Document:

Unassociated Document

    
      Exhibit
        10.24

       

      Exhibit
        E

       

      

    

     

    ESCROW
      AGREEMENT

    

    by
      and
      among

    

    TAILWIND
      FINANCIAL INC.,

    

    TWF
      ACQUISITION CORPORATION,

    

    BRUCE
      H. LIPNICK,

    

    and

    

    AMERICAN
      STOCK TRANSFER & TRUST COMPANY

    

    Dated
      as
      of _______________________, 200_

     

     

    
      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      ESCROW
      AGREEMENT,
      dated
      as of ________ __, 200_ (this “Escrow
      Agreement”),
      is by
      and among (i)
      American Stock Transfer & Trust Company (the “Escrow
      Agent”),
      (ii)
      Tailwind Financial Inc., a Delaware corporation (“Parent”),
      (iii)
      TWF Acquisition Corporation, a Delaware corporation and a wholly owned
      subsidiary of Parent (“Merger
      Sub”)
      and
      (iv) Bruce H. Lipnick, acting as the Company Representative referenced herein
      and in the Merger Agreement referred to below (the “Company
      Representative”).
      Capitalized terms used herein without definition shall have the meanings
      assigned to such terms in the Merger Agreement.

     

    WHEREAS,
      Parent, Merger Sub and Asset Alliance Corporation, a Delaware corporation (the
      “Company”)
      have
      entered into that certain Agreement and Plan of Merger dated as of January
      8,
      2008 (the “Merger
      Agreement”),
      pursuant to which Merger Sub shall merge with the Company, subject to the terms
      and conditions set forth in the Merger Agreement; and

     

    WHEREAS,
      pursuant to the Merger Agreement, certain of the shares of Parent Common Stock
      issued pursuant to the Merger shall be deposited into escrow hereunder, to
      be
      held and distributed to the applicable holders of the Company Common Stock
      (the
“Participating
      Rights Holders”)
      by the
      Escrow Agent on the terms and conditions set forth herein.

     

    NOW,
      THEREFORE, in consideration of the mutual promises and agreements set forth
      in
      this Escrow Agreement, the parties hereto hereby agree as follows:

     

    I.
      GENERAL:

    

    The
      Escrow Agent shall hold in escrow and shall distribute the Escrowed Shares
      (as
      defined below) in accordance with and subject to the following Instructions
      and
      Terms and Conditions.

    

    II.
      INSTRUCTIONS:

    

    
      	1.	
              Deposit
                of Escrowed Shares

            

    

    

    At
      the
      Effective Time, pursuant to the Merger Agreement, Parent shall deposit with
      the
      Escrow Agent, on behalf of the Participating Rights Holders (i) ten (10%)
      percent of the Initial Parent Shares (the “Indemnity
      Escrowed Shares”)
      and
      (ii) five (5%) percent of the Initial Parent Shares (the “Adjustment
      Escrowed Shares,”
and
      together with the Indemnity Escrow Shares, the “Escrowed
      Shares”).

    

    The
      Company Representative shall deliver to the Escrow Agent and Parent a schedule
      setting forth the name of each Participating Rights Holder and the portion
      of
      such Escrowed Shares to which each such Participating Rights Holder will be
      entitled upon release of the Escrowed Shares to the Participating Rights Holders
      in accordance with this Escrow Agreement. The Escrow Agent shall keep a ledger
      of the amount of Escrowed Shares held on behalf of each Participating Rights
      Holder as amounts are added to the Escrowed Shares or amounts of the Escrowed
      Shares are distributed from time to time in accordance with Sections 3 and
      4 of
      this Article II. Such ledger shall be made available to Parent and the Company
      Representative for inspection and copying from time to time during any period
      that the Escrow Agent is in possession of Escrowed Shares
      hereunder.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              2.

            	
              Holding
                of Escrowed Shares

            

    

    

    Until
      the
      termination of this Escrow Agreement and the release of the Escrowed Shares,
      the
      Escrow Agent shall hold all the Escrowed Shares in trust, and solely for the
      benefit of the Indemnified Parties and the Participating Rights Holders. The
      Escrow Agent shall not be permitted or authorized to sell or otherwise transfer
      any Escrowed Shares except as provided in Sections 3 and 4 of this Article
      II.

    

    
      	
              3.

            	
              Distribution
                of Indemnity Escrowed
                Shares

            

    

    

    
      	 	
              The
                Escrow Agent is directed to hold and distribute the Indemnity Escrowed
                Shares in the following manner:

            

    

     

    
      	 	
              (a)

            	
              Subject
                to the provisions of paragraphs (b), (c), (d), (e), (f) and (g) below,
                the
                Escrow Agent shall release all of the Indemnity Escrowed Shares to
                the
                Exchange Agent, for distribution by the Exchange Agent to the
                Participating Rights Holders, on the earlier of (i) the third Business
                Day
                following the date of receipt by the Escrow Agent of non-conflicting
                written instructions from the Company Representative and Parent directing
                the Escrow Agent to release such Indemnity Escrowed Shares, and (ii)
                the
                date that is eighteen (18) months after the Closing Date, or if such
                date
                is not a Business Day, then on the next Business Day therafter (the
                earlier of (i) or (ii), the “Release
                Date”);
                provided,
                that the Escrow Agent shall not release to the Exchange Agent any
                Indemnity Escrowed Shares that are the subject of a pending
                Indemnification Claim (as defined below). Parent and the Company
                Representative will provide the Escrow Agent with at least 5 Business
                Days
                but not more than 20 calendar days written notice of the Release
                Date.

            

    

     

    
      	 	
              (b)

            	
              From
                time to time prior to the Release Date and subject to the provisions
                of
                paragraphs (c) and (d) below, an Indemnified Party, concurrently
                with or
                at any time after the delivery of a Claim Certificate to the Company
                Representative pursuant to Section 8.4 of the Merger Agreement, may
                deliver to the Escrow Agent a written notice (an “Indemnification
                Notice”)
                requesting that the Escrow Agent count toward the $1,000,000 deductible
                provided for in the Merger Agreement (the “Deductible
                Amount”)
                or release to Parent all or a portion of the Indemnity Escrowed Shares
                equal to the amount of the Losses that such Indemnified Party has
                suffered
                or incurred (or reasonably estimates in good faith that such Indemnified
                Party is likely to suffer or incur) in connection with a pending
                claim
                specified in such Claim Certificate for which the Indemnified Party
                is
                seeking indemnification under Article VII of the Merger Agreement
                (an
                “Indemnification
                Claim”),
                along with a delivery receipt or other proof of delivery of a copy
                of such
                notice to the Company Representative in accordance with Section 5 of
                this Article II. Such Indemnification Notice shall attach a copy
                of the
                Claim Certificate and shall indicate which obligations under Article
                VIII
                of the Merger Agreement are the subject of such Indemnification
                Claim.

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              If
                the Escrow Agent is not in actual receipt of a written objection
                from the
                Company Representative to any such Indemnification Claim within thirty
                (30) days following the date of the Escrow Agent’s actual receipt of such
                Indemnification Notice, the Escrow Agent shall treat such Indemnification
                Claim as an Agreed Claim in the amount specified in such Indemnification
                Claim and on the third Business Day after the thirtieth (30th)
                day following such actual receipt, the Escrow Agent shall release
                to
                Parent all or a portion of the Indemnity Escrowed Shares as specified
                in
                the Indemnification Notice with a value, as determined pursuant to
                Section
                3(g) of this Article II, equal to the Losses specified in the
                Indemnification Notice.

            

    

     

    
      	 	
              (d)

            	
              If
                the Escrow Agent is in actual receipt of a written objection from
                the
                Company Representative to an Indemnification Claim within thirty
                (30) days
                following the date of the Escrow Agent’s actual receipt of such
                Indemnification Claim, the Escrow Agent shall make no release pursuant
                to
                this Section 3 of any Indemnity Escrowed Shares in respect of the
                amount of Loss specified in the Indemnification Claim to Parent until
                (i)
                it has received joint written instructions from the Company Representative
                and the Indemnified Party as to the number of Indemnity Escrowed
                Shares,
                if any, to be released with respect to the Indemnification Claim,
                and the
                party or parties to whom such Indemnity Escrowed Shares should be
                released; (ii) it has received joint written instructions from the
                Company
                Representative and the Indemnified Party as to the value of an
                Indemnification Claim together with a statement that the Deductible
                Amount
                has not been exceeded and a statement as to the cumulative amount
                of
                Indemnification Claims to date that have been resolved pursuant to
                paragraph (c) above and this paragraph (d) (the “Cumulative
                Amount”);
                or (iii) it has received a copy of the determination of the independent
                mediator pursuant to Section 8.4(b) of the Merger Agreement and such
                determination states that the Cumulative Amount has exceeded the
                Deductible Amount or that the Deductible Amount is not applicable
                because
                the Indemnification Claim is for a loss covered by Section 8.2(b)
                or (c)
                of the Merger Agreement. Within 10 Business Days after the satisfaction
                of
                clause (i) or (iii) above, the Escrow Agent shall release the portion
                of
                the Indemnity Escrowed Shares, valued in accordance with paragraph (g)
                below, equal to (A) the number of Indemnity Escrowed Shares set forth
                in
                the joint written instructions or (B), in the cause of clause (iii)
                above
                the amount determined by the
                mediator.

            

    

     

    
      	 	
              (e)

            	
              Unless
                otherwise specified in an Indemnification Notice, or as otherwise
                directed
                by the joint written instructions of Parent and the Company Representative
                or the mediator ordering such release, the amount of any release
                of
                Escrowed Shares to Parent pursuant to this Section 3 in connection
                with an
                Indemnification Claim made by the Indemnified Party shall be deducted
                from
                each Participating Rights Holder’s share of such Escrowed Shares on a pro
                rata basis, based on each Participating Rights Holder’s proportional share
                of such Escrowed Shares originally deposited pursuant to Section
                1 of this
                Article II. The Escrow Agent shall send a written confirmation of
                such
                release to the Company Representative within three (3) days after
                the
                consummation of such release.

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (f)

            	
              Any
                distribution of all or a portion of any Escrowed Shares shall be
                made by
                delivery of the stock certificate held by the Escrow Agent representing
                such Escrowed Shares to the Exchange Agent, endorsed for transfer,
                with
                instructions to the Exchange Agent to transfer the aggregate number
                of
                Escrowed Shares being distributed, and, if less than all the then
                remaining Escrowed Shares are to be so distributed and transferred,
                the
                Escrow Agent shall instruct the Exchange Agent to issue and return
                to the
                Escrow Agent (or its nominee, if the Escrow Agent shall so instruct)
                a
                stock certificate representing the remaining Escrowed Shares. The
                Escrow
                Agent shall have no liability for the actions or omissions of, or
                any
                delay on the part of, Parent or the Exchange Agent in connection
                with the
                foregoing. Nor shall the Escrow Agent have any liability for the
                actions
                of the Company Representative in connection with any distribution
                to the
                Participating Rights Holders.

            

    

     

    
      	 	
              (g)

            	
              For
                purposes of determining the amount of Indemnity Escrowed Shares to
                be
                distributed to Parent, the value of the Indemnity Escrowed Shares
                shall be
                determined based on the average closing price of Parent Common Stock
                on
                the American Stock Exchange for the ten (10) trading day period ending
                on
                the day prior to the release of such Indemnity Escrowed
                Shares.

            

    

    

    
      	4.	
              Distribution
                of Adjustment Escrowed
                Shares

            

    

    

    
      	 	
              (a)

            	
              The
                Escrow Agent shall release the Adjustment Escrowed Shares upon receipt
                by
                the Escrow Agent of written authorization from Parent authorizing
                the
                Escrow Agent to (i) deliver to Parent all or a portion of the Adjustment
                Escrowed Shares and (ii) to deliver to the Exchange Agent for distribution
                to the Participating Rights Holders the remaining portion, if any,
                of the
                Adjustment Escrowed Shares. 

            

    

    

    
      	 	
              (b)

            	
              The
                value of any Adjustment Escrowed Shares to be distributed to pursuant
                to
                this Section 4 shall be based on the Parent Stock
                Price.

            

    

    

    
      	5.	
              Addresses

            

    

     

    
      	 	
              Notices,
                instructions and other communications shall be sent in the manner
                provided
                in Section 8 of Article III (Terms and Conditions) and addressed
                to the
                following addresses (or at such other address for a party as shall
                be
                specified by like notice):

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              if
                to the Escrow Agent:

            

    

    

    American
      Stock Transfer & Trust Company

    59
      Maiden
      Lane, Plaza Level

    New
      York,
      NY 10038

    Attention:
      Herbert J. Lemmer

    

    
      	 	
              if
                to Parent or Merger Sub:

            

    

    

    Tailwind
      Financial Inc.

    BCE
      Place, 181 Bay Street, Suite 2040

    Toronto,
      Ontario, Canada M5J 2T3

    Attention:
      Gord A. McMillan

     

    
      	 	
              with
                a copy to (which shall not be necessary for such notice, instruction
                or
                communication to be effective):

            

    

    

    Bingham
      McCutchen LLP 

    399
      Park
      Avenue 

    New
      York,
      New York 10022 

    Attention:
      Floyd I. Wittlin 

    

    
      	 	
              if
                to the Company Representative:

            

    

    

    Bruce
      H.
      Lipnick

    
      	 	 	
              800
                Third Avenue, Suite 2200

            

    

    New
      York,
      NY 10022

    

    6. Compensation

    

    
      	 	
              (a)

            	
              At
                the time of execution of this Escrow Agreement, Parent shall bear
                the
                Escrow Agent fee of $7,500. 

            

    

    

    
      	 	
              (b)

            	
              Parent
                shall be responsible for and shall reimburse the Escrow Agent upon
                demand
                for all expenses, disbursements and advances incurred or made by
                the
                Escrow Agent in connection with this Escrow
                Agreement.

            

    

    

    7. Concerning
      the Escrowed Shares

     

    
      	 	
              (a)

            	
              All
                of the Escrowed Shares shall be issued in the name of the Escrow
                Agent as
                Escrow Agent hereunder.

            

    

     

    
      	 	
              (b)

            	
              All
                voting rights of the Escrowed Shares held by the Escrow Agent shall
                be
                exercised by the Escrow Agent in accordance with instructions from
                the
                Participating Rights Holders to whom such shares would be released
                if all
                Escrowed Shares were to be released to the Participating Rights Holders
                at
                that time, as set forth on Exhibit
                1,
                as amended from time to time, unless and until such Escrowed Shares
                are
                released pursuant to Sections 3 or 4 of this Article II. Such voting
                rights shall be exercised in accordance with this Section 7 and with
                the
                Escrow Agent’s other standard procedures adopted from time to
                time.

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              The
                Participating Rights Holders shall not be permitted to transfer any
                of the
                Escrowed Shares; provided,
                that the Participating Rights Holders may transfer their beneficial
                interests in the Escrowed Shares at any time. Any such transfer of
                a
                Participating Rights Holder’s beneficial interest in his, her or its
                Escrowed Shares shall not affect any Indemnified Parties’ rights hereunder
                to make an Indemnification Claim with respect to such Escrowed Shares
                or
                the Escrow Agent’s record ownership of such Escrowed
                Shares.

            

    

    

    
      	 	
              (d)

            	
              The
                Escrow Agent does not and will not own or have any interest in the
                Escrowed Shares, but is serving as escrow holder, having only possession
                thereof and agreeing to hold and distribute the Escrowed Shares in
                accordance with the terms and conditions set forth herein. Neither
                the
                Escrow Agent nor its nominee, if applicable, shall be under any duty
                to
                take any action to preserve, protect, exercise or enforce any rights or
                remedies under or with respect to the Escrowed Shares (including
                without
                limitation with respect to the exercise of any voting or consent
                rights,
                conversion or exchange rights, defense of title, preservation of
                rights
                against prior matters or otherwise). The Escrow Agent shall not be
                under
                any duty or responsibility to notify the Company Representative with
                respect to, or to take any action with respect to, any notice,
                solicitation or other document or information, written or otherwise,
                received from an issuer or other person with respect to the Escrowed
                Shares, including but not limited to, proxy material, tenders, options,
                the pendency of calls and maturities and expiration of rights.
                 

            

    

    

    III.
      TERMS AND CONDITIONS:

    

    
      	
              1.

            	
              The
                duties, responsibilities and obligations of the Escrow Agent shall
                be
                limited to those expressly set forth herein and no duties,
                responsibilities or obligations shall be inferred or implied. The
                Escrow
                Agent shall not be subject to, nor required to comply with, any other
                agreement between or among Parent, Merger Sub, the Company or the
                Company
                Representative or to which any of them is a party, even though reference
                thereto may be made herein, or to comply with any direction or instruction
                (other than those contained herein or delivered in accordance with
                this
                Escrow Agreement) from Parent or the Company Representative or any
                entity
                acting on its or his behalf. The Escrow Agent shall not be required
                to,
                and shall not, expend or risk any of its own funds or otherwise incur
                any
                financial liability in the performance of any of its duties
                hereunder.

            

    

    

    
      	
              2.

            	
              This
                Escrow Agreement is for the exclusive benefit of the parties hereto
                and
                their respective successors hereunder, and shall not be deemed to
                give,
                either express or implied, any legal or equitable right, remedy,
                or claim
                to any other entity or person
                whatsoever.

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
              3.

            	
              At
                any time the Escrow Agent is served with any judicial or administrative
                order, judgment, decree, writ or other form of judicial or administrative
                process which in any way affects Escrowed Shares (including but not
                limited to orders of attachment or garnishment or other forms of
                levies or
                injunctions or stays relating to the transfer of Escrowed Shares),
                the
                Escrow Agent is authorized to comply therewith in any manner as it
                or its
                legal counsel of its own choosing reasonably deems appropriate; and
                if the
                Escrow Agent complies with any such judicial or administrative order,
                judgment, decree, writ or other form of judicial or administrative
                process, the Escrow Agent shall not be liable to any of the parties
                hereto
                or to any other person or entity even though such order, judgment,
                decree,
                writ or process may be subsequently modified or vacated or otherwise
                determined to have been without legal force or effect.  

            

    

    

    
      	
              4.

            	
              (a)

            	
              The
                Escrow Agent shall not be liable for any action taken or omitted
                or for
                any loss or injury resulting from its actions or its performance
                or lack
                of performance of its duties hereunder in the absence of gross negligence
                or willful misconduct on its part. In no event shall the Escrow Agent
                be
                liable (i) for acting in accordance with or relying upon any instruction,
                notice, demand, certificate or document from Parent or the Company
                Representative or any entity acting on behalf of Parent or the Company
                Representative; provided,
                that Parent or the Company Representative was acting in accordance
                with
                the terms of this Escrow Agreement and did not exceed its specific
                authority hereunder when it delivered such instruction, notice, demand,
                certificate or document to the Escrow Agent; (ii) for any consequential,
                punitive or special damages; or (iii) for an amount in excess of
                the value
                of the Escrowed Shares, valued as of the date of
                deposit.

            

    

    

    
      	 	
              (b)

            	
              If
                any fees, expenses or costs incurred by, or any obligations owed
                to, the
                Escrow Agent hereunder are not promptly paid when due, the Escrow
                Agent
                may reimburse itself therefor from the Escrowed Shares and may sell,
                convey or otherwise dispose of any Escrowed Shares for such purpose;
                provided,
                that any such reimbursement shall not prejudice the right of the
                Company
                Representative to payment by Parent to the extent of its liability
                therefor or the right of Parent to payment by the Company Representative
                to the extent of its liability therefor.

            

    

    

    
      	 	
              (c)

            	
              As
                security for the due and punctual performance of Parent’s obligations to
                the Escrow Agent hereunder, now or hereafter arising, Parent hereby
                pledges, assigns and grants to the Escrow Agent a continuing security
                interest in, and a lien on, the Escrowed Shares. The security interest
                of
                the Escrow Agent shall at all times be valid, perfected and enforceable
                by
                the Escrow Agent against Parent and all third parties in accordance
                with
                the terms of this Escrow Agreement; provided,
                that the Escrow Agent’s exercise of such security interest shall not
                prejudice the right of the Company Representative to reimbursement
                or
                other payment by Parent to the extent of its liability therefor or
                the
                right of Parent to payment by the Company Representative to the extent
                of
                its liability therefor. 

            

    

    

    
      	 	
              (d)

            	
              The
                Escrow Agent may consult with legal counsel at the reasonable expense
                of
                Parent as to any matter relating to this Escrow Agreement, and the
                Escrow
                Agent shall not incur any liability in acting in good faith in accordance
                with any advice from such counsel, except as set forth herein.
                

            

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	 	
              (e)

            	
              The
                Escrow Agent shall not incur any liability for not performing any
                act or
                fulfilling any duty, obligation or responsibility hereunder, if prevented
                from doing so by reason of any occurrence beyond the control of the
                Escrow
                Agent (including but not limited to any act or provision of any present
                or
                future law or regulation or governmental authority, any act of God
                or war,
                or the unavailability of the Federal Reserve Bank wire or telex or
                other
                wire or communication facility). 

            

    

    

    
      	
              5.

            	
              Unless
                otherwise specifically set forth herein, the Escrow Agent shall proceed
                as
                soon as practicable to collect any checks or other collection items
                at any
                time deposited hereunder. All such collections shall be subject to
                the
                Escrow Agent’s usual collection practices or terms regarding items
                received by the Escrow Agent for deposit or collection. The Escrow
                Agent
                shall not be required, or have any duty, to notify anyone of any
                payment
                or maturity under the terms of any instrument deposited hereunder,
                nor to
                take any legal action to enforce payment of any check, note or security
                deposited hereunder or to exercise any right or privilege which may
                be
                afforded to the holder of any such
                security.

            

    

    

    
      	
              6.

            	
              The
                Escrow Agent shall provide to Parent and the Company Representative
                monthly statements identifying transactions, transfers or holdings
                of
                Escrowed Shares and each such statement shall be deemed to be correct
                and
                final upon receipt thereof by the Parent and the Company Representative
                unless the Escrow Agent is notified in writing to the contrary by
                either
                Parent or the Company Representative within thirty (30) Business
                Days of
                the date of such statement. Nothing contained herein shall in any
                way
                limit the Escrow Agent’s duties under Article II
                hereof.

            

    

    

    
      	
              7.

            	
              The
                Escrow Agent shall not be responsible in any respect for the form,
                execution, validity, value or genuineness of documents or securities
                deposited hereunder, if any, or for any description therein, or for
                the
                identity, authority or rights of persons executing or delivering
                or
                purporting to execute or deliver any such document, security or
                endorsement.

            

    

    

    
      	
              8.

            	
              Notices,
                instructions or other communications shall be in writing and shall
                be
                given to the address set forth in the “Addresses” provision herein.
                Notices to the Escrow Agent shall be deemed to be given when actually
                received by the Escrow Agent’s Corporate Trust Department. The Escrow
                Agent is authorized to comply with and rely upon any notices, instructions
                or other communications reasonably believed by it to have been sent
                or
                given by any other party hereto or by a person or persons authorized
                by
                such party; provided,
                that such party or person was acting in accordance with the terms
                of this
                Escrow Agreement and did not exceed its specific authority hereunder
                when
                it delivered such notice, instructions or other communication. Whenever
                under the terms hereof the time for giving a notice or performing
                an act
                falls upon a Saturday, Sunday, or banking holiday, such time shall
                be
                extended to the next day on which the Escrow Agent is open for
                business.

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
              9.

            	
              Parent
                shall be liable for and shall reimburse and indemnify the Escrow
                Agent and
                hold the Escrow Agent harmless from and against any and all Losses,
                including defense costs, arising from or in connection with or related
                to
                this Escrow Agreement or being the Escrow Agent hereunder (including
                but
                not limited to Losses incurred by the Escrow Agent in connection
                with its
                successful defense, in whole or in part, of any claim of gross negligence
                or willful misconduct on its part); provided,
                however,
                that nothing contained herein shall require the Escrow Agent to be
                indemnified for Losses caused by its gross negligence or willful
                misconduct.

            

    

    

    
      	
              10.

            	
              (a)

            	
              Parent
                may remove the Escrow Agent at any time by giving to the Escrow Agent
                thirty (30) calendar-days’ prior notice in writing signed by Parent. The
                Escrow Agent may resign at any time by giving to Parent thirty (30)
                calendar-days’ prior written notice thereof.

            

    

    

    
      	 	
              (b)

            	
              Within
                10 calendar days after giving the foregoing notice of removal to
                the
                Escrow Agent or receiving the foregoing notice of resignation from
                the
                Escrow Agent, Parent shall appoint a successor to the Escrow Agent.
                If a
                successor to the Escrow Agent has not accepted such appointment by
                the end
                of such 10-day period, the Escrow Agent shall apply to a court of
                competent jurisdiction for the appointment of a successor to the
                Escrow
                Agent or for other appropriate relief. The costs and expenses (including
                reasonable attorneys’ fees and expenses) incurred by the Escrow Agent in
                connection with such proceeding shall be paid by Parent.
                

            

    

    

    
      	 	
              (c)

            	
              Upon
                receipt of the identity of the successor to the Escrow Agent, the
                Escrow
                Agent shall either deliver the Escrowed Shares then held hereunder
                to the
                successor to the Escrow Agent, less the Escrow Agent’s fees, costs and
                expenses or other obligations owed to the Escrow Agent, or hold such
                Escrowed Shares (or any portion thereof), pending distribution, until
                all
                such fees, costs and expenses or other obligations are paid.
                

            

    

    

    
      	 	
              (d)

            	
              Upon
                delivery of the Escrowed Shares to successor to the Escrow Agent,
                the
                Escrow Agent shall have no further duties, responsibilities or obligations
                hereunder. 

            

    

    

    
      	
              11.

            	
              (a)

            	
              In
                the event of any ambiguity or uncertainty hereunder or in any notice,
                instruction or other communication received by the Escrow Agent hereunder,
                the Escrow Agent may, in its sole discretion, refrain from taking
                any
                action other than retain possession of the Escrowed Shares, unless
                the
                Escrow Agent receives written instructions, signed by Parent and
                the
                Company Representative, which eliminates such ambiguity or uncertainty.
                

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (b)

            	
              In
                the event of any dispute between or conflicting claims by or among
                Parent
                and the Company Representative or any other person or entity with
                respect
                to any Escrowed Shares, the Escrow Agent shall be obligated to act
                in
                accordance with Sections 3 and 4 of Article II hereof. The costs
                and
                expenses (including reasonable attorneys’ fees and expenses) incurred in
                connection with such proceeding shall be paid by
                Parent.

            

    

    

    
      	
              12.

            	
              This
                Escrow Agreement shall be interpreted, construed, enforced and
                administered in accordance with the internal substantive laws (and
                not the
                choice of law rules) of the State of Delaware. Each of the parties
                hereto
                hereby submits to the personal jurisdiction of and each agrees that
                all
                proceedings relating hereto shall be brought in courts located within
                the
                State of Delaware. Each of the parties hereto hereby waives the right
                to
                trial by jury. To the extent that in any jurisdiction any party hereto
                may
                be entitled to claim, for itself or its assets, immunity from suit,
                execution, attachment (whether before or after judgment) or other
                legal
                process, each hereby irrevocably agrees not to claim, and hereby
                waives,
                such immunity. Each party hereto waives personal service of process
                and
                consents to service of process by certified or registered mail, return
                receipt requested, directed to it at the address last specified for
                notices hereunder, and such service shall be deemed completed ten
                (10)
                calendar days after the same is so
                mailed.

            

    

    

    
      	
              13.

            	
              Except
                as otherwise permitted herein, this Escrow Agreement may be modified
                only
                by a written amendment signed by all the parties hereto, and no waiver
                of
                any provision hereof shall be effective unless expressed in a writing
                signed by the party to be charged.

            

    

    

    
      	
              14.

            	
              The
                rights and remedies conferred upon the parties hereto shall be cumulative,
                and the exercise or waiver of any such right or remedy shall not
                preclude
                or inhibit the exercise of any additional rights or remedies. The
                waiver
                of any right or remedy hereunder shall not preclude the subsequent
                exercise of such right or remedy.

            

    

    

    
      	
              15.

            	
              Each
                of Parent, Merger Sub and the Company Representative hereby represents
                and
                warrants (a) that this Escrow Agreement has been duly authorized,
                executed
                and delivered on its behalf and constitutes its legal, valid and
                binding
                obligation and (b) that the execution, delivery and performance of
                this
                Escrow Agreement by Parent, Merger Sub and the Company Representative
                do
                not and will not violate any applicable law or regulation. The Escrow
                Agent hereby represents and warrants (a) that this Escrow Agreement
                has
                been duly authorized, executed and delivered on its behalf and constitutes
                its legal, valid and binding obligation and (b) that the execution,
                delivery and performance of this Escrow Agreement by the Escrow Agent
                do
                not and will not violate any applicable law or
                regulation.

            

    

    

    
      	
              16.

            	
              The
                invalidity, illegality or unenforceability of any provision of this
                Escrow
                Agreement shall in no way affect the validity, legality or enforceability
                of any other provision; and if any provision is held to be unenforceable
                as a matter of law, the other provisions shall not be affected thereby
                and
                shall remain in full force and
                effect.

            

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	
              17.

            	
              This
                Escrow Agreement shall constitute the entire agreement of the parties
                with
                respect to the subject matter and supersedes all prior oral or written
                agreements in regard thereto.

            

    

    

    
      	
              18.

            	
              This
                Escrow Agreement shall terminate upon the distribution of all Escrowed
                Shares. The provisions of Sections 9 and 22 of this Article III shall
                survive termination of this Escrow Agreement or the resignation or
                removal
                of the Escrow Agent.

            

    

    

    
      	
              19.

            	
              Except
                as necessary or desirable for securing stockholder consents in connection
                with the Merger Agreement, or the transactions contemplated thereby,
                no
                printed or other material in any language, including prospectuses,
                notices, reports, and promotional material which mentions the Escrow
                Agent
                by name or the rights, powers, or duties of the Escrow Agent under
                this
                Escrow Agreement, shall be issued by any other parties hereto, or
                on such
                party’s behalf, without the prior written consent of the Escrow
                Agent.

            

    

    

    
      	
              20.

            	
              The
                headings contained in this Escrow Agreement are for convenience of
                reference only and shall have no effect on the interpretation or
                operation
                hereof.

            

    

    

    
      	
              21.

            	
              This
                Escrow Agreement may be executed by each of the parties hereto in
                any
                number of counterparts, each of which counterpart, when so executed
                and
                delivered, shall be deemed to be an original and all such counterparts
                shall together constitute one and the same
                agreement.

            

    

    

    
      	
              22.

            	
              The
                Escrow Agent does not have any interest in the Escrowed Shares deposited
                hereunder but is serving as escrow holder only and having only possession
                thereof. Parent shall pay or reimburse the Escrow Agent upon request
                for
                any transfer taxes or other taxes relating to the Escrowed Shares
                incurred
                in connection herewith and shall indemnify and hold harmless the
                Escrow
                Agent for any amounts that it is obligated to pay in the way of such
                taxes. The parties hereto will provide the Escrow Agent with appropriate
                W-9 forms for tax I.D., number certifications, or W-8 forms for
                non-resident alien certifications. It is understood that the Escrow
                Agent
                shall be responsible for income reporting only with respect to income
                earned on investment of funds which are a part of the Escrowed Shares
                and
                is not responsible for any other reporting. For tax reporting purposes,
                all income earned from the investment of the Escrowed Shares in any
                tax
                year shall be allocated to the Participating Rights
                Holders.

            

    

    

    [Signature
      page follows]

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each of the parties has caused this Escrow Agreement to be
      executed by a duly authorized officer as of the day and year first written
      above.

    

    TAILWIND
      FINANCIAL INC.

    

    
      	
               

            
	
              By:

            
	
              Name:

            
	
              Title:

            

    

    

    TWF
      ACQUISITION CORPORATION

    

    
      	
               

            
	
              By:

            
	
              Name:

            
	
              Title:

            

    

    

    COMPANY
      REPRESENATIVE

    

    
      	
               

            
	
              Bruce
                H. Lipnick

            

    

    

    AMERICAN
      STOCK TRANSFER & TRUST COMPANY, as Escrow Agent

    

    
      	
              By:

            	 

	
              Name:
                Herbert J. Lemmer

            
	
              Title:
                Vice President

            

    

    
      
        
        

      

      
        12Unassociated Document

    Exhibit
      10.25

     

    AMENDED
      AND RESTATED

    EMPLOYMENT
      AGREEMENT

     

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

     

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

     

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

     

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

     

    
      	1.	
              Employment
                and Term

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

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

            

    

     

    
      	2	
              Compensation.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

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

            

    

     

    
      	 	
              (d)

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

            

    

     

    
      	 	
              (e)

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

            

    

     

    
      	 	
              (f)

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

            

    

     

    
      	3.	
              Termination.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

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

            

    

     

    
      	 	
              (c)

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

            

    

     

    
      	 	
              (d)

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

            

    

     

    
      	 	
              (e)

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

            

    

     

    
      	 	
              (f)

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

            

    

     

    
      	 	
              (g)

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

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	
              (h)

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

            

    

     

    
      	 	
              (i)

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

            

    

     

    
      	 	
              (j)

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

            

    

     

    
      	4.	
              Noncompetition;
                Nonintervention.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

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

            

    

     

    
      	5.	
              Confidential
                Information.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

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

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	6.	
              Binding
                Effect.

            

    

     

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

     

    
      	7.	
              Entire
                Agreement.

            

    

     

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

     

    
      	8.	
              Arbitration.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

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

            

    

     

    
      	 	
              (c)

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

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	 	
              (d)

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

            

    

     

    
      	9.	
              Right
                to Injunction.

            

    

     

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

     

    
      	10.	
              Indemnification.

            

    

     

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

     

    
      	11.	
              Miscellaneous.

            

    

     

    
      	 	
              (a)

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

            

    

     

    
      	 	
              (b)

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

            

    

     

    
      	 	
              (c)

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

            

    

     

    
      	 	
              (d)

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

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	 	
              (e)

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

            

    

     

    
      	 	
              (f).

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

            

    

     

    
      	 	
              (g)

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

            

    

     

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

     

    
      	
              Asset
                Alliance Corporation

            
	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	
              Name:
                

            	
              Arnold
                L. Mintz

            
	
              Title:

            	
              Executive
                Vice President

            
	 	 
	
                  /s/
                Bruce H. Lipnick

            
	
              Bruce
                H. Lipnick

            
	 
	
              Employee’s
                Address:

            
	
              1148
                Fifth Avenue, Apartment 5C

            
	
              New
                York, New York 10128

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    INCENTIVE
      BONUS SCHEDULE (LIPNICK)

     

    
      	
              AUDITED
                CASH EARNINGS 

              AVAILABLE
                FOR COMMON 

              SHAREHOLDERS
                PER

              FULLY
                DILUTED SHARE

            	 	
              INCENTIVE

              BONUS
                PAYMENT

            
	
              0
                -
                .74

            	 	
              0

            
	
              .75
                -1.00

            	 	
              $300,000-400,000

            
	
              1.00
                - 1.25

            	 	
              $400,000-500,000

            
	
              1.25
                -1.50

            	 	
              $500,000-600,000

            
	
              1.50
                - 1.75

            	 	
              $600,000-700,000

            
	
              1.75
                - 2.25

            	 	
              $700,000-800,000

            
	
              2.25
                - 3.00

            	 	
              $800,000-900,000

            
	
              3.00
                - 4.00

            	 	
              $900,000-1,000,000

            
	
              4.00
                - 5.00

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

            
	
              5.00
                - 6.00

            	 	
              $1,250,000-1,500,000

            
	
              6.00
                AND ABOVE

            	 	
              $1,500,000
                + $250,000 FOR EACH $1.00 

              PER
                FULLY DILUTED SHARE

            

    

     

    The
      Company’s Cash Earnings Available for Common Shareholders per Fully Diluted
      Share, excluding
      the Incentive Bonus Payment,
      shall
      be determined by the Company’s independent auditors each year, in accordance
      with Generally Accepted Accounting Principles, taking into account changes
      in
      the Company’s capital structure, securities convertible into common stock, stock
      dividends, stock splits, recapitalizations, reorganizations, merger and other
      relevant changes in the Company’s capitalization. The Incentive Bonus Payment
      for Cash Earnings Available for Common Shareholders per Fully Diluted Share
      levels falling between the low and the high range shall be computed on a
      straight-line basis. For example, if Cash Earnings Available for Common
      Shareholders per Fully Diluted Share should be $2.00 (the mid-point between
      1.75
      and 2.25), the Incentive Bonus Payment shall be $750,000 (the mid-point between
      $700,000 and $800,000).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

     

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

     

    
      	
              1.

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

            

    

     

    (a)
      Salary.
      The
      Company shall compensate the Employee with a base salary of $750,000 per annum,
      commencing on January 1, 2004 and payable in accordance with the normal payroll
      practices of the Company. The base salary shall be reviewed annually and may
      be
      increased (but shall not be decreased) in the sole discretion of the
      Board.

     

    
      	
              2.

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

            

    

     

    
      	
              3.

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

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	
              Name:
                

            	
              Arnold
                L. Mintz

            
	
              Title:

            	
              Chief
                Operating Officer

            
	 
	
                  /s/
                Bruce H. Lipnick

            
	
              Bruce
                H. Lipnick

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 2 TO EMPLOYMENT AGREEMENT

     

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

     

    
      	
              1.

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

            

    

     

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

     

    
      	
              2.

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

            

    

     

    
      	
              3.

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

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	
              Name:

            	
              Arnold
                L. Mintz

            
	
              Title:
                

            	
              Chief
                Operating Officer

            
	 	 
	
                  /s/
                Bruce H. Lipnick

            
	
              Bruce
                H. Lipnick

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 3 TO EMPLOYMENT AGREEMENT

     

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

     

    
      	
              1.

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

            

    

     

    
      	
              2.

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

            

    

     

    
      	
              EBITDA Per Share Range

            	 	
              Bonus Range

            	 
	$ 	-	 	
              $

            	
              0.75

            	 	
              $

            	
              -

            	 
	
              $

            	
              300,000

            	 
	
              $

            	
              0.75

            	 	
              $

            	
              1.00

            	 	
              $

            	
              300,000

            	 	
              $

            	
              400,000

            	 
	
              $

            	
              1.00

            	 	
              $

            	
              1.25

            	 	
              $

            	
              400,000

            	 	
              $

            	
              500,000

            	 
	
              $

            	
              1.25

            	 	
              $

            	
              1.50

            	 	
              $

            	
              500,000

            	 	
              $

            	
              600,000

            	 
	
              $

            	
              1.50

            	 	
              $

            	
              1.75

            	 	
              $

            	
              600,000

            	 	
              $

            	
              750,000

            	 
	
              $

            	
              1.75

            	 	
              $

            	
              2.25

            	 	
              $

            	
              750,000

            	 	
              $

            	
              1,050,000

            	 
	
              $

            	
              2.25

            	 	
              $

            	
              3.00

            	 	
              $

            	
              1,050,000

            	 	
              $

            	
              1,500,000

            	 
	
              $

            	
              3.00

            	 	
              $

            	
              4.00

            	 	
              $

            	
              1,500,000

            	 	
              $

            	
              2,150,000

            	 
	
              $

            	
              4.00

            	 	
              $

            	
              5.00

            	 	
              $

            	
              2,150,000

            	 	
              $

            	
              2,900,000

            	 
	
              $

            	
              5.00

            	 	
              $

            	
              6.00

            	 	
              $

            	
              2,900,000

            	 	
              $

            	
              3,750,000

            	 
	
              $

            	
              6.00

            	 	
              $

            	
              7.00

            	 	
              $

            	
              3,750,000

            	 	
              $

            	
              4,650,000

            	 
	
              $

            	
              7.00

            	 	
              $

            	
              8.00

            	 	
              $

            	
              4,650,000

            	 	
              $

            	
              5,550,000

            	 
	
              $

            	
              8.00

            	 	
              $

            	
              9.00

            	 	
              $

            	
              5,550,000

            	 	
              $

            	
              6,550,000

            	 
	
              $

            	
              9.00

            	 	
              $

            	
              >
                9.00

            	 	
              
                
                  $6,550,000 + $1.1MM for each $1.00 per share

                

              

            

    

     

    The
      Company’s Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Shares, before
      taking into account the Incentive Bonus Payments and Discretionary Bonus
      Payments of the CEO, COO and CFO of the Company,
      shall
      be determined by the Company’s independent auditors each year, taking into
      account changes in the Company’s capital structure, securities convertible into
      common stock, stock dividends, stock splits, recapitalizations, reorganizations,
      merger and other relevant changes in the Company’s capitalization. The Incentive
      Bonus Payment for Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Share levels falling between
      the low and the high range shall be computed on a straight-line basis. For
      example, if Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Share should be $2.00 (the
      mid-point between $1.75 and $2.25), the Incentive Bonus Payment shall be
      $900,000 (the mid-point between $750,000 and $1,050,000).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

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

            

    

     

    
      	
              4.

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

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	
              Name:
                

            	
              Arnold
                L. Mintz

            
	
              Title:
                

            	
              Chief
                Operating Officer

            
	 	 
	
                  /s/
                Bruce H. Lipnick

            
	
              Bruce
                H. Lipnick

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

        
          

        

      

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

     

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

     

    
      	
              1.

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

            

    

     

    (a)
      Salary.
      The
      Company shall compensate the Employee with a base salary of $750,000 per annum,
      commencing on January 1, 2004 and payable in accordance with the normal payroll
      practices of the Company. The base salary shall be reviewed annually and may
      be
      increased (but shall not be decreased) in the sole discretion of the
      Board.

     

    
      	
              2.

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

            

    

     

    
      	
              3.

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

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	
              Name:
                

            	
              Arnold
                L. Mintz

            
	
              Title:
                

            	Chief
              Operating Officer 
	 	 
	
                  /s/
                Bruce H. Lipnick

            
	
              Bruce
                H. Lipnick

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    AMENDMENT
      NO. 2 TO EMPLOYMENT AGREEMENT

     

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

     

    
      	
              1.

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

            

    

     

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

     

    
      	
              2.

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

            

    

     

    
      	
              3.

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

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	
              Name:
                

            	
              Arnold
                L. Mintz

            
	
              Title:
                

            	
              Chief
                Operating Officer

            
	 	 
	
                  /s/
                Bruce H. Lipnick

            
	
              Bruce
                H. Lipnick

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 3 TO EMPLOYMENT AGREEMENT

     

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

     

    
      	
              1.

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

            

    

     

    
      	
              2.

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

            

    

     

    
      	
              EBITDA
                Per Share Range

            	 	
              Bonus
                Range

            	 
	
              $ 

            	 -	  
	
              $

            	
              0.75

            	  
	
              $

            	
              -

            	  
	
              $

            	
              300,000

            	 
	
              $

            	
              0.75

            	 	
              $

            	
              1.00

            	 	
              $

            	
              300,000

            	 	
              $

            	
              400,000

            	 
	
              $

            	
              1.00

            	 	
              $

            	
              1.25

            	 	
              $

            	
              400,000

            	 	
              $

            	
              500,000

            	 
	
              $

            	
              1.25

            	 	
              $

            	
              1.50

            	 	
              $

            	
              500,000

            	 	
              $

            	
              600,000

            	 
	
              $

            	
              1.50

            	 	
              $

            	
              1.75

            	 	
              $

            	
              600,000

            	 	
              $

            	
              750,000

            	 
	
              $

            	
              1.75

            	 	
              $

            	
              2.25

            	 	
              $

            	
              750,000

            	 	
              $

            	
              1,050,000

            	 
	
              $

            	
              2.25

            	 	
              $

            	
              3.00

            	 	
              $

            	
              1,050,000

            	 	
              $

            	
              1,500,000

            	 
	
              $

            	
              3.00

            	 	
              $

            	
              4.00

            	 	
              $

            	
              1,500,000

            	 	
              $

            	
              2,150,000

            	 
	
              $

            	
              4.00

            	 	
              $

            	
              5.00

            	 	
              $

            	
              2,150,000

            	 	
              $

            	
              2,900,000

            	 
	
              $

            	
              5.00

            	 	
              $

            	
              6.00

            	 	
              $

            	
              2,900,000

            	 	
              $

            	
              3,750,000

            	 
	
              $

            	
              6.00

            	 	
              $

            	
              7.00

            	 	
              $

            	
              3,750,000

            	 	
              $

            	
              4,650,000

            	 
	
              $

            	
              7.00

            	 	
              $

            	
              8.00

            	 	
              $

            	
              4,650,000

            	 	
              $

            	
              5,550,000

            	 
	
              $

            	
              8.00

            	 	
              $

            	
              9.00

            	 	
              $

            	
              5,550,000

            	 	
              $

            	
              6,550,000

            	 
	
              $

            	
              9.00

            	 	
              $

            	
              >
                9.00

            	 	
              
                
                  $6,550,000 + $1.1MM for each $1.00 per share

                

              

            

    

     

    The
      Company’s Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Shares, before taking into
      account the Incentive Bonus Payments and Discretionary Bonus Payments of the
      CEO, COO and CFO of the Company, shall be determined by the Company’s
      independent auditors each year, taking into account changes in the Company’s
      capital structure, securities convertible into common stock, stock dividends,
      stock splits, recapitalizations, reorganizations, merger and other relevant
      changes in the Company’s capitalization. The Incentive Bonus Payment for
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for
      Common Shareholders per Fully Diluted Share levels falling between the low
      and
      the high range shall be computed on a straight-line basis. For example, if
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for
      Common Shareholders per Fully Diluted Share should be $2.00 (the mid-point
      between $1.75 and $2.25), the Incentive Bonus Payment shall be $900,000 (the
      mid-point between $750,000 and $1,050,000).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

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

            

    

     

    
      	
              4.

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

            

    

    

      
        	
                Asset
                  Alliance Corporation

              
	 	 
	
                By:

              	
                /s/
                  Arnold L. Mintz

              
	
                Name:
                  

              	
                Arnold
                  L. Mintz

              
	
                Title:
                  

              	
                Chief
                  Operating Officer

              
	 	 
	
                    /s/
                  Bruce H. Lipnick

              
	
                Bruce
                  H. Lipnick

              

      

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 4 TO EMPLOYMENT AGREEMENT

     

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

     

    
      	
              1.

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

            

    

     

    
      	
              EBITDA
                Per Share Range

            	 	
              Bonus
                Range

            	 
	
              $

            	 -	 	
              $

            	
              0.75

            	 	
              $

            	
              -

            	 	
              $

            	
              300,000

            	 
	
              $

            	
              0.75

            	 	
              $

            	
              1.00

            	 	
              $

            	
              300,000

            	 	
              $

            	
              400,000

            	 
	
              $

            	
              1.00

            	 	
              $

            	
              1.25

            	 	
              $

            	
              400,000

            	 	
              $

            	
              500,000

            	 
	
              $

            	
              1.25

            	 	
              $

            	
              1.50

            	 	
              $

            	
              500,000

            	 	
              $

            	
              600,000

            	 
	
              $

            	
              1.50

            	 	
              $

            	
              1.75

            	 	
              $

            	
              600,000

            	 	
              $

            	
              750,000

            	 
	
              $

            	
              1.75

            	 	
              $

            	
              2.25

            	 	
              $

            	
              750,000

            	 	
              $

            	
              1,050,000

            	 
	
              $

            	
              2.25

            	 	
              $

            	
              3.00

            	 	
              $

            	
              1,050,000

            	 	
              $

            	
              1,500,000

            	 
	
              $

            	
              3.00

            	 	
              $

            	
              4.00

            	 	
              $

            	
              1,500,000

            	 	
              $

            	
              2,150,000

            	 
	
              $

            	
              4.00

            	 	
              $

            	
              5.00

            	 	
              $

            	
              2,150,000

            	 	
              $

            	
              2,900,000

            	 
	
              $

            	
              5.00

            	 	
              $

            	
              6.00

            	 	
              $

            	
              2,900,000

            	 	
              $

            	
              3,750,000

            	 
	
              $

            	
              6.00

            	 	
              $

            	
              7.00

            	 	
              $

            	
              3,750,000

            	 	
              $

            	
              4,650,000

            	 
	
              $

            	
              7.00

            	 	
              $

            	
              8.00

            	 	
              $

            	
              4,650,000

            	 	
              $

            	
              5,550,000

            	 
	
              $

            	
              8.00

            	 	
              $

            	
              9.00

            	 	
              $

            	
              5,550,000

            	 	
              $

            	
              6,550,000

            	 
	
              $

            	
              9.00

            	 	
              $

            	
              >
                9.00

            	 	
               $6,550,000 + $1.1MM for each $1.00 per share

            

    

     

    The
      Company’s Earnings Before Interest, Taxes, Depreciation and Amortization
      (EBITDA) for Common Shareholders per Fully Diluted Shares, before taking, into
      account the Incentive Bonus Payments and Discretionary Bonus Payments of the
      CEO, COO and CFO of the Company, shall be determined by the Company’s
      independent auditors each year, taking into account changes in the Company’s
      capital structure, securities convertible into common stock, stock dividends,
      stock splits, recapitalizations, reorganizations, merger and other relevant
      changes in the Company’s capitalization. The Incentive Bonus Payment for
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for
      Common Shareholders per Fully Diluted Share levels falling between the low
      and
      the high range shall be computed on a straight-line basis. For example, if
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for
      Common Shareholders per Fully Diluted Share should be $2.00 (the mid-point
      between $1.75 and $2.25), the Incentive Bonus Payment shall be $900,000 (the
      mid-point between $750,000 and $1,050,000). Notwithstanding the foregoing,
      if
      Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for
      Common Shareholders per Fully Diluted Share is any amount up to $0.75, the
      Incentive Bonus Payment shall be $300,000. Accordingly, the minimum annual
      Incentive Bonus Payment to Executive shall be $300,000.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

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

            

    

     

    
      	
              3.

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

            

    

     

    
      	
              Asset
                Alliance Corporation

            
	 
	
              By:

            	
              /s/
                Arnold L. Mintz

            
	
              Name:
                

            	
              Arnold
                L. Mintz

            
	
              Title:
                

            	
              Chief
                Operating Officer

            
	 	 
	
                  /s/
                Bruce H. Lipnick

            
	
              Bruce
                H. Lipnick

            

    

    
      
        
        

      

      
        2

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