Document:

EX-10.21 Sublease Agreement

 

Exhibit 10.21

SUBLEASE

     THIS SUBLEASE is made as of June 21, 2002 between TradeStation Securities,
Inc. (f/k/a Online Trading, Inc.), a Florida corporation (“Sublandlord”) and
Steflind, Inc., a Florida corporation and Budner Securities, Inc., a Florida
corporation, jointly and severally (“Subtenant”).

BACKGROUND

     A.     Sublandlord is the lessee of approximately 5,009 square feet within the
office building (“Building”) designated as Suite 150 in the Fountain Square III
office building, located at 2700 North Military Trail, Boca Raton, Florida
33431 pursuant to a lease (“Prime Lease”) dated August 13, 1998 and amended on
March 31, 1999 and June 2nd 1999 between ACP Office I, LLC (“Prime Landlord”),
as landlord, and Sublandlord, as tenant. A copy of the Prime Lease is attached
to this Sublease as Exhibit A.

     B.     Subtenant desires to sublease from Sublandlord the “Expansion Premises”
as defined and described in the Prime Lease.

     C.     Sublandlord is willing to sublease to Subtenant the Expansion Premises
pursuant to the terms provided herein.

     NOW THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and intending to be legally bound, the parties agree as follows:

1) Defined Terms. All capitalized terms not defined herein shall have the
meanings assigned in the Prime Lease unless otherwise indicated herein.

2) Premises. Sublandlord lets and demises to Subtenant, and Subtenant takes
and hires, subject and subordinate to the Prime Lease, the Expansion Premises
(as defined in the Prime Lease), together with the rights of the Sublandlord,
to the extent provided in the Prime Lease, to use all common areas of the
Building. For purposes of this Sublease, the Expansion Premises are referred
to as the Premises. Subtenant has no rights under the Lease with respect to
the Suite 200 in the Building which is leased by Sublandlord under the Prime
Lease.

3) Term. The term of this Sublease (“Sublease Term”) shall commence on the
date that this
Sublease takes effect under Section 11(e) below (“Commencement Date”) and shall
at end on February 28, 2007. Notwithstanding anything in this Sublease to the
contrary, the Sublease Term shall automatically expire upon the expiration or
termination of the term of the Prime Lease. Sublandlord shall have no
obligation whatsoever to exercise any rights Sublandlord may have under the
Prime Lease to extend the term thereof.

     If Sublandlord shall default beyond all applicable grace periods in the
payment of any rent or additional rent which Sublandord is required to pay as
tenant under the Prime Lease,

 

Subtenant may cure such default by payment of the required sums directly to
Prime Landlord (although this provision shall not be construed to impose an
obligation on Prime Landlord to accept such tender). If Subtenant shall so
cure any obligation of Sublandlord under the Prime Lease, Sublandlord shall
reimburse Subtenant promptly following confirmation of such payment from Prime
Landlord.

4) Rent.

     a) Base Rent. Base Rent shall mean the following:

	 	 	 	 	 
	PERIOD	 	BASE RENT (annual)	 	BASE RENT (monthly)
	
	 	
	 	

	Year 1 July 15, 2002 –
September 14, 2002	 	
Abated	 	 
	 	 	 	 	 
	Year 1 September 15,
2002 – July 14, 2003	 	
$64,666.19 (based on
$12.91 per rsf)
	 	$5,388.85
	 	 	 	 	 
	Year 2 July 15, 2003 –
July 14, 2004	 	
$67,270.87 (based on
$13.43 per rsf)
	 	$5,605.91
	 	 	 	 	 
	Year 3 July 15, 2004 –
July 14, 2005	 	
$69,975.73 (based on
$13.97 per rsf)
	 	$5,831.31
	 	 	 	 	 
	Year 4 July 15, 2005 –
July 14, 2006	 	
$72,780.77 (based on
$14.53 per rsf)
	 	$6,065.06
	 	 	 	 	 
	Year 5 July 15, 2006 –
February 28, 2007	 	
$75,685.99 (based on
$15.11 per rsf)
	 	$6,307.17

     b) Payment of Base Rent and Operating Expenses. Subtenant shall pay to
Sublandord during the Sublease Term without setoff or deduction whatsoever the
Base Rent, applicable taxes, and Operational Expense Pass throughs which are
passed through to Sublandlord (see Lease Amendment No.1 to Prime Lease) with
respect to the Premises (“Operating Expenses”) as Additional Rent. Base Rent
shall be due and payable in advance, without demand, in monthly installments in
the amounts provided in Column 3 of the Table in Section 4a) above on the first
calendar day of each calendar month during the Sublease Term. Subtenant shall
pay with each installment of Base Rent the following: (i) any sales, use or
other tax, now or hereafter, imposed on Sublandlord relating to lease of the
Premises to Subtenant or the payment of rent (including Base Rent and
Additional Rent) under this Sublease and (ii) Actual Operating Expenses
incurred.

     c) Rent Commencement. Subtenant shall pay the first installment of Base
Rent, together with applicable taxes, simultaneous with the execution of this
Sublease. If the Sublease does not commence on the first day of the calendar
month, the first installment of Base Rent shall be prorated accordingly.

     d) Payment Location. Subtenant shall pay Base Rent, applicable taxes,
Operating Expenses and all amounts due hereunder, to Sublandlord at 8050 SW
10th Street, Plantation, Florida 33324 or such other location designated by
Sublandlord.

2

 

     e) Other Charges and Assessments; Additional Rent. Any charges or
assessments made or demanded by Prime Landlord under the Prime Lease that are
payable by Sublandlord other than as part of Sublandlord’s monthly Base Rental
and Operating Expense obligations (e.g., adjustments for prior year Operating
Expenses) shall be paid by Subtenant to Sublandlord within five (5) calendar
days after written demand therefore. All such charges and assessments together
with Operating Expenses payable by Subtenant hereunder are collectively called
“Additional Rent” and shall be deemed “rent” for the purposes of this Sublease
and Chapter 83 of the Florida Statutes. Upon the written request of Subtenant,
Sublandlord will provide a copy of any support for the additional charge which
Sublandlord receives from Prime Landlord.

     f) Late Payments. Subtenant agrees to timely pay all Base Rent,
Additional Rent and all other amounts provided to be paid by Subtenant under
this Sublease at the times and in the manner herein provided. For any rent or
other payment due hereunder which is not paid within five (5) calendar days of
its due date, Subtenant agrees to pay to Sublandlord a late payment fee as per
Section 4 of the Prime Lease

5) Use. Subtenant shall use the Premises for general office purposes and for
no other purpose without the prior written consent of Sublandlord and Prime
Landlord.

6) Security Deposit.

     a) A security deposit in the amount of $18,366.33, representing two (2)
months of base rent and operating expenses shall be delivered to Sublandlord
upon execution of this document.

     b) Use of Security Deposit. Upon the occurrence of any default, or upon
the failure by Subtenant to timely pay any sum it is obligated to pay
hereunder, Sublandlord may, from time to time, without prejudice to any other
remedy, and without prior notice to Subtenant, execute upon any letter of
credit or funds then held by Sublandlord and apply such proceeds to the curing
of such default or the payment of such sums.

     c) Replenishment of Security Deposit. Notwithstanding anything herein to
the contrary, in the event Sublandlord executes upon the Security Deposit or
any portion thereof, Subtenant shall replenish the Security Deposit by delivery
to Sublandlord of the total amount drawn to cure the default of the Subtenant
in immediately available funds within five (5) business days after
Sublandlord’s demand therefore. Subtenant shall have no right to interest on
such Security Deposit and Sublandlord may commingle such amount with its other
funds.

     d) Prime Landlord Security Deposit. Subtenant shall have no rights with
respect to Sublandlord’s security deposit with Prime Landlord. In the event
Prime Landlord applies any of Sublandlord’s security deposit for matters caused
by Subtenant or arising during the Sublease Term, Subtenant shall reimburse
Sublandlord for such amounts within five (5) business days after demand
therefore, upon showing support for the demand.

3

 

     e) Return of Security Deposit. Upon the later of termination or
expiration of this Sublease or the return of Sublandlord’s security deposit
with Prime Landlord, the Security Deposit: (i) if in the form of cash or
immediately available funds, shall be returned to Subtenant to the extent the
same is not then applied to curing of any default of Subtenant or to the
payment of any sum owed by Subtenant hereunder and (ii) if in the form of a
letter of credit, shall be released, but only to the extent the letter of
credit is not executed upon to cure any default or the payment of any amount
owed by Subtenant hereunder. Subtenant may not use the Security Deposit to
offset rent or other amounts due hereunder.

7) Terms and Conditions of Sublease.

     a) Prime Lease Terms and Conditions. Other than the obligations for rent,
operating expenses, security deposit and other matters which are expressly
addressed in this Sublease as between Sublandlord and Subtenant, Subtenant
assumes and shall perform all obligations and comply with all covenants and
agreements of Sublandlord as “Tenant” under the Prime Lease with respect to the
Premises throughout the Sublease Term, and shall tender such performance
directly to Prime Landlord, so that the obligation of Sublandlord as Tenant
under the Prime Lease relating to the Premises during the Sublease Term shall
be fully satisfied and discharged by Subtenant. Subtenant agrees that each and
every covenant and agreement of the Prime Lease is agreed to be a term,
condition, covenant and agreement of this Sublease as applicable to the
Premises, and “Landlord” in the Prime Lease shall mean Sublandlord in this
Sublease and “Tenant” in the Prime Lease shall mean the Subtenant in this
Sublease, except where such construction would clearly be inapplicable, in
which event the original meaning shall apply. Subtenant shall have the right
to negotiate directly with Prime Landlord concerning leasing the Premises after
the expiration of the Sublease Term, however, Subtenant shall not request from
Prime Landlord, and shall not have any authority to approve or effect, any
change or modification to the Prime Lease except with the prior written consent
of Sublandlord.

     b) Subtenant Rights. Subtenant shall have all the rights, and privileges
of “Tenant” under the Prime Lease except as limited or modified by this
Sublease, and Subtenant may exercise the same without further consent or
approval of Sublandlord, except that Subtenant shall have no right to modify or
amend the Prime Lease, take any action inconsistent with the terms of this
Sublease or take any action or fail to take any action that would alone, or
with the passage of time, constitute a default under the Prime Lease or this
Sublease. Sublandlord shall have no obligation to provide any of the services,
or fulfill any of the obligations, of Prime Landlord under the Prime Lease and
if Prime Landlord fails to do so, Sublandlord’s obligation with respect to such
failure to perform shall be limited to using reasonable efforts (which shall
not include the initiation or prosecution of litigation) to obtain performance
by Prime Landlord, provided, that the expenses incurred by Sublandlord in
connection therewith shall be reimbursed by Subtenant upon demand. In no
event shall Sublandlord have a duty to perform any obligations of Prime
Landlord that are, by their nature, the obligation of an owner or manager of
real property. For example, Sublandlord shall not be required to provide the
services or repairs that the Prime Landlord is required to provide under the
Prime Lease. Sublandlord shall have no responsibility for or be liable to
Subtenant for any default, failure

4

 

 or delay on the part of Prime Landlord in the performance or observance by
Prime Landlord of any of its obligations under the Prime Lease.

     c) Indemnity and Insurance. Any of Subtenant’s indemnity obligations
arising under the Prime Lease (through this Sublease) shall inure to the
benefit of both Sublandlord and Prime Landlord. In addition, Subtenant shall
obtain all insurance policies that are required to be obtained by the Tenant
under the Prime Lease and include Sublandlord as a named or additional insured.

8) Construction.

     a) Sublandlord Obligations. Subtenant takes the Premises in “as is” “where
is” condition.

     b) Subtenant Obligations. Subtenant shall submit to Sublandlord for
approval all plans and specifications for any construction, renovation or
alteration to be performed by Subtenant in the Premises prior to submission of
such plans and specifications to the Prime Landlord in accordance with the
Prime Lease, and shall not submit any such plans and specifications to the
Prime Landlord unless and until Sublandlord has approved the same in writing.
Subtenant shall perform all construction work in the Premises at its sole cost
and expense, and in conformance with the procedures set forth in the Prime
Lease.

9) Sublandlord’s Remedies. Sublandlord’s rights and remedies shall be subject
to the same notice and cure periods as are applicable under the Prime Lease,
except that, where necessary to prevent a default by Sublandlord under the
Prime Lease, Subtenant shall have no greater time period to cure a breach under
the Sublease than the last day available to cure a breach under the Prime
Lease. Notwithstanding the foregoing, in the event Sublandlord determines in
its sole discretion that Subtenant will not or cannot cure a default under the
Prime Lease caused by Subtenant, Sublandlord may, but is not obligated to, cure
such default, after which, Subtenant shall reimburse and make whole Sublandlord
for all costs and expenses (including reasonable attorney’s’ fees) incurred by
Sublandlord in connection therewith within five (5) business days after written
demand for reimbursement is made. In the event Subtenant shall be in default
hereunder (or under the Prime Lease by extension of this Sublease), Sublandlord
shall have all rights and remedies of the Prime Landlord under the Prime Lease
against Subtenant concerning remedies for default, in addition to all other
rights and remedies at law or in equity.

10) Prime Landlord’s Consent. This Sublease and the obligations of the parties
hereunder are expressly conditioned upon the Prime Landlord executing this
Sublease in the space provided on the signature page or in another form
reasonably acceptable to Sublandlord. Sublandlord and Subtenant hereby agree,
for the benefit of Prime Landlord, that this Sublease and Prime Landlord’s
consent hereto shall not (a) create privity of contract between Prime Landlord
and Subtenant; (b) be deemed to have amended the Prime Lease in any regard
(except as provided in this paragraph); and (c) be construed as a waiver of
Prime Landlord’s right to consent to any assignment of the Prime Lease by
Sublandlord or any further subletting

5

 

of the Premises, or as a waiver of Prime Landlord’s right to consent to any
assignment by Subtenant of the Sublease or any subletting of the Premises or
any part thereof.

11) Miscellaneous.

     a) Brokers. Subtenant and Sublandlord represent and warrant that neither
has dealt with any real estate broker regarding this transaction other than
CRESA Partners, which has represented Sublandlord in this transaction,

     b) Notices. Notices shall be sent as provided for in the Prime Lease to
the following address:

		
	 	     i) If to Sublandlord:

	 	 	 
	 	 	
TradeStation Group, Inc.

8050 SW 10th Street

Plantation, Florida 33324

Attention: David Fleischman

		
	 	     ii) If to Subtenant:

	 	 	 
	 	 	
Steflind, Inc. and Budner Securities, Inc.

2700 North
Military Trail, Suite 150

Boca Raton, Florida 33431

Attention: Alan Weiner

	 	 	 	 	 
	 	 	
With copy to:
	 	Stephen A. Wayner, Esq.

4601 Ponce De Leon Blvd., Suite 310

Coral Gables, Florida 33146

		
	 	     iii) If to Prime Landlord, in accordance with the Prime Lease.

     c) Exhibits. All exhibits attached to this Sublease are incorporated into
and made a part of this Sublease.

     d) Time of the Essence. Time, wherever stated, is declared to be of the
essence of the Sublease.

     e) Effectiveness of Sublease. Notwithstanding anything herein to the
contrary, this Sublease shall not be effective until all of the following have
occurred:

		
	 	     i) Sublandlord has received all of the following:

		
	 	     (1) the Security Deposit, and

		
	 	     (2) evidence satisfactory to Sublandlord that Subtenant has
procured the insurance coverage required hereunder and the under
the Prime Lease (or if approved by

6

 

		
	 	Prime Landlord insurance coverage in lesser amounts not to be less
than $1,000,000 per occurrence for public liability insurance
coverage);

		
	 	     ii) Subtenant has received the keys to the Premises; and

		
	 	     iii) Prime Landlord has consented in writing to this Sublease.

In the event that Subtenant or Sublandlord fails to satisfy their obligations
under clauses (i) and (ii), respectively, within      (     ) days from the
date hereof, the other party may cancel this Sublease, after which, neither
party shall have any further rights or obligations hereunder.

     f) Modifications. No modification or amendment of this Sublease shall be
enforceable unless it is in writing and signed by Sublandlord and Subtenant and
is approved by Prime Landlord.

     g) Headings. Headings herein are for convenience only and have no bearing
on the construction of this Sublease or the intent of the parties.

     h) Parking. Subtenant shall be entitled up to three (3) of Sublandlord’s
parking spaces at the Building at the rates and under the Terms and Conditions
provided in the Prime Lease.

     i) Amendment No. 2. The following provision of Amendment No. 2 of the
Prime Lease are not incorporated herein and Subtenant has no rights thereunder:
Tenant Improvement Allowance, Option to Renew Lease, Right of First Refusal and
Temporary Space.

     j) The liability of Steflind, Inc., a Florida corporation and Budner
Securities, Inc., a Florida corporation as subtenants to TradeStation
Securities, Inc. for this sublease is joint and several.

     IN WITNESS WHEREOF, this Sublease is executed as of the day and year first
written above.

	 	 	 
	Witnesses:	 	
SUBLANDLORD:
	 	 	 
	 	 	 
	/s/ Kevin Hauser

Print Name: Kevin Hauser

	 	
TradeStation Securities, Inc.
	 	 	 
	/s/ DH Fleischman	 	
By: /s/ Joseph Nikolson
	
	 	

	Print Name: D H Fleischman	 	
Print Name: Joseph Nikolson
	
	 	

	 	 	
Title: COO
	 	 	

	 	 	 
	/s/ Loren Costantino

Loren Costantino

	 	 

7

 

	 	 	 
	Witnesses:	 	
SUBTENANT:
	 	 	 
	 	 	 
	/s/ Kevin Hauser

Print Name: Kevin Hauser

	 	
Steflind, Inc, a Florida Corporation
	 	 	 
	/s/ Brian E. Deichman	 	
By: /s/ Alan Weiner
	
	 	

	Print Name: Brian E. Deichman	 	
Print Name: Alan Weiner
	
	 	

	 	 	
Title: President
	 	 	

	 	 	 
	 	 	 
	Witnesses:	 	
SUBTENANT:
	 	 	 
	/s/ Kevin Hauser

Print Name: Kevin Hauser

	 	
Budner Securities, Inc, a Florida Corporation
	 	 	 
	/s/ Brian E. Deichman	 	
By: /s/ Alan Weiner
	
	 	

	Print Name: Brian E. Deichman	 	
Print Name: Alan Weiner
	
	 	

	 	 	
Title: President
	 	 	

8<PAGE>

                                                                   EXHIBIT 10.23

                            STOCK PURCHASE AGREEMENT

         This Stock Purchase Agreement (this "Agreement"), dated as of August 8,
2002, is entered into by and between Benedict Gambino (the "Seller") and
TradeStation Group, Inc. (the "Purchaser" or the "Company").

                              W I T N E S S E T H:

                  WHEREAS, the Purchaser desires to purchase from the Seller,
and the Seller desires to sell to the Purchaser, the number of shares of common
stock (the "Common Stock") of TradeStation Group, Inc., a Florida corporation
(the "Company"), par value $.01 per share, listed under the Seller's name on
Schedule A attached hereto (such shares, collectively, the "Shares").

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

         1.       Sale and Purchase of the Shares. The Seller hereby sells to
the Purchaser, and the Purchaser hereby purchases from the Seller, the Shares to
be sold by the Seller as set forth on Schedule A attached hereto. The purchase
and sale of the Shares shall be effective as of the date of, and the closing
transactions shall occur pursuant to the terms of, this Agreement.

         2.       Payment for the Shares. Concurrently with the execution and
delivery of this Agreement, the Purchaser is hereby delivering or designating
authority to Marc J. Stone, General Counsel of the Company, as escrow agent (the
"Escrow Agent"), over a wire transfer or a Company check, in an amount equal to
the purchase price for all of the Shares being purchased and sold, as listed on
Schedule A attached hereto, as payment in full of the purchase price for all of
the Shares. Escrow Agent shall release the funds to the Seller upon Escrow
Agent's receipt of all the documents listed in Section 3.

         3.       Deliveries by Purchaser and Seller. The Purchaser and the
Seller are hereby delivering to the Escrow Agent at least one executed
counterpart of this Agreement. Concurrently with the execution and delivery of
this Agreement, the Seller is hereby delivering to the Escrow Agent a duly
executed stock power, signature guaranteed, from the Seller (the "Stock Power")
transferring those shares of Common Stock that are owned by the Seller and are
represented by a stock certificate(s) registered in the name of the Seller (the
"Stock Certificate(s)"), and the original Stock Certificate(s). Escrow Agent
shall deliver the Stock Power and the Stock Certificate(s) to the Company's
transfer agent with appropriate instructions.

         4.       Representations and Warranties by Seller. The Seller
represents and warrants the following to the Purchaser in order to induce the
Purchaser to purchase the Shares:

                  (a)      Seller has the power and authority to execute and
deliver this Agreement and to consummate the transactions to be consummated by
Seller. The execution and delivery by Seller of this Agreement and the
consummation by Seller of the transactions contemplated by this Agreement have
been duly authorized by Seller, and no action on the part of Seller or any

<PAGE>

other person or entity is necessary to authorize the execution and delivery of
this Agreement by Seller or the consummation by Seller of the transactions
contemplated by this Agreement. This Agreement has been properly and validly
executed and delivered by Seller and is a valid, binding and enforceable
agreement of and against Seller.

                  (b)      Seller has full right, power and authority to
transfer the Shares to be sold by Seller to the Purchaser as contemplated
herein, free and clear of all liens, security interests, charges, claims,
pledges, encumbrances and restrictions and rights and interests of any other
party whatsoever and of any nature (other than restrictions imposed by federal
or state securities laws).

                  (c)      The execution and delivery of this Agreement and the
performance and compliance with its terms by Seller will not (i) conflict with,
or result in the breach of, or trigger or accelerate any right or obligation
(including prepayment penalties), or constitute a default or an event of default
or an occurrence, circumstance, act or failure to act that, with the passage of
time, the giving of notice, or both, would become a default, or give rise to any
right of contingent payment, termination, cancellation, acceleration or
non-renewal, or (ii) result in the creation of any liens, charges, rights,
claims, interests, options or other encumbrances, restrictions or limitations of
any kind upon the Shares to be sold by Seller, whether tangible or intangible,
under (A) any contract, understanding, covenant, commitment, understanding,
arrangement, or other agreement or instrument of any kind whether oral or
written, (B) any law, rule, regulation, policy, ruling or other interpretation,
guideline, circular, judgment, order, decree or other directive or advice of any
kind of any governmental or quasi-governmental authority, agency or
instrumentality or (C) any restriction, condition, covenant or commitment
relating to or concerning the Shares to be sold by Seller.

                  (d)      There is no lawsuit, action, complaint, claim,
demand, notice, hearing, arbitration, investigation, inquiry or any other
proceeding, at law or in equity or before any administrative or enforcement
agency or body (a "Lawsuit") pending or threatened, affecting, directly or
indirectly, the Shares to be sold by Seller and Seller does not know of any
valid basis for any such Lawsuit. There is no judgment, order, writ, injunction,
decree or other similar command or directive of any court or federal, state,
local or foreign governmental or quasi-governmental authority, agency or
instrumentality that restricts Seller from consummating the transactions
contemplated by this Agreement.

                  (e)      Seller has sufficient knowledge and experience with
the Company including, without limitation, as a co-founder of TradeStation
Securities, Inc., a Florida corporation that is currently the primary operating
subsidiary of the Company, and otherwise, so as to be able to evaluate the risks
and merits of consummating the transactions contemplated by this Agreement.

                  (f)      Seller is fully familiar with all facts and
circumstances attendant to Seller's decision to sell the Shares to be sold by
Seller, has reviewed all of the Company's filings with the Securities Exchange
Commission and its recent press releases, has had an opportunity to ask
questions of, and receive answers from, representatives of the Company and has
available to him or it such information related to the Company and its business,
prospects, affairs and plans as

                                      2

<PAGE>

Seller deems necessary and sufficient to make Seller's decision to sell his
Shares, and all investigations, due diligence, and questions have been completed
or answered to Seller's satisfaction.

                  (g)      Seller has such knowledge and experience in financial
and business matters so as to be capable of evaluating the merits and risks of
selling his or its Shares.

                  (h)      Seller has reviewed, among other things, the
Company's Annual Report of Form 10-K (and its audited financial statements
included therein) for the fiscal year ended December 31, 2001 and its Quarterly
Reports on Form 10-Q for the fiscal quarter ended March 31, 2002 and June 30,
2002, as well as the Company's August 2, 2002 Proxy Statement. However, Seller
specifically understands and agrees that any business outlook information
included in any such documents represents only a prediction of future events and
is based largely on current expectations and beliefs concerning future events,
occurrences and circumstances that are subject to substantial risks,
uncertainties and change; accordingly, no assurance can be given that the
operating results forecasted will prove to be accurate and, in fact, the actual
operating results of the Company may prove to be materially different than those
forecasted.

                  (i)      Seller has been represented by such business, legal
and tax counsel and advisors and others, each of whom has been personally
selected by Seller, as Seller has found necessary to consult concerning the
consummation of the transactions contemplated by this Agreement, and such
representation has included an examination of all tax, financial and legal
aspects of the transactions contemplated by this Agreement.

         5.       Confidentiality. The Seller agrees that it will not issue any
press release or make any other public disclosure of this Agreement or the
contents hereof or of the transactions contemplated herein without the prior
approval of the Purchaser, which may be withheld in the sole discretion of the
Purchaser, unless such disclosure is required by law. The Purchaser acknowledges
that the Seller may be required to make disclosure regarding certain terms of
this Agreement under federal or state securities laws. To the extent any such
disclosure is required to be made, the Seller will be permitted to make such
disclosure (including, without limitation, any Schedule 13D or amendment thereof
and Form 4), but, before taking this step (the making or filing of such
disclosure) the Seller shall (a) consult with the Purchaser and its counsel and
(b) provide the Purchaser and its counsel, for comment, drafts of the proposed
disclosures, and shall include any additions or changes to such proposed
disclosures requested by the Purchaser or its counsel.

         6.       Miscellaneous.

                  (a)      Amendment. This Agreement may be amended only by an
instrument in writing signed by all of the parties hereto.

                  (b)      Survival. All representations and warranties
contained herein shall survive the execution and delivery of this Agreement and
the sale and delivery of the Shares.

                  (c)      Entire Understanding. This Agreement constitutes the
entire understanding among the parties relative to the purchase and sale of the
Shares and supersedes

                                      3

<PAGE>

all prior written or oral understandings, agreements, conditions and
representations, if any, relating to the purchase and sale of the Shares.

                  (d)      Governing Law. This Agreement shall be deemed a
contract made under the laws of the State of Florida and together with the
rights and obligations of the parties hereunder shall be construed under and
governed by the laws of such State without regard to the conflict of law
provisions thereof. Each of the parties hereto irrevocably consents to the
exclusive jurisdiction and venue of any federal or state court located within
Miami-Dade or Broward County in the State of Florida in connection with any
matter based upon or arising out of this Agreement or the matters contemplated
herein, agrees that process may be served upon them in any manner authorized by
the laws of the State of Florida for such persons and waives, and covenants not
to assert or plead, any objection which they might otherwise have to such
jurisdiction, such venue and such process.

                  (e)      Counterparts. This Agreement may be executed in one
or more counterparts or counterpart signature pages, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument. Confirmation of execution by telefax of a facsimile signature page
shall be binding upon that party so confirming.

                         [SIGNATURES ON FOLLOWING PAGE]

                                      4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date set forth above.

                                    SELLER:

                                    /s/ Benedict Gambino
                                    --------------------------------------------
                                    BENEDICT GAMBINO

                                    PURCHASER:

                                    TRADESTATION GROUP, INC.

                                    By: /s/ Marc J. Stone
                                        ---------------------------------------
                                        Marc J. Stone, Vice President

                                      5

<PAGE>

                                   SCHEDULE A

                             IDENTITY OF SELLER AND
                 NUMBER AND PURCHASE PRICE OF SHARES TO BE SOLD

Seller: Benedict Gambino

Number of Shares to be sold: 1,500,000

Purchase Price: $2,025,000 ($1.35 per Share)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]