Document:

EX-10.13

 Exhibit 10.13 
 March 13, 2013 
 VIA EMAIL 

Mr. Jose Ibietatorremendia 
 OFFER OF
EMPLOYMENT WITH LIQUID HOLDINGS GROUP, LLC 
 I am pleased to confirm our offer to you for the position of General Counsel of Liquid Holdings
Group, LLC and its affiliated entities (together “LIQUID”) starting March 13, 2013 (the “Effective Date”), at an annual salary of $300,000 paid in accordance with LIQUID’s current payroll practices. 

LIQUID will pay you a guaranteed bonus of $100,000 for your first full year of employment, payable at the end of the first full year of employment.
Within the first 90 (ninety) days following the Effective Date, LIQUID will initiate a variable incentive compensation plan with you to be implemented following your first year of employment. 
 Additional Compensation Terms Are As Follows: 
  

	 	1.	Upon the Effective Date LIQUID will award to you 0.25% of LIQUID, in the form of stock options, in accordance with the provisions of LIQUID’s 2012 Stock Incentive
Plan. 

  

	 	2.	Upon the Effective Date LIQUID will award to you 0.25% of LIQUID, in the form of Restricted Stock Units (RSUs), in accordance with the provisions of LIQUID’s 2012
Stock Incentive Plan. 

  

	 	3.	On June 1, 2013, LIQUID will pay you a one-time cash bonus of $30,000. The bonus is in lieu of forgone payments with your previous employer.

 In the position of General Counsel, you will report directly to the CEO of LIQUID. You will also become part of LIQUID’s
Management Executive Committee, and will be invited to participate in significant business planning decisions within that Committee’s mandate. 
 You will participate in LIQUID’s equity incentive program, as governed by the provisions of those programs, which are administered by the Management Compensation Committee of the Board of Governors
under the rules and procedures approved by the Committee. 
 You will participate in employee benefit plans available to all LIQUID officers and
employees. Current LIQUID benefits include fully-paid comprehensive health insurance. As additional benefit plans are offered to employees, you will be eligible to participate. 
 You will be eligible for 20 vacation days per year accrued in accordance with LIQUID’s standard practice. During your first year of employment, you will be permitted to use vacation days in advance
of their accrual, with appropriate notice and approval by me. 

 Termination of your employment with LIQUID, other than “for cause” or you resign for Good Reason,
shall be governed by the following: 
  

	 	1.	Should your employment be involuntarily terminated for reasons other than “for cause” or you resign for Good Reason during the length of your employment with
LIQUID, you will receive nine (9) months of base salary. 

  

	 	2.	Additionally, should your employment be involuntarily terminated for reasons other than “for cause” or you resign for Good Reason within the first two
(2) years of employment with LIQUID, LIQUID will accelerate the vesting of the next unvested tranche of any stock options or RSU’s subject to the Plan that would otherwise vest but for the termination of employment. For the avoidance of
doubt, if involuntary termination occurs at 18 months following the Effective Date, and 67% of outstanding options and RSU’s subject to the Plan have not yet been vested, the next 33% of such stock options and RSU’s subject to the Plan
will vest upon termination and your execution of all appropriate releases. 

  

	 	3.	Any payments due on account of a separation from service will be made within 90 days of the effective date of termination. However, if you are deemed on the date of
termination to be a “specified employee” within the meaning of that term under Internal Revenue Code section 409(a)(2)(13), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code
Section 409A payable on account of a “separation of service,” such payment shall be made or provided at the date which is the earlier of (i) the expiration of the (6)-month period measured from the date of such “separation
from service,” and (ii) the date of your death, to the extent required under Code Section 409A. For the purposes of clarification, any payments that are subject to Section 409A of the Code shall not include any payments on the
occurrence of an involuntary termination of employment that would satisfy the short-term deferral exclusions described in Section 1.409A-1(b)(4) of the Income Tax Regulations or the separation pay exception described in
Section 1.409A-1(b)(9) of the Income Tax Regulations; and such payments may be made immediately upon such termination of employment. 

 The term “for cause” shall mean your conviction of (or a plea of nolo contendere to) a felony of any kind or a crime involving moral turpitude or your willful commission of acts of
dishonesty, misappropriation, gross neglect (other than as a result of physical or mental illness), fraud, or deceit in connection with your position. There will be no severance in the event of termination “for cause.” 

Additionally, at any point during the length of your employment with LIQUID, should a “change of control” occur at LIQUID, and the change of
control results in your involuntary termination, any unvested outstanding stock options or RSU’s under the Plan that you have been awarded will vest. For purposes herein, change of control will mean a change of ownership of the majority of all
classes of equity of LIQUID, but under no circumstances will an IPO be considered a change of control. 
 In the event you voluntarily terminate
your employment with LIQUID for “Good Reason,” you must provide valid Notice of Good Reason within 60 days of the occurrence of the event giving rise to the Good Reason claim. Good Reason is herein defined as (i) material diminution
in your 

 
responsibilities, duties (including removal from the Management Executive Committee), authority, title, or a change in your reporting structure provided for in this letter; (ii) a reduction
in your base pay; (iii) relocation of your workplace to a location more than 50 miles from your principal location in New York, without your consent; (iv) a material breach by LIQUID of any of its other obligations contained in this
letter. Notwithstanding the above, no Good Reason shall exist unless you have given LIQUID written notice specifying a Good Reason event within ninety (90) days of the occurrence of such an event, and LIQUID has failed to cure such event within
thirty (30) days of having been given written notice. 
 If you do not terminate your employment for Good Reason during the twenty (20)-day
period that follows the end of the cure period, you shall not be permitted to terminate your employment for Good Reason as a result of the events in question. 
 Your primary office location will be in LIQUID’s New York office at 800 Third Avenue. As your responsibilities may involve travel, your accommodations, airfare, and travel expenses will be subject to
the LIQUID travel policy for the most senior employees other than the CEO. 
 Please be advised that any changes or amendments to LIQUID’s
policies, procedures, benefits and compensation program, as well as the corporate or departmental organization, will apply to you as they will to all LIQUID employees. 
 This offer is contingent upon acceptable routine background and reference checks. 
 This letter
shall be deemed made under and shall be governed by the substantive laws of the State of New York, excluding its conflict of laws rules. 
 In
the event of any dispute arising out of or relating to this letter or your employment with LIQUID, the parties agree first to engage in prompt and serious good faith discussions to resolve the dispute. If such discussions fail to resolve the dispute
within 30 days, the parties shall try to resolve the dispute through mediation using the services of JAMS in the New York City area. If such mediation fails to resolve the dispute, the parties shall submit the dispute to final and binding
arbitration in New York City before a panel of three arbitrators (two of which will be chosen by each party and one to be agreed to by both parties) in an arbitration administered by the American Arbitration Association. LIQUID shall bear the costs
and expenses of any mediation and/or arbitration. Each party agrees that it shall maintain absolute confidentiality in respect to any dispute between them. 
 This letter constitutes the entire understanding between the parties hereto as to the subject matter covered herein, and all prior understandings and agreements are merged herein and succeeded hereby,
provided, however, that, in the event of any inconsistencies between this letter and any other plans or documents signed by you or related to your employment with LIQUID, this letter shall control and be binding. 

LIQUID employment is employment-at-will and all employees are subject to policies as defined in the LIQUID Employee Handbook. In addition, you will be
required to execute Non-Compete, Confidentiality, and Intellectual Property Assignment agreements similar to those of other LIQUID executives. 

 If you have any questions regarding this offer or the terms and conditions of employment, please call me at
212-293-2693. If the terms and conditions of this offer of employment are acceptable, please sign and date this letter, and return it to me via email. Please bring the executed copy with you on first day of employment. 

Welcome to LIQUID. We believe you will find the work to be both challenging and personally rewarding, and I look forward to the contributions you will
make toward achieving the goals of LIQUID. 
  

							
	Best regards,	 		 	AGREED AND ACCEPTED:
				
	/s/ Brian Storms	 		 		 	
				
	Brian Storms	 		 		 	
	Chief Executive Officer	 		 	By:	 	/s/ Jose Ibietatorremendia
				
		 		 	Date:	 	March 13, 2013EX-10.14

 Exhibit 10.14 
 SHARE ISSUANCE AGREEMENT 
 THIS SHARE ISSUANCE AGREEMENT (this
“Agreement”), dated as of April 5, 2013 (the “Effective Date”), is between Liquid Holdings Group, LLC, a Delaware limited liability company (the “Company”) and D&L Partners, L.P.
(“D&L Partners”). Capitalized terms used herein, but not defined, shall have the meanings ascribed to them in the Limited Liability Company Agreement (the “LLC Agreement”) of the Company, dated as of
January 17, 2012, as amended. 
 WHEREAS, the Company desires to issue to D&L Partners, and D&L Partners desires to
accept from the Company, Common Units representing 3.7601%, or 67.88974 of the Common Units (which term, for the avoidance of doubt, does not include any Incentive Units that may be outstanding) of the Company issued and outstanding as of the
Effective Date, after giving effect to the issuance hereunder (the “Units”). 
 NOW, THEREFORE, in
consideration of D&L Partners’ continued financial support and commitment to the development and growth of the company, the promises herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. Issuance of Units. On the Effective Date, the Company hereby
agrees to issue to D&L Partners and D&L Partners agrees to accept from the Company, the Units. Upon the execution and delivery of this Agreement, the execution of the Joinder (as defined below) by D&L Partners and the delivery of the
Joinder to the Company and the satisfaction by D&L Partners of its other obligations under this Agreement, the Units will be issued to D&L Partners. 
 2. Acknowledgments. D&L Partners hereby acknowledges that (i) the LLC Agreement restricts the sale or transfer of the Units; (ii) the Units transferred pursuant hereto have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”) and may have to be held for an indefinite period and D&L Partners may be required to bear the economic risk of the investment indefinitely; and
(iii) there is not currently any public or private market for the Units. Accordingly, D&L Partners may not realize any proceeds in respect of the Units. 
  

	 	3.	Representations and Warranties. 

  

	 	i.	The Company hereby represents and warrants to D&L Partners that: 

  

	 	a)	Power and Authority. The Company is duly organized and is validly existing as a limited liability company in good standing under the laws of the State of
Delaware with requisite power and authority to execute, deliver and perform this Agreement. 

  

	 	b)	Units. The Units are duly authorized and will be duly and validly issued. 

 

	 	c)	 Duly Executed. This Agreement has been duly executed and delivered by the Company, has been effectively authorized by all necessary action,

	 	
corporate or otherwise, by the Company, and constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, except (i) as may be limited by or subject to
any bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and (ii) that the remedies of specific performance, injunction and other forms of equitable relief may not be available
because they are subject to certain tests of equity jurisdiction, equitable defenses and the discretion of the court before which any proceeding therefor may be brought. 

 

	 	ii.	D&L Partners hereby represents and warrants to the Company, that: 

  

	 	a)	Power and Authority. D&L Partners has all requisite capacity, power and authority to enter into this Agreement, to accept the Units, to perform its
obligations hereunder and to consummate the transactions contemplated hereby, and no third party’s consent or approval is required in order to make this Agreement binding and enforceable upon and against D&L Partners, except for such
approvals as have already been obtained and are in effect. 

  

	 	b)	Acknowledgment of LLC Agreement. D&L Partners acknowledges receipt of a copy of the LLC Agreement, including amendments 1, 2, 3, 4, 5 and 6 thereto.

  

	 	c)	Duly Executed. This Agreement has been duly executed and delivered by D&L Partners and constitutes a valid and binding obligation of D&L Partners
enforceable in accordance with its terms except (i) as may be limited by or subject to any bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and (ii) that the remedies of
specific performance, injunction and other forms of equitable relief may not be available because they are subject to certain tests of equity jurisdiction, equitable defenses and the discretion of the court before which any proceeding therefor may
be brought. 

  

	 	d)	Accredited Investor Status. D&L Partners is an accredited investor within the meaning of Rule 501 under the Securities Act and has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of the acceptance of the Units. 

  

	 	e)	 Acquisition of the Units for Investment. (i) D&L Partners is aware of the Company’s business affairs and financial condition, and
has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Units and has been afforded an opportunity to conduct its own due diligence with respect to its investment in the Company,
(ii) in making the decision to acquire the Units, D&L Partners is not relying on representations of any officer, director, member or agent of the Company or, except as expressly provided in Section 5(i)

  
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of this Agreement, any representations of the Company, (iii) D&L Partners understands that the Units have not been registered under the Securities Act in reliance upon a specific
exemption therefrom and that the Units must be held indefinitely unless subsequently registered under the Securities Act or unless an exemption from registration is otherwise available, (iv) D&L Partners is financially able to hold the
Units for long-term investment and bear the risk of any loss with respect to its investment in the Company and (v) the Units are being accepted by D&L Partners for its own account for investment purposes, and not with a view to any
distribution thereof to any person present in the United States or any identifiable group of United States citizens located outside of the United States, unless pursuant to registration under the Securities Act or any applicable state securities
laws, or unless pursuant to any applicable exemption. 

  

	 	f)	Brokers and Finders. D&L Partners has not incurred, and will not incur, directly or indirectly, as a result of any action taken by D&L Partners, any
liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement or any of the transactions contemplated hereby. 

4. LLC Agreement. D&L Partners acknowledges and agrees that the provisions of the LLC Agreement require D&L Partners to
confirm D&L Partners’ agreement to be bound by the terms of the LLC Agreement as a Member. Accordingly, D&L Partners agrees to execute a joinder document to the LLC Agreement (the “Joinder”) in a form satisfactory to
the Company confirming such agreement. D&L Partners further acknowledges and agrees that it will be bound by the provisions of the LLC Agreement and any other agreement to which the Units are subject which by its terms is binding upon the
Company’s successors and assigns. D&L Partners confirms that the foregoing agreements and instruments may be amended in the future without D&L Partners’ consent. 

5. Further Assurances. D&L Partners will take such further actions and execute such further instruments as may be reasonably
necessary to effectuate the purposes of this Agreement. 
 6. Severability. Any provision of this Agreement that is
invalid, illegal or unenforceable in any jurisdiction will, as to that jurisdiction, be ineffective to the extent of such invalidity, illegality, or unenforceability, without affecting in any way the remaining provisions hereof in such jurisdiction
or rendering that or any other provision of this Agreement invalid, illegal or unenforceable in any other jurisdiction. 
 7.
Counterparts; Headings. This Agreement may be executed in counterparts, and it shall only be necessary that a party execute at least one to be bound hereby, with all counterparts collectively constituting this Agreement. Signed copies of this
Agreement conveyed by facsimile transmission shall constitute signed originals for all purposes. Headings in this Agreement are for reference purposes only and shall not be deemed to have any substantive effect. 

  
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 8. Assignment. This Agreement and all the provisions hereof shall be binding and
shall inure to the benefit of the parties hereto and their respective successors and assigns, whether expressed or not, but neither this Agreement nor any of the rights, interests, duties or obligations hereunder may be assigned by either party
hereto without the prior written consent of the other party. 
 9. Governing Law. This Agreement and all disputes or
controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of New York, without regard to the laws of any other
jurisdiction that might be applied because of the conflicts of laws principles of the State of New York (other than Section 5-1401 of the New York General Obligations Law). 

10. Submission to Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding arising out of or
relating to this Agreement brought by the other party or its successors or assigns shall be brought and determined in any New York State or federal court sitting in the Borough of Manhattan in The City of New York (or, if such court lacks subject
matter jurisdiction, in any appropriate New York State or federal court), and each of the parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid courts for itself and with respect to its property, generally and
unconditionally, with regard to any such action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in
the courts described above in New York, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in New York as described herein. Each of the parties further agrees that notice as
provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of
motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the
courts in New York as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior
to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or
proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

11. Waiver of Jury Trial. Each of the parties to this Agreement hereby irrevocably waives all right to a trial by jury in any
action, proceeding or counterclaim arising out of or relating to this Agreement or the transactions contemplated hereby. 
 12.
Entire Agreement; Amendment. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and shall supersede all previous oral and written and all contemporaneous oral negotiations,
commitments and understandings. This Agreement and any provisions hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which an enforcement of the same is sought. 

  
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 13.   Notice. All notices and other communications hereunder shall be in
writing and shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 

 

	 	(i)	if to the Company, to: 

  

	 	    	Liquid Holdings Group, LLC 

	 	    	Attention: Brian Ferdinand 

	 	    	800 Third Avenue, 39th Floor 

	 	    	New York, NY 10022 

  

	 	(ii)	if to D&L Partners, to the address set forth heretofore on the signature page. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

  
  

			
	 THE COMPANY:
  

LIQUID HOLDINGS GROUP, LLC

		
	By:	 	/s/ Brian M. Storms
	Name: Brian M. Storms
	Title:   Chief Executive Officer

  

			
	 D&L PARTNERS:
  

D&L PARTNERS, L.P.

		
	By:	 	/s/ Douglas J. Von Allmen
	Name: Douglas J. Von Allmen
	Title:   President and General Partner

  
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