8 with respect to arbitration shall survive the termination
                of
                Employee’s employment and the expiration of this
                Agreement.

            

    

     

    
      	9.	
              Right
                to Injunction.

            

    

     

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

     

    
      	10.	
              Indemnification.

            

    

     

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

     

    
      	11.	
              Miscellaneous.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

            	
              Successor
                in Interest.
                All provisions of this Agreement shall survive the termination or
                cessation of the Employee’s employment with the Company and shall be
                binding upon and inure to the benefit of and be enforceable by and
                against
                the respective heirs, executors, administrators, personal representatives,
                successors and assigns of either of the parties to this
                Agreement.

            

    

     

    
      	 	
              (c)

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

            

    

     

    
      	 	
              (d)

            	
              Notices.
                All notices to be given hereunder shall be in writing and personally
                delivered or sent certified mail, return receipt requested. Notices
                to be
                given to the Employee shall be sent to the address indicated below
                the
                Employee’s signature below. Notices to be given to the Company shall be
                sent to Asset Alliance Corporation, 800 Third Avenue, New York, NY
                10022,
                to the attention of Arnold L. Mintz, Executive Vice President. Notices
                of
                any changes in the above addresses shall be given to the other party
                in
                writing.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (e)

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

            

    

     

    
      	 	
              (f)

            	
              Governing
                Law.
                This Agreement shall be governed by the laws of the State of New
                York
                without regard to the conflict of laws principals
                thereof.

            

    

     

    
      	 	
              (g)

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

            

    

     

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

     

    
      	
              Asset
                Alliance Corporation

            
	 	 
	
              By:

            	
              /s/
                Bruce H. Lipnick

            
	
              Name:
                

            	
              Bruce
                H. Lipnick

            
	
              Title:
                

            	
              Chief
                Executive Officer

            
	 	 
	
                  /s/
                Arnold L. Mintz

            
	
              Arnold
                L. Mintz

            
	 
	
              Employee’s
                Address:

            
	
              200
                East 82nd Street, Apartment 27G

            
	
              New
                York, New York 10028

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    INCENTIVE
      BONUS SCHEDULE (MINTZ)

    

      
        	
                AUDITED
                  CASH EARNINGS 

                AVAILABLE
                  FOR COMMON 

                SHAREHOLDERS
                  PER

                FULLY
                  DILUTED SHARE

              	 	
                INCENTIVE

                BONUS
                  PAYMENT

              
	
                0
                  -
                  .74

              	 	
                0

              
	
                .75
                  -1.00

              	 	
                $200,000-300,000

              
	
                1.00
                  - 1.25

              	 	
                $300,000-400,000

              
	
                1.25
                  -1.50

              	 	
                $400,000-500,000

              
	
                1.50
                  - 1.75

              	 	
                $500,000-600,000

              
	
                1.75
                  - 2.25

              	 	
                $600,000-700,000

              
	
                2.25
                  - 3.00

              	 	
                $700,000-800,000

              
	
                3.00
                  - 4.00

              	 	
                $800,000-900,000

              
	
                4.00
                  - 5.00

              	 	
                $900,000-1,000,000

              
	
                5.00
                  - 6.00

              	 	
                $1,000,000-1,250,000

              
	
                6.00
                  AND ABOVE

              	 	
                $1,250,000
                  + $250,000 FOR EACH

                ADDITIONAL
                  $1.00 PER FULLY

                DILUTED
                  SHARE

              

      

    

     

    The
      Company’s Cash Earnings Available for Common Shareholders per Fully Diluted
      Share, excluding
      the Incentive Bonus Payment,
      shall
      be determined by the Company’s independent auditors each year, taking into
      account changes in the Company’s capital structure, securities convertible into
      common stock, stock dividends, stock splits, recapitalizations, reorganizations,
      merger and other relevant changes in the Company’s capitalization. The Incentive
      Bonus Payment for Cash Earnings Available for Common Shareholders per Fully
      Diluted Share levels falling between the low and the high range shall be
      computed on a straight-line basis. For example, if Cash Earnings Available
      for
      Common Shareholders per Fully Diluted Share should be $2.00 (the mid-point
      between 1.75 and 2.25), the Incentive Bonus Payment shall be $550,000 (the
      mid-point between $500,000 and $600,000).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

     

    This
      Amendment (the “Amendment”) is made as of April 2, 2004 to the Amended and
      Restated Employment Agreement between Asset Alliance Corporation and Arnold
      L.
      Mintz dated as of October 31, 2000 (the “Agreement”). Terms used in this
      Amendment and not defined herein have the meaning ascribed to them in the
      Agreement.

     

    
      	
              1.

            	
              Clause
                (a) of Section 2 of the Agreement is hereby amended to read in its
                entirety as follows:

            

    

     

    (a)
      Salary.
      The
      Company shall compensate the Employee with a base salary of $600,000 per annum,
      commencing on January 1, 2004 and payable in accordance with the normal payroll
      practices of the Company. The base salary shall be reviewed annually and may
      be
      increased (but shall not be decreased) in the sole discretion of the
      Board.

     

    
      	
              2.

            	
              Except
                as amended by the foregoing provisions, the Agreement shall remain
                in full
                force and effect.

            

    

     

    
      	
              3.

            	
              This
                Amendment may be executed in one or more counterparts, each of which
                will
                be deemed an original, but all of which together will constitute
                one and
                the same instrument. Execution and delivery by the parties to this
                Amendment constitutes their agreement and consent to and approval
                of the
                amendments made hereby.

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 	 
	
              By:

            	
              /s/
                Bruce H. Lipnick

            
	 	
              Name:
                Bruce H. Lipnick

            
	 	
              Title:
                Chief Executive Officer

            
	 	 
	
                  /s/
                Arnold L. Mintz

            
	
              Arnold
                L. Mintz

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 2 TO EMPLOYMENT AGREEMENT

     

    This
      Amendment (the “Amendment”) is made as of May 20, 2004 to the Amended and
      Restated Employment Agreement between Asset Alliance Corporation and Arnold
      L.
      Mintz dated as of October 31, 2000, as amended by Amendment dated as of April
      2,
      2004 (the “Agreement”). Terms used in this Amendment and not defined herein have
      the meaning ascribed to them in the Agreement.

     

    
      	
              1.

            	
              The
                first sentence in Exhibit A to the Agreement is hereby amended to
                read in
                its entirety as follows:

            

    

     

    The
      Company’s Audited Cash Earnings Available for Common Shareholders per Fully
      Diluted Shares, excluding
      the Incentive Bonus Payments and Discretionary Bonus Payments,
      shall
      be determined by the Company’s independent auditors each year, taking into
      account changes in the Company’s capital structure, securities convertible into
      common stock, stock dividends, stock splits, recapitalizations, reorganizations,
      merger and other relevant changes in the Company’s capitalization.

     

    
      	
              2.

            	
              Except
                as amended by the foregoing provisions, the Agreement shall remain
                in full
                force and effect.

            

    

     

    
      	
              3.

            	
              This
                Amendment may be executed in one or more counterparts, each of which
                will
                be deemed an original, but all of which together will constitute
                one and
                the same instrument. Execution and delivery by the parties to this
                Amendment constitutes their agreement and consent to and approval
                of the
                amendments made hereby.

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 	 
	
              By:

            	
              /s/
                Bruce H. Lipnick

            
	 	
              Name:
                Bruce H. Lipnick

            
	 	
              Title:
                Chief Executive Officer

            
	 	 
	
                  /s/
                Arnold L. Mintz

            
	
              Arnold
                L. Mintz

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 3 TO EMPLOYMENT AGREEMENT

     

    This
      Amendment (the “Amendment”) is made as of April 21, 2005 to the Amended and
      Restated Employment Agreement between Asset Alliance Corporation and Arnold
      L.
      Mintz dated as of October 31, 2000, as amended by Amendment dated as of April
      2,
      2004 and Amendment No. 2 dated as of May 20, 2004 (collectively, the
“Agreement”). Terms used in this Amendment and not defined herein have the
      meaning ascribed to them in the Agreement.

     

    
      	
              1.

            	
              Section
                2(b) of the Agreement is hereby amended by replacing “Audited Cash
                Earnings Available” with “Earnings Before Interest, Taxes, Depreciation
                and Amortization (EBITDA)”.

            

    

     

    
      	
              2.

            	
              Exhibit
                A of the Agreement is hereby amended to read in its entirety as
                follows:

            

    

     

    
      	
              EBITDA
                Per Share Range

            	 	
              Bonus
                Range

            	 
	
              $

            	 -	 	
              $

            	
              0.75

            	 	
              $

            	
              -

            	 	
              $

            	
              200,000

            	 
	
              $

            	
              0.75

            	 	
              $

            	
              1.00

            	 	
              $

            	
              200,000

            	 	
              $

            	
              300,000

            	 
	
              $

            	
              1.00

            	 	
              $

            	
              1.25

            	 	
              $

            	
              300,000

            	 	
              $

            	
              400,000

            	 
	
              $

            	
              1.25

            	 	
              $

            	
              1.50

            	 	
              $

            	
              400,000

            	 	
              $

            	
              500,000

            	 
	
              $

            	
              1.50

            	 	
              $

            	
              1.75

            	 	
              $

            	
              500,000

            	 	
              $

            	
              650,000

            	 
	
              $

            	
              1.75

            	 	
              $

            	
              2.25

            	 	
              $

            	
              650,000

            	 	
              $

            	
              950,000

            	 
	
              $

            	
              2.25

            	 	
              $

            	
              3.00

            	 	
              $

            	
              950,000

            	 	
              $

            	
              1,400,000

            	 
	
              $

            	
              3.00

            	 	
              $

            	
              4.00

            	 	
              $

            	
              1,400,000

            	 	
              $

            	
              2,050,000

            	 
	
              $

            	
              4.00

            	 	
              $

            	
              5.00

            	 	
              $

            	
              2,050,000

            	 	
              $

            	
              2,800,000

            	 
	
              $

            	
              5.00

            	 	
              $

            	
              6.00

            	 	
              $

            	
              2,800,000

            	 	
              $

            	
              3,650,000

            	 
	
              $

            	
              6.00

            	 	
              $

            	
              7.00

            	 	
              $

            	
              3,650,000

            	 	
              $

            	
              4,550,000

            	 
	
              $

            	
              7.00

            	 	
              $

            	
              8.00

            	 	
              $

            	
              4,550,000

            	 	
              $

            	
              5,450,000

            	 
	
              $

            	
              8.00

            	 	
              $

            	
              9.00

            	 	
              $

            	
              5,450,000

            	 	
              $

            	
              6,450,000

            	 
	
              $

            	
              9.00

            	 	
              $

            	
              > 9.00

            	 	
              
                $6,450,000 + $1.1MM for each $1.00 per share

              

            

    

     

    The
      Company’s Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Shares, before
      taking into account the Incentive Bonus Payments and Discretionary Bonus
      Payments to the CEO, COO and the CFO of the Company,
      shall
      be determined by the Company’s independent auditors each year, taking into
      account changes in the Company’s capital structure, securities convertible into
      common stock, stock dividends, stock splits, recapitalizations, reorganizations,
      merger and other relevant changes in the Company’s capitalization. The Incentive
      Bonus Payment for Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Share levels falling between
      the low and the high range shall be computed on a straight-line basis. For
      example, if Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Share should be $2.00 (the
      mid-point between $1.75 and $2.25), the Incentive Bonus Payment shall be
      $800,000 (the mid-point between $650,000 and $950,000).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              3.

            	
              Except
                as amended by the foregoing provisions, the Agreement shall remain
                in full
                force and effect.

            

    

     

    
      	
              4.

            	
              This
                Amendment may be executed in one or more counterparts, each of which
                will
                be deemed an original, but all of which together will constitute
                one and
                the same instrument. Execution and delivery by the parties to this
                Amendment constitutes their agreement and consent to and approval
                of the
                amendments made hereby.

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 	 
	
              By:

            	
              /s/
                Bruce H. Lipnick

            
	 	
              Name:
                Bruce H. Lipnick

            
	 	
              Title:
                Chief Executive Officer

            
	 	 
	
                  /s/
                Arnold L. Mintz

            
	
              Arnold
                L. Mintz

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 4 TO EMPLOYMENT AGREEMENT

     

    This
      Amendment (the “Amendment”) is made as of June 2, 2006 to the Amended and
      Restated Employment Agreement between Asset Alliance Corporation and Arnold
      L.
      Mintz dated as of October 31, 2000, as amended by Amendment dated as of April
      2,
      2004, Amendment No. 2 dated as of May 20, 2004, Amendment No. 3 dated as of
      April 21, 2005 (collectively, the “Agreement”). Terms used in this Amendment and
      not defined herein have the meaning ascribed to them in the
      Agreement.

     

    1. Exhibit
      A
      of the Agreement is hereby amended to read in its entirety as
      follows:

     

    
      	
              EBITDA Per Share Range

            	 	
              Bonus Range

            	 
	
              $ 

            	 -	 	
              $

            	
              0.75

            	 	
              $

            	
              -

            	 	
              $

            	
              200,000

            	 
	
              $

            	
              0.75

            	 	
              $

            	
              1.00

            	 	
              $

            	
              200,000

            	 	
              $

            	
              300,000

            	 
	
              $

            	
              1.00

            	 	
              $

            	
              1.25

            	 	
              $

            	
              300,000

            	 	
              $

            	
              400,000

            	 
	
              $

            	
              1.25

            	 	
              $

            	
              1.50

            	 	
              $

            	
              400,000

            	 	
              $

            	
              500,000

            	 
	
              $

            	
              1.50

            	 	
              $

            	
              1.75

            	 	
              $

            	
              500,000

            	 	
              $

            	
              650,000

            	 
	
              $

            	
              1.75

            	 	
              $

            	
              2.25

            	 	
              $

            	
              650,000

            	 	
              $

            	
              950,000

            	 
	
              $

            	
              2.25

            	 	
              $

            	
              3.00

            	 	
              $

            	
              950,000

            	 	
              $

            	
              1,400,000

            	 
	
              $

            	
              3.00

            	 	
              $

            	
              4.00

            	 	
              $

            	
              1,400,000

            	 	
              $

            	
              2,050,000

            	 
	
              $

            	
              4.00

            	 	
              $

            	
              5.00

            	 	
              $

            	
              2,050,000

            	 	
              $

            	
              2,800,000

            	 
	
              $

            	
              5.00

            	 	
              $

            	
              6.00

            	 	
              $

            	
              2,800,000

            	 	
              $

            	
              3,650,000

            	 
	
              $

            	
              6.00

            	 	
              $

            	
              7.00

            	 	
              $

            	
              3,650,000

            	 	
              $

            	
              4,550,000

            	 
	
              $

            	
              7.00

            	 	
              $

            	
              8.00

            	 	
              $

            	
              4,550,000

            	 	
              $

            	
              5,450,000

            	 
	
              $

            	
              8.00

            	 	
              $

            	
              9.00

            	 	
              $

            	
              5,450,000

            	 	
              $

            	
              6,450,000

            	 
	
              $

            	
              9.00

            	 	
              $

            	
              >
                9.00

            	 	
              
                
                  $6,450,000 + $1.1MM for each $1.00 per share

                

              

            

    

     

    The
      Company’s Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Shares, before
      taking into account the Incentive Bonus Payments and Discretionary Bonus
      Payments to the CEO, COO and the CFO of the Company,
      shall
      be determined by the Company’s independent auditors each year, taking into
      account changes in the Company’s capital structure, securities convertible into
      common stock, stock dividends, stock splits, recapitalizations, reorganizations,
      merger and other relevant changes in the Company’s capitalization. The Incentive
      Bonus Payment for Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Share levels falling between
      the low and the high range shall be computed on a straight-line basis. For
      example, if Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Share should be $2.00 (the
      mid-point between $1.75 and $2.25), the Incentive Bonus Payment shall be
      $800,000 (the mid-point between $650,000 and $950,000). Notwithstanding the
      foregoing, if Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Share is any amount up to
      $0.75, the Incentive Bonus Payment shall be $200,000. Accordingly, the minimum
      annual Incentive Bonus Payment to Executive shall be $200,000.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              2.

            	
              Except
                as amended by the foregoing provisions, the Agreement shall remain
                in full
                force and effect.

            

    

     

    
      	
              3.

            	
              This
                Amendment may be executed in one or more counterparts, each of which
                will
                be deemed an original, but all of which together will constitute
                one and
                the same instrument. Execution and delivery by the parties to this
                Amendment constitutes their agreement and consent to and approval
                of the
                amendments made hereby.

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 	 
	
              By:

            	
              /s/
                Bruce H. Lipnick

            
	 	
              Name:
                Bruce H. Lipnick

            
	 	
              Title:
                Chief Executive Officer

            
	 	 
	
                  /s/
                Arnold L. Mintz

            
	
              Arnold
                L. MintzUnassociated Document

    Exhibit
      10.27

     

    EMPLOYMENT
      AGREEMENT

     

    This
      EMPLOYMENT AGREEMENT (the “Agreement”)
      is
      dated as of July 10, 2000, and is entered into between Asset Alliance
      Corporation, a Delaware corporation (the “Company”),
      and
      Stephen G. Bondi (the “Employee”).

     

    WHEREAS,
      upon the terms and subject to the conditions of this Agreement, the Company
      desires to employ the Employee and the Employee desires to accept employment
      by
      the Company;

     

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

     

    1. Employment
      and Term.

     

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

     

    (b) The
      term
      of the Employee’s employment by the Company shall commence as of July 10, 2000
      (the “Effective
      Date”)
      and
      shall continue for a period of one year from such date (the “Initial
      Employment Period”),
      which
      Initial Employment Period shall be automatically extended for an additional
      one
      year period on each anniversary of this Agreement (such that the remaining
      term
      as of each anniversary shall be one year) (each a “Renewal
      Period”)
      unless
      and until the Employee’s employment is terminated pursuant to Section 3
      hereof.

     

    2. Compensation.

     

    (a) Salary.
      The
      Company shall compensate the Employee with a base salary of $250,000 for the
      Initial Employment Period, prior to any deductions for participation in the
      Company’s SEP, commencing on the Effective Date and payable in accordance with
      the normal payroll practices of the Company. The base salary shall be reviewed
      annually but shall not be less than $250,000 per annum.

     

    (b) Incentive
      Bonus.
      The
      Company shall pay Employee additional compensation determined pursuant to the
      terms of a compensation plan to be developed by the Board; provided, however,
      the Employee shall be eligible to receive not less than $50,000 during the
      Initial Employment Period pursuant to such plan, it being understood that such
      compensation shall be variable and may not result in any payment to
      Employee.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) Discretionary
      Bonus.
      Employee shall receive a discretionary annual bonus that shall not be less
      than
      $100,000 during the Initial Employment Period or during any Renewal Period.
      Such
      bonus shall be paid prior to March 15 of each year during the Initial Employment
      Period or during any Renewal Period.

     

    (d) Stock
      Options.
      Subject
      to the approval of the Company’s Board, the Company shall grant to the Employee
      on the Effective Date options to purchase 150,000 shares of the Company’s Common
      Stock on the following terms and the other terms set forth in the form of option
      certificate delivered to the Employee herewith: (1) the options shall be
      exercised within ten (10) years from the date of grant; (2) 30,000 options
      shall
      vest and become exercisable at the end of the Initial Employment Period and
      every Renewal Period thereafter until all options have vested and become
      exercisable; (3) the exercise price shall be $12 per share; and (4) the options
      shall become immediately exercisable upon Employee’s termination by the Company
      following a Change of Control (as defined in Section 3(h) hereof).

     

    (e) Benefits.
      The
      Employee shall be entitled to participate in any Company sponsored health
      insurance plan and the Company’s SEP, all on such terms as the Board shall
      determine, and such other employee benefits as the Board may hereafter make
      available to the executives of the Company.

     

    (f) Expenses.
      The
      Company shall pay or reimburse the Employee for all expenses normally reimbursed
      by the Company and reasonably incurred by him in furtherance of his duties
      hereunder including, without limitation, travel expenses, meals, hotel
      accommodations and the like upon submission by him of vouchers or an itemized
      list thereof prepared in compliance with such rules relating thereto as the
      Board may, from time to time, adopt and as may be required in order to permit
      such payments as proper deductions to the Company under the Internal Revenue
      Code of 1986, as amended (the “Code”),
      and
      the rules and regulations adopted pursuant thereto now or hereafter in
      effect.

     

    (g) Vacations.
      During
      each year of employment, the Employee shall be entitled to paid vacations for
      three weeks.

     

    3. Termination.

     

    (a) This
      Agreement shall be terminated upon the happening of any of the following events:
      (i) in the case of a termination by the Company for Cause (as defined in Section
      3(e) hereof), immediately upon written notice of termination; (ii) in the case
      of other terminations, whenever the Company or the Employee shall give advance
      written notice of termination 60 days prior to the end of the Initial Employment
      Period and every Renewal Period thereafter, in which event the Agreement shall
      be terminated on the day before the anniversary of this Agreement; (iii) upon
      the death of the Employee; or (iv) upon the Permanent Disability (as such term
      is defined in Section 3(f) hereof) of the Employee.

    

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

     

    (b) In
      the
      event that the Employee’s employment with the Company is terminated by the
      Company without Cause (as defined in Section 3(e) hereof) or is terminated
      by
      the Employee for Good Reason (as defined in Section 3(g) hereof), then during
      the period from the effective date of termination through the date which is
      six
      months from the date of such effective date of termination, the Employee shall
      continue to receive the full amount of his then current base salary plus all
      other benefits to which the Employee is entitled pursuant to Section 2(e) hereof
      and otherwise (including, without limitation, the continued vesting and
      exercisability during such period of all stock options held by the Employee);
      provided, however, that if such termination follows a Change of Control (as
      defined in Section 3(h) hereof), then (i) all unvested options shall vest
      immediately and become exercisable upon the date the Employee’s employment is
      terminated and (ii) the Employee shall be entitled to receive the unpaid portion
      of his base salary through the 365th day following the end of the then-current
      term of this Agreement.

     

    (c) In
      the
      event the Employee’s employment with the Company is terminated upon the
      Employee’s death or Permanent Disability (as such term is defined in Section
      3(f) hereof), the Employee or his legal representative shall continue to receive
      his then current base salary for a 6-month period and all stock options held
      by
      Employee shall, to the extent vested, continue to be exercisable during such
      period.

     

    (d) In
      the
      event of a termination of Employee by the Company for Cause (as defined in
      Section 3(e)), the Company shall not be obligated to pay Employee any
      compensation or benefits after the date of termination and Employee must
      exercise any vested stock options held by Employee within 30 days of such
      date.

     

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

     

    (f) For
      purposes hereof, “Permanent
      Disability”
shall
      mean the total incapacitation of the Employee so as to preclude performance
      of
      the duties of his employment hereunder for an aggregate period of three months
      in any twelve-month period.

     

    (g) For
      purposes hereof, “Good
      Reason”
shall
      exist if the Company shall: (i) be in breach of or default under any material
      provision of this Agreement and not cure such breach within 30 days of receiving
      notice of such breach from the Employee or (ii) undergo a Change of Control
      (as
      defined in Section 3(f) hereof).

     

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

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    4. Noncompetition;
      Nonintervention.

     

    (a) While
      in
      the employ of the Company, the Employee agrees to devote substantially all
      of
      his time, attention and energies to the performance of the business of the
      Company and the Employee shall not, directly or indirectly, alone or as a member
      of any partnership or other business organization, or as a partner, officer,
      director, employee, stockholder, consultant or agent of any other corporation,
      partnership or other business organization, be actively engaged in or concerned
      with any other duties or pursuits which interfere with the performance of his
      duties as an employee of the Company, or which, even if noninterfering, may
      be
      contrary to the best interests of the Company.

     

    (b) Until
      two
      years after the termination or cessation of the Employee’s employment with the
      Company for any reason (including termination of employment by the Company
      without Cause) other than termination by the Company following a Change of
      Control, and, in the event of termination by the Company following a Change
      of
      Control, until the end of the period through which payment of the Employee’s
      base salary continues under Section 3(b) hereof, the Employee shall not,
      directly or indirectly, alone or as a member of any partnership or other
      business organization, or as a partner, officer, director, employee,
      stockholder, consultant or agent of any corporation, partnership or business
      organization, engage, other than as incidental and immaterial component of
      a
      business in which the Employee otherwise is engaged, in (i) the business of
      acquiring equity interests of, or otherwise investing in, investment management
      firms or (ii) the business of marketing or developing alternative investment
      strategies (such as those employed by the Company’s affiliates during the term
      of this Agreement) or structured products involving alternative investment
      strategies where either the investment strategies or structured products involve
      terms or methodologies which are proprietary to the Company or its affiliates.
      For a period of two years after the termination or cessation of the Employee’s
      employment with the Company for any reason (including termination of employment
      by the Company without Cause) the Employee shall not, directly or indirectly,
      alone or as a member of any partnership or other business organization, or
      as a
      partner, officer, director, employee, stockholder, consultant or agent of any
      corporation, partnership or business organization (A) request or cause any
      customer of the Company or its affiliates to cancel or terminate any business
      relationship with the Company or such affiliate, or (B) solicit or otherwise
      cause any employee of the Company or its affiliates to terminate such employee’s
      relationship with the Company or such affiliate.

     

    5. Confidential
      Information.

     

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

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

     

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

     

    6. Other
      Obligations.

     

    Except
      for the agreement between the Employee and Gabelli & Company, Inc. and
      affiliates dated December 14, 1994, a copy of which has been provided by the
      Employee to the Company, the Employee certifies that there is no other contract
      or duty on the Employee’s part that would interfere with or limit the Employee’s
      ability to provide services to Company or to perform all of the terms of this
      Agreement. The Employee also certifies that he has no continuing contractual
      obligations to any previous employer or any other party (i) that requires him
      not to use or disclose information to the Company (other than the confidential
      information of a prior employer) or (ii) that requires him to refrain from
      competing directly or indirectly with the business of such previous employer
      or
      other party. The Employee agrees that, in performing work for the Company,
      the
      Employee will not knowingly use any patented inventions, trade secrets,
      confidential information or proprietary information obtained from third parties,
      including any prior employer or any other organization or individual. The
      Employee agrees not to use copyrighted materials, or any portion thereof, of
      any
      other company or person while writing computer programs, manuals or any other
      materials for the Company, and that the Employee will not bring onto the
      premises of the Company any unpublished document or other property containing
      proprietary information or trade secrets belonging to the Employee’s former
      employers, unless consented to in writing by said employers.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    7. Binding
      Effect.

     

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

     

    8. Entire
      Agreement.

     

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

     

    9. Governing
      Law; Jurisdiction.

     

    The
      validity, interpretation, construction and performance of this Agreement shall
      be governed by the laws of the State of New York applicable to contracts
      executed and to be performed entirely within said State. Any judicial proceeding
      brought against any of the parties to this Agreement or any dispute arising
      out
      of this Agreement or any matter related hereto may be brought in the courts
      of
      the State of New York or in the United States District Court for the Southern
      District of New York, and, by execution and delivery of this Agreement, each
      of
      the parties to this Agreement accepts the jurisdiction of said courts, and
      irrevocably agrees to be bound by any judgment rendered thereby in connection
      with this Agreement. The foregoing consent to jurisdiction shall not be deemed
      to confer rights on any person other than the respective parties to this
      Agreement.

     

    10. Right
      to Injunction.

     

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

     

    11. Indemnification.

     

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

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    12. Miscellaneous.

     

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

     

    (b) Successors
      in Interest.
      All
      provisions of this Agreement shall survive the termination or cessation of
      the
      Employee’s employment with the Company and shall be binding upon and inure to
      the benefit of and be enforceable by and against the respective heirs,
      executors, administrators, personal representatives, successors and assigns
      of
      either of the parties to this Agreement.

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

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

     

    
      	
              ASSET
                ALLIANCE CORPORATION

            
	 	 
	
              By

            	
              /s/
                Arnold L. Mintz

            
	 	
              Arnold
                L. Mintz, Executive Vice President

            
	 	 
	
                  /s/
                Stephen G. Bondi

            
	
              STEPHEN
                G. BONDI

            
	 
	
              Address:

            
	 
	
              17
                Meritoria Drive

            
	
              East
                Williston, NY 15596

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

     

    This
      Amendment (the “Amendment”) is made as of September 15, 2005 to the Employment
      Agreement between Asset Alliance Corporation and Stephen G. Bondi dated as
      of
      July 10, 2000 (the “Agreement”). Terms used in this Amendment and not defined
      herein have the meaning, ascribed to them in the Agreement.

     

    
      	
              1.

            	
              Clause
                (b) of Section 2 of the Agreement is hereby amended to read in its
                entirety as follows:

            

    

     

    (b)
      Incentive
      Bonus.
      The
      Company shall pay Employee each year during the Term as additional compensation
      amounts determined by reference to the Company’s Earnings Before Interest,
      Taxes, Depreciation and Amortization (EBITDA) for Common Shareholders per Fully
      Diluted Shares as determined as follows:

     

    

    
      	
              EBITDA
                Per Share Range

            	 	
              Bonus
                Range

            	 
	$ 	 -	 	
              $

            	
              0.75

            	 	
              $

            	
              -

            	 	
              $

            	
              120,000

            	 
	
              $

            	
              0.75

            	 	
              $

            	
              1.00

            	 	
              $

            	
              120,000

            	 	
              $

            	
              160,000

            	 
	
              $

            	
              1.00

            	 	
              $

            	
              1.25

            	 	
              $

            	
              160,000

            	 	
              $

            	
              200,000

            	 
	
              $

            	
              1.25

            	 	
              $

            	
              1.50

            	 	
              $

            	
              200,000

            	 	
              $

            	
              240,000

            	 
	
              $

            	
              1.50

            	 	
              $

            	
              1.75

            	 	
              $

            	
              240,000

            	 	
              $

            	
              300,000

            	 
	
              $

            	
              1.75

            	 	
              $

            	
              2.25

            	 	
              $

            	
              300,000

            	 	
              $

            	
              420,000

            	 
	
              $

            	
              2.25

            	 	
              $

            	
              3.00

            	 	
              $

            	
              420,000

            	 	
              $

            	
              600,000

            	 
	
              $

            	
              3.00

            	 	
              $

            	
              4.00

            	 	
              $

            	
              600,000

            	 	
              $

            	
              860,000

            	 
	
              $

            	
              4.00

            	 	
              $

            	
              5.00

            	 	
              $

            	
              860,000

            	 	
              $

            	
              1,160,000

            	 
	
              $

            	
              5.00

            	 	
              $

            	
              6.00

            	 	
              $

            	
              1,160,000

            	 	
              $

            	
              1,500,000

            	 
	
              $

            	
              6.00

            	 	
              $

            	
              7.00

            	 	
              $

            	
              1,500,000

            	 	
              $

            	
              1,860,000

            	 
	
              $

            	
              7.00

            	 	
              $

            	
              8.00

            	 	
              $

            	
              1,860,000

            	 	
              $

            	
              2,220,000

            	 
	
              $

            	
              8.00

            	 	
              $

            	
              9.00

            	 	
              $

            	
              2,220,000

            	 	
              $

            	
              2,620,000

            	 
	
              $

            	
              9.00

            	 	
              $

            	
              >
                9.00

            	 	
              
                $2,620,000 + $0.4MM for each $1.00 per share

              

            

    

     

    The
      Company’s Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Shares, before taking into
      account the Incentive Bonus Payments and Discretionary Bonus Payments to the
      CEO, COO and the CFO of the Company, shall be determined by the Company’s
      independent auditors each year, taking into account changes in the Company’s
      capital structure, securities convertible into common stock, stock dividends,
      stock splits, recapitalizations, reorganizations, merger and other relevant
      changes in the Company’s capitalization. The Incentive Bonus Payment for
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for
      Common Shareholders per Fully Diluted Share levels falling between the low
      and
      the high range shall be computed on a straight-line basis. For example, if
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for
      Common Shareholders per Fully Diluted Share should be $2.00 (the mid-point
      between $1.75 and $2.25), the Incentive Bonus Payment shall be $360,000 (the
      mid-point between $300,000 and $420,000).

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	
              2.

            	
              Clause
                (c) of Section 2 of the Agreement is hereby amended to read in its
                entirety as follows:

            

    

     

    (c)
      Discretionary
      Bonus.
      Employee shall be eligible to receive a discretionary annual bonus in the sole
      discretion of the Board (it being understood that Employee will receive a
      minimum of $120,000 bonus per annum pursuant to Section 1 of this
      Amendment).

     

    
      	
              3.

            	
              (g)
                of Section 2 of the Agreement is hereby amended to read in its entirety
                as
                follows:

            

    

     

    (g)
      Vacations.
      During
      each year of employment, the Employee is entitled to paid vacation for the
      greater of (i) three weeks and (ii) the amount of time permitted under the
      Company’s then existing vacation policy.

     

    
      	
              4.

            	
              Notwithstanding
                any thing in the Agreement to the contrary (including Section 3(b)
                of the
                Agreement), if the Employee’s employment with the Company is terminated
                without Cause or as a result of a Change of Control, then the Employee
                will receive his base salary plus all benefits plus minimum bonus
                (i.e.,
                $120,000 per annum) for a 24 month period following such
                termination.

            

    

     

    
      	
              5.

            	
              Except
                as amended by the foregoing provisions, the Agreement shall remain
                in full
                force and effect.

            

    

     

    
      	
              6.

            	
              This
                Amendment may be executed in one or more counterparts, each of which
                will
                be deemed an original, but all of which together will constitute
                one and
                the same instrument. Execution and delivery by the parties to this
                Amendment constitutes their agreement and consent to and approval
                of the
                amendments made hereby.

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	 	
              Name:
                Arnold L. Mintz

            
	 	
              Title:
                Chief Operating Officer

            
	 	 
	
                  /s/
                Stephen G. Bondi

            
	
              Stephen
                G. Bondi

            

    

    
      
        
        

      

      
        2

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