Document:

Foreign Exchange Prime Brokerage Agency Agreement

 Exhibit 10.3 
 FOREIGN EXCHANGE PRIME BROKERAGE 
 AGENCY AGREEMENT 

A request for confidential treatment has been made with respect to the portions of the following document that are marked with [*CONFIDENTIAL*]. The
redacted portions have been filed separately with the Securities and Exchange Commission pursuant to Rule 406 under the Securities Act of 1933, as amended. 
 This Foreign Exchange Prime Brokerage Agency Agreement is made this 31 July 2009. 
 BETWEEN:

  

	1.	The Royal Bank of Scotland plc, acting through its Financial Markets division (the “Bank”); and 

 

	2.	 Barclays Global Fund Advisors acting as investment advisor for iShares® Diversified Alternatives Trust whose address is at 45 Fremont Street, San Francisco, CA 94105 (the “Agent”). 

WHEREAS 
 A.    The Bank may
enter into a number of Foreign Exchange Prime Brokerage, Master Counterparty Agreements with various counterparties (the “Counterparties”) setting out the basis upon which the Bank may appoint an agent to engage in Foreign Exchange and
Currency Options transactions on behalf of the Bank with each Counterparty; 
 B.    The Bank hereby wishes to appoint the
Agent as its agent in respect of certain specified Counterparties for the purposes set out in A above strictly on the terms, conditions and limits expressly stated below; 
 C.    The Bank and the Agent have entered into an ISDA Master Agreement (the “Master Agreement”) dated as of [*CONFIDENTIAL*]. 

NOW, THEREFORE, IN CONSIDERATION OF THE PROMISES CONTAINED HEREIN AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE
HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS FOLLOWS: 
 1.    Agency.    The Bank hereby
authorizes the Agent to execute the Foreign Exchange and Currency Options transactions with the Counterparties specified by the Bank from time to time in the Notice attached hereto as Exhibit 1 (the “Specified Counterparty Transactions”).
This authority is expressly limited to a Net Daily Settlement Amount (as defined in the applicable Master Counterparty Agreement) not exceeding the Settlement Limit specified in the applicable Notice (or its equivalent in any other currency) (the
“Settlement Limit”) and a Counterparty Net Open Position (as defined in the applicable Master Counterparty Agreement) not exceeding the Maximum Counterparty Net Open Position specified in the applicable Notice (or its equivalent in any
other currency). Specified Counterparty Transactions may only be entered into between the Bank, acting through a Specified Office, and the Counterparty acting through its branches specified in the Notice. The Bank may at any time and from time to
time in its sole discretion modify the Settlement Limit or the Maximum Counterparty Net Open Position by written notice to the applicable Counterparty and Agent, which such notice shall be effective upon receipt. 

 In addition, no Specified Counterparty Transaction shall be entered into where the rate of exchange or
premium payable under such Specified Counterparty Transaction reflects a historic rate or is otherwise materially different to the market rate at such time in either case as determined in the discretion of the Bank. Unless otherwise agreed by the
Bank in its absolute discretion beforehand in each case, and without prejudice to the foregoing provision, the Agent shall not enter into any Specified Counterparty Transaction which is a foreign exchange transaction pursuant to the exercise of a
Currency Option transaction which itself is not an Accepted Transaction. In addition to any other agreement the Bank may have with the Agent, the Bank may require the Agent to deposit or pay additional collateral to the Bank prior to the Bank
agreeing to accept such Specified Counterparty Transaction. 
 “Specified Office” means the Bank’s London Branch located at 135
Bishopsgate, London EC2M 3UR, or such other office of the Bank as may be specified in writing by the Bank from time to time. 

2.    Accepted Transactions.    The Agent acknowledges and agrees that its appointment is expressly as set
out herein and that the Bank shall not be responsible for or be bound as principal or otherwise by any Specified Counterparty Transaction unless (i) giving effect to such Specified Counterparty Transaction does not cause the Settlement Limit or
the Maximum Counterparty Net Open Position applicable thereto to be exceeded; (ii) the Counterparty and Agent shall have committed to the material terms (i.e. settlement date and amounts of each currency to be delivered by each party) of such
Specified Counterparty Transaction; (iii) such Specified Counterparty Transaction has been entered into by the Bank, acting through a Specified Office, and the Counterparty acting through its branches specified in the relevant Notice, and
(iv) the Specified Counterparty Transaction complies with such additional terms and conditions set forth in the applicable Notice. 
 A
Counterparty Transaction which complies with the conditions specified in (i) to (iv) above shall be an “Accepted Transaction.” An Accepted Transaction shall be valid and binding upon the Bank, enforceable against the Bank by the
relevant Counterparty in accordance with its terms. The Agent shall promptly, in accordance with customary market practice, communicate trade details of each Specified Counterparty Transaction by notifying the Bank via a mutually acceptable
electronic messaging system, e.g. Reuters. Any Specified Counterparty Transaction which does not constitute an Accepted Transaction shall be null and void as against the Bank and in respect of which the Agent unconditionally and irrevocably
indemnifies the Bank in respect of all losses, costs, expenses and damages suffered by the Bank in respect thereof. 

3.    Offsetting Transaction.    Immediately after entering into a Specified Counterparty Transaction with
a Counterparty, the Agent and the Bank shall be deemed to have automatically entered into an offsetting transaction being either an FX Transaction or Option Transaction corresponding to the Accepted Transaction (each, an “Offsetting
Transaction”) whereby the Bank’s currency exposure under each Accepted Transaction is completely eliminated by the Offsetting Transaction. The Bank will promptly confirm the terms of each Offsetting Transaction which shall be subject to
the terms of the Master Agreement provided, however, that notwithstanding anything to the contrary in the Master Agreement, the Agent hereby unconditionally consents and agrees to its obligations under each Offsetting Transaction. 

4.    Exercise of Options.    Notwithstanding any terms of a confirmation that may be to the contrary, if
the Agent has entered into an Accepted Transaction in which the Counterparty is the grantor of an Option, the Bank may at the request of the Agent, authorize the Agent to exercise such Option on its behalf where required by delivery of a Notice of
Exercise (as defined below) 
  

 - 2 - 

 
which shall constitute exercise by the Bank. In the event that the Agent fails to exercise such Option on behalf of the Bank, the Agent shall not deliver a Notice of Exercise to the Bank in
respect of the corresponding Offsetting Transaction and notwithstanding the terms of such Offsetting Transaction, including any such terms relating to automatic exercise, such rights under the Offsetting Transaction shall be deemed to have expired
unexercised. 
 “Notice of Exercise” means telex, telephonic or other electronic notification (excluding facsimile
transmission), given by the owner of an Option to the grantor prior to or at the expiration time on the expiration date as agreed to at the time the Option is entered into, as evidenced in a Confirmation. 

5.    Termination.    This Agreement shall remain in effect unless and until terminated by the Bank or by
the Agent. Such termination may be communicated to the Agent (in the case of a termination by the Bank) or to the Bank (in the case of a termination by the Agent) by telephonic notice, which shall be followed promptly by written notification of such
termination; provided that the termination shall be effective as of the time of the telephonic notice. Termination of this Agreement shall have no effect upon any Accepted Transaction executed in accordance with the provisions hereof prior to the
effectiveness of such termination. 
 6.    Notices.    Telephonic and written notices under this
Agreement shall be made as follows: 
  

			
	 To the Bank:

	
	 The Royal Bank of Scotland plc

	 135 Bishopsgate, 2nd Floor

	 London EC2M 3UR

	 Attention: FOREIGN EXCHANGE Prime Brokerage Desk

	 Telephone No:
	  	00 44 (0) 207 085 5441
	 Facsimile No:
	  	00 44 (0) 207 085 5734
	
	 with a copy to:

	
	 Greenwich Capital Markets, Inc.

600 Steamboat Road

	 Greenwich, CT 06830

	 Legal Department — Derivatives

	 Phone No:
	  	203-618-6467/2531
	 Facsimile No:
	  	203-422-4247/4531
	
	 To the Agent:

 Address for legal notices or communications (other than with respect to payments) to 
  

			
	 Agent:
	  	c/o Barclays Global Fund Advisors, as investment advisor
	 Attention:
	  	U.S. Legal, Chief Counsel
	 Address:
	  	45 Fremont Street, 16th Floor
		  	San Francisco, California 94105
	 Facsimile No.:
	  	(415) 908 7121
	 Telephone No.:
	  	(415) 597 2620

 Address for FX notices or
communications (other than with respect to payments) to Party B: 
  

			
	 Attention:
	  	FX Desk
	 Address:
	  	45 Fremont Street, 16th Floor
		  	San Francisco, California 94105
	 Facsimile No.:
	  	(415) 597-2398
	 Telephone No.:
	  	(415) 597-2111

  

 - 3 - 

 Each party may change its notice address and details by notice given to the other party. 

7.    Miscellaneous.    This Agreement shall constitute the entire agreement between the parties hereto
with respect to the subject matter hereof, supersedes all oral communication and prior writings and may not be modified except as in writing and signed by all parties. In the event any provision of this Agreement is held to be illegal or in conflict
with any law, rule or regulation, such provision shall be stricken and the remaining provisions shall be in full force and effect. 
 This Agreement shall be governed by and construed in accordance with the laws of England. Each party submits to the non-exclusive jurisdiction of the English courts, for any action or proceeding relating
to, or arising out of, this Agreement or the transactions contemplated hereby and expressly waives any objection it may have to such jurisdiction or the convenience of such forum. Further, each party hereby irrevocably waives any right it may have
to a trial by jury in connection with any action, dispute or proceeding arising out of, or relating to, this Agreement or the transactions contemplated hereby. 
 No party shall assign this Agreement (except as expressly provided in this Agreement) without the prior written consent of the other party hereto and any attempted assignment in violation of this Section
shall be void. 
 Each party may record the telephone conversations of any other party hereto and such recording may be used in
evidence in any dispute arising in connection with any Offsetting Transaction and/or this Agreement. 
 A person who is not a
party to this Agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999. 
 Each party
hereto represents and warrants to the other party that (i) it is duly organized under the laws of the jurisdiction of its incorporation or organization, (ii) it has all requisite power and authority to enter into this Agreement and all
Offsetting Transactions contemplated hereunder, (iii) this Agreement constitutes, and the transactions contemplated hereby will constitute, its legal valid and binding obligations, enforceable in accordance with their respective terms (subject
to applicable bankruptcy or insolvency laws and general equitable principles), (iv) it is acting for its own account, and it has made its own independent decisions to enter into this Agreement and all Offsetting Transactions, and as to whether
any Offsetting Transaction is appropriate for it based upon its own judgement and upon advice from such advisors as it has deemed necessary, (v) it is not relying on any communication (written or oral) of any other party as investment advice or
as a recommendation to enter into any Offsetting Transaction; it being understood that information and explanation related to the terms and conditions of a Offsetting Transaction shall not be considered investment advice or as a recommendation to
enter into that Offsetting Transaction and (vi) the other parties are not acting as a fiduciary or an advisor for it in respect of this Agreement, Offsetting Transactions. 

 

 - 4 - 

 8.    Fees.    Payments of fees by the Agent under this
Agreement as set out in Schedule 1 (“FX Prime Brokerage Fees”) and agreed from time to time by the parties shall be made on the due date in the place of the account specified by the Bank in freely transferable funds and in the manner
customary for payments in the required currency. If the Agent fails to make, when due, any payment under this Agreement the Bank shall be entitled to take any action necessary in its sole and absolute discretion, including but not limited to
deducting from any collateral or margin that Agent has pledged or given to Bank or debiting any account maintained with the Bank, in the amount of fees owed. 
 “Business Day” means a day on which commercial banks are open for business in the place where the relevant account specified by the Bank is located. 

Confirmed and agreed to as of 31 July 2009. 
  

											
	 THE ROYAL BANK OF SCOTLAND PLC
	  	 BARCLAYS GLOBAL FUND ADVISORS
 acting as investment advisor for
 iShares® Diversified Alternatives Trust

				
	 By
	  	/S/    LORIAN MEREER	  	By	  	/S/    RYAN W. BRANIFF
		  	 	  		  	 
		  		  	 Lorian Mereer
	  		  	Title:	  	Principal
		  	 Title:
	  	 Solicitor
	  		  		  	
				
		  		  	By	  	/S/    RAMAN SURI
		  		  		  	 
		  		  		  		  	Title:	  	Managing Director

  

 - 5 - 

 SCHEDULE 1 
 FX Prime Brokerage Fees 
 [*CONFIDENTIAL*] 

 
 EXHIBIT 1 TO FOREIGN EXCHANGE PRIME BROKERAGE AGENCY AGREEMENT

 Notice 
 The Royal Bank of Scotland plc and [name of Agent] are parties to a Foreign Exchange Prime Brokerage Agency Agreement dated as of
[                             ,] 2007 (the “Agreement”). All capitalized terms used in this
Notice without definition shall have the meanings given to such terms in the Agreement. 
  

 - 6 - 

 The Royal Bank of Scotland plc designates the following as a Counterparty under the
Agreement: 
 [Specify Counterparty and branches] 

The Royal Bank of Scotland plc specifies the following types of transactions as Specified Counterparty Transactions with respect to the
Counterparty, with the respective maximum tenors identified below: 
 spot, torn next and forward foreign exchange transactions with a maximum
tenor of [      ] months (“FX Transactions”) and currency options (which shall consist of puts and calls that do not have special features), with a maximum tenor of
[      ] months (“Options”) (collectively, “Specified Counterparty Transactions”). 
 The following Settlement Limit and Maximum Counterparty Net Open Position shall apply with respect to such Agent: 
  

			
	 Settlement Limit
	  	Maximum Counterparty Net Open Position
		
	 USD
[                    ]
	  	 USD
[                    ]

  

Confirmed and agreed to as of [            ], 2007. 

 

							
	 THE ROYAL BANK OF SCOTLAND PLC
	  	BARCLAYS GLOBAL FUND ADVISORS acting as investment advisor for iShares® Diversified Alternatives Trust
				
	 By
	 		  	By	 	
		 	 	  		 	 
		 	 Title:
	  		 	Title:

  

 - 7 -Deferred Stock Agreement

 Exhibit 10.1 

DEFERRED STOCK AGREEMENT 

THIS DEFERRED STOCK AGREEMENT (the “Agreement”), made as of this
14th day of January, 2010, by and between Summit Financial
Services Group, Inc., a Florida corporation (the “Company”), and Marshall T. Leeds (“Grantee”). 
 W I T N
E S S E T H: 
 WHEREAS, On January 14, 2010, the Company granted the Grantee shares of Deferred Stock under the
Plan, as such terms are defined below, subject to shareholder approval of certain amendments to the Plan; 
 WHEREAS, the
Company and Grantee are each desirous of memorializing the grant of such Deferred Stock in this written Agreement. 
 NOW,
THEREFORE, in consideration of the mutual premises set forth herein, the parties hereto hereby agree as follows: 
 1.
Award. 
 (a) Shares. Pursuant to the Company’s 2006 Incentive Compensation Plan (the
“Plan”), the Company grants to the Grantee the right to receive an aggregate 2,800,000 shares (the “Shares”) of the Company’s Common Stock, par value $0.0001 per share (the “Deferred Stock”). The Deferred Stock
represents a contingent right to receive an equal number of Shares, subject to the vesting requirements and the terms and conditions of delivery, as set forth in this Agreement. Grantee agrees and acknowledges that the issuance of the Deferred Stock
under the Plan is subject to shareholder approval of amendments to the Plan to increase the number of Shares underlying the Plan from 12,000,000 to 22,000,000 Shares; and to clarify that the issuance of the Deferred Stock is not subject to the per
person award limitations set forth under the Plan. 
 (b) Plan Incorporated. Grantee acknowledges receipt of a
copy of the Plan, and agrees that this award of Deferred Stock shall be subject to all of the terms and conditions set forth in the Plan, including future amendments thereto, including, without limitation, the amendments described in Section 1
above. The Plan, as the same may be amended from time to time, is incorporated herein by reference as a part of this Agreement. 

2. Deferred Stock. Grantee hereby accepts the 2,800,000 shares of Deferred Stock granted hereunder and agrees as follows:

 (a) Vesting /Delivery Terms 

(i) Vesting. Except as otherwise provided for under this Agreement, the Deferred Stock will vest ratably each year over a period
of seven years as follows: One-seventh 

 
of the Deferred Stock granted hereunder or an aggregate 400,000 shares of Deferred Stock will vest upon each anniversary of this Agreement, with the initial 400,000 shares of Deferred Stock
vesting on January 14, 2010. Shares of Deferred Stock which have not been vested are not eligible to be delivered to Grantee under this Agreement. Notwithstanding the foregoing all of the shares of Deferred Stock will immediately vest
(a) upon a Change in Control (“Change in Control”), as defined in Section 7.6 of that certain Employment Agreement, by and between the Company and the Grantee, dated as of December 31, 2006 (the “Employment
Agreement”), of the Company; or (b) in the event of the Company’s termination of the Grantee’s employment with the Company, provided such termination is not the result of Termination for Cause (“Termination for Cause”),
as defined in Section 7.1 of the Employment Agreement; or (c) in the event Grantee terminated his employment with the Company for Good Reason (“Good Reason”), as defined in Section 7.5(d) of the Employment Agreement; or
(d) in the event of the death of the Grantee; or (e) in the event of the disability of the Grantee, as defined under Section 7.2 of the Employment Agreement. 

(ii) Delivery. All vested shares of Deferred Stock will be delivered to the Grantee upon the earlier of
(i) December 31, 2019; (ii) a Change in Control of the Company; or (iii) termination of Grantee’s employment with the Company, except if Grantee terminates such employment and such termination by Grantee is not for Good
Reason. Shares of Deferred Stock which have not vested, prior to, at or simultaneously with the time of delivery shall, unless otherwise agreed to by the Company, be forfeited and be rendered null and void immediately with respect to
(iii) above, and the Grantee shall have no rights whatsoever to such unvested shares of Deferred Stock. Notwithstanding the foregoing, no Change in Control of the Company shall be deemed to occur for purposes of this Section 2(a)(ii),
unless it constitutes the “Change in the Ownership or Effective Control of a Corporation or in the Ownership of a Substantial Portion of the Assets of a Corporation”, with respect to the Company, under Treasury Department Regulation
1.409A-3(i)(5), as revised from time to time. 
 (iii) Transferability. Except by operation of law, the Deferred Stock
and the right to receive the Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of. 

(b) Certificates. A certificate evidencing the Shares issued with respect to the vested shares of Deferred Stock shall be
issued by the Company in Grantee’s name no later than ten (10) business days after the date of delivery hereunder. Notwithstanding any other provisions of this Agreement, the issuance or delivery of the Shares may be postponed for such
period as may be required to comply with applicable requirements of any securities exchange or inter-dealer quotation system or any requirements under any law or regulation applicable to the issuance or delivery of such Shares. The Company shall not
be obligated to issue or deliver the Shares if the issuance or delivery thereof shall constitute a violation of any provision of any law or of any regulation of any governmental authority or any securities exchange or inter-dealer quotation system.

 3. Grantee’s Tax Liability/Withholding. 

 

 2 

 (i) The Company hereby agrees that it will pay the amount of the Grantee’s income tax
liability incurred by him upon delivery of the vested Shares underlying the Deferred Stock (the “Deferred Stock Tax Liability Payment”); provided, however, that the Company’s obligation to pay such tax shall not exceed the amount of
the tax benefit the Company receives as a direct result of the delivery of vested Shares underlying the Deferred Stock. Coverage of such tax by the Company shall be made in the form of a bonus to the Grantee, which will be also subject to the same
tax coverage by the Company, up to a maximum amount of the Company’s tax benefit derived from such bonus. Notwithstanding anything to the contrary contained in this Section 3, for purposes of this Section 3, the tax benefit the
Company receives with respect to any delivery of the Shares underlying the Deferred Stock shall be (i) computed prior to any other deductions taken by the Company resulting from the delivery of any other Shares underlying Deferred Stock and/or
the exercise of any other options or share equivalents, and shall be determined based not only on the Company’s taxable income in the year of such exercise or delivery but also based on available tax carrybacks and carryforwards (but only to
the extent such carryforwards are actually realized by the Company). 
 (ii) The amount of the total tax liability of the
Grantee after the gross up, as provided above, (and, therefore, the Company’s liability, up to a maximum of the tax benefit to the Company in connection with the foregoing) shall be calculated by the Company at the time of delivery of the
Shares underlying the Deferred Stock pursuant to the following convergence formula recognized by the Internal Revenue Service as applicable to calculating such tax liability: I divided by (1 – x) multiplied by x (where
“I” is the amount deemed compensation pursuant to the delivery of the Shares and where “x” is the Grantee’s highest marginal income tax bracket). For example, assuming the compensation resulting from delivery
of the Shares is $1,000,000, and the Grantee is in the 40% tax bracket, the calculation for the total tax liability would be as follows: 
  

			
	 Income (I) x .40(x)
	 	= amount of tax liability
	1 - .40 (x)	 	

  

							
	 $1,000,000 x .40
	 	=	 	 $1,000,000 x .40
	 	= $666,666.67 (total tax liability)
	1 - .40	 		 	.60	 	

 (iii) To the extent that the delivery of the Shares underlying the Deferred Stock results in income
to Grantee for federal or state income tax purposes in excess of the Company’ s tax liability to Grantee, as described in 3(i) and (ii) above, Grantee shall deliver to the Company at the time of such delivery, such amount of money as the
Company may require to meet its withholding obligation under applicable tax laws or regulations, and, if Grantee fails to do so, the Company, may in its sole discretion, among other things, withhold from any cash or stock remuneration then or
thereafter payable to Grantee any tax required to be withheld by reason of such resulting compensation income. 
 4.
Status as a Shareholder. Until the Shares are delivered and issued, the Grantee shall have no rights as a shareholder, including the right to vote the Shares and receive all dividends and other distributions paid or made with respect
thereto. 
  

 3 

 5. Status of Shares. Grantee agrees that the Shares will not be sold or
otherwise disposed of in any manner which would constitute a violation of any applicable federal or state securities laws and/or regulations. Grantee represents and warrants that he is acquiring the Deferred Stock and the Shares underlying the
Deferred Stock for investment purposes only and without the intent toward the further sale or distribution thereof. Grantee also agrees (i) that the certificates representing the Shares may bear such legend or legends as the Company deems
appropriate in order to assure compliance with applicable securities laws, (ii) that the Company may refuse to register the transfer of the Shares on the stock transfer records of the Company if such proposed transfer would be in the opinion of
counsel satisfactory to the Company constitute a violation of any applicable securities law and/or regulation and (iii) that the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of the
Shares. 
 6. Committee’s Powers. No provision contained in this Agreement shall in any way terminate, modify
or alter, or be construed or interpreted as terminating, modifying or altering any of the powers, rights or authority vested in the Committee (as defined under the Plan) or, to the extent delegated, in its delegate pursuant to the terms of the Plan
or resolutions adopted in furtherance of the Plan, including, without limitation, the right to make certain determinations and elections with respect to the Deferred Stock or the Shares. 

7. Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all
persons lawfully claiming under Grantee. 
 8. Section 409A Compliance. 

(a) General. It is the intention of both the Company and Grantee that the benefits and rights to which Grantee is
entitled pursuant to this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder (collectively “Code Section 409A”) to the extent that the requirements of Code
Section 409A are applicable thereto, and the provisions of this Agreement shall be construed in a manner consistent with that intention. If Grantee or the Company believes, at any time, that any such benefit or right that is subject to Code
Section 409A does not so comply, he/it shall promptly advise the other and shall negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply with Code Section 409A (with the most limited
possible economic effect on Grantee and on the Company). 
 (b) Distributions On Account Of Separation from
Service. To the extent required to comply with Code Section 409A, any payment or benefit required to be paid under this Agreement on account of termination of Grantee’s employment, service (or any other similar term) shall be made only
in connection with a “separation from service” with respect to Grantee within the meaning of Code Section 409A. 

(c) Six Month Delay for Specified Employees. In the event that Grantee is a “specified employee” (as
described in Code Section 409A), and any payment or benefit payable pursuant to this Agreement constitutes deferred compensation under Code 

 

 4 

 
Section 409A, then the Company and Grantee shall cooperate in good faith to undertake any actions that would cause such payment or benefit not to constitute deferred compensation under Code
Section 409A. In the event that, following such efforts, the Company determines (after consultation with its counsel) that such payment or benefit is still subject to the six-month delay requirement described in Code Section 409A(2)(b) in
order for such payment or benefit to comply with the requirements of Code Section 409A, then no such payment or benefit shall be made before the date that is six months after Grantee’s “separation from service” (as described in
Code Section 409A) (or, if earlier, the date of Grantee’s death). Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period. 

9. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida
without application to the principles of conflicts of laws. 
 IN WITNESS WHEREOF, the Company has
caused this Agreement to be duly executed by an officer thereunto duly authorized, and Grantee has executed this Agreement, on this
6th day of October, 2010. 

 

									
	SUMMIT FINANCIAL SERVICES GROUP, INC.
			
		 	By:	 	         /s/ Steven C. Jacobs

		 		 	Name:	 	         Steven C. Jacobs

		 		 	Title:	 	         Secretary/Treasurer

		
		 	GRANTEE
			
		 	 /s/ Marshall T. Leeds
	 	
		 	MARSHALL T. LEEDS	 	

  

 5

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