Document:

Exhibit 10.5

 

Execution Copy

 

STOCK RESTRICTION AGREEMENT

 

BY AND AMONG

 

OPEN LINK FINANCIAL, INC.

 

THE STOCKHOLDERS

as defined herein

 

AND

 

The INVESTORS

as defined herein

 

Dated as of February 1, 2006

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION I. DEFINITIONS

  	
  1

  
	
   

  	
  1.1.

  	
  Drafting Conventions; No Construction Against Drafter

  	
  1

  
	
   

  	
  1.2.

  	
  Number of Shares of Stock

  	
  2

  
	
   

  	
  1.3.

  	
  Defined Terms

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION II. REPRESENTATIONS AND WARRANTIES

  	
  5

  
	
   

  	
  2.1.

  	
  Representations and Warranties of the Stockholders

  	
  5

  
	
   

  	
  2.2.

  	
  Representations and Warranties of the Investors

  	
  5

  
	
   

  	
  2.3.

  	
  Representations and Warranties of the Company

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION III. RESTRICTIONS ON TRANSFER; RIGHT OF FIRST REFUSAL; CO-SALE
  PROVISIONS

  	
  6

  
	
   

  	
  3.1.

  	
  Restrictions on Transfer

  	
  6

  
	
   

  	
  3.2.

  	
  Permitted Transfers

  	
  6

  
	
   

  	
  3.3.

  	
  Right of Refusal

  	
  7

  
	
   

  	
  3.4.

  	
  Co-Sale Option of Investors

  	
  9

  
	
   

  	
  3.5.

  	
  Contemporaneous Transfers

  	
  11

  
	
   

  	
  3.6.

  	
  Effect of Prohibited Transfers

  	
  11

  
	
   

  	
  3.7.

  	
  Assignment of Rights

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION IV. COMPANY’S RIGHT OF REPURCHASE

  	
  11

  
	
   

  	
  4.1.

  	
  Right of Repurchase

  	
  11

  
	
   

  	
  4.2.

  	
  Company’s Right to Exercise Repurchase Right

  	
  12

  
	
   

  	
  4.3.

  	
  Determination of Fair Market Value

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION V. RIGHTS AND OBLIGATIONS TO SELL

  	
  12

  
	
   

  	
  5.1.

  	
  Drag Along Rights

  	
  12

  
	
   

  	
  5.2.

  	
  Procedure

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION VI. MISCELLANEOUS PROVISIONS

  	
  13

  
	
   

  	
  6.1.

  	
  Reliance

  	
  13

  
	
   

  	
  6.2.

  	
  Legend on Securities

  	
  13

  
	
   

  	
  6.3.

  	
  Amendment and Waiver; Actions of the Board

  	
  14

  
	
   

  	
  6.4.

  	
  Notices

  	
  14

  
	
   

  	
  6.5.

  	
  Counterparts

  	
  15

  
	
   

  	
  6.6.

  	
  Remedies; Severability

  	
  15

  
	
   

  	
  6.7.

  	
  Entire Agreement

  	
  15

  
	
   

  	
  6.8.

  	
  Governing Law

  	
  15

  
	
   

  	
  6.9.

  	
  Successors and Assigns

  	
  15

  
	
   

  	
  6.10.

  	
  Dispute Resolution

  	
  15

  

 

i

 

	
   

  	
  6.11.

  	
  Consent to Jurisdiction

  	
  16

  
	
   

  	
  6.12.

  	
  Termination

  	
  16

  

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  -   Form of Joinder Agreement

  
	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule A

  	
  -   Stockholders and Investors

  
				

 

ii

 

STOCK RESTRICTION AGREEMENT

 

This Stock
Restriction Agreement (the “Agreement”) is made as of February 1,
2006 (the “Effective Date”), by and among Open Link
Financial, Inc., a Delaware corporation (the “Company”), the
individuals identified on Schedule A as Stockholders (collectively, the
“Stockholders”), the Persons identified on Schedule A as
Investors (collectively, the “Investors” and, together with the
Stockholders, the “Stockholders”), and any other stockholder or option
holder who from time to time becomes party to this Agreement by execution of a
joinder agreement substantially in the form of Exhibit A (a “Joinder
Agreement”). For purposes of this Agreement, a stockholder or an option
holder who joins this Agreement pursuant to a Joinder Agreement shall be
included in the term “Stockholder” or “Investor” as specified in the applicable
Joinder Agreement.

 

WHEREAS, the
Investors are holders of issued and outstanding shares of Convertible Preferred
Stock (as defined in Section 1.4) and Warrants (as defined in
Section 1.4) issuable upon conversion of the Subordinated Notes (as
defined in Section 1.4);

 

WHEREAS, the
Stockholders are the owners of issued and outstanding shares of Common Stock;
and

 

WHEREAS, the
parties hereto desire to agree upon the terms on which the securities of the
Company, now or hereafter outstanding and held by them, will be held,
transferred and voted.

 

NOW,
THEREFORE, the Company, the Stockholders and the Investors hereby covenant and
agree as follows:

 

SECTION I. DEFINITIONS

 

1.1.                         Drafting Conventions: No Construction Against
Drafter.

 

(a)             The
headings in this Agreement are provided for convenience and do not affect its
meaning. The words “include”, “includes” and “including” are to be read as if
they were followed by the phrase “without limitation”. Unless specified
otherwise, any reference to an agreement means that agreement as amended or
supplemented, subject to any restrictions on amendment contained in such
agreement. Unless specified otherwise, any reference to a statute or regulation
means that statute or regulation as amended or supplemented from time to time
and any corresponding provisions of successor statutes or regulations. If any
date specified in this Agreement as a date for taking action falls on a day
that is not a business day, then that action may be taken on the next business
day. Unless specified otherwise, the words “party” and “parties” refer only to
a party named in this Agreement or one who joins pursuant to the terms hereof.

 

 

(b)           The
parties have participated jointly with their respective counsel in the
negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement is to be construed as if
drafted jointly by the parties and there is to be no presumption or burden of
proof favoring or disfavoring any party because of the authorship of any
provision of this Agreement.

 

1.2.          Number
of Shares of Stock. Whenever any
provision of this Agreement calls for any calculation based on the number of
shares of capital stock issued and outstanding or held by a specified Person,
the number of shares deemed to be issued and outstanding or held by that
specified Person, unless specifically stated otherwise, shall be in each case
the total number of shares of Common Stock then issued and outstanding or held
by that specified Person, plus, without duplication, the total number of shares
of Common Stock issuable upon the conversion of any Convertible Preferred Stock
or the exercise of any Warrants then issued and outstanding or held by that
specified Person.

 

1.3.          Defined
Terms. The following capitalized terms, as used in this Agreement, shall have
the meanings set forth below.

 

“Bankruptcy” shall mean (i) the filing of a voluntary
petition under any bankruptcy or insolvency law, or a petition for the
appointment of a receiver or the making of an assignment for the benefit of
creditors, with respect to the Stockholder or any Transferee, as the case may
be, or (ii) the Stockholder or any Transferee, as the case may be, being
subjected involuntarily to such a petition or assignment or to an attachment or
other legal or equitable interest with respect to the Stockholder’s or such
Transferee’s assets, which involuntary petition or assignment or attachment is
not discharged within 60 days after its date, and (iii) the Stockholder or
any Transferee, as the case may be, being subject to a transfer of the Shares
by operation of law (including by divorce, even if not insolvent), except by reason
of death.

 

“Board of
Directors” shall mean the Board of
Directors of the Company.

 

“Charter” shall mean the Company’s certificate of
incorporation in effect as of the date hereof, as amended from time to time.

 

“Credit
Agreement” shall mean the Revolving
Credit and Term Loan Agreement dated as of the date hereof by and between the
Company and Bank of America, N.A.

 

“Code” shall mean the Internal Revenue Code of 1986, as
amended.

 

“Common
Stock” shall mean the common stock, par
value $0.001 per share, of the Company and any other common equity securities
issued by the Company, together with any shares of stock or other securities
issued or issuable with respect thereto (whether by way of a stock dividend or
stock split or in exchange for or in replacement or upon conversion of such
shares or otherwise in connection with a combination of shares,
recapitalization, merger, consolidation or other corporate reorganization).

 

“Company” shall have the meaning set forth in the preamble
and shall include any successor thereto.

 

2

 

“Contribution
and Exchange Agreement” shall mean the Contribution and Exchange Agreement
dated as of the date hereof, by and among Holdco, the Stockholders and the
other parties thereto.

 

“Convertible
Preferred Majority Interest” shall mean, at any time, Investors holding not
less than a majority of the outstanding Shares held at that specified time by
all Investors, calculated in accordance with Section 1.3 hereof.

 

“Convertible
Preferred Stock” shall mean the Series A Convertible Preferred Stock,
par value $0.001 per share, of the Company, together with any shares of stock
or other securities issued or issuable with respect thereto (whether by way of
a stock dividend or stock split or in exchange for or in replacement or upon
conversion of such shares or otherwise in connection with a combination of
shares, recapitalization, merger, consolidation or other corporate
reorganization).

 

“Director”
shall mean a member of the Board of Directors.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934 and the rules and
regulations thereunder.

 

“Fair
Market Value” of any Shares on any given date means the fair market value
of such Shares determined in good faith by the Board of Directors based on an
independent third party appraisal (an “Appraisal”) of such Shares obtained
within the six-month period before or after the date as of which the fair
market value is being determined or, if no such Appraisal has been obtained
within such period, based on an Appraisal obtained promptly after the date the
Board of Directors determines that a determination of fair market value is
required; provided, however, that (i) if any Shares trade on
a national securities exchange, the Fair Market Value on any given date is the
closing sale price on such date; (ii) if any Shares do not trade on any
national securities exchange but are admitted to trading on NASDAQ, the Fair
Market Value on any given date is the closing sale price as reported by NASDAQ
on such date; or if no such closing sale price information is available, the
average of the highest bid and lowest asked prices for such Shares reported on
such date. For any date that is not a trading day, the Fair Market Value of any
Shares for such date will be determined by using the closing sale price or the
average of the highest bid and lowest asked prices, as appropriate, for the
immediately preceding trading day. The Board of Directors can substitute a
particular time of day or other measure of closing sale price if appropriate
because of changes in exchange or market procedures. Notwithstanding the
foregoing, if the date for which Fair Market Value is determined is the first
day when trading prices for any Shares are reported on NASDAQ or trading on a
national securities exchange, the Fair Market Value shall be the “Price to the
Public” (or equivalent) set forth on the cover page for the final
prospectus relating to the consummation of the Company’s first fully
underwritten, firm commitment public offering pursuant to an effective
registration statement under the Securities Act covering the offer and sale by
the Company of its equity securities, as a result of or following which such
Shares shall be publicly held.

 

“HoldCo”
shall mean OLF Acquisition Corp., a Delaware corporation.

 

3

 

“Person” shall mean an individual, a
corporation, a joint venture, a trust, an unincorporated organization, a
limited liability company or partnership, a government (or agency or political
subdivision thereof) or any other entity of any kind.

 

“Proceeding” shall mean any complaint,
lawsuit or similar legal action filed in any court or any investigation, formal
or informal, by any Person, regulatory or self-regulatory authority.

 

“Sale Event” shall mean a bona fide
negotiated transaction with a Third Party Buyer in which (A) the
Convertible Preferred Majority Interest has determined to sell their Shares in
a transaction that will result in a majority of the voting power of the Company
immediately prior to such
transaction being transferred to such Third Party Buyer, (B) the Company
has determined to sell or otherwise dispose of all or substantially all of its
assets to a Third Party Buyer, or (C) the Company has determined to merge
with or into, or consolidate with, a Third Party Buyer.

 

“Securities” shall mean the
Convertible Preferred Stock, the Subordinated Notes and the Warrants.

 

“Securities Act” shall mean the
Securities Act of 1933 and the rules and regulations thereunder.

 

“Service Relationship” shall mean any
relationship as an employee, part-time employee, or other key person (including
consultants) of the Company or any Subsidiary or any successor entity such
that, for example, a Service Relationship shall be deemed to continue without
interruption in the event the Stockholder’s status changes from full-time
employee to part-time employee or consultant.

 

“Shares” shall mean, at any time, (i) Common
Stock, (ii) Convertible Preferred Stock, (iii) Warrants, and (iv) any
other equity securities now or hereafter issued by the Company, together with
any options thereon and any other shares of stock or other securities issued or
issuable with respect thereto (whether by way of a stock dividend, stock split
or in exchange for or in replacement or upon conversion of such shares or
otherwise in connection with a combination of shares, recapitalization, merger,
consolidation or other corporate reorganization).

 

“Subordinated Notes” shall mean the
convertible subordinated notes issued by the Company, in the initial principal
amount of $20,000,000 pursuant to the Note Purchase Agreement, of even date
herewith, between the Company and TA Subordinated Debt Fund, L.P. and TA
Investors II, L.P.

 

“Subsidiary” shall mean any
corporation (other than the Company) in any unbroken chain of corporations or
other entities beginning with the Company if each of the corporations or other
entities (other than the last corporation in the unbroken chain) owns stock or
other interests possessing fifty (50) percent or more of the total combined
voting power of all classes of stock or in one of the other corporations in the
chain.

 

“Third Party Buyer” shall mean the
buyer or buyers in a transaction of a type described in clauses (A) or (B) in
the definition of Sale Event, and the surviving entity in clause (C) in
the

 

4

 

definition of Sale Event;
provided that, in no event shall any Investor or any Investor’s Affiliate be
deemed a Third Party Buyer.

 

“Transfer”
means any direct or indirect transfer, donation, sale, assignment, pledge,
hypothecation, grant of a security interest in or other disposal or attempted
disposal of all or any portion of a security, any interest or rights in a
security, or any rights under this Agreement. “Transferee” means the recipient
of a Transfer.

 

“Warrants”
shall mean the warrants to purchase shares of Common Stock issuable upon
conversion of the Subordinated Notes, together with any other shares of stock
or other securities issued or issuable with respect thereto (whether by way of
a stock dividend or stock split or in exchange for or in replacement or upon
exercise of such Warrants or otherwise in connection with a combination of
shares, recapitalization, merger, consolidation or other corporate
reorganization).

 

SECTION II.
REPRESENTATIONS AND WARRANTIES

 

2.1.          Representations
and Warranties of the Stockholders. Each of the Stockholders hereby
represents, warrants and covenants to the Company and the Investors as follows:
(a) such Person has full legal capacity to enter into this Agreement and
perform its obligations hereunder; (b) this Agreement constitutes the
valid and binding obligation of such Person enforceable against such Person in
accordance with its terms; and (c) the execution, delivery and performance
by such Person of this Agreement does not and will not (i) violate any
laws, rules or regulations of the United States or any state or other
jurisdiction applicable to such Person, or require such Person to obtain any
approval, consent or waiver of, or to make any filing with, any Person that has
not been obtained or made or (ii) constitute a breach of or default under
any material agreement to which such Stockholder is a party.

 

2.2.          Representations
and Warranties of the Investors. Each of the Investors hereby represents,
warrants and covenants to the Company and the Stockholders as follows:
(a) such Person has full limited partnership power and authority to enter
into this Agreement and perform its obligations hereunder; (b) this
Agreement constitutes the valid and binding obligation of such Person
enforceable against such Person in accordance with its terms; and (c) the
execution, delivery and performance by such Person of this Agreement:
(i) does not and will not violate any laws, rules or regulations of
the United States or any state or other jurisdiction applicable to such Person,
or require such Person to obtain any approval, consent or waiver of, or to make
any filing with, any Person that has not been obtained or made; and (ii) does
not constitute a breach of or default under any material agreement to which
such Investor is a party.

 

2.3.          Representations
and Warranties of the Company. The Company hereby represents, warrants and
covenants to the Investors and the Stockholders as follows: (a) the
Company has full corporate power and authority to enter into this Agreement and
perform its obligations hereunder; (b) this Agreement constitutes the
valid and binding obligation of the Company enforceable against it in
accordance with its terms; and (c) the execution, delivery and performance
by the Company of this Agreement: (i) does not and will not violate any
laws, rules or regulations of the United States or any state or other
jurisdiction applicable to the Company,

 

5

 

or require the Company to obtain any
approval, consent or waiver of, or to make any filing with, any Person that has
not been obtained or made; and (ii) does not and will not result in a
breach of, constitute a default under, accelerate any obligation under or give
rise to a right of termination of any indenture or loan or credit agreement or
any other material agreement, contract, instrument, mortgage, lien, lease,
permit, authorization, order, writ, judgment, injunction, decree, determination
or arbitration award to which the Company is a party or by which the property of the Company is bound or
affected, or result in the creation or imposition of any mortgage, pledge,
lien, security interest or other charge or encumbrance on any of the assets or
properties of the Company.

 

SECTION III.                      RESTRICTIONS
ON TRANSFER; RIGHT OF FIRST REFUSAL; CO-SALE PROVISIONS

 

3.1.          Restrictions
on Transfer. Each Stockholder shall not,
without the prior written consent of a
Convertible Preferred Majority Interest, Transfer all or any portion of the
Shares now owned or hereafter acquired by such Stockholder, except in
compliance with this Section III.
Without limiting the generality of the foregoing (except pursuant to an initial
public offering of the Common Stock or upon consummation of a Sale Event), no
Stockholder may Transfer any Shares to any Person who is determined, in the
reasonable, good-faith judgment of the Board of Directors, to be a direct or
indirect competitor of the Company or of any Subsidiary of the Company.

 

3.2.          Permitted
Transfers. Notwithstanding anything in Section III
to the contrary, the provisions of
Sections 3.3 and 3.4 shall not apply to a Transfer of the type listed below in
clauses (a), (b) or (c); provided that in the case of either clause (a) or (b) the Transferee
shall have entered into a Joinder Agreement in substantially the form of Exhibit A providing that all Shares so Transferred shall
continue to be subject to all provisions of this Agreement as if such Shares
were still held by such Stockholder:

 

(a)           Transfers by any Stockholder (or any Transferee permitted under this
clause (a) or clause (b)) to (i) such Stockholder’s spouse or any
lineal ancestor or descendant (including by adoption), (ii) any trust of
which such Stockholder is the trustee or settler or donor and which is
established solely for the benefit of any of the foregoing individuals and
whose terms are not inconsistent with the terms of this Agreement (iii) any
partnership, whose general partner(s) and limited partner(s) (if any)
consist solely of one or more Persons identified in this clause (a) or (iv) any
organization exempt from federal income tax pursuant to Section 501(c)(3) of
the Code, provided that no Stockholder may Transfer more than 50% of the Shares
owned by such Stockholder as of the date of this Agreement pursuant to Section 3.2(a)(iv);

 

(b)           Upon the death of any Stockholder or Transferee, Transfers to such
Stockholder’s or Transferee’s estate, heirs, executors or administrators or to
a trust under such Stockholder’s or Transferee’s will, or Transfers between
such Stockholder or Transferee and such Stockholder’s or Transferee’s guardian
or conservator; or

 

(c)           Transfers
by any Stockholder pursuant to an initial public offering of the Common Stock
or upon consummation of a Sale Event.

 

6

 

Notwithstanding anything to the contrary in this Agreement or any
failure by a Transferee under this Section 3.2 to execute a Joinder
Agreement, except for Transfers pursuant to an initial public offering of the
Common Stock or upon the consummation of a Sale Event, any Transferee of Shares
hereunder shall take such Shares subject to all provisions of this Agreement as
if such Transferee were a Stockholder; provided that the term “Stockholder”
in Section 3.2(a) and 3.2(b) shall continue to refer to the applicable
original Stockholder and not any Transferee thereof.

 

3.3.                              Right
of Refusal.  Subject to the second sentence of Section 3.1, in
the event that any of the Stockholders entertains a bona fide, arm’s length
offer (a “Transaction Offer”) from any other Person (a “Buyer”)
to purchase all or any portion of the Shares held by such Stockholder such
Stockholder (a “Transferring Stockholder”) may, subject to the
provisions of Section 3.4, Transfer such Shares pursuant to and in
accordance with the following provisions of this Section 3.3:

 

(a)                             Offer
Notice.  The Transferring Stockholder shall cause the Transaction
Offer and all of the terms thereof to be reduced to writing and shall promptly
notify the Company and each of the Investors of such Transferring Stockholder’s
desire to effect the Transaction Offer and otherwise comply with the provisions
of this Section 3.3 and, if applicable, Section 3.4 (such notice, the
“Offer Notice”). The Offer Notice shall constitute an irrevocable offer
to sell all of the Shares which are the subject of the Transaction Offer (the “Offered
Shares”) to the Company and the Investors, together as a group, on the
basis described below, at a purchase price equal to the price contained in, and
on the same terms and conditions as, the Transaction Offer. The Offer Notice
shall be accompanied by a true copy of the Transaction Offer (which shall
identify the Buyer and all material information in connection therewith).

 

(b)                            Company
Option.  The Company shall have the first option to purchase all or a
portion of the Offered Shares. At any time within 10 days after receipt by the
Company of the Offer Notice (the “Company Option Period”), the Company
may elect to accept the offer to purchase with respect to any or all of the
Offered Shares and shall give written notice of such election (the “Company
Acceptance Notice”) to the Transferring Stockholder and each Investor
within the Company Option Period, which notice shall indicate the number of
Offered Shares that the Company is willing to purchase. The Company Acceptance
Notice shall constitute a valid, legally binding and enforceable agreement for
the sale and purchase of the Offered Shares covered by the Company Acceptance
Notice. If the Company accepts the offer to purchase all of the Offered Shares,
the closing for such purchase of the Offered Shares by the Company under this Section 3.3(b) shall
take place within 30 days following the expiration, whether by lapse of time or
acceptance, of the Company Option Period (or such later date as specified in Section 3.3(c)),
at the offices of the Company or on such other date or at such other place as
may be agreed to by the Transferring Stockholder and the Company. If the
Company fails, or elects not to purchase all of the Offered Shares by
exercising its option under this Section 3.3(b) within the period
provided, the Transferring Stockholder shall so notify the Investors promptly
(the “Additional Offer Notice”), which Additional Offer Notice shall
specify the number of the Offered Shares that the Company has elected not to
purchase (the “Remaining Shares”). The Remaining Shares shall be subject
to the options granted to the Investors pursuant to Section 3.3(c) below.

 

7

 

(c)                             Investors’
Option.  If the Company elects not to purchase all of the Offered
Shares under Section 3.3(b), at any time within 30 days after receipt by
the Investors of the Additional Offer Notice (the “Investor Option Period”),
each Investor may elect to accept the offer to purchase with respect to any and
all of the Remaining Shares and shall give written notice of such election (the
“Investor Acceptance Notice”) to the Transferring Stockholder to and
each other Investor within the Investor Option Period, which notice shall
indicate the maximum number of Remaining Shares that such Investor is willing
to purchase, including the number of Remaining Shares it would purchase if one
or more other Investors do not elect to purchase their Pro Rata Fractions (as
defined in Section 3.3(d) below). An Investor Acceptance Notice shall
constitute a valid and enforceable agreement for the sale and purchase of the
Remaining Shares covered by such Investor Acceptance Notice. The closing for
the purchase of the Remaining Shares by the Investors under this Section 3.3(c) (along
with the purchase by the Company of any Shares under Section 3.3(b) if
the Company is purchasing less than all of the Offered Shares) shall take place
at the offices of the Company no later than the later of (i) 30 days
following the expiration of the Investor Option Period, and (ii) five days
following the date on which all governmental approval or filing requirements
relating to the purchase of the Remaining Shares are satisfied, or on such
other date or at such other place as may be agreed to by the Transferring
Stockholder and such Investors. The Transferring Stockholder shall notify the
Investors promptly if any Investor fails to offer to purchase its Pro Rata
Fraction.

 

(d)                            Allocation
of Offered Shares among Investors.  Upon the expiration of the
Investor Option Period, the number of Remaining Shares to be purchased by each
Investor shall be determined as follows: (i) first, there shall be
allocated to each Investor electing to purchase, a number of Remaining Shares
equal to the lesser of (A) the number of Remaining Shares as to which such
Investor accepted the offer to purchase, as set forth in its respective
Investor Acceptance Notice, or (B) such Investor’s Pro Rata Fraction (as
defined below), and (ii) second, the balance, if any, not allocated under
clause (i) above, shall be allocated to those Investors who within the
Investor Option Period delivered an Investor Acceptance Notice to purchase a
number of Remaining Shares that exceeded their respective Pro Rata Fractions,
in each case on a pro rata basis
in proportion to the number of Shares held by each such Investor up to the
amount of such excess. An Investor’s “Pro Rata Fraction” shall be equal
to the product obtained by multiplying the total number of Remaining Shares by a
fraction, the numerator of which
is the total number of Shares owned by such Investor, and the denominator of which is the total number
of Shares held by all Investors, in each case calculated as of the date of the
Offer Notice.

 

(e)                             Valuation
of Property.  In the event that the price set forth in the Offer
Notice is stated in consideration other than cash or cash equivalents, the
Transferring Stockholder, the Company and a Convertible Preferred Majority
Interest shall mutually determine the fair market value of such consideration,
reasonably and in good faith, and the Company and/or the Investors, as the case
may be, may effect their purchase under this Section 3.3 by payment of
such fair market value in cash or cash equivalents; provided that, if the parties
cannot mutually agree upon such fair market value, they shall settle such
dispute as provided for in Section 8.10.

 

(f)                               Sale
to Third Party.  In the event that the Company and/or the Investors,
together as a group, do not elect to exercise the rights to purchase under this
Section 3.3 with respect to all of the Offered Shares proposed to be sold,
the Transferring Stockholder may sell

 

8

 

the Offered Shares not purchased by the Company or the Investors under
this Section 3.3 to the Buyer on the terms and conditions set forth in the
Offer Notice, subject to the provisions of Section 3.4. If the
Transferring Stockholder’s sale to a Buyer is not consummated in accordance
with the terms of Section 3.4, the Transaction Offer shall be deemed to
lapse, and any Transfers of Shares by the Transferring Stockholder shall be in
violation of the provisions of this Agreement unless the Transferring
Stockholder sends a new Offer Notice and once again complies with the provisions
of this Section 3.3 with respect to such Transaction Offer.

 

3.4.                              Co-Sale
Option of Investors.  If a Transferring Stockholder provides an Offer Notice
to sell Offered Shares and the Company and/or the Investors, together as a
group, do not elect to exercise the rights to purchase under Section 3.3
with respect to all of the Offered Shares, the Transferring Stockholder may
Transfer the Offered Shares only pursuant to and in accordance with the
following provisions of this Section 3.4:

 

(a)                                  Co-Sale
Notice.  As soon as practicable following the expiration of the
Investor Option Period, and in no event later than five (5) days
thereafter, the Transferring Stockholder shall provide notice to each of the
Investors (the “Co-Sale Notice”) of its right to participate (by selling
Shares held by each of the Investors to the Buyer) in the Transaction Offer on a pro rata basis with the Transferring
Stockholder and on the same terms and conditions applicable to the Transferring
Stockholder (except as to price as set forth in the proviso to Section 3.4(b)),
as are set forth in the Offer Notice (the “Co-Sale Option”). To the
extent one or more Investors exercise their Co-Sale Option in accordance with
this Section 3.4, the number of Offered Shares that the Transferring
Stockholder may Transfer in the Transaction Offer shall be correspondingly
reduced.

 

(b)                                 Investor
Acceptance.  Each of the Investors shall have the right to exercise
its Co-Sale Option by giving written notice of such intent to participate (the “Co-Sale
Acceptance Notice”) to the Transferring Stockholder within fifteen days
after receipt by such Investor of the Co-Sale Notice (the “Co-Sale Election
Period”). Each Co-Sale Acceptance Notice shall indicate the maximum number
of Shares subject thereto which the Investor wishes to sell, including the
number of Shares it would sell if one or more other Investors do not elect to
participate in the sale on the terms and conditions stated in the Offer Notice.
Any Investor holding Convertible Preferred Stock or Warrants shall be permitted
to sell to the relevant Buyer in connection with any exercise of the Co-Sale
Option, at its option, (i) shares of Common Stock issuable upon the
conversion of such Convertible Preferred Stock or shares of Common Stock
issuable on the exercise of Warrants, or (ii) shares of Convertible
Preferred Stock or the Warrants, provided, that in the case of the sale
of Convertible Preferred Stock, the Buyer shall pay for each such share the
greater of (A) the full liquidation preference of each such share of
Convertible Preferred Stock, as determined in accordance with the Charter, or (B) the
relevant aggregate purchase price for the underlying shares of Common Stock
issuable upon conversion of such Convertible Preferred Stock.

 

(c)                                  Allocation
of Shares.  Each Investor shall have the right to sell a portion of its
Shares pursuant to the Transaction Offer which is equal to or less than the
product obtained by multiplying the total number of Offered Shares available
for sale to the Buyer by a fraction, the numerator
of which is the total number of shares of Common Stock owned by such
Investor (calculated in accordance with Section 1.3) and the denominator of which is the total number
of

 

9

 

shares of Common Stock held by all Investors who have submitted a
Co-Sale Acceptance and the Transferring Stockholder (calculated in accordance
with Section 1.3), in each case as of the date of the Offer Notice,
subject to increase as hereinafter provided. If any Investor does not elect to
sell the full amount of such Shares which such Investor is entitled to sell
pursuant to this Section 3.4, then any Investors who have elected to sell
Shares shall have the right to sell, on a pro-rata basis (based on the number
of Shares held by each such Investor) with any other Investors and up to the
maximum number of Shares stated in each such Investor’s Co-Sale Acceptance
Notice, any Shares not elected to be sold by such Investor, but that the
Investor was entitled to sell under this Section 3.4.

 

(d)                                 Co-Sale
Closing.  Within ten (10) calendar days after the end of the
Co-Sale Election Period, the Transferring Stockholder shall promptly notify
each participating Investor of the number of Shares held by such Investor that
will be included in the sale and the date on which the Transaction Offer will
be consummated, which shall be no later than the later of (i) 30 calendar
days after the end of the Co-Sale Election Period and (ii) five days
following the date on which all governmental approval or filing requirements
relating to the sale of any of the Shares are satisfied. Each participating
Investor may consummate the sale of Shares in any Transaction Offer hereunder
by delivering to the Buyer, or to the Transferring Stockholder for delivery to
the Buyer, one or more instruments or certificates, properly endorsed for
transfer, representing the Shares it elects to sell pursuant thereto. At the
time of consummation of the Transaction Offer, the Buyer shall remit directly
to each participating Investor that portion of the sale proceeds to which the
participating Investor is entitled by reason of its participation in the
Transaction Offer. No Shares may be purchased by the Buyer from the
Transferring Stockholder unless the Buyer simultaneously purchases from the
participating Investors all of the Shares that they have elected to sell
pursuant to this Section 3.4.

 

(e)                                  Sale
to Third Party.  Any Shares held by a Transferring Stockholder that
are the subject of a Transaction Offer and that the Transferring Stockholder
desires to Transfer to a Buyer following compliance with this Section 3.4,
may be sold to such Buyer only during the period specified in Section 3.4(d) and
only on terms no more favorable to the Transferring Stockholder than those contained
in the Offer Notice. Promptly after such Transfer, the Transferring Stockholder
shall notify the Company and the Investors of the consummation thereof and
shall furnish such evidence of the completion and date of completion of the
Transfer and of the material terms thereof as may reasonably be requested by a
Convertible Preferred Majority Interest. Prior to the effectiveness of any
Transfer to a Buyer hereunder, such Buyer shall enter into a Joinder Agreement
in substantially the form of Exhibit A, whereupon such Buyer shall
have all the rights and obligations of a Stockholder hereunder. In the event
that the Transaction Offer is not consummated within the period required by
this Section 3.4 or the Buyer fails timely to remit to each participating
Investor its respective portion of the sale proceeds, the Transaction Offer
shall be deemed to lapse, and any Transfer of Shares by the Transferring
Stockholder shall be in violation of the provisions of this Agreement unless
the Transferring Stockholder sends a new Offer Notice with respect to such
Offered Shares and once again complies with the provisions of Section 3.3
and Section 3.4 with respect to such Transaction Offer.

 

10

 

3.5.                              Contemporaneous
Transfers.  If there are proposed concurrent Transfers that are subject
to this Section III, then the relevant provisions of Section 3.3 and Section 3.4,
as applicable, shall apply separately to each such proposed Transfer.

 

3.6.                              Effect
of Prohibited Transfers.  If any Transfer is made or attempted
contrary to the provisions of this Agreement, (a) such purported Transfer
shall be void ab initio, (b) the Company and the other parties shall have,
in addition to any other legal or equitable remedies which they may have, the
right to enforce the provisions of this Agreement by actions for specific
performance (to the extent permitted by law), and (c) the Company shall
have the right to refuse to recognize any such Transferee for any purpose.

 

3.7.                              Assignment
of Rights.  There shall be no restriction under this Agreement on an Investor’s
right to Transfer all or any Shares to any other Person, and each Investor
shall have the right to assign its rights under this Section III to any
Transferee of such Investor’s Securities. Prior to the effectiveness of any
Transfer by an Investor to a Transferee hereunder, such Transferee shall enter
into a Joinder Agreement in substantially the form of Exhibit A, whereupon
such Transferee shall have all the rights and obligations of an Investor
hereunder.

 

SECTION IV. COMPANY’S RIGHT OF REPURCHASE

 

4.1.                              Right
of Repurchase.  The Company shall have the right (the “Repurchase
Right”) upon the occurrence of any of the events specified in Section 4.2
below (the “Repurchase  Event”) to
repurchase from the Stockholders (or any Transferee) some or all (as determined
by the Company) of the Shares held in accordance with the terms hereof by the
Stockholder (or any Transferee) at the price per share specified below. The
Repurchase Right may be exercised by the Company within six months following
the date of such event (the “Repurchase Period”). The Repurchase Right
shall be exercised by the Company by giving the Stockholder or any Transferee
written notice on or before the last day of the Repurchase Period of its
intention to exercise the Repurchase Right, and, together with such notice,
tendering to the Stockholder or Transferee an amount equal to Fair Market Value
of the Shares, determined as provided in Section 4.3. The Company may
assign the Repurchase Right to one or more Persons. Upon such notification, the
Stockholder and any Transferees shall promptly surrender to the Company any
certificates representing the Shares being purchased, together with a duly
executed stock power for the transfer of such Shares to the Company or the
Company’s assignee or assignees. Upon the Company’s or its assignee’s receipt
of the certificates from the Stockholder or any Transferees (or at such later
date as is determined necessary by the Committee to avoid breach by the Company
of any agreement to which it is a party), the Company or its assignee or
assignees shall deliver to him, her or them a check for the Repurchase Price of
the Shares being purchased (plus interest at the rate set forth in the Credit
Agreement if payment is made on a later date as contemplated above); provided,
however, that the Company may pay the Repurchase Price for such shares by
offsetting and canceling any indebtedness then owed by the Stockholder to the
Company. At such time, the Stockholder and/or any holder of the Shares shall
deliver to the Company the certificate or certificates representing the Shares
so repurchased, duly endorsed for transfer, free and clear of any liens or
encumbrances.

 

11

 

4.2.                              Company’s Right to
Exercise Repurchase Right.  The Company shall have the Repurchase
Right in the event that any of the following events shall occur:

 

(a)                                  The
termination of the Stockholder’s Service Relationship for any reason
whatsoever, regardless of the circumstances thereof, and including without
limitation upon death, disability, retirement, discharge or resignation for any
reason, whether voluntarily or involuntarily; or

 

(b)                                 The
Stockholder’s or Transferee’s Bankruptcy.

 

4.3.                              Determination of Fair
Market Value.  The Fair Market Value of the Shares shall be, for
purposes of this Section IV, determined as of the date of the notice by
the Company to the Stockholder pursuant to Section 4.1 of its intention to
exercise the Repurchase Right.

 

SECTION V.  RIGHTS AND OBLIGATIONS TO SELL

 

5.1.                              Drag Along Rights.

 

(a)                                  In
the event of a Sale Event, each Stockholder shall, upon the written request of
a Convertible Preferred Majority Interest: (i) sell, transfer and deliver,
or cause to be sold, transferred and delivered, to the Third Party Buyer a pro
rata portion of his, her or its Shares on the same terms applicable to the
Convertible Preferred Majority Interest (but subject to the relative rights and
preferences of the Convertible Preferred Stock, and the Common Stock as
provided in the Charter), and/or (ii) execute and deliver such instruments
of conveyance and transfer and take such other action, including voting all
Shares by that Stockholder in favor of any Sale Event proposed by the
Convertible Preferred Majority Interest and executing any purchase agreements,
merger agreements, indemnity agreements, escrow agreements or related documents
as such Convertible Preferred Majority Interest may reasonably require in order
to carry out the terms and provisions of this Section 5.1 (the rights of
the Convertible Preferred Majority Interest under this Section 5.1, the “Drag-Along
Right”).

 

(b)                                 In
the event the Drag-Along Right is exercised by a Convertible Preferred Majority
Interest in accordance with Section 5.1(a), the Stockholders shall only be
required to incur the same obligations as those incurred by the Convertible
Preferred Majority Interest, and the liability of each such Stockholder in
respect of such obligations shall be pro rata based on the proceeds received in
such Sale Event and in no event shall exceed the proceeds received in such Sale
Event by such Stockholder.

 

5.2.                              Procedure.
 Not less than 15 days prior to the date proposed for the closing of any Sale
Event, a Convertible Preferred Majority Interest shall give notice to each of
the Stockholders setting forth in reasonable detail the name or names of any
Third Party Buyer, the terms and conditions of the Sale Event, including the
purchase price, and the proposed closing date.

 

12

 

SECTION VI. MISCELLANEOUS PROVISIONS

 

6.1.                              Reliance.  Each
covenant and agreement made by a party in this Agreement or in any certificate,
instrument or other document delivered pursuant to this Agreement is material,
shall be deemed to have been relied upon by the other parties and shall remain
operative and in full force and effect after the date hereof regardless of any
investigation. This Agreement shall not be construed so as to confer any right
or benefit upon any Person other than the parties hereto and their respective
successors and permitted assigns, except to the extent expressly contemplated
in Section 5.

 

6.2.                              Legend on Securities.
 In addition to any other legend on the certificates representing Shares
held by Investors or Stockholders, substantially the following legend must be
typed on each certificate evidencing any of the Shares held at any time by any
of the Investors or Stockholders:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A STOCK
RESTRICTION AGREEMENT, DATED AS OF FEBRUARY 1, 2006 AS SUCH AGREEMENT MAY BE
AMENDED, RESTATED OR MODIFIED FROM TIME TO TIME, AND MAY NOT BE
TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
EXCEPT IN ACCORDANCE WITH THE PROVISIONS THEREOF AND ANY TRANSFEREE OF THESE
SECURITIES SHALL BE SUBJECT TO THE TERMS OF SUCH AGREEMENT. COPIES OF THE
FOREGOING AGREEMENT ARE MAINTAINED WITH THE CORPORATE RECORDS OF THE ISSUER AND
ARE AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICES OF THE ISSUER.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND
MAY NOT BE OFFERED, SOLD OR TRANSFERRED EXCEPT PURSUANT TO (I) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR (II) AN
APPLICABLE EXEMPTION FROM REGISTRATION THEREUNDER OR UNDER APPLICABLE STATE
SECURITIES LAWS.

 

THE ISSUER WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO
REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING,
OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF
AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS.

 

13

 

6.3.                           Amendment and Waiver;
Actions of the Board.  Any party may waive in writing any provision
hereof intended for its benefit. No failure or delay on the part of any party
in exercising any right, power or remedy hereunder shall operate as a waiver
thereof. The remedies provided for herein are cumulative and are not exclusive
of any remedies that may be available to any party at law or in equity or
otherwise. This Agreement may not be amended without the prior written consent
of the Company, a Convertible Preferred Majority Interest and the Stockholders
holding at least a majority of the Common Stock held by all Stockholders. Any
consent given as provided in the preceding sentence shall be binding on all
parties.

 

6.4.                           Notices.  All
notices, requests, demands and other communications provided for hereunder
shall be in writing and mailed (by first class registered or certified mail,
postage prepaid), telegraphed, sent by express overnight courier service or
electronic facsimile transmission (with a copy by mail), or delivered to the
applicable party at the respective address indicated below:

 

If to the Company:

 

Open Link Financial, Inc.

1502 Reckson Plaza

West Tower - 15th Floor

Uniondale, NY 11556-1502

Facsimile No.: 516-394-1193

Attention: Kevin Hesselbirg

 

If to the Investors:

 

TA Associates, Inc.

125 High Street

High Street Tower, Suite 2500

Boston, MA 02110

Facsimile: (617) 574-6728

Attention: Jonathan W. Meeks

 

If to any Stockholder or any Transferee:

 

At such Person’s address for notice as set forth in the books and
records of the Company

 

or, as to each of the foregoing, at such other address as shall be
designated by a party in a written notice to other parties complying as to
delivery with the terms of this subsection (a). All such notices, requests,
demands and other communications shall, when mailed, telegraphed or sent,
respectively, be effective (i) two days after being deposited in the mails
or (ii) one day after being delivered to the telegraph company, deposited
with the express overnight courier service or sent by electronic facsimile
transmission, respectively, addressed as aforesaid.

 

14

 

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

 

6.6.                              Remedies;
Severability.  It is specifically understood and agreed that any
breach of the provisions of this Agreement by any party will result in
irreparable injury to the other parties, that the remedy at law alone will be
an inadequate remedy for such breach, and that, in addition to any other legal
or equitable remedies which they may have, such other parties may enforce their
respective rights by actions for specific performance (to the extent permitted
by law). If any one or more of the provisions of this Agreement, or the
application thereof in any circumstances, is held invalid, illegal or
unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the
remaining provisions contained herein are not to be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties
be enforceable to the fullest extent permitted by law.

 

6.7.                              Entire
Agreement.  This Agreement is intended by the parties as a final
expression of their agreement as to the subject matter hereof and, together
with the Contribution and Exchange Agreement and the Charter, intended to be
complete and exclusive statement of the agreement and understanding of the
parties with respect to that subject matter.

 

6.8.                              Governing
Law.  This Agreement is to be construed and enforced in accordance with
the laws of the State of New York.

 

6.9.                              Successors
and Assigns.  This Agreement shall be binding upon and inure to the benefit
of the parties and the respective successors and permitted assigns of the
parties as contemplated herein, and any successor to the Company by way of
merger or otherwise must specifically agree to be bound by the terms hereof as
a condition of such succession. The rights of the Investors hereunder shall be
binding upon and inure to the benefit of their Transferees of their Securities.
Except as provided in Section III, no Stockholder may assign this
Agreement or any of the Stockholder’s rights or obligations hereunder without
the prior written consent of the Company and a Convertible Preferred Majority
Interest, and without such prior written consent any attempted assignment shall
be null and void.

 

6.10.                        Dispute
Resolution.

 

(a)                                  All
disputes, claims, or controversies arising out of or relating to this
Agreement, or any other agreement executed and delivered pursuant to or in
connection with this Agreement or the negotiation, breach, validity,
termination or performance hereof and thereof or the transactions contemplated
hereby and thereby, that are not resolved by mutual agreement shall be resolved
solely and exclusively by binding arbitration to be conducted before Judicial
Arbitration and Mediation Services, Inc. (“JAMS”) in New York, New
York before a single independent arbitrator (the “Arbitrator”). The
parties understand and agree that this arbitration shall apply equally to claims
of fraud or fraud in the inducement.

 

(b)                                 The
parties covenant and agree that the arbitration shall commence within 120 days
of the date on which a written demand for arbitration is filed by any party
hereto (the “Filing Date”). In connection with the arbitration
Proceeding, the Arbitrator shall have the

 

15

 

power to order the production of documents by each party and any
third-party witnesses. In addition, each party may take up to three depositions
as of right, and the Arbitrator may in his or her discretion allow additional
depositions upon good cause shown by the moving party. However, the Arbitrator
shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each
party shall provide to the other, no later than seven days before the date of
the arbitration, the identity of all persons that may testify at the
arbitration and a copy of all documents that may be introduced at the
arbitration or considered or used by a party’s witnesses or experts. The
Arbitrator’s decision and award shall be made and delivered within 180 days of
the Filing Date. The Arbitrator’s decision shall set forth a reasoned basis for
any award of damages or finding of liability. The Arbitrator shall not have
power to award damages in excess of actual compensatory damages and shall not
multiply actual damages or award punitive damages or any other damages that are
specifically excluded under this Agreement, and each party hereby irrevocably
waives any claim to such damages.

 

(c)                             The
parties covenant and agree that they will participate in the arbitration in
good faith and that they will (i) bear their own attorneys’ fees, costs
and expenses in connection with the arbitration, and (ii) share equally in
the fees and expenses charged by the Arbitrator. Any party unsuccessfully
refusing to comply with an order of the Arbitrators shall be liable for costs
and expenses, including attorneys’ fees, incurred by the other party in
enforcing the award. This Section 6.10 applies equally to requests for
temporary, preliminary or permanent injunctive relief, except that in the case
of temporary or preliminary injunctive relief any party may proceed in court
without prior arbitration for the purpose of avoiding immediate and irreparable
harm.

 

6.11.                        Consent to Jurisdiction.
Except as provided in Section 6.10(c) each of the parties hereto
irrevocably and unconditionally consents to the jurisdiction of JAMS to resolve
all disputes, claims or controversies arising out of or relating to this
Agreement or any other agreement executed and delivered pursuant to or in
connection with this Agreement or the negotiation, breach, validity,
termination or performance hereof and thereof or the transactions contemplated
hereby and thereby, and further consents to the sole and exclusive jurisdiction
of the state and federal courts located in the State of New York and the city
of New York for the purposes of enforcing the arbitration provisions of Section 6.10
of this Agreement. Each party further irrevocably waives any objection to
proceeding before the Arbitrator based upon lack of personal jurisdiction or to
the laying of venue and further irrevocably and unconditionally waives and
agrees not to make a claim in any court that arbitration before the Arbitrator
has been brought in an inconvenient forum. Each of the parties hereto hereby
consents to service of process by registered mail at the address to which
notices are to be given as provided in Section 6.4. Each of the parties
hereto agrees that its or his submission to jurisdiction and its or his consent
to service of process by mail is made for the express benefit of the other
parties hereto.

 

6.12.                        Termination.  Sections
III, IV and V shall terminate upon an initial public offering of the Company’s
Common Stock or upon consummation of a Sale Event.

 

16

 

[SIGNATURE PAGE FOLLOWS]

 

17

 

IN WITNESS WHEREOF, the parties are signing this Stock Restriction
Agreement as of the date first set forth above.

 

	
   

  	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Coleman Fung

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Coleman Fung

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Chief Executive Officer

  

 

 

[Signature Page to Stock Restriction Agreement]

 

 

	
   

  	
   

  	
  STOCKHOLDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Kenneth
  Knowles

  
	
   

  	
   

  	
  Kenneth Knowles

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jonathan Stochel

  
	
   

  	
   

  	
  Jonathan Stochel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Mike Gallagher

  
	
   

  	
   

  	
  Mike Gallagher

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Richard Grossi

  
	
   

  	
   

  	
  Richard Grossi

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Gary Koche

  
	
   

  	
   

  	
  Gary Koche

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jim Leeds

  
	
   

  	
   

  	
  Jim Leeds

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Rich Gold

  
	
   

  	
   

  	
  Rich Gold

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Randal
  Parsons

  
	
   

  	
   

  	
  Randal Parsons

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Philip Wang

  
	
   

  	
   

  	
  Philip Wang

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jean Claude
  Riss

  
	
   

  	
   

  	
  Jean Claude Riss

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Wolfgang Ferse

  
	
   

  	
   

  	
  Wolfgang
  Ferse

  

 

 

[Signature Page to Stock Restriction Agreement]

 

 

	
   

  	
   

  	
  /s/ John
  D’Aleo

  
	
   

  	
   

  	
  John D’Aleo

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Matthew
  Frye

  
	
   

  	
   

  	
  Matthew Frye

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Tara
  Neumann

  
	
   

  	
   

  	
  Tara Neumann

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Martin
  Taylor

  
	
   

  	
   

  	
  Martin
  Taylor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Ian
  Comley

  
	
   

  	
   

  	
  Ian Comley

  

 

 

[Signature Page to Stock Restriction Agreement]

 

 

	
   

  	
   

  	
  TA IX
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:  TA
  Associates IX LLC, its general partner

  
	
   

  	
   

  	
  By:  TA
  Associates, Inc., its manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TA
  STRATEGIC PARTNERS FUND A L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: TA
  Associates SPF L.P., its general partner

  
	
   

  	
   

  	
  By: TA
  Associates, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TA
  STRATEGIC PARTNERS FUND B L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: TA
  Associates SPF L.P., its general partner

  
	
   

  	
   

  	
  By: TA
  Associates, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TA
  ATLANTIC AND PACIFIC V L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: TA
  Associates AP V L.P., its general partner

  
	
   

  	
   

  	
  By: TA
  Associates, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TA
  INVESTORS II L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: TA
  Associates, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  
						

 

[Signature Page to Stock Restriction Agreement]

 

 

	
   

  	
   

  	
  TA
  SUBORDINATED DEBT FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: TA
  Associates SDF LLC, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: TA
  Associates, Inc., its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  

 

 

[Signature Page to Stock Restriction Agreement]

 

 

EXHIBIT A

 

Joinder Agreement

 

The
undersigned hereby agrees, effective as of the date hereof, to become a party
to the Stock Restriction Agreement (the “Agreement”)
dated as of February 1, 2006, by and among Open Link Financial, Inc.
(the “Company”) and the other parties thereto and for all
purposes of the Agreement, the undersigned shall be included within the term [“Stockholder”/“Investor”] (as defined in the Agreement). The
undersigned further confirms that the representations and warranties contained
in Section II of the Agreement are true and correct as to the undersigned
as of the date hereof. The address and facsimile number to which notices may be
sent to the undersigned is as follows:

 

	
  Facsimile
  No.

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [NAME OF UNDERSIGNED]

  

 

 

SCHEDULE A

 

Stockholders and Investors

 

Stockholders

 

Name

 

Kenneth Knowles

Jonathan Stochel

Mike Gallagher

Gary Koche

Jim Leeds

Rich Gold

Richard Grossi

Randal Parsons

Philip Wang

Jean Claude Riss

Wolfgang Ferse

John D’Aleo

Matthew Frye

Tara Neuman

Martin Taylor

Ian Comley

 

 

Investors

 

 

Name

 

TA IX L.P

 

TA Atlantic and Pacific V L.P.

TA Strategic Partners Fund A L.P.

TA Strategic Partners Fund B L.P.

TA Investors II L.P.Exhibit 10.6

 

Execution Copy

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of February 1, 2006 by and
between Coleman Fung (“Employee”) and Open Link Financial, Inc., a Delaware corporation (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS, the Employee is currently employed by the
Company;

 

WHEREAS, Employee and OLF Acquisition Corp., a Delaware
corporation (“HoldCo”), have entered into a Major Stockholder
Contribution and Exchange Agreement dated as of February 1, 2006, pursuant
to which HoldCo purchased from Employee, and Employee sold to HoldCo, all of
the shares of common stock of the Company, owned by the Employee prior to the
Merger (as defined below) for the consideration stated therein (the “Contribution”);

 

WHEREAS, following the Contribution, HoldCo, merged with
and into the Company with the Company as the surviving corporation (the “Merger” and, together with the Contribution and the other
transactions consummated in connection therewith, the “Transaction”);

 

WHEREAS, the Company and Employee desire to continue the
employment of Employee with the Company;

 

NOW, THEREFORE, in consideration of the Transaction and
the mutual promises and covenants herein contained, the parties hereto agree as
follows:

 

1.                                       Employment. Subject to the provisions of Section 6,
the Company hereby employs Employee and Employee accepts such employment upon
the terms and conditions hereinafter set forth (the “Employment”).

 

2.                                       Term of
Employment. Subject to the
provisions of Section 6, the term of Employee’s employment pursuant to
this Agreement shall commence on and as of the date hereof (the “Effective
Date”) and shall terminate on the second
anniversary of the Effective Date (such period, the “Term”).
Notwithstanding the foregoing, the Term shall automatically extend for an
additional year on the second anniversary of the Effective Date and each
anniversary of the Effective Date thereafter unless either party provides
written notice, within thirty (30) days of the applicable anniversary date, to
the other party indicating such party’s desire to terminate the Employment.

 

 

3.                                       Duties; Extent
of Service.

 

(a)                                  During the Employment, Employee shall serve as an employee of the Company
with the title and position of Chief Executive Officer. In this capacity,
Employee shall have the authority and responsibility customarily associated
with such position in a company of the size and nature of the Company. Employee
shall report directly and solely to the Board of Directors of the Company (the “Board”) or any successor in interest to the Company. Employee hereby accepts
such employment, agrees to serve the Company in the capacity indicated, and
agrees to use Employee’s best efforts in, and devote Employee’s full working
time, attention, skill and energies to, the advancement of the interests of the
Company and its subsidiaries and the performance of Employee’s duties and
responsibilities hereunder.

 

(b)                                 The foregoing, however, shall not be construed as preventing Employee
from engaging in religious, charitable or other community or non-profit
activities that do not impair Employee’s ability to fulfill Employee’s duties
and responsibilities under this Agreement.

 

4.                                       Compensation.

 

(a)                                  During the Employment, the Company shall pay Employee a salary at the annual
rate of $375,000 per annum (the “Base Salary”). Such Base Salary shall be subject to withholding under applicable law,
shall be pro rated for partial years and shall be payable in biweekly
installments in accordance with the Company’s usual practice as in effect from
time to time.

 

(b)                                 During the Employment, Employee shall be eligible to participate in any
bonus plan established by the Board from time to time.

 

5.                                       Benefits.

 

(a)                                  During the Employment, Employee shall be entitled to participate in any and
all ESOP, medical, pension, profit sharing, dental and life insurance plans and
disability income plans, retirement arrangements and other employment benefits
as may be in effect from time to time in the discretion of the Board. Such
participation shall be subject to (i) the terms of the applicable plan
documents (including, as applicable, provisions granting discretion to the
Board or any administrative or other committee provided for therein or
contemplated thereby) and (ii) generally applicable policies of the
Company.

 

(b)                                 During the Employment, Employee shall receive at least thirty (30) calendar
days of paid vacation annually in accordance with the Company’s vacation
policy, as in effect from time to time.

 

2

 

(c)                             During the Employment, the Company shall lease on Employee’s behalf an
automobile of Employee’s choice provided that the aggregate monthly cost shall
not exceed $2,000.

 

(d)                            The Company shall promptly reimburse Employee for all reasonable business
expenses incurred by Employee during the Employment, in accordance with the
Company’s practices, as in effect from time to time.

 

(e)                             Compliance with the provisions of this Section 5 shall in no way
create or be deemed to create any obligation, express or implied, on the part
of the Company or any of its affiliates with respect to the continuation of any
particular benefit or other plan or arrangement maintained by them or their
subsidiaries as of or prior to the date hereof or the creation and maintenance
of any particular benefit or other plan or arrangement at any time after the
date hereof, except as contemplated by Section 5(b) and 5(c).

 

6.                                       Termination and Termination Benefits.
Notwithstanding the provisions of Section 2, the Employment shall terminate under the circumstances
set forth in this Section 6.

 

(a)                             Termination by the Company for Cause. The
Employment may be terminated by the
Company for Cause (as defined below) without further liability on the part of
the Company effective immediately upon written notice to Employee. Only the
following shall constitute “Cause” for such termination:

 

(i)                                               the commission of any act by Employee constituting financial dishonesty
against the Company or its subsidiaries (which act would be chargeable as a crime
under applicable law);

 

(ii)                                            Employee’s engaging in any other act of dishonesty, fraud, intentional
misrepresentation, moral turpitude, illegality or harassment which, as
determined in good faith by the Board, would: (A) materially adversely
affect the business or the reputation of the Company or any of its Subsidiaries
with their respective current or prospective customers, suppliers, lenders
and/or other third parties with whom such entity does or might do business; or (B) expose
the Company or any of its Subsidiaries to a risk of civil or criminal legal
damages, liabilities or penalties;

 

(iii)                                         the willful and repeated failure by Employee to follow the directives of
the Board;

 

(iv)                                        any material misconduct, material violation of the Company’s written policies,
or willful and deliberate non-performance of duty by Employee in connection
with the business affairs of the Company or its Subsidiaries; and

 

3

 

(v)                                           Employee’s material breach of this Agreement or the Non-Disclosure
Agreement (as defined below).

 

Notwithstanding the foregoing, there shall be no
termination for Cause pursuant to Sections 6(a)(iii), (iv) or (v) without
Employee first being given, not less than ten (10) days written notice by
the Board, a reasonable opportunity to be heard before the Board and a
reasonable opportunity to cure the actions or omissions giving rise to “Cause”
(to the extent such cure is reasonably possible) within a reasonable time
period.

 

(b)             Termination by
the Company Without Cause. Subject
to the payment of Termination Benefits (as defined below), the Employment may
be terminated without Cause by a vote of the Board and upon written notice to
Employee. It is expressly agreed and understood that if this Agreement is terminated
by the Company without Cause as provided in this Section 6(b), it shall
not impair or otherwise affect Employee’s Continuing Obligations (as defined
below). Termination of employment upon expiration of the Term following a
decision by the Company not to extend the Term of employment pursuant to the
second sentence of Section 2 shall constitute a termination without Cause.

 

(c)             Termination by
Employee for Good Reason. The
Employment may be terminated by Employee for Good Reason (as defined below),
and upon any such termination the Employee shall be entitled to the payment of
Termination Benefits; provided that Employee first delivers to the Company ten (10) days
prior written notice of such intended termination and provided further that the
Company fails to cure any such events indicated in such notice (to the extent
such cure is reasonably possible) within a reasonable time period. Only the
following shall constitute “Good Reason”:

 

(i)                                        any reduction in the Base Salary;

 

(ii)                                     any failure without Employee’s express written consent to continue the
Employment with the title of Chief Executive Officer of the Company or any
successor in interest to the Company;

 

(iii)                                  any material diminution in Employee’s duties or the assignment to
Employee of duties that are materially inconsistent with Employee’s then
current duties or title, provided that the hiring of a President shall not
constitute a material diminution in Employee’s duties or the assignment to
Employee of duties that are materially inconsistent with Employee’s then
current duties;

 

(iv)                                 any other material breach by the Company of any of the provisions
described in this Agreement;

 

(v)                                    the relocation of Employee, without Employee prior written consent, to a
location 50 miles or more from the Company’s current headquarters.

 

4

 

(d)             Termination by Employee other than for Good Reason. Employee’s employment under this Agreement may be terminated by
Employee other than for Good Reason by written notice to the Board at least
thirty (30) days prior to such termination. Termination of employment upon
expiration of the Term following a decision by Employee not to extend the Term
of employment pursuant to the second sentence of Section 2 shall
constitute a termination other than for Good Reason.

 

(e)             Certain Termination Benefits. Unless
otherwise specifically provided in this Agreement or otherwise required by law,
all compensation and benefits payable to Employee under this Agreement shall
terminate on the date of termination of the Employment. Notwithstanding the
foregoing, in the event of a termination of the Employment without Cause
pursuant to Section 6(b), or in the event of a termination of the
Employment with the Company for Good Reason pursuant to Section 6(c), the
Company shall provide to Employee the following termination benefits (“Termination
Benefits”):

 

(i)                                     continuation of salary at a rate equal to one hundred percent (100%) of
Employee’s Base Salary as in effect on the date of termination for a period of twelve
(12) months from the date of termination (the “Termination Benefits Period”)
(payment shall be subject to withholding under applicable law and shall be made
in periodic installments in accordance with the Company’s usual practice as in
effect from time to time);

 

(ii)                                  payment of a bonus equal to 75% of the aggregate amount of any bonus paid
by the Company to Employee in respect of the last completed fiscal year prior
to such termination (payment shall be subject to withholding under applicable
law and shall be made in twelve (12) equal installments on the dates of the
periodic installment payments set forth in Section 6(e)(i));

 

(iii)                               payment of bonus under any bonus plan established by the Board with
respect to the fiscal year in which such termination occurs equal to the bonus
that would have been paid had such termination of Employment not occurred,
pro-rated to reflect the number of days between the beginning of the relevant
fiscal year and the date of such termination (payment shall be subject to withholding
under applicable law and shall be made at the time when the Company pays
bonuses to its other executive officers with respect to the applicable fiscal
year); and

 

(iv)                              continuation of group health plan benefits during the Termination
Benefits Period, to the extent authorized by and consistent with 29 U.S.C. §
1161 et seq. (commonly known as “COBRA”), with the cost of the regular premium
for such benefits shared in the same relative

 

5

 

proportion by the Company and Employee as in effect on the
date of termination.

 

The Termination Benefits set forth in (i)-(iii) above
shall continue so long as Employee is in compliance with Employee’s Continuing
Obligations under this Agreement. The continuation of benefits provided under Section 6(e)(iv) shall
cease effective as of the date of commencement of any employment or
self-employment in which comparable benefits are available to the Employee as a
result of such employment or self- employment. The Company’s liability for
Termination Benefits pursuant to Section 6(e)(i) and (ii) shall
be reduced by the amount of any severance pay due or otherwise paid to Employee
pursuant to any severance pay plan or stay bonus plan of the Company.
Notwithstanding the foregoing, nothing in this Section 6(e) shall be
construed to affect Employee’s right to receive COBRA continuation entirely at
Employee’s own cost to the extent that Employee may continue to be entitled to
COBRA continuation after Employee’s right to cost sharing under Section 6(e)(iv) ceases.
The Company and Employee agree that the Termination Benefits paid by the
Company to Employee under this Section 6(e) shall be in full
satisfaction, compromise and release of any claims arising out of any
termination of Employee’s employment without Cause pursuant to Section 6(b),
or a termination of Employee’s employment with the Company for Good Reason
pursuant to Section 6(c), and that the payment of the Termination Benefits
shall be contingent upon Employee’s delivery of a general release of any and
all claims (other than those arising under this Agreement) upon termination of
employment in a customary form reasonably satisfactory to the Company, it being
understood that no Termination Benefits shall be provided unless and until
Employee executes and delivers such release.

 

(f)                               Disability. If Employee shall be disabled
so as to be unable to perform the essential functions of Employee’s then
existing position or positions under this Agreement with or without reasonable
accommodation (“Disability”), the Board may remove Employee from
any responsibilities and/or reassign Employee to another position with the
Company for a period of six (6) months or during the period of such
Disability. Such removal and/or reassignment shall not give the Employee a
right to terminate his employment for Good Reason. Notwithstanding any such
removal or reassignment as a result of the Employee’s Disability, Employee
shall continue to receive Employee’s full Base Salary (less any disability pay
or sick pay benefits to which Employee may be entitled under the Company’s
policies) and benefits under Section 4 of this Agreement (except to the
extent that Employee may be ineligible for one or more such benefits under
applicable plan terms) for any period of up to six (6) months. Employee’s
employment may be terminated by the Company at any time after six (6) months
of Disability. In the event of such termination, the Company shall have no
further obligations except to pay Employee’s accrued Base Salary and benefits
as contemplated by this Section 6(f) through the date of such
termination. If any question shall arise as to whether during any period
Employee is disabled so as to be unable to perform the essential functions of
Employee’s then existing position or positions with or without reasonable
accommodation, Employee may, and at the request of the Company shall, submit to
the Company a certification in reasonable detail by a physician selected by the
Company to whom Employee or Employee’s guardian has no reasonable objection as
to whether

 

6

 

Employee is so disabled or how long such disability is
expected to continue, and such certification shall for the purposes of this
Agreement be conclusive of the issue. Employee shall cooperate with any
reasonable request of the physician in connection with such certification. If
such question shall arise and Employee shall fail to submit such certification,
the Company’s determination of such issue shall be binding on Employee. Nothing
in this Section 6(f) shall be construed to waive Employee’s rights,
if any, under existing law including, without limitation, the Family and
Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. § 12101 et
seq.

 

(g)                                      Death. Employee’s employment and all obligations of
Employee and the Company hereunder shall terminate in the event of the death of
Employee, other than any obligation to pay earned but unpaid Base Salary or any
other earned but unpaid compensation pursuant to this Agreement.

 

(h)                                      Continuing
Obligations. Notwithstanding
termination of this Agreement as provided in this Section 6 (other than Section 6(g))
or any other termination of Employee’s employment with the Company, Employee’s
obligations under Sections 7 and 8 hereof (the “Continuing
Obligations”) shall survive any
termination of Employee’s employment with the Company at any time and for any
reason.

 

7.                                       Non-Competition
and Non-Solicitation. In consideration
of the Employee’s employment hereunder and the benefits derived by the Employee
as a result of the Transaction, Employee agrees to the following:

 

(a)                                       Employee hereby agrees that during the period commencing on the date
hereof and ending on the date that is one year following the date of the
termination of Employee’s employment with the Company for any reason regardless
of the circumstances thereof (the “Noncompetition Period”), Employee will not, without the express written
consent of the Company, directly or indirectly, anywhere in the United States
or in any foreign country in which the Company has conducted business, is
conducting business or is presently contemplating conducting business, engage
in any activity which is, or participate or invest in, or provide or facilitate
the provision of financing to, or assist (whether as owner, part-owner,
shareholder, member, partner, director, officer, trustee, executive, agent or
consultant, or in any other capacity), any business, organization or person
other than the Company (or any subsidiary or affiliate of the Company),
including any such business, organization or person involving, or which is, a
family member of Employee, whose business, activities, products or services are
competitive with any of the business, activities, products or services
conducted or offered or proposed to be conducted or offered by the Company or
its subsidiaries during any period in which Employee is employed by the Company
or any of its subsidiaries. Without implied limitation, the foregoing covenant
shall be deemed to prohibit (other than through a general solicitation not
targeted at the Company or its Subsidiaries) (a) hiring or engaging or
attempting to hire or engage for or on behalf of Employee or any such
competitor any employee of the Company or any of its direct and/or indirect
subsidiaries and affiliates, or any former employee of the Company and any of
its direct and/or indirect subsidiaries and affiliates who was employed during
the six (6) month

 

7

 

period immediately preceding the date of such attempt to
hire or engage, (b) encouraging for or on behalf of Employee or any such
competitor any such employee to terminate his or her relationship or employment
with the Company or any of its direct or indirect subsidiaries and affiliates, (c) recruiting
or soliciting for or on behalf of Employee or any such competitor any customer
of the Company or any of its direct or indirect subsidiaries and affiliates, or
any former customer of the Company or any of its direct or indirect
subsidiaries and affiliates who was a customer during the six (6) month
period immediately preceding the date of such solicitation and (d) diverting
to any person (as hereinafter defined) any customer or business opportunity of
the Company or any of any of its direct or indirect subsidiaries and
affiliates.

 

Notwithstanding anything herein to the contrary, Employee
may make passive investments in any enterprise the shares of which are publicly
traded if such investment constitutes less than five percent (5%) of the equity
of such enterprise.

 

Employee agrees that if a court of competent jurisdiction
determines that any restriction, or portion thereof, set forth in this Section 7
is overly restrictive and unenforceable, the court may reduce or modify such
restrictions to those which it deems reasonable and enforceable under the
circumstances, and as so reduced or modified, the parties hereto agree that the
restrictions of this Section 7 shall remain in full force and effect.
Employee further agrees that if a court of competent jurisdiction determines
that any provision of this Section 7 is unenforceable, the remaining
provisions of this Section 7 and the remainder of this Agreement shall not
be affected thereby, and shall remain in full force and effect.

 

Employee acknowledges that the restrictions contained in
this paragraph in view of the nature of the Company’s business, are reasonable
and necessary to protect the Company’s legitimate business interests and that
any violation of this paragraph would result in irreparable injury to the
Company, and that monetary damages may not be sufficient to compensate the
Company for any economic loss which may be incurred by reason of breach of the
foregoing restrictive covenants. In the event of a breach or a threatened
breach by Employee of any provision in this paragraph, the Company shall be
entitled to a temporary restraining order and injunctive relief restraining
Employee from the commission of any breach, and to recover the Company’s
attorneys’ fees, costs and expenses related to the breach or threatened breach.
Nothing contained in this paragraph shall be construed as prohibiting the
Company from pursuing any other remedies available to it for any breach or
threatened breach, including, without limitation, the recovery of money
damages, attorneys’ fees and costs. The restrictions in this paragraph shall
each be construed as independent of any other provisions in this Agreement, and
the existence of any claim or cause of action by Employee against the Company,
whether predicated on this Agreement or otherwise, shall not constitute a
defense to the enforcement of this Agreement.

 

If Employee violates any of the restrictions contained in
this Section, the restrictive period will be suspended and will not run in
favor of Employee from the time

 

8

 

of the commencement of any violation until the time when
Employee cures the violation to the Company’s reasonable satisfaction.

 

(b)                                      During and after Employee’s employment, Employee shall cooperate fully
with the Company in the defense or prosecution of any claims or actions now in
existence or which may be brought in the future against or on behalf of the
Company that relate to events or occurrences that transpired while Employee was
employed by the Company. Employee’s full cooperation in connection with such
claims or actions shall include, but not be limited to, being available to meet
with counsel to prepare for discovery or trial and to act as a witness on behalf
of the Company at mutually convenient times. During and after the Employment,
Employee also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as
any such investigation or review relates to events or occurrences that
transpired while Employee was employed by the Company. The Company shall
reimburse Employee for any reasonable fees and reasonable out-of-pocket
expenses incurred in connection with Employee’s performance of obligations
pursuant to this Section 7(b).

 

(c)                                       Employee agrees, while he is employed by the Company, to offer or
otherwise make known or available to it, as directed by the Board of the
Company and without additional compensation or consideration, any business
prospects, contracts or other business opportunities that Employee may
discover, find, develop or otherwise have available to Employee in the Company’s
general industry and further agrees that any such prospects, contacts or other
business opportunities shall be the property of the Company.

 

8.                                       Employee Agreement Regarding Non-Disclosure and Development. As a condition of the Company entering into this agreement and as a
condition of the Employment by the Company, Employee shall execute, prior to
the execution hereof by the Company, the Non-Disclosure Agreement attached
hereto as Exhibit A (the “Non-Disclosure Agreement”). The
obligations of the Employee under the Non-Disclosure Agreement shall survive
any termination of the Employment at any time and for any reason.

 

9.                                       Parties in Interest; Certain Remedies. It is
specifically understood and agreed that this Agreement is intended to confer a
benefit, directly or indirectly, on the Company and its direct and indirect
subsidiaries and affiliates, and that any breach of the provisions of this
Agreement by Employee or any of Employee’s affiliates will result in
irreparable injury to the Company and its subsidiaries and affiliates, that the
remedy at law alone will be an inadequate remedy for such breach and that, in
addition to any other remedy it may have, the Company or its subsidiaries and
affiliates shall be entitled to enforce the specific performance of this
Agreement by Employee through both temporary and permanent injunctive relief
without the necessity of posting a bond or proving actual damages, but without
limitation of their right to damages and any and all other remedies available
to them, it being understood that injunctive relief is in addition to, and not
in lieu of, such other remedies.

 

9

 

10.                                      Dispute
Resolution.

 

(a)                                  All disputes, claims, or controversies arising out of or relating to this
Agreement or any other agreement executed and delivered pursuant to this
Agreement or the negotiation, validity or performance hereof and thereof or the
transactions contemplated hereby and thereby, or the rights and obligations of
the parties hereunder or thereunder, that are not resolved by mutual agreement
shall be resolved solely and exclusively by binding arbitration to be conducted
before Judicial Arbitration and Mediation Services, Inc. (“JAMS”). The
arbitration shall be held in New York, New York before a single arbitrator and
shall be conducted in accordance with the rules and regulations promulgated
by JAMS unless specifically modified herein.

 

(b)                                 The parties covenant and agree that the arbitration shall commence within
one hundred eighty (180) days of the date on which a written demand for
arbitration is filed by any party hereto. In connection with the arbitration
proceeding, the arbitrator shall have the power to order the production of
documents by each party and any third-party witnesses. In addition, each party
may take up to three depositions as of right, and the arbitrator may in his or
her discretion allow additional depositions upon good cause shown by the moving
party. However, the arbitrator shall not have the power to order the answering
of interrogatories or the response to requests for admission. In connection
with any arbitration, each party shall provide to the other, no later than
seven (7) business days before the date of the arbitration, the identity of all
persons that may testify at the arbitration and a copy of all documents that
may be introduced at the arbitration or considered or used by a party’s witness
or expert. The arbitrator’s decision and award shall be made and delivered
within six (6) months of the selection of the arbitrator. The arbitrator’s
decision shall set forth a reasoned basis for any award of damages or finding
of liability. The arbitrator shall not have power to award damages in excess of
actual compensatory damages and shall not multiply actual damages or award
punitive damages or any other damages that are specifically excluded under this
Agreement, and each party hereby irrevocably waives any claim to such damages.

 

(c)                                  The parties covenant and agree that they will participate in the
arbitration in good faith and that they will, except as provided below, (i) bear
their own attorneys’ fees, costs and expenses in connection with the
arbitration, and (ii) share equally in the fees and expenses charged by
JAMS. The arbitrator may in his or her discretion assess costs and expenses
(including the reasonable legal fees and expenses of the prevailing party)
against any party to a proceeding. Any party unsuccessfully refusing to comply
with an order of the arbitrators shall be liable for costs and expenses,
including attorneys’ fees, incurred by the other party in enforcing the award.
This Section 10(c) applies equally to requests for temporary,
preliminary or permanent injunctive relief, except that in the case of
temporary or preliminary injunctive relief any party may proceed in court
without prior arbitration for the purpose of avoiding immediate and irreparable
harm or to enforce the provisions of Section 9.

 

(d)                                 Each of the parties hereto irrevocably and unconditionally consents to
the exclusive jurisdiction of JAMS to resolve all disputes, claims or
controversies

 

10

 

arising out of or relating to this Agreement or any other
agreement executed and delivered pursuant to this Agreement or the negotiation,
validity or performance hereof and thereof, or the transactions contemplated
hereby and thereby, or the rights and obligations of the parties hereunder or
thereunder, and further consents to the sole and exclusive jurisdiction of the
courts of the State of New York for the purposes of enforcing the arbitration
provisions of this Section 10. Each party further irrevocably waives any
objection to proceeding before JAMS based upon lack of personal jurisdiction or
to the laying of venue and further irrevocably and unconditionally waives and
agrees not to make a claim in any court that arbitration before JAMS has been brought
in an inconvenient forum. Each of the parties hereto hereby consents to service
of process by registered mail at the address to which notices are to be given.
Each of the parties hereto agrees that its or his submission to jurisdiction
and its or his consent to service of process by mail is made for the express
benefit of the other parties hereto.

 

11.                                 Notices. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally or mailed by certified or registered mail
(return receipt requested) as follows:

 

	
   

  	
  To the Company: 

  	
   

  	
  Open Link Financial, Inc. 

  1502 Reckson Plaza  
 15th Floor – West Tower 

  Uniondale, NY  
 Facsimile: (516) 227-1799  

   

  
	
   

  	
  To Employee:

  	
   

  	
  Coleman Fung  
 22 Orchard Meadow Road  

  East Williston, New York 11754 

  Telecopy No.: (516) 394-1193

  

 

or to such other address of which any party may notify the
other parties as provided above. Notices shall be effective as of the date of
such delivery or mailing.

 

12.                                 Scope of
Agreement. The parties
acknowledge that the time, scope, geographic area and other provisions of Section 7
and the Non-Disclosure Agreement referred to in Section 8 have been
specifically negotiated by sophisticated parties and agree that all such
provisions are reasonable under the circumstances of the transactions
contemplated hereby, and are given as an integral and essential part of the
transactions contemplated hereby. Employee has independently consulted with
counsel and has been advised in all respects concerning the reasonableness and
propriety of the covenants contained herein, with specific regard to the
business to be conducted by Company and its subsidiaries and affiliates, and
represents that the Agreement is intended to be, and shall be, fully
enforceable and effective in accordance with its terms.

 

13.                                 Severability. In the event that any covenant contained in this
Agreement shall be determined by any court of competent jurisdiction to be
unenforceable by reason of its extending for too great a period of time or over
too great a geographical area or by

 

11

 

reason of its being too extensive in any other respect, it
shall be interpreted to extend only over the maximum period of time for which
it may be enforceable and/or over the maximum geographical area as to which it
may be enforceable and/or to the maximum extent in all other respects as to
which it may be enforceable, all as determined by such court in such action.
The existence of any claim or cause of action which Employee may have against
the Company or any of its subsidiaries or affiliates shall not constitute a
defense or bar to the enforcement of any of the provisions of this Agreement.

 

14.                                 Counterparts; Facsimile Signatures. This Agreement
may be executed in one or more counterparts, all of which taken together shall
constitute one and the same Agreement. Each party may rely upon the execution
of this Agreement by the other party via the facsimile signature as if such
facsimile signature were an original signature.

 

15.                                 Miscellaneous. This Agreement shall be
governed by and construed under the laws of the State of New York, without
consideration of its choice of law provisions, and shall not be amended,
modified or discharged in whole or in part except by an agreement in writing
signed by both of the parties hereto. The failure of either of the parties to
require the performance of a term or obligation or to exercise any right under
this Agreement or the waiver of any breach hereunder shall not prevent
subsequent enforcement of such term or obligation or exercise of such right or
the enforcement at any time of any other right hereunder or be deemed a waiver
of any subsequent breach of the provision so breached, or of any other breach hereunder.
This Agreement shall inure to the benefit of, and be binding upon and
assignable to, successors of the Company by way of merger, consolidation or
sale and may not be assigned by Employee. This Agreement supersedes and
terminates all prior understandings and agreements between the parties (or
their predecessors) relating to the subject matter hereof. For purposes of this
Agreement, the term “person” means an individual, corporation, partnership,
association, trust or any unincorporated organization; a “subsidiary” means any
corporation more than 50 percent of whose outstanding voting securities, or any
partnership, joint venture or other entity more than 50 percent of whose total
equity interest, is directly or indirectly owned by such person; and an “affiliate”
of a person shall mean, with respect to a person or entity, any person or
entity which directly or indirectly controls, is controlled by, or is under
common control with such person or entity.

 

[Remainder of Page Intentionally Left Blank]

 

12

 

IN
WITNESS WHEREOF, the parties have executed this Agreement under seal as of the
date first set forth above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kevin J Hesselbirg 

  
	
   

  	
   

  	
  Name:
  Kevin J Hesselbirg

  
	
   

  	
   

  	
  Title:
  COO

  

 

 

	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Coleman Fung

  
	
   

  	
  Coleman Fung

  

 

 

[Signature Page to Fung Employment Agreement]

 

 

EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of January 1,
2008 by and between Coleman Fung (“Employee”) and Open Link Financial, Inc.,
a Delaware corporation (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS,
the Employee is currently employed by the Company;

 

WHEREAS,
the Company and Employee desire to continue the employment of Employee with the
Company;

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants herein
contained, the parties hereto agree as follows:

 

1.             Employment.  Subject to the provisions of Section 6,
the Company hereby employs Employee and Employee accepts such employment upon
the terms and conditions hereinafter set forth (the “Employment”).

 

2.             Term of Employment.  Subject to the provisions of Section 6,
the term of Employee’s employment pursuant to this Agreement shall commence on
and as of the date hereof (the “Effective Date”) and shall terminate on
the second anniversary of the Effective Date (such period, the “Term”).  Notwithstanding the foregoing, the Term shall
automatically extend for an additional year on the second anniversary of the
Effective Date and each anniversary of the Effective Date thereafter unless
either party provides written notice, within thirty (30) days of the applicable
anniversary date, to the other party indicating such party’s desire to
terminate the Employment.

 

3.             Duties; Extent of Service.

 

(a)           During the Employment, Employee shall
serve as an employee of the Company with the title and position of Executive
Chairman.  In this capacity, Employee
shall have the authority and responsibility customarily associated with such
position in a company of the size and nature of the Company.  Employee shall report directly and solely to
the Board of Directors of the Company (the “Board”) or any successor in
interest to the Company.  Employee hereby
accepts such employment, agrees to serve the Company in the capacity indicated,
and agrees to use Employee’s best efforts in, and devote Employee’s full
working time, attention, skill and energies to, the advancement of the
interests of the Company and its subsidiaries and the performance of Employee’s
duties and responsibilities hereunder.

 

 

 

(b)           The foregoing, however, shall not be
construed as preventing Employee from engaging in religious, charitable or
other community or non-profit activities that do not impair Employee’s ability
to fulfill Employee’s duties and responsibilities under this Agreement.

 

                4.             Compensation.

 

                (a)           During the Employment, the Company
shall pay Employee a salary at the annual rate of $400,000  per
annum (the “Base Salary”).  Such
Base Salary shall be subject to withholding under applicable law, shall be pro
rated for partial years and shall be payable in biweekly installments in
accordance with the Company’s usual practice as in effect from time to time.

 

(b)           During the Employment, Employee shall
be eligible to participate in any bonus plan established by the Board from time
to time, until such time as a formal plan is established, Employee’s Bonus
determination shall be in accordance with past practices.

 

                5.             Benefits.

 

                (a)           During the Employment, Employee shall
be entitled to participate in any and all ESOP, medical, pension, profit
sharing, dental and life insurance plans and disability income plans,
retirement arrangements and other employment benefits as may be in effect from
time to time in the discretion of the Board. 
Such participation shall be subject to (i) the terms of the
applicable plan documents (including, as applicable, provisions granting
discretion to the Board or any administrative or other committee provided for
therein or contemplated thereby) and (ii) generally applicable policies of
the Company.

 

                (b)           During the Employment, Employee shall
receive at least thirty (30) calendar days of paid vacation annually in
accordance with the Company’s vacation policy, as in effect from time to time.

 

                (c)           During the Employment, the Company
shall lease on Employee’s behalf an automobile of Employee’s choice provided
that the aggregate monthly cost shall not exceed $2,000.

 

                (d)           The
Company shall promptly reimburse Employee for all reasonable business expenses
incurred by Employee during the Employment, in accordance with the Company’s
practices, as in effect from time to time.

 

                (e)           Compliance
with the provisions of this Section 5 shall in no way create or be deemed
to create any obligation, express or implied, on the part of the Company or any
of its affiliates with respect to the continuation of any particular benefit or
other plan or arrangement maintained by them or their subsidiaries as of or
prior to the date hereof or the creation and maintenance of any particular
benefit or other plan or 

 

 

2

 

arrangement
at any time after the date hereof, except as contemplated by Section 5(b) and
5(c).

 

6.             Termination and Termination
Benefits.  Notwithstanding the
provisions of Section 2, the Employment shall terminate under the
circumstances set forth in this Section 6.

 

                (a)           Termination by the Company for Cause.  The Employment may be terminated by the
Company for Cause (as defined below) without further liability on the part of
the Company effective immediately upon written notice to Employee.  Only the following shall constitute “Cause”
for such termination:

 

(i)            the
commission of any act by Employee constituting financial dishonesty against the
Company or its subsidiaries (which act would be chargeable as a crime under
applicable law);

 

(ii)           Employee’s
engaging in any other act of dishonesty, fraud, intentional misrepresentation,
moral turpitude, illegality or harassment which would:  (A) materially adversely affect the
business or the reputation of the Company or any of its Subsidiaries with their
respective current or prospective customers, suppliers, lenders and/or other
third parties with whom such entity does or might do business; or (B) expose
the Company or any of its Subsidiaries to a risk of civil or criminal legal
damages, liabilities or penalties;

 

(iii)          the
willful and repeated failure by Employee to follow the directives of the Board;

 

(iv)          any
material misconduct, material violation of the Company’s written policies, or
willful and deliberate non-performance of duty by Employee in connection with
the business affairs of the Company or its Subsidiaries; and

 

(v)           Employee’s
material breach of this Agreement or the Confidentiality and Ownership of Work
Product Acknowledgement (as defined below).

 

                Notwithstanding the foregoing,
there shall be no termination for Cause pursuant to Sections 6(a)(iii), (iv) or
(v) without Employee first being given, not less than ten (10) days
written notice by the Board, a reasonable opportunity to be heard before the
Board and a reasonable opportunity to cure the actions or omissions giving rise
to “Cause” (to the extent such cure is reasonably possible) within a reasonable
time period.

 

                (b)           Termination by the Company Without Cause.  Subject to the payment of Termination
Benefits (as defined below), the Employment may be terminated without Cause by
a vote of the Board and upon written notice to Employee.  It is 

 

 

3

 

expressly
agreed and understood that if this Agreement is terminated by the Company
without Cause as provided in this Section 6(b), it shall not impair or
otherwise affect Employee’s Continuing Obligations (as defined below).  Termination of employment upon expiration of
the Term following a decision by the Company not to extend the Term of
employment pursuant to the second sentence of Section 2 shall constitute a
termination without Cause.

 

(c)           Termination by Employee for Good Reason. 
The Employment may be terminated by Employee for Good Reason (as defined
below), and upon any such termination the Employee shall be entitled to the
payment of Termination Benefits; provided that Employee first delivers to the
Company ten (10) days prior written notice of such intended termination
and provided further that the Company fails to cure any such events indicated
in such notice (to the extent such cure is reasonably possible) within a
reasonable time period.  Only the
following shall constitute “Good Reason”:

 

                (i)            any reduction in the Base Salary;

 

                (ii)           any failure without Employee’s express written consent to
continue the Employment with the title of Executive Chairman of the Company or
any successor in interest to the Company;

 

                (iii)          any material diminution in Employee’s duties or the
assignment to Employee of duties that are materially inconsistent with Employee’s
then current duties or title;

 

                (iv)          any other material breach by the Company of any of the
provisions described in this Agreement;

 

                (v)           the relocation of Employee, without Employee prior written
consent, to a location 50 miles or more from the Company’s current
headquarters.

 

                (d)           Termination by Employee other than for Good Reason.  Employee’s employment under this Agreement
may be terminated by Employee other than for Good Reason by written notice to
the Board at least thirty (30) days prior to such termination.  Termination of employment upon expiration of
the Term following a decision by Employee not to extend the Term of employment
pursuant to the second sentence of Section 2 shall constitute a
termination other than for Good Reason.

 

                (e)           Certain Termination Benefits.  Unless otherwise specifically provided in
this Agreement or otherwise required by law, all compensation and benefits
payable to Employee under this Agreement shall terminate on the date of
termination of the Employment. 
Notwithstanding the foregoing, in the event of a termination of the
Employment without Cause pursuant to Section 6(b), or in the event of a
termination of the Employment with the Company for Good Reason pursuant to Section 6(c),
the 

 

 

4

 

Company
shall provide to Employee the following termination benefits (“Termination
Benefits”):

 

                (i)            continuation of salary at a rate equal to one hundred
percent (100%) of Employee’s Base Salary as in effect on the date of
termination for a period of twelve (12)  months from
the date of termination (the “Termination Benefits Period”) (payment
shall be subject to withholding under applicable law and shall be made in
periodic installments in accordance with the Company’s usual practice as in
effect from time to time);

 

                (ii)           payment of a bonus equal to 75% of the aggregate amount of
any bonus paid by the Company to Employee in respect of the last completed
fiscal year prior to such termination (payment shall be subject to withholding
under applicable law and shall be made in twelve (12) equal installments on the
dates of the periodic installment payments set forth in Section 6(e)(i));

 

                (iii)          payment of bonus under any bonus plan established by the
Board with respect to the fiscal year in which such termination occurs equal to
the bonus that would have been paid had such termination of Employment not
occurred, pro-rated to reflect the number of days between the beginning of the
relevant fiscal year and the date of such termination (payment shall be subject
to withholding under applicable law and shall be made at the time when the
Company pays bonuses to its other executive officers with respect to the
applicable fiscal year); and

 

                (iv)          continuation of group health plan benefits during the
Termination Benefits Period, to the extent authorized by and consistent with 29
U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the cost of the regular
premium for such benefits shared in the same relative proportion by the Company
and Employee as in effect on the date of termination.

 

The
Termination Benefits set forth in (i)-(iii) above shall continue so long
as Employee is in compliance with Employee’s Continuing Obligations under this
Agreement.  If the Company wrongfully
ceases paying Termination Benefits, the Company shall pay Employees reasonable
counsel fees and cost incurred in restoring such payments.  The continuation of benefits provided under Section 6(e)(iv) shall
cease effective as of the date of commencement of any employment or
self-employment in which comparable benefits are available to the Employee as a
result of such employment or self-employment. 
The Company’s liability for Termination Benefits pursuant to Section 6(e)(i) and
(ii) shall be reduced by the amount of any severance pay due or otherwise
paid to Employee pursuant to any severance pay plan or stay bonus plan of the
Company.  Notwithstanding the foregoing,
nothing in this Section 6(e) shall be construed to affect Employee’s
right to receive COBRA continuation entirely at Employee’s own cost to the
extent that Employee 

 

 

5

 

may
continue to be entitled to COBRA continuation after Employee’s right to cost
sharing under Section 6(e)(iv) ceases.  The Company and Employee agree that the
Termination Benefits paid by the Company to Employee under this Section 6(e) shall
be in full satisfaction, compromise and release of any claims arising out of
any termination of Employee’s employment without Cause pursuant to Section 6(b),
or a termination of Employee’s employment with the Company for Good Reason
pursuant to Section 6(c), and that the payment of the Termination Benefits
shall be contingent upon Employee’s delivery of a general release of any and
all claims (other than those arising under this Agreement) upon termination of
employment in a customary form reasonably satisfactory to the Company, it being
understood that no Termination Benefits shall be provided unless and until
Employee executes and delivers such release, except that the release shall not
require a waiver of Employee’s claim to any equity interest in the Company or
of any vested benefits.

 

                (f)            Disability. 
If Employee shall be disabled so as to be unable to perform the
essential functions of Employee’s then existing position or positions under
this Agreement with or without reasonable accommodation (“Disability”),
the Board may remove Employee from any responsibilities and/or reassign
Employee to another position with the Company for a period of six (6) months
or during the period of such Disability. 
Such removal and/or reassignment shall not give the Employee a right to
terminate his employment for Good Reason. 
Notwithstanding any such removal or reassignment as a result of the
Employee’s Disability, Employee shall continue to receive Employee’s full Base
Salary (less any disability pay or sick pay benefits to which Employee may be
entitled under the Company’s policies) and benefits under Section 4 of
this Agreement (except to the extent that Employee may be ineligible for one or
more such benefits under applicable plan terms) for any period of up to six (6) months.  Employee’s employment may be terminated by
the Company at any time after six (6) months of Disability.  In the event of such termination, the Company
shall have no further obligations except to pay Employee’s accrued Base Salary
and benefits as contemplated by this Section 6(f) through the date of
such termination.  If any question shall
arise as to whether during any period Employee is disabled so as to be unable
to perform the essential functions of Employee’s then existing position or
positions with or without reasonable accommodation, Employee may, and at the
request of the Company shall, submit to the Company a certification in
reasonable detail by a physician selected by the Company to whom Employee or
Employee’s guardian has no reasonable objection as to whether Employee is so
disabled or how long such disability is expected to continue, and such
certification shall for the purposes of this Agreement be conclusive of the
issue.  Employee shall cooperate with any
reasonable request of the physician in connection with such certification.  If such question shall arise and Employee
shall fail to submit such certification, the Company’s determination of such
issue shall be binding on Employee. 
Nothing in this Section 6(f) shall be construed to waive
Employee’s rights, if any, under existing law including, without limitation,
the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq.
and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

                (g)           Death. 
Employee’s employment and all obligations of Employee and the Company
hereunder shall terminate in the event of the death of Employee, other 

 

 

6

 

than
any obligation to pay earned but unpaid Base Salary or any other earned but
unpaid compensation pursuant to this Agreement.

 

                (h)           Continuing
Obligations.  Notwithstanding
termination of this Agreement as provided in this Section 6 (other than Section 6(g))
or any other termination of Employee’s employment with the Company, Employee’s
obligations under Sections 7 and 8 hereof 
(the “Continuing Obligations”) shall survive any termination of
Employee’s employment with the Company at any time and for any reason.

 

                7.             Non-Competition and Non-Solicitation.  In consideration of the Employee’s employment
hereunder and the benefits derived by the Employee as a result of the
Transaction, Employee agrees to the following:

 

              (a)           Employee hereby agrees that during the period commencing
on the date hereof and ending on the date that is one year following the date
of the termination of Employee’s employment with the Company for any reason
regardless of the circumstances thereof (the “Noncompetition Period”),
Employee will not, without the express written consent of the Company, directly
or indirectly, anywhere in the United States or in any foreign country in which
the Company has conducted business, is conducting business or is presently
contemplating conducting business, engage in any activity which is, or participate
or invest in, or provide or facilitate the provision of financing to, or assist
(whether as owner, part-owner, shareholder, member, partner, director, officer,
trustee, executive, agent or consultant, or in any other capacity), any
business, organization or person other than the Company (or any subsidiary or
affiliate of the Company), including any such business, organization or person
involving, or which is, a family member of Employee, whose business,
activities, products or services are competitive with any of the business,
activities, products or services conducted or offered or proposed to be
conducted or offered by the Company or its subsidiaries during any period in
which Employee is employed by the Company or any of its subsidiaries.  Without implied limitation, the foregoing
covenant shall be deemed to prohibit (other than through a general solicitation
not targeted at the Company or its Subsidiaries) (a) hiring or engaging or
attempting to hire or engage for or on behalf of Employee or any such competitor
any employee of the Company or any of its direct and/or indirect subsidiaries
and affiliates, or any former employee of the Company and any of its direct
and/or indirect subsidiaries and affiliates who was employed during the six (6) month
period immediately preceding the date of such attempt to hire or engage, (b) encouraging
for or on behalf of Employee or any such competitor any such employee to
terminate his or her relationship or employment with the Company or any of its
direct or indirect subsidiaries and affiliates, (c) recruiting or
soliciting for or on behalf of Employee or any such competitor any customer of
the Company or any of its direct or indirect subsidiaries and affiliates, or
any former customer of the Company or any of its direct or indirect
subsidiaries and affiliates who was a customer during the six (6) month
period immediately preceding the date of such solicitation and (d) diverting
to any person (as hereinafter defined) any customer or business opportunity of
the Company or any of any of its direct or indirect subsidiaries and
affiliates.

 

 

7

 

                Notwithstanding anything herein to the contrary,
Employee may make passive investments in any enterprise the shares of which are
publicly traded if such investment constitutes less than five percent (5%) of
the equity of such enterprise.

 

                Employee
agrees that if a court of competent jurisdiction determines that any
restriction, or portion thereof, set forth in this Section 7 is overly
restrictive and unenforceable, the court may reduce or modify such restrictions
to those which it deems reasonable and enforceable under the circumstances, and
as so reduced or modified, the parties hereto agree that the restrictions of
this Section 7 shall remain in full force and effect. Employee further
agrees that if a court of competent jurisdiction determines that any provision
of this Section 7 is unenforceable, the remaining provisions of this Section 7
and the remainder of this Agreement shall not be affected thereby, and shall
remain in full force and effect.

 

Employee
acknowledges that the restrictions contained in this paragraph in view of the
nature of the Company’s business, are reasonable and necessary to protect the
Company’s legitimate business interests and that any violation of this
paragraph would result in irreparable injury to the Company, and that monetary
damages may not be sufficient to compensate the Company for any economic loss
which may be incurred by reason of breach of the foregoing restrictive
covenants.   In the event of a breach or
a threatened breach by Employee of any provision in this paragraph, the Company
shall be entitled to a temporary restraining order and injunctive relief
restraining Employee from the commission of any breach, and to recover the
Company’s attorneys’ fees, costs and expenses related to the breach or
threatened breach.  Nothing contained in
this paragraph shall be construed as prohibiting the Company from pursuing any
other remedies available to it for any breach or threatened breach, including,
without limitation, the recovery of money damages, attorneys’ fees and
costs.  The restrictions in this
paragraph shall each be construed as independent of any other provisions in
this Agreement, and the existence of any claim or cause of action by Employee
against the Company, whether predicated on this Agreement or otherwise, shall
not constitute a defense to the enforcement of this Agreement.

 

                If Employee violates any of the restrictions
contained in this Section, the restrictive period will be suspended and will
not run in favor of Employee from the time of the commencement of any violation
until the time when Employee cures the violation to the Company’s reasonable
satisfaction.

 

                (b)           During
and after Employee’s employment, Employee shall cooperate fully with the
Company in the defense or prosecution of any claims or actions now in existence
or which may be brought in the future against or on behalf of the Company that
relate to events or occurrences that transpired while Employee was employed by
the Company.  Employee’s full cooperation
in connection with such claims or actions shall include, but not be limited to,
being available to meet with counsel to prepare for discovery or trial and to
act as a witness on behalf of the Company at mutually convenient times.  During and after the Employment, Employee
also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or 

 

 

8

 

local
regulatory authority as any such investigation or review relates to events or
occurrences that transpired while Employee was employed by the Company.  The Company shall reimburse Employee for any
reasonable fees and reasonable out-of-pocket expenses incurred in connection
with Employee’s performance of obligations pursuant to this Section 7(b).

 

                                (c)           Employee agrees, while he is employed by the Company, to
offer or otherwise make known or available to it, as directed by the Board of
the Company and without additional compensation or consideration, any business
prospects, contracts or other business opportunities that Employee may
discover, find, develop or otherwise have available to Employee in the Company’s
general industry and further agrees that any such prospects, contacts or other
business opportunities shall be the property of the Company.

 

8.             Employee Agreement Regarding Non-Disclosure and
Development.  As a condition of the
Company entering into this agreement and as a condition of the Employment by
the Company, Employee shall execute, prior to the execution hereof by the
Company, the Confidentiality and Ownership of Work Product Acknowledgement
attached hereto as Exhibit A (the “Non-Disclosure Agreement”).  The obligations of the Employee under the
Non-Disclosure Agreement shall survive any termination of the Employment at any
time and for any reason.

 

                9.             Parties in Interest; Certain Remedies.  It is specifically understood and agreed that
this Agreement is intended to confer a benefit, directly or indirectly, on the
Company and its direct and indirect subsidiaries and affiliates, and that any
breach of the provisions of this Agreement by Employee or any of Employee’s
affiliates will result in irreparable injury to the Company and its subsidiaries
and affiliates, that the remedy at law alone will be an inadequate remedy for
such breach and that, in addition to any other remedy it may have, the Company
or its subsidiaries and affiliates shall be entitled to enforce the specific
performance of this Agreement by Employee through both temporary and permanent
injunctive relief without the necessity of posting a bond or proving actual
damages, but without limitation of their right to damages and any and all other
remedies available to them, it being understood that injunctive relief is in
addition to, and not in lieu of, such other remedies.

 

                10.           Dispute Resolution.

 

                (a)           All disputes, claims, or
controversies arising out of or relating to this Agreement or any other
agreement executed and delivered pursuant to this Agreement or the negotiation,
validity or performance hereof and thereof or the transactions contemplated
hereby and thereby, or the rights and obligations of the parties hereunder or
thereunder, that are not resolved by mutual agreement shall be resolved solely
and exclusively by binding arbitration to be conducted before Judicial
Arbitration and Mediation Services, Inc. (“JAMS”).  The arbitration shall be held in New York,
New York before a single arbitrator and shall be conducted in accordance with
the rules and regulations promulgated by JAMS unless specifically modified
herein.

 

 

9

 

                (b)           The parties covenant and agree that the arbitration shall
commence within one hundred eighty (180) days of the date on which a written
demand for arbitration is filed by any party hereto.  In connection with the arbitration
proceeding, the arbitrator shall have the power to order the production of
documents by each party and any third-party witnesses.  In addition, each party may take up to three
depositions as of right, and the arbitrator may in his or her discretion allow
additional depositions upon good cause shown by the moving party.  However, the arbitrator shall not have the
power to order the answering of interrogatories or the response to requests for
admission.  In connection with any
arbitration, each party shall provide to the other, no later than seven (7) business
days before the date of the arbitration, the identity of all persons that may
testify at the arbitration and a copy of all documents that may be introduced
at the arbitration or considered or used by a party’s witness or expert.  The arbitrator’s decision and award shall be
made and delivered within six (6) months of the selection of the
arbitrator.  The arbitrator’s decision
shall set forth a reasoned basis for any award of damages or finding of
liability.  The arbitrator shall not have
power to award damages in excess of actual compensatory damages and shall not
multiply actual damages or award punitive damages or any other damages that are
specifically excluded under this Agreement, and each party hereby irrevocably
waives any claim to such damages.

 

                (c)           The parties covenant and agree that they will participate
in the arbitration in good faith and that they will, except as provided below, (i) bear
their own attorneys’ fees, costs and expenses in connection with the
arbitration, and (ii) share equally in the fees and expenses charged by
JAMS.  The arbitrator may in his or her
discretion assess costs and expenses (including the reasonable legal fees and
expenses of the prevailing party) against any party to a proceeding.  Any party unsuccessfully refusing to comply
with an order of the arbitrators shall be liable for costs and expenses,
including attorneys’ fees, incurred by the other party in enforcing the
award.  This Section 10(c) applies
equally to requests for temporary, preliminary or permanent injunctive relief,
except that in the case of temporary or preliminary injunctive relief any party
may proceed in court without prior arbitration for the purpose of avoiding
immediate and irreparable harm or to enforce the provisions of Section 9.

 

                (d)           Each of the parties hereto irrevocably and unconditionally
consents to the exclusive jurisdiction of JAMS to resolve all disputes, claims
or controversies arising out of or relating to this Agreement or any other
agreement executed and delivered pursuant to this Agreement or the negotiation,
validity or performance hereof and thereof, or the transactions contemplated
hereby and thereby, or the rights and obligations of the parties hereunder or
thereunder, and further consents to the sole and exclusive jurisdiction of the
courts of the State of New York for the purposes of enforcing the arbitration
provisions of this Section 10.  Each
party further irrevocably waives any objection to proceeding before JAMS based
upon lack of personal jurisdiction or to the laying of venue and further
irrevocably and unconditionally waives and agrees not to make a claim in any
court that arbitration before JAMS has been brought in an inconvenient
forum.  Each of the parties hereto hereby
consents to service of process by registered mail at the address to which
notices are to be given.  Each of the
parties hereto agrees that its or his 

 

 

10

 

submission
to jurisdiction and its or his consent to service of process by mail is made
for the express benefit of the other parties hereto.

 

                11.           Notices.  All
notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given if delivered personally or
mailed by certified or registered mail (return receipt requested) as follows:

 

	
  To
  the Company:

  	
   

  	
  Open
  Link Financial, Inc.

  
	
   

  	
   

  	
  1502
  Reckson Plaza

  
	
   

  	
   

  	
  15th
  Floor — West Tower

  
	
   

  	
   

  	
  Uniondale,
  NY

  
	
   

  	
   

  	
  Facsimile: (516) 227-1799

  
	
   

  	
   

  	
   

  
	
  To Employee:

  	
   

  	
  Coleman Fung

  
	
   

  	
   

  	
  22 Orchard Meadow Road

  
	
   

  	
   

  	
  East Williston, New York
  11754

  
	
   

  	
   

  	
  Telecopy No.: (516)
  394-1193

  

 

or
to such other address of which any party may notify the other parties as
provided above.  Notices shall be
effective as of the date of such delivery or mailing.

 

12.           Indemnification.  The Company shall indemnify the Employee for
any and all damages, liabilities, losses, claims, judgments, taxes, fines,
penalties, reasonable costs and expenses (including reasonable fees of counsel)
whether or not arising out of third party claims and including all reasonable
amounts paid in investigation, defense or settlement of the foregoing (collectively,
“Losses”) that may be sustained or suffered by Employee based upon or
arising out of any lease or other agreement of any kind entered into by
Employee for the benefit of the Company or upon any conduct or omission by
Employee within the scope of his job duties. 
The Company shall promptly reimburse Employee for any Losses as they are
incurred by Employee.

 

                13.           Scope of Agreement. 
The parties acknowledge that the time, scope, geographic area and other
provisions of Section 7 and the Non-Disclosure Agreement referred to in Section 8
have been specifically negotiated by sophisticated parties and agree that all
such provisions are reasonable under the circumstances of the transactions
contemplated hereby, and are given as an integral and essential part of the
transactions contemplated hereby. 
Employee has independently consulted with counsel and has been advised
in all respects concerning the reasonableness and propriety of the covenants
contained herein, with specific regard to the business to be conducted by
Company and its subsidiaries and affiliates, and represents that the Agreement
is intended to be, and shall be, fully enforceable and effective in accordance
with its terms.

 

                14.           Severability. 
In the event that any covenant contained in this Agreement shall be
determined by any court of competent jurisdiction to be unenforceable by reason
of its extending for too great a period of time or over too great a
geographical area or by 

 

 

11

 

reason
of its being too extensive in any other respect, it shall be interpreted to
extend only over the maximum period of time for which it may be enforceable
and/or over the maximum geographical area as to which it may be enforceable
and/or to the maximum extent in all other respects as to which it may be
enforceable, all as determined by such court in such action.  The existence of any claim or cause of action
which Employee may have against the Company or any of its subsidiaries or
affiliates shall not constitute a defense or bar to the enforcement of any of
the provisions of this Agreement.

 

15.           Counterparts;
Facsimile Signatures.  This Agreement
may be executed in one or more counterparts, all of which taken together shall
constitute one and the same Agreement. 
Each party may rely upon the execution of this Agreement by the other
party via the facsimile signature as if such facsimile signature were an
original signature.

 

                16.           Miscellaneous. 
This Agreement shall be governed by and construed under the laws of the
State of New York, without consideration of its choice of law provisions, and
shall not be amended, modified or discharged in whole or in part except by an
agreement in writing signed by both of the parties hereto.  The failure of either of the parties to require
the performance of a term or obligation or to exercise any right under this
Agreement or the waiver of any breach hereunder shall not prevent subsequent
enforcement of such term or obligation or exercise of such right or the
enforcement at any time of any other right hereunder or be deemed a waiver of
any subsequent breach of the provision so breached, or of any other breach
hereunder.  This Agreement shall inure to
the benefit of, and be binding upon and assignable to, successors of the
Company by way of merger, consolidation or sale and may not be assigned by
Employee.  This Agreement supersedes and
terminates all prior understandings and agreements between the parties (or
their predecessors) relating to the subject matter hereof.  For purposes of this Agreement, the term “person”
means an individual, corporation, partnership, association, trust or any
unincorporated organization; a “subsidiary” means any corporation more than 50
percent of whose outstanding voting securities, or any partnership, joint venture
or other entity more than 50 percent of whose total equity interest, is
directly or indirectly owned by such person; and an “affiliate” of a person
shall mean, with respect to a person or entity, any person or entity which
directly or indirectly controls, is controlled by, or is under common control
with such person or entity.

 

[Remainder of Page Intentionally Left Blank]

 

 

12

 

                IN WITNESS WHEREOF, the parties
have executed this Agreement under seal as of the date first set forth above.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Hesselbirg

  	
   

  
	
   

  	
   

  	
  Name: Kevin Hesselbirg

  
	
   

  	
   

  	
  Title:   Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
  /s/ Coleman
  Fung

  	
   

  
	
   

  	
  Coleman
  Fung

  

 

 

[Signature Page to  Fung  Employment Agreement]

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