Document:

exhibit1035.htm

    
      

      

    

     

    
      	 	
              EXHIBIT
                10.35

            

    

     

    Non-Compete
      and Non-Solicit Agreement

     

     

        FOR
      GOOD AND
      VALUABLE CONSIDERATION, including the award of Restricted Stock Units, as more
      fully described in the accompanying letter (10% of which will be fully vested
      upon grant), hereby acknowledged, First Albany Companies, Inc. and its
      subsidiaries (“First Albany”) and its employee who is a signatory hereto (the
“Key Employee Partner”) (First Albany and the Key Employee Partner being
      referred to, collectively, as the “Parties”) agree as follows:

     

        1.
      Non-Compete Covenant. Prior to December 31, 2008, the Key Employee
      Partner shall not participate in the ownership, management, operation or control
      of a Competitor*
      or be
      employed by or perform services for a Competitor in a position substantially
      similar to the Key Employee’s position at the Company; provided,
however, that the Key Employee Partner may own, solely as a passive
      investment, securities of any entity traded on any national securities exchange
      if the Key Employee Partner is not a controlling person of (nor owns
      individually or as a member of a group, 5% or more of) such entity.

     

        2.
      Non-Solicit Covenant. In the event that the employment of the Key
      Employee Partner with the Company terminates for any reason, then until the
      later of (i) twelve months after such termination or (ii) December 31, 2008,
      the
      Key Employee Partner shall not, directly or indirectly, solicit for employment
      or hire anyone who was an employee of the Company within the period of 180
      days
      prior to any termination.

     

        3.
      Inapplicability of Non-Compete Covenant in Certain Circumstances. The
      foregoing Non-Compete Covenant shall not apply to the Key Employee Partner
      following any termination of his/her employment by the Company without
      cause.

     

        4.
      Forfeiture of RSUs Upon Breach. Upon any breach of the Non-Compete
      Covenant or the Non-Solicit Covenant by the Key Employee Partner, the Key
      Employee Partner shall forfeit any outstanding Restricted Stock Units
      (“RSUs”).

     

        5.
      Remedies. With respect to the Non-Compete Covenant and the Non-Solicit
      Covenant, the Parties acknowledge and agree that:

     

            (i)
      if, in any
      judicial proceeding, a court shall deem part of the Non-Compete Covenant or
      the
      Non-Solicit Covenant invalid, illegal or unenforceable because 
its scope  is  considered
      excessive, it shall be
      modified so that the scope of the Non-Compete Covenant or the Non-Solicit
      Covenant, as applicable, is reduced only to
      the  minimum
      extent necessary
      to render the modified covenant valid, legal and enforceable.

     

            (ii)
      it is impossible
      to measure in money the damages that will accrue to the Company in the event
      that the Key Employee Partner breaches the Non-Compete Covenant or the
      Non-Solicit Covenant. In the event that the Key Employee Partner breaches the
      Non-Compete Covenant or the Non-Solicit Covenant, the Company shall be entitled
      to an
      injunction, a restraining order or such other equitable relief, including,
      but
      not limited to, specific performance (without the requirement to post bond)
      restraining the Key
      Employee Partner from violating such covenant. If the Company shall institute
      any action or proceeding to enforce the Non-Compete Covenant or the Non-Solicit
      Covenant,
      the Key Employee Partner hereby waives the claim or defense that the Company
      has
      an adequate remedy at law and agrees not to assert in any such action or
proceeding
      the claim or defense that the Company has an adequate remedy at law. In
      addition, the Company shall retain all remedies available to it at law. The
      Non-Compete
      and the Non-Solicit Covenants shall be in addition to any restrictions imposed
      on the Key Employee Partner by statute, at common law or under any other  agreement
      to which the Ke
      Employee Partner is a party.

     

    
       

      
        	
                Agreed
                  and Accepted:

                This
                  12th day of May, 2007

              	 
	
                C.
                  Brian Coad

              	
                FIRST
                  ALBANY COMPANIES, INC.

              
	
                Name
                  of Employee (please print)

              	 
	
                /s/
                  C. Brian Coad

              	
                By:
                  ____________________________

              
	
                Signature
                  of Employee (please sign)

              	 
	 	 

      

       

    

    
      

    

    
      *
        For purposes of
        this agreement, the term “Competitor,” means any broker-dealer or financial
        advisory firm whose principal place of business is in the United
        States.exhibit1036.htm

    
      
        

        

      

       

      
        	 	
                EXHIBIT
                  10.36

              

      

       

       

      ADDENDUM
        TO LETTER AGREEMENT DATED MAY 12, 2007

       

       

          In
        the event
        that, as a result of action by Company, Executive no longer serves as Company’s
        Chief Financial Officer (“CFO”), or is assigned duties that are materially
        inconsistent with the position of CFO or that constitute a diminution of
        Executive’s authority, duties or responsibilities as CFO, Executive may at his
        election resign from his employment with Company and receive upon the
        termination of his employment a Severance Payment. For purposes of this
        agreement, a “Severance Payment” shall be a lump-sum cash amount equal to Five
        Hundred Twenty-Five Thousand Dollars ($525,000.00) less the market value,
        as of
        the date of termination of Executive’s employment, of one share of Company’s
        common stock multiplied by the number of Restricted Stock Units granted to
        Executive that have vested before the date of termina­tion (adjusted for any
        splits). As a condition to receiving a Severance Payment, Executive shall
        deliver an irrevocable general release of claims against the Company, its
        affiliates, and their current and former directors, officers and employees.
        The
        Severance Payment shall be structured and paid in a manner that complies
        with
        the requirements of Section 409A of the Internal Revenue Code, including
        any
        requirement that the Severance Payment (or a portion thereof) be delayed
        by six
        (6) months following termi­na­tion of employment in order to comply with
        Section 409A.

       

          For
        purposes
        of this Addendum, the assignment of duties that are materially inconsistent
        with
        the position of CFO or that constitute a diminution of Executive’s authority,
        duties or responsibilities as CFO would constitute a termination by Company
        without cause.

       

          Executive
        shall receive reimbursement for relocation expenses as provided in Section
        4(e)
        of his Employment Agreement dated June 30, 2006.

       

       

      AGREED
        AND ACCEPTED:

       

      THIS
        13
        DAY OF MAY, 2007

       

      BRIAN
        COAD                                     FIRST
        ALBANY
        COMPANIES, INC.

       

      /s/
        C.
        Brian Coad___________________                     By:
/s/
        George
        McNamee__________exhibit1037.htm

    
      

      

    

     

    
      	 	
              EXHIBIT
                10.37

            

    

     

    MATLINPATTERSON

     

     

    MatlinPatterson
      Global Advisers LLC520 Madison Avenue

    New
      York, NY 10022-4213

     

     

    April
      27,
      2007

     

    C.
      Brian
      Coad

    Chief
      Financial Officer

    1374
      Rowe
      Road

    Niskayuna,
      NY 12309

     

    Re:
      Founding Employee Partners

     

    Dear
      Mr.
      Coad:

     

        As
      you know,
      MatlinPatterson and Lee Fensterstock have made a proposal to the Board of
      Directors of First Albany to create a new Middle Market Investment Bank building
      upon the platform of First Albany.

     

        The
      First
      Albany Board of Directors and MatlinPatterson have signed a Term Sheet with
      the
      following key elements:

     

    
      	     	
              1)

            	
              MatlinPatterson
                will provide $40MM in new equity at $1.50 per share which would give
                them
                control of the Company at closing.

            

    

     

    
      	     	
              2)

            	
              6MM
                shares of new common equity would be issued to a group of approximately
                30
                key employee partners in exchange for an industry standard non-competition
                agreement.

            

    

     

    
      	     	
              3)

            	
              A
                reconstitution of the Board of Directors replacing 5 existing directors
                with 3 directors from MatlinPatterson and 4 industry professionals
                including Mr. Fensterstock.

            

    

     

    
      	     	
              4)

            	
              A
                renaming of the
                Company.

            

    

     

        We
      are writing you to
      invite you to become an employee partner. As such we are granting you 200,000
      restricted stock units, 10% of which will vest upon closing, 30% will vest
      on
      the first anniversary of closing, 30% will vest on the second anniversary of
      closing and 30% on the third anniversary of closing.

     

        This
      grant
      will be contingent on two events: 1) you agreeing to continue to be with the
      firm by signing the attached agreement by May 8, 2007, and 2) the closing of
      the
      MatlinPatterson Investment. Should the MatlinPatterson Investment not close,
      your non-competition agreement will be null and void.

     

        We
      are very
      excited about this opportunity to build something great and look forward to
      building it with you.

     

        Attached
      are
      the non-competition agreement for your signature and a summary of the key
      features of the Restricted Stock Units Plan.

     

        Once
      the
      non-competition agreement is signed by you, it will be held in escrow by
      MatlinPatterson. It will become effective after being co-signed by First Albany;
      and that will occur upon the closing of the MatlinPatterson investment – a
      transaction we expect to close in June of this year.

     

     

    Very
      truly yours,

     

     

    /s/
      Lee Fensterstock

    Lee
      Fensterstock

    MatlinPatterson
      Representative

     

     

    Accepted
      by Founding Employee:

     

    /s/
      C.
      Brian Coad

    C.
      Brian
      Coad

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