Document:

Exhibit 10.7

 

Execution Copy

 

EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of February 1,
2006 by and between Kevin Hesselbirg (“Employee”) and Open Link
Financial, Inc., a Delaware corporation (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS,
the Employee is currently employed by the Company;

 

WHEREAS,
Employee and OLF Acquisition Corp., a Delaware corporation (“HoldCo”),
have entered into a Major Stockholder Contribution and Exchange Agreement dated
as of February 1, 2006, pursuant to which HoldCo purchased from Employee,
and Employee sold to HoldCo, all of the shares of common stock of the Company,
owned by the Employee prior to the Merger (as defined below) for the
consideration stated therein (the “Contribution”);

 

WHEREAS,
following the Contribution, HoldCo merged with and into the Company with the
Company as the surviving corporation (the “Merger”);

 

WHEREAS,
following the Merger, the Company has agreed to grant to Employee restricted
shares of common stock of the Company (such grant, together with the
Contribution, the Merger and the other transactions consummated in connection
therewith, the “Transaction”); and

 

WHEREAS,
the Company and Employee desire to continue the employment of Employee with the
Company.

 

NOW,
THEREFORE, in consideration of the Transaction and the mutual promises and
covenants herein contained, the parties hereto agree as follows:

 

1.                                       Employment. Subject to
the provisions of Section 6, the Company hereby employs Employee and
Employee accepts such employment upon the terms and conditions hereinafter set
forth (the “Employment”).

 

2.                                       Term of
Employment. Subject to the provisions of Section 6, the
term of Employee’s employment pursuant to this Agreement shall commence on and
as of the date hereof (the “Effective Date”) and shall terminate on the
second anniversary of the Effective Date (such period, the “Term”).
Notwithstanding the foregoing, the Term shall automatically extend for an
additional year on the second anniversary of the Effective Date and each
anniversary of the Effective Date thereafter unless either party provides
written notice, within thirty (30) days of the applicable anniversary date, to
the other party indicating such party’s desire to terminate the Employment.

 

 

3.                                       Duties; Extent
of Service.

 

(a)                                       During the
Employment, Employee shall serve as an employee of the Company with the title
and position of Chief Operating Officer. In this capacity, Employee shall have
all the authority and responsibility customarily associated with such position
in a company of the size and nature of the Company. Employee shall report
directly and solely to the Chief Executive Officer of the Company or any
successor in interest to the Company. Employee hereby accepts such employment,
agrees to serve the Company in the capacity indicated, and agrees to use
Employee’s best efforts in, and devote Employee’s full working time, attention,
skill and energies to, the advancement of the interests of the Company and its
subsidiaries and the performance of Employee’s duties and responsibilities
hereunder.

 

(b)                                      The foregoing,
however, shall not be construed as preventing Employee from engaging in
religious, charitable or other community or non-profit activities that do not
impair Employee’s ability to fulfill Employee’s duties and responsibilities
under this Agreement.

 

4.                                       Compensation.

 

(a)                                  During the
Employment, the Company shall pay Employee a salary at the annual rate of
$202,000 per annum (the “Base Salary”). Such Base Salary shall be
subject to withholding under applicable law, shall be pro rated for partial
years and shall be payable in biweekly installments in accordance with the
Company’s usual practice as in effect from time to time.

 

(b)                                 During the
Employment, Employee shall be eligible to participate in any bonus plan
established by the Company’s Board of Directors (the “Board”) from time to
time.

 

5.                                       Benefits.

 

(a)                                  During the
Employment, Employee shall be entitled to participate in any and all ESOP,
medical, pension, profit sharing, dental and life insurance plans and
disability income plans, retirement arrangements and other employment benefits
as may be in effect from time to time in the discretion of the Board. Such
participation shall be subject to (i) the terms of the applicable plan
documents (including, as applicable, provisions granting discretion to the
Board or any administrative or other committee provided for therein or
contemplated thereby) and (ii) generally applicable policies of the
Company.

 

(b)                                 During the
Employment, Employee shall receive at least twenty days (20) paid vacation
annually in accordance with the Company’s vacation policy, as in effect from
time to time.

 

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(c)                                       During Employee’s
employment under this Agreement, the Company shall lease on Employee’s behalf
an automobile of Employee’s choice provided that the aggregate monthly cost
shall not exceed $1,000.

 

(d)                                      The Company
shall promptly reimburse Employee for all reasonable business expenses incurred
by Employee during the Employment, in accordance with the Company’s practices,
as in effect from time to time.

 

(e)                                       Compliance with
the provisions of this Section 5 shall in no way create or be deemed to
create any obligation, express or implied, on the part of the Company or any of
its affiliates with respect to the continuation of any particular benefit or
other plan or arrangement maintained by them or their subsidiaries as of or
prior to the date hereof or the creation and maintenance of any particular
benefit or other plan or arrangement at any time after the date hereof, except
as contemplated by Section 5(b) and 5(c).

 

6.                                       Termination and
Termination Benefits. Notwithstanding the provisions of Section 2,
the Employment shall terminate under the circumstances set forth in this Section 6.

 

(a)             Termination by the Company
for Cause. The Employment may be terminated by the Company
for Cause (as defined below) without further liability on the part of the
Company effective immediately upon written notice to Employee. Only the
following shall constitute “Cause” for such termination:

 

(i)                                     the commission
of any act by Employee constituting financial dishonesty against the Company or
its subsidiaries (which act would be chargeable as a crime under applicable
law);

 

(ii)                                  Employee’s
engaging in any other act of dishonesty, fraud, intentional misrepresentation,
moral turpitude, illegality or harassment which, as determined in good faith by
the Board, would: (A) materially adversely affect the business or the
reputation of the Company or any of its Subsidiaries with their respective
current or prospective customers, suppliers, lenders and/or other third parties
with whom such entity does or might do business; or (B) expose the Company
or any of its Subsidiaries to a risk of civil or criminal legal damages,
liabilities or penalties;

 

(iii)                               the willful and
repeated failure by a Employee to follow the directives of the Chief Executive
Officer of the Company or any of its Subsidiaries, the Board;

 

(iv)                              any material
misconduct, material violation of the Company’s written policies, or willful
and deliberate non-performance of

 

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duty
by the Employee in connection with the business affairs of the Company or its
Subsidiaries; or

 

(v)                                 Employee’s
material breach of this Agreement or the Non-Disclosure Agreement (as defined
below).

 

Notwithstanding
the foregoing, there shall be no termination for Cause pursuant to Sections
6(a)(iii), (iv) or (v) without Employee first being given, not less
ten (10) days written notice by the Board, a reasonable opportunity to be
heard before the Board and a reasonable opportunity to cure the actions or
omissions giving rise to “Cause” (to the extent such cure is reasonably
possible) within a reasonable time period.

 

(b)                                 Termination by
the Company Without Cause. Subject to the payment of Termination
Benefits (as defined in Section below), the Employment may be terminated
without Cause by a vote of the Board and upon written notice to Employee. It is
expressly agreed and understood that if this Agreement is terminated by the
Company without Cause as provided in this Section 6(b), it shall not
impair or otherwise affect Employee’s Continuing Obligations (as defined
below). Termination of employment upon expiration of the Term following a
decision by the Company not to extend the Term of employment pursuant to the
second sentence of Section 2 shall constitute a termination without Cause.

 

(c)                                  Termination by
Employee for Good Reason. The Employment may be terminated by
Employee for Good Reason (as defined below), and upon any such termination the
Employee shall be entitled to the payment of Termination Benefits, provided
that Employee first delivers to the Company ten (10) days prior written
notice of such intended termination and provided further that the Company fails
to cure any such events indicated in such notice (to the extent such cure is
reasonably possible) within a reasonable time period. Only the following shall
constitute “Good Reason”:

 

(i)                                     any reduction
in the Base Salary;

 

(ii)                                  any failure
without Employee’s express written consent to continue the Employment with the
title of Chief Operating Officer of the Company or any successor in interest to
the Company;

 

(iii)                               any material
diminution in Employee’s duties or the assignment to Employee of duties that
are materially inconsistent with Employee’s then current duties or title,
provided that the hiring of a President shall not constitute a material
diminution in Employee’s duties or the assignment to Employee of duties that
are materially inconsistent with Employee’s then current duties;

 

(iv)                              any other
material breach by the Company of any of the provisions described in this
Agreement; and

 

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(v)                                 the relocation
of Employee, without Employee prior written consent, to a location 50 miles or
more from the Company’s current headquarters.

 

(d)                                 Termination by
Employee other than for Good Reason. Employee’s employment
under this Agreement may be terminated by Employee other than for Good Reason
by written notice to the Board at least thirty (30) days prior to such
termination. Termination of employment upon expiration of the Term following a
decision by Employee not to extend the Term of employment pursuant to the
second sentence of Section 2 shall constitute a termination other than for
Good Reason.

 

(e)                                  Certain
Termination Benefits. Unless otherwise specifically provided in this
Agreement or otherwise required by law, all compensation and benefits payable
to Employee under this Agreement shall terminate on the date of termination of
the Employment. Notwithstanding the foregoing, in the event of a termination of
the Employment without Cause pursuant to Section 6(b), or in the event of
a termination of the Employment with the Company for Good Reason pursuant to Section 6(c),
the Company shall provide to Employee the following termination benefits (“Termination  Benefits”):

 

(i)                                     continuation of
salary at a rate equal to one hundred percent (100%) of Employee’s Base Salary
as in effect on the date of termination for a period of twelve (12) months from
the date of termination (the “Termination Benefits Period”) (payment
shall be subject to withholding under applicable law and shall be made in
periodic installments in accordance with the Company’s usual practice as in
effect from time to time);

 

(ii)                                  payment of a
bonus equal to 75% of the aggregate amount of any bonus paid by the Company to
Employee in respect of the last completed fiscal year prior to such termination
(payment shall be subject to withholding under applicable law and shall be made
in twelve (12) equal installments on the dates of the periodic installment
payments set forth in Section 6(e)(i));

 

(iii)                               payment of
bonus under any bonus plan established by the Board with respect to the fiscal
year in which such termination occurs equal to the bonus that would have been
paid had such termination of Employment not occurred, pro-rated to reflect the
number of days between the beginning of the relevant fiscal year and the date
of such termination (payment shall be subject to withholding under applicable
law and shall be made at the time when the Company pays bonuses to its other
executive officers with respect to the applicable fiscal year) and

 

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(iv)                              continuation of
group health plan benefits during the Termination Benefits Period, to the
extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly
known as “COBRA”), with the cost of the regular premium for such benefits
shared in the same relative proportion by the Company and Employee as in effect
on the date of termination.

 

The
Termination Benefits set forth in (i)-(iii) above shall continue so long
as Employee is in compliance with Employee’s Continuing Obligations under this
Agreement. The continuation of benefits provided under Section 6(e)(iv) shall
cease effective as of the date of commencement of any employment or
self-employment in which comparable benefits are available to the Employee as a
result of such employment or self-employment. The Company’s liability for
Termination Benefits pursuant to Section 6(e)(i) and (ii) shall
be reduced by the amount of any severance pay due or otherwise paid to Employee
pursuant to any severance pay plan or stay bonus plan of the Company.
Notwithstanding the foregoing, nothing in this Section 6(e) shall be
construed to affect Employee’s right to receive COBRA continuation entirely at
Employee’s own cost to the extent that Employee may continue to be entitled to
COBRA continuation after Employee’s right to cost sharing under Section 6(e)(iv) ceases.
The Company and Employee agree that the Termination Benefits paid by the
Company to Employee under this Section 6(e) shall be in full
satisfaction, compromise and release of any claims arising out of any
termination of Employee’s employment without Cause pursuant to Section 6(b),
or a termination of Employee’s employment with the Company for Good Reason
pursuant to Section 6(c), and that the payment of the Termination Benefits
shall be contingent upon Employee’s delivery of a general release of any and
all claims (other than those arising under this Agreement) upon termination of
employment in a customary form reasonably satisfactory to the Company, it being
understood that no Termination Benefits shall be provided unless and until
Employee executes and delivers such release.

 

(f)                                    Disability. If Employee
shall be disabled so as to be unable to perform the essential functions of
Employee’s then existing position or positions under this Agreement with or
without reasonable accommodation (“Disability”), the Board may remove
Employee from any responsibilities and/or reassign Employee to another position
with the Company for a period of six (6) months or during the period of
such Disability. Such removal and/or reassignment shall not give the Employee a
right to terminate his employment for Good Reason. Notwithstanding any such
removal or reassignment as a result of the Employee’s Disability, Employee
shall continue to receive Employee’s full Base Salary (less any disability pay
or sick pay benefits to which Employee may be entitled under the Company’s
policies) and benefits under Section 4 of this Agreement (except to the
extent that Employee may be ineligible for one or more such benefits under
applicable plan terms) for any period of.up to six (6) months. Employee’s
employment may be terminated by the Company at any time after six (6) months
of Disability. In the event of such termination, the Company shall have no
further obligations except to pay Employee’s accrued Base Salary and benefits
as contemplated by this Section 6(f) through the date of such
termination. If any question shall arise as to whether during any

 

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period
Employee is disabled so as to be unable to perform the essential functions of
Employee’s then existing position or positions with or without reasonable
accommodation, Employee may, and at the request of the Company shall, submit to
the Company a certification in reasonable detail by a physician selected by the
Company to whom Employee or Employee’s guardian has no reasonable objection as
to whether Employee is so disabled or how long such disability is expected to
continue, and such certification shall for the purposes of this Agreement be
conclusive of the issue. Employee shall cooperate with any reasonable request
of the physician in connection with such certification. If such question shall
arise and Employee shall fail to submit such certification, the Company’s
determination of such issue shall be binding on Employee. Nothing in this Section 6(f) shall
be construed to waive Employee’s rights, if any, under existing law including,
without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with
Disabilities Act, 42 U.S.C. § 12101 et seq.

 

(g)                                 Death. Employee’s
employment and all obligations of the Company and Employee hereunder shall
terminate in the event of the death of Employee, other than any obligation to
pay earned but unpaid Base Salary or any other earned but unpaid compensation
pursuant to this Agreement.

 

(h)                                 Continuing
Obligations. Notwithstanding termination of this Agreement as
provided in this Section 6 (other than Section 6(g)) or any other
termination of Employee’s employment with the Company, Employee’s obligations
under Sections 7 and 8 hereof (the “Continuing Obligations”) shall
survive any termination of Employee’s employment with the Company at any time
and for any reason.

 

7.                                       Non-Competition
and Non-Solicitation. In consideration of the Employee’s employment
hereunder and the benefits derived by the Employee as a result of the
Transaction, Employee agrees to the following:

 

(a)                                  Employee hereby
agrees that during the period commencing on the date hereof and ending on the
date that is one year following the date of the termination of Employee’s
employment with the Company for any reason regardless of the circumstances
thereof (the “Noncompetition Period”), Employee will not, without the
express written consent of the Company, directly or indirectly, anywhere in the
United States or in any foreign country in which the Company has conducted
business, is conducting business or is presently contemplating conducting
business, engage in any activity which is, or participate or invest in, or
provide or facilitate the provision of financing to, or assist (whether as
owner, part-owner, shareholder, member, partner, director, officer, trustee,
executive, agent or consultant, or in any other capacity), any business,
organization or person other than the Company (or any subsidiary or affiliate
of the Company), including any such business, organization or person involving,
or which is, a family member of Employee, whose business, activities, products
or services are competitive with any of the business, activities, products or
services conducted or offered or proposed to be conducted or offered by the
Company or its subsidiaries during any period in which Employee is employed by
the Company or any of its subsidiaries.

 

7

 

Without
implied limitation, the foregoing covenant shall be deemed to prohibit (other
than through a general solicitation not targeted at the Company or its
Subsidiaries) (a) hiring or engaging or attempting to hire or engage for
or on behalf of Employee or any such competitor any employee of the Company or
any of its direct and/or indirect subsidiaries and affiliates, or any former
employee of the Company and any of its direct and/or indirect subsidiaries and
affiliates who was employed during the six (6) month period immediately
preceding the date of such attempt to hire or engage, (b) encouraging for
or on behalf of Employee or any such competitor any such employee to terminate
his or her relationship or employment with the Company or any of its direct or
indirect subsidiaries and affiliates, (c) recruiting or soliciting for or
on behalf of Employee or any such competitor any customer of the Company or any
of its direct or indirect subsidiaries and affiliates, or any former customer
of the Company or any of its direct or indirect subsidiaries and affiliates who
was a customer during the six (6) month period immediately preceding the
date of such solicitation and (d) diverting to any person (as hereinafter
defined) any customer or business opportunity of the Company or any of any of
its direct or indirect subsidiaries and affiliates.

 

Notwithstanding
anything herein to the contrary, Employee may make passive investments in any
enterprise the shares of which are publicly traded if such investment
constitutes less than five percent (5%) of the equity of such enterprise.

 

Employee
agrees that if a court of competent jurisdiction determines that any
restriction, or portion thereof, set forth in this Section 7 is overly
restrictive and unenforceable, the court may reduce or modify such restrictions
to those which it deems reasonable and enforceable under the circumstances, and
as so reduced or modified, the parties hereto agree that the restrictions of
this Section 7 shall remain in full force and effect. Employee further
agrees that if a court of competent jurisdiction determines that any provision
of this Section 7 is unenforceable, the remaining provisions of this Section 7
and the remainder of this Agreement shall not be affected thereby, and shall
remain in full force and effect.

 

Employee
acknowledges that the restrictions contained in this paragraph in view of the
nature of the Company’s business, are reasonable and necessary to protect the
Company’s legitimate business interests and that any violation of this
paragraph would result in irreparable injury to the Company, and that monetary
damages may not be sufficient to compensate the Company for any economic loss
which may be incurred by reason of breach of the foregoing restrictive covenants.
In the event of a breach or a threatened breach by Employee of any provision in
this paragraph, the Company shall be entitled to a temporary restraining order
and injunctive relief restraining Employee from the commission of any breach,
and to recover the Company’s attorneys’ fees, costs and expenses related to the
breach or threatened breach. Nothing contained in this paragraph shall be
construed as prohibiting the Company from pursuing any other remedies available
to it for any breach or threatened breach, including, without limitation, the
recovery of money damages, attorneys’ fees and costs. The restrictions in this
paragraph shall each be construed as independent of any other provisions in
this Agreement, and the

 

8

 

existence
of any claim or cause of action by Employee against the Company, whether
predicated on this Agreement or otherwise, shall not constitute a defense to
the enforcement of this Agreement.

 

If Employee violates any of the restrictions contained in this Section,
the restrictive period will be suspended and will not run in favor of Employee
from the time of the commencement of any violation until the time when Employee
cures the violation to the Company’s reasonable satisfaction.

 

(b)                                 During and
after Employee’s employment, Employee shall cooperate fully with the Company in
the defense or prosecution of any claims or actions now in existence or which
may be brought in the future against or on behalf of the Company that relate to
events or occurrences that transpired while Employee was employed by the
Company. Employee’s full cooperation in connection with such claims or actions
shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial and to act as a witness on behalf of the Company
at mutually convenient times. During and after the Employment, Employee also
shall cooperate fully with the Company in connection with any investigation or
review of any federal, state or local regulatory authority as any such
investigation or review relates to events or occurrences that transpired while
Employee was employed by the Company. The Company shall reimburse Employee for
any reasonable fees and reasonable out-of-pocket expenses incurred in connection
with Employee’s performance of obligations pursuant to this Section 7(b).

 

(c)                                  Employee
agrees, while he is employed by the Company, to offer or otherwise make known
or available to it, as directed by the Board of the Company and without
additional compensation or consideration, any business prospects, contracts or
other business opportunities that Employee may discover, find, develop or
otherwise have available to Employee in the Company’s general industry and
further agrees that any such prospects, contacts or other business
opportunities shall be the property of the Company.

 

8.                                       Employee
Agreement Regarding Non-Disclosure and Development. As a
condition of the Company entering into this agreement and as a condition of the
Employment, Employee shall execute, prior to the execution hereof by the
Company, the Non-Disclosure Agreement attached hereto as Exhibit A
(the “Non-Disclosure  Agreement”).
The obligations of the Employee under the Non-Disclosure Agreement shall
survive any termination of the Employment at any time and for any reason.

 

9.                                       Parties in
Interest; Certain Remedies. It is specifically
understood and agreed that this Agreement is intended to confer a benefit,
directly or indirectly, on the Company and its direct and indirect subsidiaries
and affiliates, and that any breach of the provisions of this Agreement by
Employee or any of Employee’s affiliates will result in irreparable injury to
the Company and its subsidiaries and affiliates, that the remedy at law alone
will be an inadequate remedy for such breach and that, in addition to any other
remedy it may have, the Company or its subsidiaries and affiliates shall be
entitled to

 

9

 

enforce
the specific performance of this Agreement by Employee through both temporary
and permanent injunctive relief without the necessity of posting a bond or
proving actual damages, but without limitation of their right to damages and
any and all other remedies available to them, it being understood that injunctive
relief is in addition to, and not in lieu of, such other remedies.

 

10.           Dispute Resolution.

 

(a)                                       All disputes,
claims, or controversies arising out of or relating to this Agreement or any
other agreement executed and delivered pursuant to this Agreement or the
negotiation, validity or performance hereof and thereof or the transactions
contemplated hereby and thereby, or the rights and obligations of the parties
hereunder or thereunder, that are not resolved by mutual agreement shall be
resolved solely and exclusively by binding arbitration to be conducted before
Judicial Arbitration and Mediation Services, Inc. (“JAMS”). The
arbitration shall be held, in New York, New York before a single arbitrator and
shall be conducted in accordance with the rules and regulations
promulgated by JAMS unless specifically modified herein.

 

(b)                                      The parties
covenant and agree that the arbitration shall commence within one hundred
eighty (180) days of the date on which a written demand for arbitration is
filed by any party hereto. In connection with the arbitration proceeding, the
arbitrator shall have the power to order the production of documents by each
party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the arbitrator may in his or her discretion
allow additional depositions upon good cause shown by the moving party.
However, the arbitrator shall not have the power to order the answering of
interrogatories or the response to requests for admission. In connection with
any arbitration, each party shall provide to the other, no later than seven (7)
business days before the date of the arbitration, the identity of all persons
that may testify at the arbitration and a copy of all documents that may be
introduced at the arbitration or considered or used by a party’s witness or
expert. The arbitrator’s decision and award shall be made and delivered within
six (6) months of the selection of the arbitrator. The arbitrator’s
decision shall set forth a reasoned basis for any award of damages or finding
of liability. The arbitrator shall not have power to award damages in excess of
actual compensatory damages and shall not multiply actual damages or award
punitive damages or any other damages that are specifically excluded under this
Agreement, and each party hereby irrevocably waives any claim to such damages.

 

(c)                                       The parties
covenant and agree that they will participate in the arbitration in good faith
and that they will, except as provided below, (i) bear their own attorneys’
fees, costs and expenses in connection with the arbitration, and (ii) share
equally in the fees and expenses charged by JAMS. The arbitrator may in his or
her discretion assess costs and expenses (including the reasonable legal fees
and expenses of the prevailing party) against any party to a proceeding. Any
party unsuccessfully refusing to comply with an order of the arbitrators shall
be liable for costs and expenses, including attorneys’ fees, incurred by the
other party in enforcing the award. This Section 10(c)

 

10

 

applies
equally to requests for temporary, preliminary or permanent injunctive relief,
except that in the case of temporary or preliminary injunctive relief any party
may proceed in court without prior arbitration for the purpose of avoiding
immediate and irreparable harm or to enforce the provisions of Section 9.

 

(d)                                 Each of the
parties hereto irrevocably and unconditionally consents to the exclusive
jurisdiction of JAMS to resolve all disputes, claims or controversies arising
out of or relating to this Agreement or any other agreement executed and
delivered pursuant to this Agreement or the negotiation, validity or
performance hereof and thereof, or the transactions contemplated hereby and thereby,
or the rights and obligations of the parties hereunder or thereunder, and
further consents to the sole and exclusive jurisdiction of the courts of the
State of New York for the purposes of enforcing the arbitration provisions of
this Section 10. Each party further irrevocably waives any objection to
proceeding before JAMS based upon lack of personal jurisdiction or to the
laying of venue and further irrevocably and unconditionally waives and agrees
not to make a claim in any court that arbitration before JAMS has been brought
in an inconvenient forum. Each of the parties hereto hereby consents to service
of process by registered mail at the address to which notices are to be given.
Each of the parties hereto agrees that its or his submission to jurisdiction
and its or his consent to service of process by mail is made for the express
benefit of the other parties hereto.

 

11.                           Notices. All notices,
requests, demands and other communications hereunder shall be in writing and
shall be deemed to have been duly given if delivered personally or mailed by
certified or registered mail (return receipt requested) as follows:

 

	
   

  	
  To
  the Company:

  	
   

  	
  Open
  Link Financial, Inc. 

  1502 Reckson Plaza 

  15th Floor – West Tower 

  Uniondale, NY 

  Facsimile: (516) 227-1799 

  
	
   

  	
  To
  Employee:

  	
   

  	
  Kevin
  Hesselbirg 

  15 Heather Drive 

  Kings Park, New York 11576 

  Telecopy No.: (516) 394-1193

  

 

or
to such other address of which any party may notify the other parties as
provided above. Notices shall be effective as of the date of such delivery or
mailing.

 

12.                                 Indemnification. The Company
shall indemnify the Employee for any and all damages, liabilities, losses,
claims, judgments, taxes, fines, penalties, reasonable costs and expenses
(including reasonable fees of counsel) whether or not arising out of third
party claims and including all reasonable amounts paid in investigation,
defense or settlement of the foregoing (collectively, “Losses”) that may
be sustained or suffered by Employee based upon or arising out of any lease or
other agreement of any kind entered

 

11

 

into
by Employee for the benefit of the Company. The Company shall promptly
reimburse Employee for any Losses as they are incurred by Employee.

 

13.                                 Scope of
Agreement. The parties acknowledge that the time, scope,
geographic area and other provisions of Section 7 and the Non-Disclosure
Agreement referred to in Section 8 have been specifically negotiated by
sophisticated parties and agree that all such provisions are reasonable under
the circumstances of the transactions contemplated hereby, and are given as an
integral and essential part of the transactions contemplated hereby. Employee
has independently consulted with counsel and has been advised in all respects
concerning the reasonableness and propriety of the covenants contained herein,
with specific regard to the business to be conducted by Company and its
subsidiaries and affiliates, and represents that the Agreement is intended to
be, and shall be, fully enforceable and effective in accordance with its terms.

 

14.                                 Severability. In the event
that any covenant contained in this Agreement shall be determined by any court
of competent jurisdiction to be unenforceable by reason of its extending for
too great a period of time or over too great a geographical area or by reason
of its being too extensive in any other respect, it shall be interpreted to
extend only over the maximum period of time for which it may be enforceable
and/or over the maximum geographical area as to which it may be enforceable
and/or to the maximum extent in all other respects as to which it may be
enforceable, all as determined by such court in such action. The existence of
any claim or cause of action which Employee may have against the Company or any
of its subsidiaries or affiliates shall not constitute a defense or bar to the
enforcement of any of the provisions of this Agreement.

 

15.                                 Counterparts;
Facsimile Signatures. This Agreement may be executed in one or more
counterparts, all of which taken together shall constitute one and the same
Agreement. Each party may rely upon the execution of this Agreement by the
other party via the facsimile signature as if such facsimile signature were an
original signature.

 

16.                                 Miscellaneous. This
Agreement shall be governed by and construed under the laws of the State of New
York, without consideration of its choice of law provisions, and shall not be
amended, modified or discharged in whole or in part except by an agreement in
writing signed by both of the parties hereto. The failure of either of the
parties to require the performance of a term or obligation or to exercise any
right under this Agreement or the waiver of any breach hereunder shall not
prevent subsequent enforcement of such term or obligation or exercise of such right
or the enforcement at any time of any other right hereunder or be deemed a
waiver of any subsequent breach of the provision so breached, or of any other
breach hereunder. This Agreement shall inure to the benefit of, and be binding
upon and assignable to, successors of the Company by way of merger,
consolidation or sale and may not be assigned by Employee. This Agreement
supersedes and terminates all prior understandings and agreements between the
parties (or their predecessors) relating to the subject matter hereof. For
purposes of this Agreement, the term “person” means an individual, corporation,
partnership, association, trust or any unincorporated organization; a “subsidiary”
means any corporation more than 50 percent

 

12

 

of
whose outstanding voting securities, or any partnership, joint venture or other
entity more than 50 percent of whose total equity interest, is directly or
indirectly owned by such person; and an “affiliate” of a person shall mean, with
respect to a person or entity, any person or entity which directly or
indirectly controls, is controlled by, or is under common control with such
person or entity.

 

[Remainder of Page Intentionally Left Blank]

 

13

 

IN
WITNESS WHEREOF, the parties have executed this Agreement under seal as of the
date first set forth above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  OPEN LINK FINANCIAL,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Coleman Fung

  
	
   

  	
   

  	
  Name: Coleman Fung

  
	
   

  	
   

  	
  Title:   CEO

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Kevin Hesselbirg

  
	
   

  	
  Kevin Hesselbirg

  

 

[Signature Page to Hesselbirg Employment Agreement]

 

 

EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of January 1,
2008 by and between Kevin Hesselbirg (“Employee”) and Open Link
Financial, Inc., a Delaware corporation (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS,
the Employee is currently employed by the Company;

 

WHEREAS,
the Company and Employee desire to continue the employment of Employee with the
Company.

 

NOW,
THEREFORE, in consideration of the Transaction and the mutual promises and
covenants herein contained, the parties hereto agree as follows:

 

1.             Employment.  Subject to the provisions of Section 6,
the Company hereby employs Employee and Employee accepts such employment upon
the terms and conditions hereinafter set forth (the “Employment”).

 

2.             Term of Employment.  Subject to the provisions of Section 6,
the term of Employee’s employment pursuant to this Agreement shall commence on
and as of the date hereof (the “Effective Date”) and shall terminate on
the second anniversary of the Effective Date (such period, the “Term”).  Notwithstanding the foregoing, the Term shall
automatically extend for an additional year on the second anniversary of the
Effective Date and each anniversary of the Effective Date thereafter unless
either party provides written notice, within thirty (30) days of the applicable
anniversary date, to the other party indicating such party’s desire to
terminate the Employment.

 

3.             Duties; Extent of Service.

 

(a)           During the Employment, Employee shall
serve as an employee of the Company with the title and position of Chief
Executive Officer.  In this capacity,
Employee shall have all the authority and responsibility customarily associated
with such position in a company of the size and nature of the Company.  Employee shall report directly and solely to
the Board of Directors of the Company or any successor in interest to the
Company.  Employee hereby accepts such
employment, agrees to serve the Company in the capacity indicated, and agrees
to use Employee’s best efforts in, and devote Employee’s full working time,
attention, skill and energies to, the advancement of the interests of the
Company and its subsidiaries and the performance of Employee’s duties and
responsibilities hereunder.

 

(b)           The foregoing, however, shall not be
construed as preventing Employee from engaging in religious, charitable or
other community or non-profit 

 

 

activities
that do not impair Employee’s ability to fulfill Employee’s duties and
responsibilities under this Agreement.

 

4.             Compensation.

 

                (a)           During the Employment, the Company
shall pay Employee a salary at the annual rate of $350,000  per
annum (the “Base Salary”).  Such
Base Salary shall be subject to withholding under applicable law, shall be pro
rated for partial years and shall be payable in semi-monthly installments in
accordance with the Company’s usual practice as in effect from time to time.

 

(b)           During the Employment, Employee shall
be eligible to participate in any bonus plan established by the Company’s Board
of Directors (the “Board”) from time to time, until such time as a
formal plan is established, Employee’s Bonus determination shall be in
accordance with past practices.

 

5.             Benefits.

 

                (a)           During the Employment, Employee shall
be entitled to participate in any and all ESOP, medical, pension, profit sharing,
dental and life insurance plans and disability income plans, retirement
arrangements and other employment benefits as may be in effect from time to
time in the discretion of the Board. 
Such participation shall be subject to (i) the terms of the applicable
plan documents (including, as applicable, provisions granting discretion to the
Board or any administrative or other committee provided for therein or
contemplated thereby) and (ii) generally applicable policies of the
Company.

 

                (b)           During
the Employment, Employee shall receive at least twenty days (20) paid vacation
annually in accordance with the Company’s vacation policy, as in effect from
time to time.

 

                (c)           During Employee’s employment under
this Agreement, the Company shall lease on Employee’s behalf an automobile of
Employee’s choice provided that the aggregate monthly cost shall not exceed
$1,000.

 

                (d)           The
Company shall promptly reimburse Employee for all reasonable business expenses
incurred by Employee during the Employment, in accordance with the Company’s
practices, as in effect from time to time.

 

                (e)           Compliance
with the provisions of this Section 5 shall in no way create or be deemed
to create any obligation, express or implied, on the part of the Company or any
of its affiliates with respect to the continuation of any particular benefit or
other plan or arrangement maintained by them or their subsidiaries as of or
prior to the date hereof or the creation and maintenance of any particular
benefit or other plan or 

 

 

2

 

arrangement
at any time after the date hereof, except as contemplated by Section 5(b) and
5(c).

 

6.             Termination and Termination
Benefits.  Notwithstanding the
provisions of Section 2, the Employment shall terminate under the
circumstances set forth in this Section 6.

 

                (a)           Termination by the Company for Cause.  The Employment may be terminated by the
Company for Cause (as defined below) without further liability on the part of
the Company effective immediately upon written notice to Employee.  Only the following shall constitute “Cause”
for such termination:

 

(i)            the
commission of any act by Employee constituting financial dishonesty against the
Company or its subsidiaries (which act would be chargeable as a crime under applicable
law);

 

(ii)           Employee’s
engaging in any other act of dishonesty, fraud, intentional misrepresentation,
moral turpitude, illegality or harassment which would:  (A) materially adversely affect the
business or the reputation of the Company or any of its Subsidiaries with their
respective current or prospective customers, suppliers, lenders and/or other
third parties with whom such entity does or might do business; or (B) expose
the Company or any of its Subsidiaries to a risk of civil or criminal legal damages,
liabilities or penalties;

 

(iii)          the
willful and repeated failure by a Employee to follow the directives of the
Board;

 

(iv)          any
material misconduct, material violation of the Company’s written policies, or
willful and deliberate non-performance of duty by the Employee in connection
with the business affairs of the Company or its Subsidiaries; or

 

(v)           Employee’s
material breach of this Agreement or the Confidentiality and Ownership of Work
Product Acknowledgement (as defined below).

 

Notwithstanding
the foregoing, there shall be no termination for Cause pursuant to Sections
6(a)(iii), (iv) or (v) without Employee first being given, not less
ten (10) days written notice by the Board, a reasonable opportunity to be
heard before the Board and a reasonable opportunity to cure the actions or
omissions giving rise to “Cause” (to the extent such cure is reasonably
possible) within a reasonable time period.

 

                (b)           Termination by the Company Without Cause.  Subject to the payment of Termination
Benefits (as defined in Section below), the Employment may be 

 

 

3

 

terminated
without Cause by a vote of the Board and upon written notice to Employee.  It is expressly agreed and understood that if
this Agreement is terminated by the Company without Cause as provided in this Section 6(b),
it shall not impair or otherwise affect Employee’s Continuing Obligations (as
defined below).  Termination of
employment upon expiration of the Term following a decision by the Company not
to extend the Term of employment pursuant to the second sentence of Section 2
shall constitute a termination without Cause.

 

(c)           Termination by Employee for Good Reason. 
The Employment may be terminated by Employee for Good Reason (as defined
below), and upon any such termination the Employee shall be entitled to the
payment of Termination Benefits, provided that Employee first delivers to the
Company ten (10) days prior written notice of such intended termination
and provided further that the Company fails to cure any such events indicated
in such notice (to the extent such cure is reasonably possible) within a
reasonable time period.  Only the
following shall constitute “Good Reason”:

 

                (i)            any reduction in the Base Salary;

 

                (ii)           any failure without Employee’s express written consent to
continue the Employment with the title of Chief Executive Officer of the
Company or any successor in interest to the Company;

 

                (iii)          any material diminution in Employee’s duties or the
assignment to Employee of duties that are materially inconsistent with Employee’s
then current duties or title,

 

                (iv)          any other material breach by the Company of any of the
provisions described in this Agreement; and

 

                (v)           the relocation of Employee, without Employee prior written
consent, to a location 50 miles or more from the Company’s current
headquarters.

 

                (d)           Termination by Employee other than for Good Reason.  Employee’s employment under this Agreement
may be terminated by Employee other than for Good Reason by written notice to
the Board at least thirty (30) days prior to such termination.  Termination of employment upon expiration of
the Term following a decision by Employee not to extend the Term of employment
pursuant to the second sentence of Section 2 shall constitute a termination
other than for Good Reason.

 

                (e)           Certain Termination Benefits.  Unless otherwise specifically provided in
this Agreement or otherwise required by law, all compensation and benefits
payable to Employee under this Agreement shall terminate on the date of
termination of the Employment. 
Notwithstanding the foregoing, in the event of a termination of the
Employment without Cause pursuant to Section 6(b), or in the event of a
termination of 

 

 

4

 

the
Employment with the Company for Good Reason pursuant to Section 6(c), the
Company shall provide to Employee the following termination benefits (“Termination
Benefits”):

 

                (i)            continuation of salary at a rate equal to one hundred
percent (100%) of Employee’s Base Salary as in effect on the date of
termination for a period of twelve (12)  months from
the date of termination (the “Termination Benefits Period”) (payment
shall be subject to withholding under applicable law and shall be made in
periodic installments in accordance with the Company’s usual practice as in
effect from time to time);

 

                (ii)           payment of a bonus equal to 75% of the aggregate amount of
any bonus paid by the Company to Employee in respect of the last completed
fiscal year prior to such termination (payment shall be subject to withholding
under applicable law and shall be made in twelve (12) equal installments on the
dates of the periodic installment payments set forth in Section 6(e)(i));

 

                (iii)          payment of bonus under any bonus plan established by the
Board with respect to the fiscal year in which such termination occurs equal to
the bonus that would have been paid had such termination of Employment not
occurred, pro-rated to reflect the number of days between the beginning of the
relevant fiscal year and the date of such 
termination (payment shall be subject to withholding under applicable
law and shall be made at the time when the Company pays bonuses to its other
executive officers with respect to the applicable fiscal year) and

 

                (iv)          continuation of group health plan benefits during the
Termination Benefits Period, to the extent authorized by and consistent with 29
U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the cost of the regular
premium for such benefits shared in the same relative proportion by the Company
and Employee as in effect on the date of termination.

 

The
Termination Benefits set forth in (i)-(iii) above shall continue so long
as Employee is in compliance with Employee’s Continuing Obligations under this
Agreement.  If the Company wrongfully
ceases paying Termination Benefits, the Company shall pay Employees reasonable
counsel fees and cost incurred in restoring such payments.  The continuation of benefits provided under Section 6(e)(iv) shall
cease effective as of the date of commencement of any employment or
self-employment in which comparable benefits are available to the Employee as a
result of such employment or self-employment. 
The Company’s liability for Termination Benefits pursuant to Section 6(e)(i) and
(ii) shall be reduced by the amount of any severance pay due or otherwise
paid to Employee pursuant to any severance pay plan or stay bonus plan of the
Company.  Notwithstanding the 

 

 

5

 

foregoing,
nothing in this Section 6(e) shall be construed to affect Employee’s
right to receive COBRA continuation entirely at Employee’s own cost to the
extent that Employee may continue to be entitled to COBRA continuation after
Employee’s right to cost sharing under Section 6(e)(iv) ceases.  The Company and Employee agree that the
Termination Benefits paid by the Company to Employee under this Section 6(e) shall
be in full satisfaction, compromise and release of any claims arising out of
any termination of Employee’s employment without Cause pursuant to Section 6(b),
or a termination of Employee’s employment with the Company for Good Reason
pursuant to Section 6(c), and that the payment of the Termination Benefits
shall be contingent upon Employee’s delivery of a general release of any and
all claims (other than those arising under this Agreement) upon termination of
employment in a customary form reasonably satisfactory to the Company, it being
understood that no Termination Benefits shall be provided unless and until
Employee executes and delivers such release, except that the release shall not
require a waiver of Employee’s claim to any equity interest in the Company or
of any vested benefits.

 

                (f)            Disability. 
If Employee shall be disabled so as to be unable to perform the essential
functions of Employee’s then existing position or positions under this
Agreement with or without reasonable accommodation (“Disability”), the
Board may remove Employee from any responsibilities and/or reassign Employee to
another position with the Company for a period of six (6) months or during
the period of such Disability.  Such
removal and/or reassignment shall not give the Employee a right to terminate
his employment for Good Reason. 
Notwithstanding any such removal or reassignment as a result of the
Employee’s Disability, Employee shall continue to receive Employee’s full Base
Salary (less any disability pay or sick pay benefits to which Employee may be
entitled under the Company’s policies) and benefits under Section 4 of
this Agreement (except to the extent that Employee may be ineligible for one or
more such benefits under applicable plan terms) for any period of.up to six (6) months.  Employee’s employment may be terminated by
the Company at any time after six (6) months of Disability.  In the event of such termination, the Company
shall have no further obligations except to pay Employee’s accrued Base Salary
and benefits as contemplated by this Section 6(f) through the date of
such termination.  If any question shall
arise as to whether during any period Employee is disabled so as to be unable
to perform the essential functions of Employee’s then existing position or
positions with or without reasonable accommodation, Employee may, and at the
request of the Company shall, submit to the Company a certification in
reasonable detail by a physician selected by the Company to whom Employee or
Employee’s guardian has no reasonable objection as to whether Employee is so
disabled or how long such disability is expected to continue, and such
certification shall for the purposes of this Agreement be conclusive of the
issue.  Employee shall cooperate with any
reasonable request of the physician in connection with such certification.  If such question shall arise and Employee
shall fail to submit such certification, the Company’s determination of such
issue shall be binding on Employee. 
Nothing in this Section 6(f) shall be construed to waive
Employee’s rights, if any, under existing law including, without limitation,
the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq.
and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

 

6

 

                (g)           Death. 
Employee’s employment and all obligations of the Company and Employee
hereunder shall terminate in the event of the death of Employee, other than any
obligation to pay earned but unpaid Base Salary or any other earned but unpaid
compensation pursuant to this Agreement.

 

                (h)           Continuing
Obligations.  Notwithstanding
termination of this Agreement as provided in this Section 6 (other than Section 6(g))
or any other termination of Employee’s employment with the Company, Employee’s
obligations under Sections 7 and 8 hereof 
(the “Continuing Obligations”) shall survive any termination of
Employee’s employment with the Company at any time and for any reason.

 

7.             Non-Competition and
Non-Solicitation.  In consideration
of the Employee’s employment hereunder and the benefits derived by the Employee
as a result of the Transaction, Employee agrees to the following:

 

              (a)           Employee hereby agrees that during the period commencing
on the date hereof and ending on the date that is one year following the date
of the termination of Employee’s employment with the Company for any reason
regardless of the circumstances thereof (the “Noncompetition Period”),
Employee will not, without the express written consent of the Company, directly
or indirectly, anywhere in the United States or in any foreign country in which
the Company has conducted business, is conducting business or is presently
contemplating conducting business, engage in any activity which is, or
participate or invest in, or provide or facilitate the provision of financing
to, or assist (whether as owner, part-owner, shareholder, member, partner,
director, officer, trustee, executive, agent or consultant, or in any other
capacity), any business, organization or person other than the Company (or any
subsidiary or affiliate of the Company), including any such business,
organization or person involving, or which is, a family member of Employee,
whose business, activities, products or services are competitive with any of
the business, activities, products or services conducted or offered or proposed
to be conducted or offered by the Company or its subsidiaries during any period
in which Employee is employed by the Company or any of its subsidiaries.  Without implied limitation, the foregoing
covenant shall be deemed to prohibit (other than through a general solicitation
not targeted at the Company or its Subsidiaries) (a) hiring or engaging or
attempting to hire or engage for or on behalf of Employee or any such
competitor any employee of the Company or any of its direct and/or indirect
subsidiaries and affiliates, or any former employee of the Company and any of
its direct and/or indirect subsidiaries and affiliates who was employed during
the six (6) month period immediately preceding the date of such attempt to
hire or engage, (b) encouraging for or on behalf of Employee or any such
competitor any such employee to terminate his or her relationship or employment
with the Company or any of its direct or indirect subsidiaries and affiliates, (c) recruiting
or soliciting for or on behalf of Employee or any such competitor any customer
of the Company or any of its direct or indirect subsidiaries and affiliates, or
any former customer of the Company or any of its direct or indirect
subsidiaries and affiliates who was a customer during the six (6) month
period immediately preceding the date of such 

 

 

7

 

solicitation
and (d) diverting to any person (as hereinafter defined) any customer or
business opportunity of the Company or any of any of its direct or indirect
subsidiaries and affiliates.

 

                Notwithstanding anything herein to the contrary,
Employee may make passive investments in any enterprise the shares of which are
publicly traded if such investment constitutes less than five percent (5%) of
the equity of such enterprise.

 

                Employee
agrees that if a court of competent jurisdiction determines that any
restriction, or portion thereof, set forth in this Section 7 is overly
restrictive and unenforceable, the court may reduce or modify such restrictions
to those which it deems reasonable and enforceable under the circumstances, and
as so reduced or modified, the parties hereto agree that the restrictions of
this Section 7 shall remain in full force and effect. Employee further
agrees that if a court of competent jurisdiction determines that any provision
of this Section 7 is unenforceable, the remaining provisions of this Section 7
and the remainder of this Agreement shall not be affected thereby, and shall
remain in full force and effect.

 

Employee
acknowledges that the restrictions contained in this paragraph in view of the
nature of the Company’s business, are reasonable and necessary to protect the
Company’s legitimate business interests and that any violation of this
paragraph would result in irreparable injury to the Company, and that monetary
damages may not be sufficient to compensate the Company for any economic loss
which may be incurred by reason of breach of the foregoing restrictive
covenants.   In the event of a breach or
a threatened breach by Employee of any provision in this paragraph, the Company
shall be entitled to a temporary restraining order and injunctive relief
restraining Employee from the commission of any breach, and to recover the
Company’s attorneys’ fees, costs and expenses related to the breach or
threatened breach.  Nothing contained in
this paragraph shall be construed as prohibiting the Company from pursuing any
other remedies available to it for any breach or threatened breach, including,
without limitation, the recovery of money damages, attorneys’ fees and
costs.  The restrictions in this
paragraph shall each be construed as independent of any other provisions in
this Agreement, and the existence of any claim or cause of action by Employee
against the Company, whether predicated on this Agreement or otherwise, shall
not constitute a defense to the enforcement of this Agreement.

 

                If Employee violates any of the restrictions
contained in this Section, the restrictive period will be suspended and will
not run in favor of Employee from the time of the commencement of any violation
until the time when Employee cures the violation to the Company’s reasonable
satisfaction.

 

                (b)           During
and after Employee’s employment, Employee shall cooperate fully with the
Company in the defense or prosecution of any claims or actions now in existence
or which may be brought in the future against or on behalf of the Company that
relate to events or occurrences that transpired while Employee was 

 

 

8

 

employed
by the Company.  Employee’s full
cooperation in connection with such claims or actions shall include, but not be
limited to, being available to meet with counsel to prepare for discovery or
trial and to act as a witness on behalf of the Company at mutually convenient
times.  During and after the Employment,
Employee also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as
any such investigation or review relates to events or occurrences that
transpired while Employee was employed by the Company.  The Company shall reimburse Employee for any
reasonable fees and reasonable out-of-pocket expenses incurred in connection
with Employee’s performance of obligations pursuant to this Section 7(b).

 

                                (c)           Employee agrees, while he is employed by the Company, to
offer or otherwise make known or available to it, as directed by the Board of
the Company and without additional compensation or consideration, any business
prospects, contracts or other business opportunities that Employee may
discover, find, develop or otherwise have available to Employee in the Company’s
general industry and further agrees that any such prospects, contacts or other
business opportunities shall be the property of the Company.

 

8.             Employee Agreement Regarding Non-Disclosure and
Development.  As a condition of the
Company entering into this agreement and as a condition of the Employment,
Employee shall execute, prior to the execution hereof by the Company, the
Confidentiality and Ownerhsip of Work Product Acknowledgement attached hereto
as Exhibit A (the “Non-Disclosure Agreement”).  The obligations of the Employee under the
Non-Disclosure Agreement shall survive any termination of the Employment at any
time and for any reason.

 

9.             Parties in Interest; Certain
Remedies.  It is specifically
understood and agreed that this Agreement is intended to confer a benefit,
directly or indirectly, on the Company and its direct and indirect subsidiaries
and affiliates, and that any breach of the provisions of this Agreement by
Employee or any of Employee’s affiliates will result in irreparable injury to
the Company and its subsidiaries and affiliates, that the remedy at law alone
will be an inadequate remedy for such breach and that, in addition to any other
remedy it may have, the Company or its subsidiaries and affiliates shall be
entitled to enforce the specific performance of this Agreement by Employee
through both temporary and permanent injunctive relief without the necessity of
posting a bond or proving actual damages, but without limitation of their right
to damages and any and all other remedies available to them, it being
understood that injunctive relief is in addition to, and not in lieu of, such
other remedies.

 

10.           Dispute Resolution.

 

                (a)           All disputes, claims, or
controversies arising out of or relating to this Agreement or any other
agreement executed and delivered pursuant to this Agreement or the negotiation,
validity or performance hereof and thereof or the transactions contemplated
hereby and thereby, or the rights and obligations of the parties hereunder or 

 

 

9

 

thereunder, that are not resolved by mutual agreement shall be resolved
solely and exclusively by binding arbitration to be conducted before Judicial
Arbitration and Mediation Services, Inc. (“JAMS”).  The arbitration shall be held in New York,
New York before a single arbitrator and shall be conducted in accordance with
the rules and regulations promulgated by JAMS unless specifically modified
herein.

 

                (b)           The parties covenant and agree that the arbitration shall
commence within one hundred eighty (180) days of the date on which a written
demand for arbitration is filed by any party hereto.  In connection with the arbitration
proceeding, the arbitrator shall have the power to order the production of
documents by each party and any third-party witnesses.  In addition, each party may take up to three
depositions as of right, and the arbitrator may in his or her discretion allow
additional depositions upon good cause shown by the moving party.  However, the arbitrator shall not have the
power to order the answering of interrogatories or the response to requests for
admission.  In connection with any arbitration,
each party shall provide to the other, no later than seven (7) business
days before the date of the arbitration, the identity of all persons that may
testify at the arbitration and a copy of all documents that may be introduced
at the arbitration or considered or used by a party’s witness or expert.  The arbitrator’s decision and award shall be
made and delivered within six (6) months of the selection of the
arbitrator.  The arbitrator’s decision
shall set forth a reasoned basis for any award of damages or finding of
liability.  The arbitrator shall not have
power to award damages in excess of actual compensatory damages and shall not
multiply actual damages or award punitive damages or any other damages that are
specifically excluded under this Agreement, and each party hereby irrevocably
waives any claim to such damages.

 

                (c)           The parties covenant and agree that they will participate
in the arbitration in good faith and that they will, except as provided below, (i) bear
their own attorneys’ fees, costs and expenses in connection with the
arbitration, and (ii) share equally in the fees and expenses charged by
JAMS.  The arbitrator may in his or her
discretion assess costs and expenses (including the reasonable legal fees and
expenses of the prevailing party) against any party to a proceeding.  Any party unsuccessfully refusing to comply
with an order of the arbitrators shall be liable for costs and expenses,
including attorneys’ fees, incurred by the other party in enforcing the
award.  This Section 10(c) applies
equally to requests for temporary, preliminary or permanent injunctive relief,
except that in the case of temporary or preliminary injunctive relief any party
may proceed in court without prior arbitration for the purpose of avoiding
immediate and irreparable harm or to enforce the provisions of Section 9.

 

                (d)           Each of the parties hereto irrevocably and unconditionally
consents to the exclusive jurisdiction of JAMS to resolve all disputes, claims
or controversies arising out of or relating to this Agreement or any other
agreement executed and delivered pursuant to this Agreement or the negotiation,
validity or performance hereof and thereof, or the transactions contemplated
hereby and thereby, or the rights and obligations of the parties hereunder or
thereunder, and further consents to the sole and exclusive jurisdiction of the
courts of the State of New York for the purposes of enforcing the arbitration 

 

 

10

 

provisions
of this Section 10.  Each party
further irrevocably waives any objection to proceeding before JAMS based upon
lack of personal jurisdiction or to the laying of venue and further irrevocably
and unconditionally waives and agrees not to make a claim in any court that
arbitration before JAMS has been brought in an inconvenient forum.  Each of the parties hereto hereby consents to
service of process by registered mail at the address to which notices are to be
given.  Each of the parties hereto agrees
that its or his submission to jurisdiction and its or his consent to service of
process by mail is made for the express benefit of the other parties hereto.

 

                11.           Notices.  All
notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given if delivered personally or
mailed by certified or registered mail (return receipt requested) as follows:

 

	
  To
  the Company:

  	
   

  	
  Open
  Link Financial, Inc.

  
	
   

  	
   

  	
  1502
  Reckson Plaza

  
	
   

  	
   

  	
  15th
  Floor — West Tower

  
	
   

  	
   

  	
  Uniondale,
  NY

  
	
   

  	
   

  	
  Facsimile: (516) 227-1799

  
	
   

  	
   

  	
   

  
	
  To Employee:

  	
   

  	
  Kevin Hesselbirg

  
	
   

  	
   

  	
  15 Heather Drive

  
	
   

  	
   

  	
  Kings Park, New York 11576

  
	
   

  	
   

  	
  Telecopy No.: (516)
  394-1193

  

 

or
to such other address of which any party may notify the other parties as
provided above.  Notices shall be
effective as of the date of such delivery or mailing.

 

12.           Indemnification.  The Company shall indemnify the Employee for
any and all damages, liabilities, losses, claims, judgments, taxes, fines,
penalties, reasonable costs and expenses (including reasonable fees of counsel)
whether or not arising out of third party claims and including all reasonable
amounts paid in investigation, defense or settlement of the foregoing
(collectively, “Losses”) that may be sustained or suffered by Employee
based upon or arising out of any lease or other agreement of any kind entered
into by Employee for the benefit of the Company or upon any conduct or omission
by Employee within the scope of his job duties. 
The Company shall promptly reimburse Employee for any Losses as they are
incurred by Employee.

 

13.           Scope of Agreement.  The parties acknowledge that the time, scope,
geographic area and other provisions of Section 7 and the Non-Disclosure
Agreement referred to in Section 8 have been specifically negotiated by
sophisticated parties and agree that all such provisions are reasonable under
the circumstances of the transactions contemplated hereby, and are given as an
integral and essential part of the transactions contemplated hereby.  Employee has independently consulted with
counsel and has been advised in all respects concerning the reasonableness and
propriety of the covenants contained herein, with specific regard to the
business to be conducted by Company and its 

 

 

11

 

subsidiaries
and affiliates, and represents that the Agreement is intended to be, and shall
be, fully enforceable and effective in accordance with its terms.

 

14.           Severability.  In the event that any covenant contained in
this Agreement shall be determined by any court of competent jurisdiction to be
unenforceable by reason of its extending for too great a period of time or over
too great a geographical area or by reason of its being too extensive in any
other respect, it shall be interpreted to extend only over the maximum period
of time for which it may be enforceable and/or over the maximum geographical
area as to which it may be enforceable and/or to the maximum extent in all
other respects as to which it may be enforceable, all as determined by such
court in such action.  The existence of
any claim or cause of action which Employee may have against the Company or any
of its subsidiaries or affiliates shall not constitute a defense or bar to the
enforcement of any of the provisions of this Agreement.

 

15.           Counterparts;
Facsimile Signatures.  This Agreement
may be executed in one or more counterparts, all of which taken together shall
constitute one and the same Agreement. 
Each party may rely upon the execution of this Agreement by the other
party via the facsimile signature as if such facsimile signature were an
original signature.

 

16.           Miscellaneous.  This Agreement shall be governed by and
construed under the laws of the State of New York, without consideration of its
choice of law provisions, and shall not be amended, modified or discharged in
whole or in part except by an agreement in writing signed by both of the
parties hereto.  The failure of either of
the parties to require the performance of a term or obligation or to exercise
any right under this Agreement or the waiver of any breach hereunder shall not
prevent subsequent enforcement of such term or obligation or exercise of such
right or the enforcement at any time of any other right hereunder or be deemed
a waiver of any subsequent breach of the provision so breached, or of any other
breach hereunder.  This Agreement shall
inure to the benefit of, and be binding upon and assignable to, successors of
the Company by way of merger, consolidation or sale and may not be assigned by
Employee.  This Agreement supersedes and
terminates all prior understandings and agreements between the parties (or
their predecessors) relating to the subject matter hereof.  For purposes of this Agreement, the term “person”
means an individual, corporation, partnership, association, trust or any
unincorporated organization; a “subsidiary” means any corporation more than 50
percent of whose outstanding voting securities, or any partnership, joint
venture or other entity more than 50 percent of whose total equity interest, is
directly or indirectly owned by such person; and an “affiliate” of a person
shall mean, with respect to a person or entity, any person or entity which
directly or indirectly controls, is controlled by, or is under common control
with such person or entity.

 

[Remainder of Page Intentionally Left Blank]

 

 

12

 

IN
WITNESS WHEREOF, the parties have executed this Agreement under seal as of the
date first set forth above.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Coleman Fung

  	
   

  
	
   

  	
   

  	
  Name: Coleman
  Fung

  
	
   

  	
   

  	
  Title:   Executive Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
  /s/ Kevin Hesselbirg

  	
   

  
	
   

  	
  Kevin Hesselbirg

  

 

 

[Signature Page to  Hesselbirg
Employment Agreement]Exhibit
10.8

 

EMPLOYMENT
AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”) is entered into as of March 19, 2008 (the “Effective
Date”) by and between Paul A. Valenti (“Employee”) and Open Link
Financial, Inc., a Delaware corporation (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS,
the Employee has certain experience and expertise that qualify him to provide
the managerial and financial skills that the Company requires, and thus the
Company and Employee deem it in their respective best interests to enter into
an agreement providing for the Employee’s employment as the Company’s Chief
Financial Officer, subject to the terms and conditions specified herein;

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants herein contained, the
parties hereto agree as follows:

 

1.                                       Employment.  Subject to the provisions of Section 6,
the Company hereby employs Employee and Employee accepts such employment upon
the terms and conditions hereinafter set forth (the “Employment”).

 

2.                                       Term of Employment.  Subject
to the provisions of Section 6, the term of Employee’s employment pursuant
to this Agreement shall commence on and as of the Effective Date and shall
terminate on the second anniversary of the Effective Date (such period, the “Term”).  Notwithstanding the foregoing, the Term shall
automatically extend for an additional year on the second anniversary of the
Effective Date and each anniversary of the Effective Date thereafter unless
either party provides to the other party written notice of such party’s desire
to terminate the Employment at the end of the Term or extension thereof not
less than thirty (30) days prior to the applicable anniversary of the Effective
Date.

 

3.                                       Duties; Extent of Service.

 

(a)                                  During the Employment, Employee shall serve
as an employee of the Company with the title and position of Chief Financial
Officer.  In this capacity, Employee
shall have all the authority and responsibility customarily associated with
such position in a company of the size and nature of the Company.  Employee shall report directly and solely to
the Chief Executive Officer of the Company or any successor in interest to the
Company.  Employee hereby accepts such
employment, agrees to serve the Company in the capacity indicated, and agrees
to use Employee’s best efforts in, and devote Employee’s full working time,
attention, skill and energies to, the advancement of the interests of the
Company and its subsidiaries and the performance of Employee’s duties and
responsibilities hereunder.

 

 

(b)                                 The foregoing, however, shall not be
construed as preventing Employee from engaging in religious, charitable or
other community or non-profit activities that do not impair Employee’s ability
to fulfill Employee’s duties and responsibilities under this Agreement.

 

4.                                       Compensation.

 

(a)                                  During the Employment, the
Company shall pay Employee a salary at the annual rate of $200,000  per annum (the “Base Salary”).  Such Base Salary shall be subject to
withholding under applicable law, shall be pro rated for partial years and
shall be payable in semi-monthly installments in accordance with the Company’s
usual practice as in effect from time to time.

 

(b)                                 During calendar year 2008, Employee shall
receive a quarterly bonus of $25,000.00 (equivalent to $100,000 on an
annualized basis), payable on the last payroll day of each calendar year
quarter while Employee is in an active payroll status, except that in any
quarter with respect to which Employee was not employed for the entire quarter
this amount will be prorated based upon the number of days that Employee was
employed by the Company in such quarter. 
During the last calendar quarter of 2008, Employee and the Company shall
confer in good faith in order to agree on a reallocation of Base Salary and
quarterly bonus amounts to commence on January 1, 2009; provided, however,
that the calendar year 2009 total compensation related to these two
compensation components shall be no less than $300,000.

 

(c)                                  In addition to the foregoing, during the
Employment, Employee shall receive a discretionary annual bonus of not less
than 37%-50% of Employee’s annual base salary (the “Discretionary Bonus”).

 

(d)                                 Subject to the terms and conditions of the
Stock Option Agreement, Employee shall receive a grant of 100,000 options,
vesting over 5 years commencing on the date of grant with a strike price set at
the latest Fair Market Value (FMV) stock price estimate.

 

5.                                       Benefits.

 

(a)                                  During the Employment,
Employee shall be entitled to participate in any and all ESOP, medical,
pension, profit sharing, dental and life insurance plans and disability income
plans, retirement arrangements and other employment benefits as may be in
effect from time to time in the discretion of the Board.  Such participation shall be subject to (i) the
terms of the applicable plan documents (including, as applicable, provisions
granting discretion to the Board or any administrative or other committee
provided for therein or contemplated thereby) and (ii) generally
applicable policies of the Company.

 

2

 

(b)                                 In addition to 8 paid
Company holidays and 3 personal days, during the Employment, Employee shall be
entitled to at least fifteen days (15) paid vacation days annually in
accordance with the Company’s vacation policy, as in effect from time to time.

 

(c)                                  The Company shall promptly
reimburse Employee for all reasonable business expenses incurred by Employee
during the Employment, in accordance with the Company’s practices, as in effect
from time to time.

 

(d)                                 Compliance with the provisions
of this Section 5 shall in no way create or be deemed to create any
obligation, express or implied, on the part of the Company or any of its
affiliates with respect to the continuation of any particular benefit or other
plan or arrangement maintained by them or their subsidiaries as of or prior to
the date hereof or the creation and maintenance of any particular benefit or
other plan or arrangement at any time after the date hereof, except as
contemplated by Section 5(b).

 

6.                                       Termination and Termination Benefits. 
Notwithstanding the provisions of Section 2, the Employment shall
terminate under the circumstances set forth in this Section 6.

 

(a)                                  Termination by the Company
for Cause.  The
Employment may be terminated by the Company for Cause (as defined below)
without further liability on the part of the Company, except for payment of
accrued base salary and benefits through the termination date, effective
immediately upon written notice to Employee. 
Only the following shall constitute “Cause” for such termination:

 

(i)                                     the commission of any criminal act by
Employee constituting financial dishonesty against the Company or its
subsidiaries;

 

(ii)                                  Employee’s engaging in any other act of
dishonesty, fraud, intentional misrepresentation, moral turpitude, illegality
or harassment which, as determined in good faith by the Board, would:  (A) materially adversely affect the
business or the reputation of the Company or any of its Subsidiaries with their
respective current or prospective customers, suppliers, lenders and/or other
third parties with whom such entity does or might do business; or (B) expose
the Company or any of its Subsidiaries to a risk of civil or criminal legal
damages, liabilities or penalties;

 

(iii)                               the willful and repeated failure by Employee to follow the lawful
directives of the Chief Executive Officer of the Company or the Board;

 

(iv)                              any material misconduct, material violation of the Company’s written
policies, or willful and deliberate non-performance of duty by the Employee in
connection with the business affairs of the Company or its Subsidiaries; or

 

3

 

(v)                                 Employee’s material breach of this Agreement
or the Agreement Relating to Confidentiality, Ownership of Work Product,
Nonsolicitation and Noninterference (as defined below).

 

Notwithstanding
the foregoing, there shall be no termination for Cause pursuant to Sections
6(a)(iii), (iv) or (v) without Employee first being given, not less
ten (10) days written notice by the Board, a reasonable opportunity to be
heard before the Board and a reasonable opportunity to cure the actions or
omissions giving rise to “Cause” (to the extent such cure is reasonably
possible) within a reasonable time period.

 

(b)                                 Termination by the Company Without Cause.  The
Employment may be terminated without Cause by a majority vote of the Board and
upon written notice to Employee and upon any such termination without Cause,
the Employee shall be entitled to the payment of Termination Benefits.  It is expressly agreed and understood that if
this Agreement is terminated by the Company without Cause as provided in this Section 6(b),
it shall not impair or otherwise affect Employee’s Continuing Obligations (as
defined below).  Termination of
employment upon expiration of the Term or any extension thereof following a
decision by the Company not to extend the Term of employment pursuant to the
second sentence of Section 2 shall constitute a termination without Cause
thereby entitling Employee to Termination Benefits.

 

(c)                                  Termination
by Employee for Good Reason.  The
Employment may be terminated by Employee for Good Reason (as defined below),
and upon any such termination the Employee shall be entitled to the payment of
Termination Benefits.  Notwithstanding
the foregoing, there shall be no termination for Good Reason unless the
Employee first delivers to the Company ten (10) days prior written notice
of such intended termination and provided further that the Company fails to
cure any such events indicated in such notice (to the extent such cure is
reasonably possible) within a reasonable time period.  Only
the following shall constitute “Good Reason”:

 

(i)                                     any reduction in the Base Salary and/or
quarterly bonus such that the total amount would be below $300,000;

 

(ii)                                  any failure without Employee’s express
written consent to continue the Employment with the title of Chief Financial
Officer of the Company or any successor in interest to the Company reporting to
the Chief Executive Officer of the Company;

 

(iii)                               any material diminution in Employee’s duties
or the assignment to Employee of duties that are materially inconsistent with
Employee’s position as Chief Financial Officer of the Company as contemplated
hereby,

 

4

 

(iv)                              any other material breach by the Company of
any of the provisions described in this Agreement; or

 

(v)                                 the relocation of Employee, without Employee
prior written consent, to a location 50 miles or more from the Company’s
current headquarters.

 

(d)                                 Termination by Employee other than for Good
Reason.  Employee’s employment under this Agreement
may be terminated by Employee at any time other than for Good Reason by written
notice to the Board at least thirty (30) days prior to the effective date of
such termination.  Termination of
employment upon expiration of the Term following a decision by Employee not to
extend the Term of employment pursuant to the second sentence of Section 2
shall constitute a termination other than for Good Reason.

 

(e)                                  Certain Termination Benefits. 
Unless otherwise specifically provided in this Agreement or otherwise
required by law, all compensation and benefits payable to Employee under this
Agreement shall terminate on the date of termination of the Employment.  Notwithstanding the foregoing, in the event
of a termination of the Employment without Cause pursuant to Section 6(b),
or in the event of a termination of the Employment with the Company for Good
Reason pursuant to Section 6(c), the Company shall provide to Employee the
following termination benefits (“Termination Benefits”):

 

(i)                                     continuation of salary at a rate equal to one
hundred percent (100%) of Employee’s Base Salary as in effect on the date of
termination for a period of twelve (12)  months from
the date of termination (the “Termination Benefits Period”) (payment
shall be subject to withholding under applicable law and shall be made in
periodic installments, but no less frequently than monthly, in accordance with
the Company’s usual practice as in effect from time to time);

 

(ii)                                  continuation of the quarterly bonus amounts
equal to the aggregate amount of any such then current quarterly bonus in
effect at the time of termination for the entirety of the Termination Benefits
Period (payment shall be subject to withholding under applicable law and shall
be made in twelve (12) equal installments on the dates of the periodic
installment payments set forth in Section 6(e)(i));

 

(iii)                               payment of the Discretionary Bonus  with respect to the fiscal year in which such
termination occurs equal to the Discretionary Bonus that would have been paid
had such termination of Employment not occurred, pro-rated to reflect the
number of days from the beginning of the relevant fiscal year to the date of
such  termination (payment shall be
subject to withholding under applicable law and shall be made at the time

 

5

 

when the Company pays bonuses to its other executive officers with
respect to the applicable fiscal year);

and

 

(iv)                              continuation of Employee’s participation in
the Company’s group health plan benefits during the Termination Benefits
Period, to the extent authorization by and consistent with 29 U.S.C.  § 1161 et. Seq. (commonly known as “COBRA”),
with the cost of the regular premium for such benefits shared in the same
relative proportion by the Company and Employee as in effect on the date of
termination.

 

The
Termination Benefits set forth in (i)-(iii) above shall continue so long
as Employee is in compliance with Employee’s Continuing Obligations under this
Agreement.  The continuation of benefits
provided under Section 6(e)(iv) shall cease effective as of the date
of commencement of any employment or self-employment in which comparable
benefits are available to the Employee as a result of such employment or
self-employment.  However, such
employment or self-employment shall not affect Employee’s right to receive the
Termination Benefits outlined in (i)-(iii) so long as Employee is in
compliance with Employee’s Continuing Obligations.   The Company’s liability for Termination
Benefits pursuant to Section 6(e)(i), (ii) and (iii) shall be
reduced by the amount of any severance pay due or otherwise paid to Employee
pursuant to any severance pay plan or stay bonus plan of the Company.  Notwithstanding the foregoing, nothing in
this Section 6(e) shall be construed to affect Employee’s right to
receive COBRA continuation entirely at Employee’s own cost to the extent that
Employee may elect continuation of benefits pursuant to COBRA after the
Termination Benefits Period ends.  The
Company and Employee agree that the Termination Benefits paid by the Company to
Employee under this Section 6(e) shall be in full satisfaction,
compromise and release of any claims arising out of any termination of Employee’s
employment without Cause pursuant to Section 6(b), or a termination of
Employee’s employment with the Company for Good Reason pursuant to Section 6(c),
and that the payment of the Termination Benefits shall be contingent upon
Employee’s delivery of a general release of any and all claims (other than
those arising under this Agreement) upon termination of employment in a
customary form reasonably satisfactory to the Company, it being understood that
no Termination Benefits shall be provided unless and until Employee executes
and delivers such release.

 

(f)                                    Disability.  If Employee shall be disabled
so as to be unable to perform the essential functions of Employee’s then
existing position or positions under this Agreement with or without reasonable
accommodation for a period of two weeks or more in any calendar year (“Disability”),
the Board may place Employee on a medical leave of absence and/or remove
Employee from any responsibilities and/or reassign Employee to another position
with the Company for a period of six (6) months or during the period of
such Disability.  Such leave of absence,
removal and/or reassignment shall not give the Employee a right to terminate
his employment for Good Reason. 
Notwithstanding any such leave of absence, removal or reassignment as a
result of the Employee’s Disability, Employee shall continue to receive
Employee’s full Base Salary and quarterly bonus (less

 

6

 

any disability pay or sick pay benefits to
which Employee may be entitled under the Company’s policies) and benefits under
Section 4 of this Agreement (except to the extent that Employee may be
ineligible for one or more such benefits under applicable plan terms) for any
period of up to six (6) months. 
Employee’s employment may be terminated by the Company at any time after
six (6) months of Disability.  In
the event of such termination, the Company shall have no further obligations
except to pay Employee’s accrued Base Salary, 
quarterly bonus and a pro-rated Discretionary Bonus (equal to 43.5% of
Employee’s annual base salary) and benefits as contemplated by this Section 6(f) through
the date of such termination.  If any
question shall arise as to whether during any period Employee is disabled so as
to be unable to perform the essential functions of Employee’s then existing
position or positions with or without reasonable accommodation, Employee may,
and at the request of the Company shall, submit to the Company a certification
in reasonable detail by a physician selected by the Company to whom Employee or
Employee’s guardian has no reasonable objection as to whether Employee is so
disabled or how long such disability is expected to continue, and such
certification shall for the purposes of this Agreement be conclusive of the issue.  Employee shall cooperate with any reasonable
request of the physician in connection with such certification.  If such question shall arise and Employee
shall fail to submit such certification, the Company’s determination of such
issue shall be binding on Employee. 
Nothing in this Section 6(f) shall be construed to waive
Employee’s rights, if any, under existing law including, without limitation,
the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq.
and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(g)                                 Death.  Employee’s employment and all
obligations of the Company and Employee hereunder shall terminate in the event
of the death of Employee, other than any obligation to pay to Employee’s estate
all earned but unpaid Base Salary, quarterly bonus and a pro-rated
Discretionary Bonus (equal to 43.5% of Employee’s annual base salary) or any
other earned but unpaid compensation pursuant to this Agreement.

 

(h)                                 Continuing Obligations. 
Notwithstanding termination of this Agreement as provided in this Section 6
(other than Section 6(g)) or any other termination of Employee’s
employment with the Company, Employee’s obligations under Sections 7 and 8
hereof  (the “Continuing Obligations”)
shall survive any termination of Employee’s employment with the Company at any
time and for any reason.

 

7.                                       Non-Competition and Non-Solicitation.  In
consideration of the Employee’s employment hereunder and the benefits derived
by the Employee as a result of the Transaction, Employee agrees to the following:

 

(a)                                  Employee hereby agrees that during the period
commencing on the date hereof and ending on the date that is one year following
the date of the termination of Employee’s employment with the Company for any
reason regardless of the circumstances thereof (the “Noncompetition Period”),
Employee will not, without the express written consent of the Company, directly
or indirectly, anywhere in the United States or in any

 

7

 

foreign country in which the Company has
conducted business, is conducting business or is presently contemplating
conducting business, engage in any activity which is, or participate or invest
in, or provide or facilitate the provision of financing to, or assist (whether
as owner, part-owner, shareholder, member, partner, director, officer, trustee,
executive, agent or consultant, or in any other capacity), any business,
organization or person other than the Company (or any subsidiary or affiliate
of the Company), including any such business, organization or person involving,
or which is, a family member of Employee, whose business, activities, products
or services are competitive with any of the business, activities, products or
services conducted or offered or proposed to be conducted or offered by the
Company or its subsidiaries during any period in which Employee is employed by
the Company or any of its subsidiaries. 
Without implied limitation, the foregoing covenant shall be deemed to
prohibit (other than through a general solicitation not targeted at the Company
or its Subsidiaries) (a) hiring or engaging or attempting to hire or
engage for or on behalf of Employee or any such competitor any employee of the
Company or any of its direct and/or indirect subsidiaries and affiliates, or
any former employee of the Company and any of its direct and/or indirect
subsidiaries and affiliates who was employed during the six (6) month
period immediately preceding the date of such attempt to hire or engage, (b) encouraging
for or on behalf of Employee or any such competitor any such employee to
terminate his or her relationship or employment with the Company or any of its
direct or indirect subsidiaries and affiliates, (c) recruiting or
soliciting for or on behalf of Employee or any such competitor any customer of
the Company or any of its direct or indirect subsidiaries and affiliates, or
any former customer of the Company or any of its direct or indirect
subsidiaries and affiliates who was a customer during the six (6) month
period immediately preceding the date of such solicitation and (d) diverting
to any person (as hereinafter defined) any customer or business opportunity of
the Company or any of any of its direct or indirect subsidiaries and
affiliates.

 

Notwithstanding
anything herein to the contrary, Employee may make passive investments in any
enterprise the shares of which are publicly traded if such investment
constitutes less than five percent (5%) of the equity of such enterprise.

 

Employee agrees that if a
court of competent jurisdiction determines that any restriction, or portion
thereof, set forth in this Section 7 is overly restrictive and
unenforceable, the court may reduce or modify such restrictions to those which
it deems reasonable and enforceable under the circumstances, and as so reduced
or modified, the parties hereto agree that the restrictions of this Section 7
shall remain in full force and effect. Employee further agrees that if a court
of competent jurisdiction determines that any provision of this Section 7
is unenforceable, the remaining provisions of this Section 7 and the
remainder of this Agreement shall not be affected thereby, and shall remain in
full force and effect.

 

Employee
acknowledges that the restrictions contained in this paragraph in view of the
nature of the Company’s business, are reasonable and necessary to protect the
Company’s legitimate business interests and that any violation of this
paragraph could

 

8

 

result in irreparable injury to the Company,
and that monetary damages may not be sufficient to compensate the Company for
any economic loss which may be incurred by reason of breach of the foregoing
restrictive covenants.   In the event of
a breach or a threatened breach by Employee of any provision in this paragraph,
the Company shall be entitled to seek a temporary restraining order and
injunctive relief restraining Employee from the commission of any breach, and
to recover the Company’s attorneys’ fees, costs and expenses related to the
breach or threatened breach.  Nothing
contained in this paragraph shall be construed as prohibiting the Company from
pursuing any other remedies available to it for any breach or threatened
breach, including, without limitation, the recovery of money damages, attorneys’
fees and costs.  The restrictions in this
paragraph shall each be construed as independent of any other provisions in
this Agreement, and the existence of any claim or cause of action by Employee
against the Company, whether predicated on this Agreement or otherwise, shall
not constitute a defense to the enforcement of this Agreement.

 

If
Employee violates any of the restrictions contained in this Section, the
restrictive period will be suspended and will not run in favor of Employee from
the time of the commencement of any violation until the time when Employee
cures the violation to the Company’s reasonable satisfaction.

 

(b)                                 During and after Employee’s employment,
Employee shall cooperate fully with the Company in the defense or prosecution
of any claims or actions now in existence or which may be brought in the future
against or on behalf of the Company that relate to events or occurrences that
transpired while Employee was employed by the Company.  Employee’s full cooperation in connection
with such claims or actions shall include, but not be limited to, being
available to meet with counsel to prepare for discovery or trial and to act as
a witness on behalf of the Company at mutually convenient times.  During and after the Employment, Employee
also shall cooperate fully with the Company in connection with any
investigation or review of any federal, state or local regulatory authority as
any such investigation or review relates to events or occurrences that
transpired while Employee was employed by the Company.  The Company shall reimburse Employee for any
reasonable fees and reasonable out-of-pocket expenses incurred in connection
with Employee’s performance of obligations pursuant to this Section 7(b) and,
to the extent the performance of Employee’s obligations hereunder occurs after
the termination of Employee’s employment, the Company shall pay Employee at a
per diem rate equal to Employee’s base salary and quarterly bonus in effect at
the time of the termination of Employee’s employment..

 

(c)                                  Employee agrees, while he is employed by the
Company, to offer or otherwise make known or available to it, as directed by
the Board of the Company and without additional compensation or consideration,
any business prospects, contracts or other business opportunities that Employee
may discover, find, develop or otherwise have available to Employee in the
Company’s general industry and further agrees that any such prospects, contacts
or other business opportunities shall be the property of the Company.

 

9

 

8.                                       Employee
Agreement Regarding Non-Disclosure and Development.  As a condition of the Company entering into
this agreement and as a condition of the Employment, Employee shall execute,
prior to the execution hereof by the Company, the Agreement Relating to
Confidentiality, Ownership of Work Product, Nonsolicitation and Noninterference
attached hereto as Exhibit A (the “Non-Disclosure Agreement”).  The obligations of the Employee under the
Non-Disclosure Agreement shall survive any termination of the Employment at any
time and for any reason.  To the extent
of a conflict between this Agreement and the Non-Disclosure Agreement, this
Agreement shall prevail.

 

9.                                       Parties in Interest; Certain Remedies.  It
is specifically understood and agreed that this Agreement is intended to confer
a benefit, directly or indirectly, on the Company and its direct and indirect
subsidiaries and affiliates, and that any breach of the provisions of this
Agreement by Employee or any of Employee’s affiliates will  result in irreparable injury to the Company
and its subsidiaries and affiliates, that the remedy at law alone will  be an inadequate remedy for such breach and
that, in addition to any other remedy it may have, the Company or its subsidiaries
and affiliates shall be entitled to seek to enforce the specific performance of
this Agreement by Employee through both temporary and permanent injunctive
relief without the necessity of posting a bond or proving actual damages, but
without limitation of their right to damages and any and all other remedies
available to them, it being understood that injunctive relief is in addition
to, and not in lieu of, such other remedies. 
The prevailing party to any action under this Agreement shall be
entitled to reimbursement of its reasonable attorney’s fees and costs.

 

10.                                 Dispute Resolution.

 

(a)                                  All disputes, claims, or controversies
arising out of or relating to this Agreement or any other agreement executed
and delivered pursuant to this Agreement or the negotiation, validity or
performance hereof and thereof or the transactions contemplated hereby and
thereby, or the rights and obligations of the parties hereunder or thereunder,
that are not resolved by mutual agreement shall be resolved solely and exclusively
by binding arbitration to be conducted before Judicial Arbitration and
Mediation Services, Inc. (“JAMS”). 
The arbitration shall be held in New York, New York before a single
arbitrator and shall be conducted in accordance with the rules and
regulations promulgated by JAMS unless specifically modified herein.

 

(b)                                 The parties covenant and agree that the
arbitration shall commence within one hundred eighty (180) days of the date on
which a written demand for arbitration is filed by any party hereto.  In connection with the arbitration
proceeding, the arbitrator shall have the power to order the production of
documents by each party and any third-party witnesses.  In addition, each party may take up to three
depositions as of right, and the arbitrator may in his or her discretion allow
additional depositions upon good cause shown by the moving party.  However, the arbitrator shall not have the
power to order the answering of interrogatories or the response to requests for
admission.  In connection with any
arbitration, each party shall provide to the other, no later than seven (7) business
days before the date of the arbitration, the identity of all persons that may

 

10

 

testify at the arbitration and a copy of all
documents that may be introduced at the arbitration or considered or used by a
party’s witness or expert.  The
arbitrator’s decision and award shall be made and delivered within six (6) months
of the selection of the arbitrator.  The
arbitrator’s decision shall set forth a reasoned basis for any award of damages
or finding of liability.  The arbitrator
shall not have power to award damages in excess of actual compensatory damages
and shall not multiply actual damages or award punitive damages or any other
damages that are specifically excluded under this Agreement, and each party
hereby irrevocably waives any claim to such damages.

 

(c)                                  The parties covenant and agree that they will
participate in the arbitration in good faith and that they will, except as
provided below, (i) bear their own attorneys’ fees, costs and expenses in
connection with the arbitration, and (ii) share equally in the fees and
expenses charged by JAMS.  The arbitrator
may in his or her discretion assess costs and expenses (including the
reasonable legal fees and expenses of the prevailing party) against any party
to a proceeding.  Any party
unsuccessfully refusing to comply with an order of the arbitrators shall be
liable for costs and expenses, including attorneys’ fees, incurred by the other
party in enforcing the award.  This Section 10(c) applies
equally to requests for temporary, preliminary or permanent injunctive relief,
except that in the case of temporary or preliminary injunctive relief any party
may proceed in court without prior arbitration for the purpose of avoiding
immediate and irreparable harm or to enforce the provisions of Section 9.

 

(d)                                 Each of the parties hereto irrevocably and
unconditionally consents to the exclusive jurisdiction of JAMS to resolve all
disputes, claims or controversies arising out of or relating to this Agreement
or any other agreement executed and delivered pursuant to this Agreement or the
negotiation, validity or performance hereof and thereof, or the transactions
contemplated hereby and thereby, or the rights and obligations of the parties
hereunder or thereunder, and further consents to the sole and exclusive
jurisdiction of the courts of the State of New York for the purposes of
enforcing the arbitration provisions of this Section 10.  Each party further irrevocably waives any
objection to proceeding before JAMS based upon lack of personal jurisdiction or
to the laying of venue and further irrevocably and unconditionally waives and
agrees not to make a claim in any court that arbitration before JAMS has been
brought in an inconvenient forum.  Each
of the parties hereto hereby consents to service of process by registered mail
at the address to which notices are to be given.  Each of the parties hereto agrees that its or
his submission to jurisdiction and its or his consent to service of process by
mail is made for the express benefit of the other parties hereto.

 

11.                                 Notices.  All notices, requests, demands
and other communications hereunder shall be in writing and shall be deemed to
have been duly given if delivered personally or mailed by certified or
registered mail (return receipt requested) as follows:

 

11

 

	
  To
  the Company:

  	
   

  	
  Open
  Link Financial, Inc.

  
	
   

  	
   

  	
  1502
  Reckson Plaza

  
	
   

  	
   

  	
  15th
  Floor – West Tower

  
	
   

  	
   

  	
  Uniondale,
  NY 11556

  
	
   

  	
   

  	
  Facsimile: (516) 394-1196

  
	
   

  	
   

  	
   

  
	
  To Employee:

  	
   

  	
  Paul A. Valenti

  
	
   

  	
   

  	
  14 Shorewood Drive

  
	
   

  	
   

  	
  Sands Point, NY 11050

  
	
   

  	
   

  	
  Phone – 516-767-9093

  

 

or
to such other address of which any party may notify the other parties as
provided above.  Notices shall be
effective as of the date of such delivery or mailing.

 

12.                                 Indemnification.  The
Company shall to the fullest extent permitted by applicable law indemnify the
Employee for any and all damages, liabilities, losses, claims, judgments,
taxes, fines, penalties, reasonable costs and expenses (including reasonable
fees of counsel) whether or not arising out of third party claims and including
all reasonable amounts paid in investigation, defense or settlement of the
foregoing (collectively, “Losses”) that may be sustained or suffered by
Employee based upon or arising out of any agreements of any kind entered into
by Employee for the benefit of the Company . 
The Company shall promptly reimburse Employee for any Losses as they are
incurred by Employee.

 

13.                                 Scope of Agreement.  The
parties acknowledge that the time, scope, geographic area and other provisions
of Section 7 and the Non-Disclosure Agreement referred to in Section 8
have been specifically negotiated by sophisticated parties and agree that all
such provisions are reasonable under the circumstances of the transactions
contemplated hereby, and are given as an integral and essential part of the
transactions contemplated hereby. 
Employee has independently consulted with counsel and has been advised
in all respects concerning the reasonableness and propriety of the covenants
contained herein, with specific regard to the business to be conducted by
Company and its subsidiaries and affiliates, and represents that the Agreement
is intended to be, and shall be, fully enforceable and effective in accordance
with its terms.

 

14.                                 Severability.  In
the event that any covenant contained in this Agreement shall be determined by
any court of competent jurisdiction to be unenforceable by reason of its
extending for too great a period of time or over too great a geographical area
or by reason of its being too extensive in any other respect, it shall be
interpreted to extend only over the maximum period of time for which it may be
enforceable and/or over the maximum geographical area as to which it may be
enforceable and/or to the maximum extent in all other respects as to which it
may be enforceable, all as determined by such court in such action.  The existence of any claim or cause of action
which Employee may have against the Company or any of its subsidiaries or
affiliates shall not constitute a defense or bar to the enforcement of any of
the provisions of this Agreement.

 

12

 

15.                                 Counterparts; Facsimile
Signatures.  This
Agreement may be executed in one or more counterparts, all of which taken
together shall constitute one and the same Agreement.  Each party may rely upon the execution of
this Agreement by the other party via the facsimile signature as if such
facsimile signature were an original signature.

 

16.                                 Miscellaneous.  This
Agreement shall be governed by and construed under the laws of the State of New
York, without consideration of its choice of law provisions, and shall not be
amended, modified or discharged in whole or in part except by an agreement in
writing signed by both of the parties hereto. 
The failure of either of the parties to require the performance of a
term or obligation or to exercise any right under this Agreement or the waiver
of any breach hereunder shall not prevent subsequent enforcement of such term
or obligation or exercise of such right or the enforcement at any time of any
other right hereunder or be deemed a waiver of any subsequent breach of the
provision so breached, or of any other breach hereunder.  This Agreement shall inure to the benefit of,
and be binding upon and assignable to, successors of the Company by way of
merger, consolidation or sale and may not be assigned by Employee.  This Agreement supersedes and terminates all
prior understandings and agreements between the parties (or their predecessors)
relating to the subject matter hereof. 
For purposes of this Agreement, the term “person” means an individual,
corporation, partnership, association, trust or any unincorporated
organization; a “subsidiary” means any corporation more than 50 percent of
whose outstanding voting securities, or any partnership, joint venture or other
entity more than 50 percent of whose total equity interest, is directly or
indirectly owned by such person; and an “affiliate” of a person shall mean,
with respect to a person or entity, any person or entity which directly or
indirectly controls, is controlled by, or is under common control with such person
or entity.

 

[Remainder of Page Intentionally Left Blank]

 

13

 

IN WITNESS WHEREOF, the
parties have executed this Agreement under seal as of the date first set forth
above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kevin J. Hesselbirg

  
	
   

  	
   

  	
  Name:
  

  	
  Kevin
  J. Hesselbirg

  
	
   

  	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Paul A. Valenti

  
	
   

  	
  Paul
  A. Valenti

  

 

[Signature Page to  Valenti Employment Agreement]

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