Document:

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                            ASSET PURCHASE AGREEMENT
                                  BY AND AMONG
                             KOPPLE & GOTTLIEB, LLP
                  EACH OF THE MEMBERS OF KOPPLE & GOTTLIEB, LLP
                           KG BUSINESS SERVICES, INC.
                                       AND
                      COLONIAL DIRECT FINANCIAL GROUP, INC.

                                 JANUARY 1, 2000

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                                TABLE OF CONTENTS
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  ARTICLE I - PURCHASE AND SALE; CONSIDERATION
          1.1 Purchase and Sale of the Included Assets .............................................................1
          1.2 Assumption of Included Liabilities ...................................................................2
          1.3 Purchase Price .......................................................................................2
          1.4 Allocation of Consideration Paid .....................................................................2
          1.5 Bill of Sale; Assignment and Assumption Agreement ....................................................2
          1.6 Included Assets and Included Liabilities Not Transferred at the Closing ..............................3
          1.7 Excluded Assets and Liabilities ......................................................................3

  ARTICLE II - CERTAIN RELATED AGREEMENTS
          2.1 Administrative Services Agreement ....................................................................3
          2.2 Separate Practice Agreement ..........................................................................3
          2.3 Restrictive Covenants ................................................................................3
          2.4 Related Agreements Defined ...........................................................................4

  ARTICLE III - REPRESENTATIONS AND WARRANTIES OF THE SELLER
          3.1 Organization, Etc ....................................................................................4
          3.2 Interests in the Seller ..............................................................................4
          3.3 Subsidiaries and Identified Affiliates ...............................................................4
          3.4 Authorization; Enforceability ........................................................................5
          3.5 No Violation .........................................................................................5
          3.6 Governmental Authorities; Licensure ..................................................................6
          3.7 Financial Statements .................................................................................6
          3.8 No Undisclosed Liabilities ...........................................................................6
          3.9 Absence of Certain Changes Subsequent to October 31, 1998 ............................................7
          3.10 Contracts ...........................................................................................7
          3.11 True and Complete Copies ............................................................................8
          3.12 Title and Related Matters ...........................................................................8
          3.13 Litigation ..........................................................................................9
          3.14 Tax Matters ........................................................................................10
          3.15 Compliance with Law ................................................................................11
          3.16 ERISA and Related Employee Benefit Matters .........................................................12
          3.17 Insurance ..........................................................................................14
          3.18 Capital Expenditures ...............................................................................14
          3.19 Dealings with Affiliates ...........................................................................14
          3.20 Competition ........................................................................................15
          3.21 Bank Accounts ......................................................................................15
          3.22 Compensation .......................................................................................15
          3.23 Clients ............................................................................................15

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<S>       <C>                                                                                                   <C>
          3.24 Intellectual Property ..............................................................................15
          3.25 Outside Financial Interests ........................................................................16
          3.26 Guarantees .........................................................................................16
          3.27 Books and Records ..................................................................................16
          3.28 Indebtedness to and from Partners, Officers, Directors and others ..................................16
          3.29 Seller's Files .....................................................................................17
          3.30 Year 2000 Compliance ...............................................................................17
          3.31 Consultants, Brokers and Finders ...................................................................17
          3.32 Affiliate and Network Relationships ................................................................17
          3.33 Peer Review.........................................................................................17
          3.34 Disclosure..........................................................................................17

  ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF THE BUYER
          4.1 Corporate Organization ..............................................................................18
          4.2 Authorization; Enforceability .......................................................................18
          4.3 No Violation ........................................................................................18
          4.4 Governmental Authorities ............................................................................18
          4.5 Consultants, Brokers and Finders ....................................................................18

  ARTICLE V CERTAIN PRECLOSING COVENANTS OF THE SELLER
          5.1 Operation of the Business ...........................................................................18
          5.2 Preservation of Business ............................................................................20
          5.3 Insurance and Maintenance of Property ...............................................................20
          5.4 Full Access .........................................................................................20
          5.5 Books, Records and Financial Statements .............................................................20
          5.7 Tax Matters .........................................................................................21
          5.8 Releases Regarding Liens on Included Assets .........................................................21
          5.9 Seller's Release ....................................................................................22
          5.10 Excluded Liabilities ...............................................................................22
          5.11 Notification .......................................................................................22
          5.12 No Negotiation .....................................................................................22
          5.13 No Amendments ......................................................................................22
          5.14 Employment Agreements ..............................................................................22

  ARTICLE VI CERTAIN OTHER COVENANTS OF THE SELLER
          6.1 Further Assurances ..................................................................................22
          6.2 Confidentiality .....................................................................................22
          6.3 Ownership of Assets .................................................................................23
          6.4 Licensure of the Seller; Compliance with Laws .......................................................23
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  ARTICLE VII COVENANTS OF THE BUYER
          7.1 Confidentiality .....................................................................................23
          7.2 Further Assurances ..................................................................................23
          7.3 Benefit Plans .......................................................................................23

  ARTICLE VII OTHER AGREEMENTS
          8.1 Agreement to Defend .................................................................................24
          8.2 Adverse Regulatory Action ...........................................................................24
          8.3 Media Relations .....................................................................................24
          8.4 Income Tax Reporting ................................................................................24

  ARTICLE IX CONDITIONS TO THE OBLIGATIONS OF THE BUYER
          9.1 Representations and Warranties; Performance .........................................................25
          9.2 General Consents and Approvals ......................................................................25
          9.3 Licensure in the Jurisdictions ......................................................................25
          9.4 Lease Consents ......................................................................................25
          9.5 Indebtedness ........................................................................................25
          9.6 No Adverse Change ...................................................................................25
          9.7 No Proceeding or Litigation .........................................................................25
          9.8 No Restrictions .....................................................................................25
          9.9 Consents ............................................................................................25
          9.10 Documents ..........................................................................................26
          9.11 Seller Closing Deliveries ..........................................................................26
          9.12 Due Diligence ......................................................................................26
          9.13 Regulatory Analysis ................................................................................26

  ARTICLE X CONDITIONS TO THE OBLIGATIONS OF THE SELLER
          10.1 Representations and Warranties; Performance ........................................................26
          10.2 No Proceeding or Litigation ........................................................................26
          10.3 Buyer Closing Deliveries ...........................................................................27
          10.4 General Consents and Approvals .....................................................................27
          10.5 Lease Consents .....................................................................................27
          10.6 Consents ...........................................................................................27
          10.7 Documents ..........................................................................................27

  ARTICLE XI THE BUYER'S CLOSING DELIVERIES
          11.1 Purchase Price .....................................................................................27
          11.2 Documents to the Seller ............................................................................27

  ARTICLE XII THE SELLERS' CLOSING DELIVERIES .....................................................................28

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<S>       <C>                                                                                                     <C>
  ARTICLE XIII CLOSING; TERMINATION
          13.1 Closing ............................................................................................28
          13.2 Termination ........................................................................................28

  ARTICLE XIV INDEMNIFICATION
          14.1 Indemnification by the Seller ......................................................................29

  ARTICLE XV MISCELLANEOUS PROVISIONS
          15.1 Amendment and Modification .........................................................................30
          15.2 Waiver of Compliance; Consents .....................................................................30
          15.3 Expenses ...........................................................................................30
          15.4 Investigations; Survival of Representations, Warranties and Indemnification Obligations ............30
          15.5 Notices ............................................................................................30
          15.6 Definition of Laws and the Seller's Knowledge ......................................................31
          15.7 Assignment .........................................................................................31
          15.8 Counterparts .......................................................................................32
          15.9 Neutral Interpretation .............................................................................32
          15.10 Headings ..........................................................................................32
          15.11 Governing Law .....................................................................................32
          15.12 Entire Agreement ..................................................................................32

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LIST OF SCHEDULES

Included Assets
Included Liabilities
Excluded Assets/Liabilities
Jurisdictions
Membership Interests/Obligations
Subsidiaries/Affiliates
Consents/Authorizations
Violations
Licensure
Financial Statements
Undisclosed Liabilities
Subsequent Changes
Contracts
Permitted Liens
Tax Matters
Compliance with Laws
Benefit Plans
Insurance
Capital Expenditures/Commitments

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Contracts with Affiliates
Competition
Bank Accounts
Compensation for Members and Employees
Intellectual Property
Outside Interests
Guarantees
Indebtedness to Members
Records/Files Not Provided to Buyer
Accounting Firm Affiliates
Peer Review
Buyer's Qualifications to do Business

LIST OF EXHIBITS

Bill of Sale
Assignment and Assumption Agreement
Administrative Services Agreement
Separate Practices Agreement
Sellers' Release
Form of Employment Agreement
Sellers' Certificate
Buyer's Certificate
Buyer's Counsel Opinion
Sellers' Counsel Opinion

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                            ASSET PURCHASE AGREEMENT

         THIS ASSET PURCHASE AGREEMENT (the "Agreement"), dated as of January 1,
2000, is made by and among KOPPLE & GOTTLIEB, LLP (the "Seller"), a Pennsylvania
limited liability partnership, EACH OF THE MEMBERS OF SELLER (the "Seller's
Members"), KG BUSINESS SERVICES, INC., a Pennsylvania corporation (the "Buyer")
and COLONIAL DIRECT FINANCIAL GROUP, INC., a Delaware corporation ("CDFG").

                                    RECITALS

         WHEREAS, the Seller desires to sell, and the Buyer desires to purchase,
certain assets of the Seller, the Seller desires to assign to the Buyer, and the
Buyer desires to assume, certain liabilities of the Seller, and the parties
desire to enter into certain other arrangements, pursuant to the terms and
conditions of this Agreement.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the mutual premises and the
covenants, representations and warranties herein contained, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

                        PURCHASE AND SALE; CONSIDERATION

         1.1 Purchase and Sale of the Included Assets. Subject to the terms and
conditions contained herein, at the Closing (as defined below) and in the manner
herein provided, the Seller shall sell, convey, transfer and deliver to the
Buyer, free and clear of all Liens (as defined below) except Permitted Liens (as
defined below), all right, title and interest of the Seller in and to all of the
assets of the Seller which are used or are useful in the operation of the
businesses of the Seller as conducted on the Closing Date (as defined in Section
13.1) excluding only (a) those assets identified on Schedule 1.1 hereto, which
Schedule shall include, without limitation, cash and cash equivalents of the
Seller, (b) those business records, working papers, and any agreements or
engagements of the Seller to the extent they relate to the performance of public
accounting services which the Buyer is not permitted to perform (because it is
not a licensed and/or certified public accounting firm or otherwise) pursuant to
applicable laws and regulations of, or enforced by (i) the United States
Securities and Exchange Commission (the "SEC") or (ii) state accountancy boards
or agencies having competent jurisdiction in locations where the Seller
maintains offices or performs such services ("Public Accounting Services"); and
(c) client relationships to the extent they exclusively relate to the provision
of Public Accounting Services. The assets identified on Schedule 1.7 are
sometimes referred to herein as the "Excluded Assets." The assets identified on
Schedule 1.1 being sold to the Buyer hereunder are sometimes referred to herein
as the "Included Assets."

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         1.2 Assumption of Included Liabilities.

             (a) Subject to the terms and conditions contained herein, at the
Closing, the Seller shall assign and transfer to the Buyer and the Buyer shall
assume only those liabilities identified on Schedule 1.2 (the "Included
Liabilities").

             (b) The Buyer shall not, and does not assume or agree to, become
liable for or successor to any liabilities other than the Included Liabilities.
Any and all other obligations of the Seller, or any Member whether known or
unknown, liquidated or unliquidated, accrued or contingent, asserted or
unasserted or due or not due, which are not Included Liabilities and thus
specifically assumed by the Buyer herein (collectively, the "Excluded
Liabilities"), shall be and remain the sole obligations and liabilities of the
Seller, and/or such Member(s), as the case may be, and the Buyer shall not be
obligated in any respect therefor. The Seller hereby indemnifies and holds
harmless the Buver from and against any and all Damages relating to or arising
from Excluded Liabilities.

         1.3 Purchase Price. Subject to the terms and conditions of this
Agreement and in reliance on the covenants, representations and warranties of
the Seller herein contained, and in consideration of the sale, conveyance,
transfer and delivery of the Included Assets and other premises provided for in
this Agreement, the Buyer agrees to pay to the Seller an aggregate purchase
price as set forth in this Section 1.3 (the "Purchase Price"), as follows:

             (a) Purchase Price. The aggregate amount of One Million Five
          Hundred Thousand and No/l00 Dollars ($1,500,000), payable in the form
          of 166,667 shares of the Common Stock of CDFG, representing 4.17
          percent of the issued and outstanding shares of the Common Stock of
          CDFG as of the date hereof, and which will represent not less than
          3.15 percent of the issued and outstanding shares of the Common Stock
          of CDFG after the completion of an Initial Public Offering,

             (b) Manner of Making Payment. The Buyer and CDFG shall deliver the
          Purchase Price at the Closing.

         1.4 Allocation of Consideration Paid. For purposes of the parties'
respective financial accounting and tax reporting:

             (a) The payment of the Purchase Price, plus any Included
          Liabilities, shall be allocated specifically to the sale of fixed
          assets and other tangible property to the extent of the book value of
          such fixed assets and other tangible property (other than accounts
          receivable and work in process), with any remainder allocated to the
          sale of intangible assets.

         1.5 Bill of Sale; Assignment and Assumption Agreement. In connection
with the purchase and sale of the Included Assets and assumption of the Included
Liabilities, the Seller

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shall provide to the Buyer a Bill of Sale, substantially in the form attached
hereto as Exhibit 1.5(a), and the Seller shall enter into with the Buyer an
Assignment and Assumption Agreement, substantially in the form attached hereto
as Exhibit 1.5(b).

         1.6 Included Assets and Included Liabilities Not Transferred at the
Closing. In the event that an assignment or transfer of any contract, obligation
or instrument which is either an Included Asset or an Included Liability could
cause a breach thereof and if any required consent to such assignment or
transfer has not been obtained by the Closing Date, then at the Buyer's election
and in its sole discretion, such contract, obligation or instrument shall not be
then assigned or transferred, but the Seller shall act as agent or
representative for the Buyer, at the request and pursuant to the instructions of
the Buyer, in order to obtain for the Buyer the rights and benefits under such
obligation or instrument, to the extent permitted by applicable law and until a
valid and permitted assignment or transfer to the Buyer (or the Buyer's nominee)
after the Closing Date (if so elected by the Buyer in its sole discretion) has
been made.

         1.7 Excluded Assets and Liabilities. It is expressly understood and
agreed that the following (collectively, the "Excluded Assets"), as detailed in
Schedule 1.7, are specifically excepted from the assets being transferred to
Buyer pursuant to the terms and conditions hereof:

             (a) all cash and cash equivalents generated by or arising out of
          the operation of Seller as of the Closing Date, including but not
          limited to all cash in bank accounts and petty cash;

             (b) all accounts receivable and notes receivable generated by or
          arising out of operation of Seller before the Closing Date, including
          but not limited to, all unbilled work in progress due and owing before
          the Closing Date; and

             (c) all bank debt and loans or promissory notes between the Seller
          and/or any of its Members and any bank or other lending institution,
          existing as of the Closing Date.

                           CERTAIN RELATED AGREEMENTS

         2.1 Administrative Services Agreement. At the Closing, the Seller and
the Buyer shall execute and deliver an Administrative Services Agreement
substantially in the form attached hereto as Exhibit 2.1 (the "Administrative
Services Agreement").

         2.2 Separate Practice Agreement. At the Closing, the Seller and the
Buyer shall execute and deliver a Separate Practice Agreement substantially in
the form attached hereto as Exhibit 2.2 (the Operations Agreement").

         2.3 Restrictive Covenants. The Seller acknowledges and agrees that in
exchange for the consideration paid to the Seller pursuant to this Agreement,
the Seller agrees to certain restrictive

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covenants, including but not limited to non-competition and non-solicitation
covenants which restrictive covenants are set forth in the various agreements.

         2.4 Related Agreements Defined. For purposes of this Agreement,
"Related Agreements", shall mean the Assignment and Assumption Agreement,
Employment Agreements, Administrative Services Agreement and the Separate
Practices Agreement.

                  REPRESENTATIONS AND WARRANTIES OF THE SELLER

         The Seller represents and warrants to the Buyer as follows, each of
which representations and warranties is true and correct on the date hereof.

         3.1 Organization, Etc. The Seller is a Pennsylvania limited liability
partnership, duly organized, validly existing and in good standing under the
laws of the State of Pennsylvania with all requisite legal power and authority
to carry on its business as it is now being conducted and to own, operate and
lease its respective properties and assets. Schedule 3.1 lists each of the
jurisdictions in which the Seller maintains an office or is otherwise required
to be licensed or authorized as a limited liability partnership (the
"Jurisdictions"). The Seller has provided the Buyer complete and correct copies
of its (a) Articles of Limited Liability Partnership, (b) Seller Membership
Agreement, and (c) certificates of authority and public accounting licenses for
the Jurisdictions, each as amended to date.

         The Seller has all federal, state, local and foreign licenses, permits
or other approvals required for the operation of its businesses as now being
conducted (without giving effect to the Acquisition). Specifically, but not by
way of limitation, the Seller is appropriately licensed, as required, as a
certified public accounting firm in the State of Pennsylvania and each of the
other Jurisdictions. The Jurisdictions are the only states where the Seller is
required to obtain a license to practice Public Accounting Services due to the
operations of the Seller as of the Closing Date, except for de minimis
exceptions where the aggregate effect of such exceptions does not breach any
other representation or warranty herein.

         3.2 Interests in the Seller. The persons who own any interest in the
Seller and their designation (Equity Member, Member or principals) and
respective percentage interests (equity, income and voting) (each a "Member" and
collectively the "Members") are as set forth on Schedule 3.2. The retired
members and terminated members to whom the Seller still owes any payment
obligations, and a description (including amounts, if applicable) of such
obligations, are as set forth on Schedule 3.2 (the "Retired Member
Obligations"). No person or entity other than the Members owns any equity,
investment, ownership or similar interest of any kind in the Seller.

         3.3 Subsidiaries and Identified Affiliates. Except as set forth on
Schedule 3.3, the Seller does not currently have, nor since January 1, 1996 has
the Seller had, any:

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             (a) subsidiaries (wholly-owned or otherwise);

             (b) Identified Affiliates (as defined below);

             (c) equity or financial investments in any other entity or business
          operation (except as represented by accounts receivable arising in the
          ordinary course of business and investments of excess cash in
          certificates of deposit, money market accounts or marketable
          securities).

         The term "Identified Affiliate" shall mean any corporation, company,
partnership, trusts or other entity in which the Seller or, to the Seller's
Knowledge, any Member is a controlling person, as that term is defined in Rule
12b-2 promulgated under the Securities Exchange Act of 1934, as amended, but not
including those entities which (i) are not, and are not affiliated with,
clients, vendors or suppliers of the Seller, (ii) represent personal estate
planning devices, such as trusts or partnerships, of a Member in passive
investments, or (iii) are not, and not affiliated with firms or companies
engaged in the accounting profession or the business of financial services,
mortgage lending or brokerage, or tax return preparation.

         3.4 Authorization; Enforceability. The execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby have been
duly authorized, approved and ratified by all necessary action on the part of
the Seller. To the Seller's Knowledge, each Member has duly, competently and
validly executed and delivered this Agreement, intending to be bound thereby.
Certified copies of all required resolutions, authorizations, consents,
approvals and/or ratifications are attached as Schedule 3.4 hereto and no such
resolution, authorization, consent or approval has been altered, amended,
rescinded, repealed or revoked in whole or in part. Pursuant to such
resolutions, authorizations, consents, approvals and/or ratifications, and
otherwise, the Seller (and to the Seller's Knowledge, the Members) have full
authority to enter into and deliver this Agreement, to perform their respective
obligations hereunder, and to consummate the transactions contemplated hereby.
Assuming the due execution and delivery hereof by the Buyer, this Agreement is
the legal, valid and binding obligation of the Seller (and to the Seller's
Knowledge, the Members), and is enforceable against the Seller (and to the
Seller's Knowledge, the Members) according to its terms, except to the extent
that (i) its enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or other laws affecting the enforcement of creditor's rights
generally, (ii) the availability of equitable remedies, including specific
performance, is subject to the discretion of the court before which any such
proceeding may be brought and (iii) restrictions of public policy apply.

         3.5 No Violation. Except as set forth on Schedule 3.5, the Seller (and,
to the Seller's Knowledge, the Members) are not subject to or obligated under
any (i) agreement, article or certificate of incorporation or organization,
bylaw, partnership agreement, operating agreement, (ii) Law (as defined in
Section 15.7), or (iii) agreement, instrument, license, franchise or permit,
which could be breached or violated in any respect material thereto by the
execution, delivery and performance by the Seller (or to the Seller's Knowledge,
by any Member) of this Agreement

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or of any agreement referred to herein. Neither the execution, delivery, nor
performance of this Agreement or of any agreement referred to herein will
violate or result in a breach of any Contract (as defined below), agreement,
instrument, license, franchise, obligation or permit by which the Seller
(or, to the Seller's Knowledge, any Member) is bound.

         3.6 Governmental Authorities; Licensure. To the Seller's Knowledge,
neither the Seller, nor, to the Seller's Knowledge, any Member is required to
submit any notice, report or other filing with, or obtain any consent, approval
or authorization from, any governmental or regulatory authority, including but
not limited to the authority which licenses public accountants in any of the
Jurisdictions, in connection with the execution, delivery, consummation or
performance of this Agreement or the transactions contemplated hereby. The
Seller and, to the Seller's Knowledge, each Member and any employee of the
Seller who is required by Law to obtain and maintain a public accounting license
in any of the Jurisdictions has obtained a license in each Jurisdiction where
same is required, which license is in full force and effect. A copy of each such
license issued to the Seller and to each such Member or employee has been made
available to the Buyer. Except as set forth on Schedule 3.6, neither the Seller,
any Member nor any employee of the Seller is subject to any restrictions on the
scope of practice imposed by the SEC or any governmental, regulatory or
self-regulatory authority.

         3.7 Financial Statements. Except as set forth on Schedule 3.7, the
Seller has provided the Buyer complete and accurate copies of the Seller's
statements of financial position as of December 31 for each of the years 1997
and 1998 and statements of income, cash flows and partner's equity for the
fiscal years 1997 and 1998, and statements of financial position as of July 31,
1999 and statements of income, cash flows and partner's equity for the three (3)
months then ended (collectively, the "Financial Statements"). The Financial
Statements have not been audited. Except as set forth on Schedule 3.7, the
Financial Statements fairly present the financial position of the Seller as of
the respective dates thereof, and the results of operations for the periods
therein referred to, all in accordance with GAAP consistently applied throughout
the periods indicated (except as stated therein). The statement of financial
position of the Seller as of December 31, 1998, is referred to as the "Balance
Sheet." July 31, 1999, is referred to as the "Financial Statement Date."

         3.8 No Undisclosed Liabilities. To the Seller's Knowledge, it has no
liabilities, asserted or unasserted, liquidated or unliquidated, accrued,
absolute, contingent, or otherwise of a nature or amount that should be
reflected in the Financial Statements or a balance sheet prepared at the Closing
Date in accordance with GAAP consistently applied. To the Seller's knowledge
there is no basis for any claim against the Seller for any such liability except
for liabilities (a) properly reflected or reserved against in the Balance Sheet,
(b) set forth on Schedule 3.8, or (c) incurred in the ordinary course of
business consistent with past practices since the Financial Statement Date, none
of which such liabilities, individually or in the aggregate, has or would likely
have an adverse effect upon the assets, business, prospects, condition
(financial or otherwise), earnings or operations of the business of the Seller
greater than Fifty Thousand Dollars ($50,000).

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         3.9 Absence of Certain Changes Subsequent to July 31, 1999. Except as
set forth on Schedule 3.9, since the Financial Statement Date there has not been
any (a) adverse change (amounting to or involving more than Fifty Thousand
Dollars ($50,000) in aggregate with other changes) in the business, prospects,
condition (financial or otherwise), earnings or operations of the Seller's
business; (b) damage, destruction or loss, whether covered by insurance or not,
adversely affecting the Seller's properties comprising Included Assets or
necessary for the conduct of the Seller's business; (c) increase in the
compensation payable or to become payable by the Seller to its directors,
officers, employees, Affiliates or any Partner or any adoption of, or increase
in, any bonus, insurance, pension or other employee benefit plan, payment or
arrangement made to, for or with any such individual other than changes in the
ordinary course of business consistent with past practice and not material to
the item changed; (d) entry by the Seller into any commitment or transaction,
including, without limitation, any borrowing or capital expenditure other than
in accordance with Schedule 3.19; (e) change by the Seller in accounting
methods, practices or principles; (f) to the Seller's Knowledge, adoption of any
Law, statute, rule, regulation or order which adversely affects or would likely
adversely affect the Seller; (g) termination or waiver of any rights of value to
the business of the Seller, not including accounts receivable compromised by the
Seller consistent with its ordinary course of business and which do not, in the
aggregate, constitute a material portion of the accounts receivable of the
Seller; (h) other transaction or event other than in the ordinary course of the
Seller's business; (i) transaction or conduct of a material or significant
nature or amount inconsistent with the Seller's past business practices; (j)
adoption or amendment of any collective bargaining, bonus, profit sharing,
compensation, stock option, pension, retirement, deferred compensation, or other
plan, agreement, trusts, fund or arrangement for the benefit of employees except
for the termination of such plans which are provided for in this Agreement; or
(k) agreement or understanding made or entered into to do any of the foregoing.
The term "Affiliate" shall mean (i) any Identified Affiliate, (ii) each partner,
principal, manager, officer and Significant Employee of the Seller, (iii) the
respective Family Members of each person identified in clause (ii). The term
"Significant Employee" shall mean any employee of the Seller who has annual
salary and bonus compensation (or partner draws) in excess of One Hundred
Thousand Dollars ($100,000). The term "Family Member" shall include the parents,
siblings, spouses and children of the person identified, whether such
relationship arises by blood, adoption or marriage.

         3.10 Contracts. Schedule 3.10 identifies (including the type of
agreement, parties and effective date) all Contracts (as defined below) to which
the Seller is a party. Schedules 3.10(a), (b), (c), and (d) are true and
complete copies of the form of the Seller's engagement letters for audit,
review, business valuations and consulting, respectively. The term "Contracts"
shall mean all oral (which shall be summarized on Schedule 3.10) and written (i)
contracts, agreements, agency agreements, loan agreements, mortgages,
indentures, deeds of Trusts, guarantees, binding commitments, joint venture
agreements, purchase and/or sale agreements, collective bargaining, union,
consulting and/or employment contracts, leases of real or personal property,
easements, distribution or dealer agreements, service agreements, license
agreements and advertising agreements to the extent that the Seller's
obligations or benefits exceed One Hundred Thousand Dollars ($100,000) in any
twelve (12) month period or to the extent that the term of such contract

                                        7

<PAGE>

extends for more than twelve (12) months past the Closing and (ii) all contracts
material to the operation of the business of the Seller. The Seller is not in
default or alleged to be in default under any Contract nor is the Seller aware
of any default by any other party to any Contract, and there exists no event,
condition or occurrence which, after notice or lapse of time, or both, could
constitute a default under any Contract. All of the Contracts are in full force
and effect and constitute legal, valid and binding obligations of the Seller
and, to the Seller's Knowledge, the other parties thereto in accordance with
their terms, and neither this execution, delivery and performance of this
Agreement nor the Acquisition will violate any of the provisions of the
Contracts.

         3.11 True and Complete Copies. Copies of all agreements, Contracts and
documents delivered and to be delivered hereunder by the Seller or received by
the Buyer as part of the Buyer's due diligence are and will be true and complete
copies of such agreements, Contracts and documents. All written summaries of
oral Contracts are and will be true and complete.

         3.12 Title and Related Matters.

                  (a) General. Except as set forth on Schedule 3.12, the Seller
         has good and marketable title to all of the Included Assets (for which
         one can have good and marketable title) free and clear of all
         mortgages, security interests, liens, pledges, claims, escrows,
         options, rights of first refusal, indentures, easements, licenses,
         security agreements or other agreements, arrangements, contracts,
         charges or encumbrances of any kind or character (collectively "Liens")
         except for liens securing Included Liabilities to the extent such liens
         are so identified on Schedule 3.12 ("Permitted Liens"). The Seller owns
         or leases, directly or indirectly, all of the Included Assets, and is a
         party to all licenses and other agreements presently used to carry on
         the business or operations of the Seller as presently conducted. To the
         Seller's Knowledge, no Partner owns all or any portion of any asset,
         tangible or intangible, which is (i) used in the operations of the
         Seller or the Trusts and (ii) of a type which is owned generally in the
         industry by the accounting firm and not the individual Partner.

                  (b) Real Property.

                           (i) The Seller does not own any interest in any land,
                  buildings or improvements, except as described on Schedule
                  3.12.

                           (ii) The Seller is not a tenant under any lease(s) of
                  real property used by the Seller except as described on
                  Schedule 3.12. With respect to the leased real property
                  described on Schedule 3.12 and except as set forth on Schedule
                  3.12: (A) all such leases are in full force and effect and
                  constitute valid and binding obligations of the Seller and, to
                  the Seller's Knowledge, the other parties thereto; (B) there
                  have not been and there currently are not any defaults
                  thereunder by the Seller; (C) there have not been (within the
                  past twelve months) nor are there

                                        8

<PAGE>

                  currently any defaults thereunder by any lessor thereof, (D)
                  no event has occurred which (whether with or without notice,
                  lapse of time or the happening or occurrence of any other
                  event) could constitute a default thereunder entitling the
                  lessor to terminate the lease or modify the terms thereof, and
                  (E) neither the execution, delivery and performance of this
                  Agreement nor the Acquisition will violate any provisions of
                  such leases under the current rentals and other current terms
                  thereof ((A) through (E) are hereinafter collectively referred
                  to as "Lease Restrictions").

                           (iii) Except as shown on Schedule 3.12, each parcel
                  of real property, building, structure and improvement, leased
                  or otherwise utilized pursuant to easement, license, profit,
                  covenant or similar agreement or right by the Seller
                  (collectively, the "Premises") conforms in all material
                  respects to all applicable Laws, including zoning regulations,
                  none of which prohibits the use of such properties, buildings,
                  structures or improvements, for the purposes for which they
                  are now utilized. The Premises are in good condition and
                  working order, reasonable wear and tear excepted, are adequate
                  for their intended purposes and to the Seller's Knowledge have
                  no structural or other substantial deficiencies.

                  (c) Personal Property. The personal property of the Seller
         included in the Included Assets is in the aggregate is in good
         condition and working order, and each individual item of personal
         property is in good condition and working order, reasonable wear and
         tear excepted. Except as set forth on Schedule 3.12 and with respect to
         office equipment leased in the ordinary course, none of the personal
         property is subject to any (i) contracts of sale or lease; or (ii)
         Liens of any kind or character, except for Permitted Liens. Except as
         set forth on Schedule 3.12, there are no Lease Restrictions with
         respect to the personal property leased by the Seller.

                  (d) No Disposition of Assets. There has not been since the
         Financial Statement Date any sale, lease, license or any other
         acquisition, disposition or distribution by the Seller of any of its
         assets or properties or any other assets now or hereafter owned by it,
         except transactions in the ordinary and regular course of business
         consistent with past practices of the Seller or as otherwise consented
         to by the Buyer.

         3.13 Litigation. Except as previously provided by the Seller to the
Buyer, there is no suit, action, claim, investigation or proceeding pending for
which service of process or other written notice has been made or, to the
Seller's Knowledge, threatened or otherwise pending against the Seller or any
Member which could adversely affect (in an amount greater than One Hundred
Thousand Dollars ($100,000)) the business, prospects, operations, earnings,
properties or the condition, financial or otherwise, of the Seller, nor is there
any judgment, decree, injunction, rule or order of any court, governmental
department, commission, agency, instrumentality or arbitrator outstanding
against the Seller or, to the Seller's Knowledge, any Member having, or which,
insofar as can be reasonably foreseen, in the future may have, any such effect.
There is

                                        9

<PAGE>

no suit, action, claim or proceeding now pending for which service of process or
other written notice has been made or, to the Seller's Knowledge, threatened or
otherwise pending, before any court, grand jury, administrative or regulatory
body, Government agency, arbitration or mediation panel or similar body
involving the Seller or, to the Seller's Knowledge, any Member which could
prevent or delay the consummation of the transactions contemplated by this
Agreement. The document entitled "Litigation" previously provided by the Seller
to the Buyer contains a complete list of all suits, claims, actions,
investigations and proceedings (including those settled or otherwise resolved)
filed or otherwise asserted in writing against the Seller or, to the Seller's
Knowledge, any Member since January 1, 1997 before any court, grand jury,
administrative or regulatory body, Government agency, arbitration or mediation
panel or similar body.

         3.14 Tax Matters. The term "Taxes" means all net income, capital gains,
gross income, gross receipts, sales, use, transfer, ad valorem, franchise,
profits, license, capital, withholding, payroll, employment, excise, goods and
services, severance, stamp, occupation, premium, property, windfall profits,
customs, duties or other taxes, fees or assessments, or other governmental
charges of any kind whatsoever, together with any interest, fines and any
penalties, additions to tax or additional amounts incurred or accrued under
applicable Law or assessed, charged or imposed by any governmental authority,
domestic or foreign, provided that any interest, penalties, additions to tax or
additional amounts that relate to Taxes for any taxable period (including any
portion of any taxable period ending on or before the Closing Date) shall be
deemed to be Taxes for such period, regardless of when such items are incurred,
accrued, assessed or imposed. For the purposes of this Section 3.14, the Seller
shall be deemed to include any predecessor of the Seller or any person or entity
from which the Seller incurs a liability for Taxes as a result of any transferee
liability.

                  (a) For the past five (5) years, except as provided in
         Schedule 3.14, the Seller has duly and timely filed (and prior to the
         Closing Date will duly and timely file) true, correct and complete tax
         returns, prepared in accordance with applicable Laws, for all years and
         periods (and portions thereof) and for all jurisdictions (whether
         federal, state, local or foreign) in which any such returns are or were
         due. All Taxes shown as due and payable on such returns have been paid,
         and there is no current liability for any Taxes due and payable in
         connection with any such returns. All known taxes of the Seller not yet
         due and payable have been fully accrued on the books of the Seller.
         Accruals and reserves for Taxes provided for on the financial
         statements delivered or to be delivered pursuant to Section 3.7 are
         adequate, and there are no unpaid assessments for additional Taxes
         (greater than $100,000) for any period (nor is there any basis
         therefor).

                  (b) The Seller is not, and never has been, a member of any
         consolidated, combined or unitary group for federal, state, local or
         foreign tax purposes.

                  (c) Except as provided in Schedule 3.14, for the past five (5)
         years, the Seller has (i) withheld all required amounts from its
         employees, agents, contractors and

                                       10

<PAGE>

         nonresidents and remitted such amounts to the proper agencies; (ii)
         paid all employer contributions and premiums; and (iii) filed all
         federal, state, local and foreign returns and reports with respect to
         employee income tax withholding, and social security and unemployment
         taxes and premiums, all in compliance with the withholding tax
         provisions of the Internal Revenue Code of 1986, as amended (the
         "Code"), as in effect for the applicable year or any prior provision
         thereof and other applicable Laws.

                  (d) Except as described in Schedule 3.14, for the past five
         (5) years no deficiencies or reassessments for any Taxes have been
         proposed, asserted or assessed against the Seller by any federal,
         state, local or foreign taxing authority. Schedule 3.14 describes the
         status of any federal, state, local or foreign tax audits or other
         administrative proceedings, discussions or court proceedings that are
         presently pending with regard to any Taxes or tax returns of the Seller
         (including a description of all issues raised by the taxing authorities
         in connection with any such audits or proceedings), and no additional
         issues are being asserted against the Seller in connection with any
         existing audits or proceedings.

                  (e) Except as set forth on Schedule 3.14, for the past five
         (5) years the Seller has not executed or filed any agreement or other
         document extending the period for assessment, reassessment or
         collection of any Taxes, except for normal extensions of time within
         which to file the Seller's returns, and no power of attorney granted by
         the Seller with respect to any Taxes is currently in force.

                  (f) Except as set forth on Schedule 3.14, the Seller has not
         entered into any closing or other agreement with any taxing authority
         which affects any taxable year of the Seller ending after the Closing
         Date. The Seller is not a party to any tax sharing agreement or similar
         arrangement now in effect for the sharing of tax liabilities or
         benefits.

                  (g) The Seller has not agreed to nor is it required to make
         any adjustment by reason of a change in accounting methods that affects
         any taxable year ending after the Closing Date. The IRS has not
         proposed to the Seller any such adjustment or change in accounting
         methods that affects any taxable year ending after the Closing Date.
         The Seller does not have an application pending with any taxing
         authority requesting permission for any changes in accounting methods
         that relate to its business or operations and that affects any taxable
         year ending after the Closing Date.

         3.15 Compliance with Law. Except as set forth on Schedule 3.15, neither
the Seller nor, to the Seller's Knowledge, any Member is currently failing to
comply (in all respects material thereto) with any applicable Laws relating to
the operation of the business of the Seller except for such noncompliance which
does not involve any of the following: (i) any criminal incarceration, penalty
or fine, (ii) any injunction, cease and desist order, restraining order,
revocation of license or qualification; (iii) any equitable remedy or
enforcement that limits the business conduct of the

                                       11

<PAGE>

Seller or a Partner; or (iii) civil fine, lien, penalty or judgment greater
than, in the aggregate for all noncompliance, One Hundred Thousand Dollars
($100,000). In particular, but without limiting the generality of the foregoing,
the Seller and, to the Seller's Knowledge, each Member are in compliance with
all applicable Laws and licensing requirements (in all material respects
thereto) relating in any way to the conduct of their business, anti-competitive
practices, price fixing, to health and safety, environmental, employment or
discrimination matters. There are no proceedings of record and no proceedings
are pending in either case for which service of process or written notice has
been made on the Seller or, to the knowledge of the Seller, any Member, or to
the Seller's Knowledge, otherwise pending or threatened, nor has the Seller or,
the Seller's Knowledge, any Member received any notice regarding any violation
of any Law, including, without limitation, any requirement of OSHA or any
pollution or environmental control agency (including air and water).

          3.16 ERISA and Related Employee Benefit Matters.

                  (a) Welfare Benefit Plans. Schedule 3.16 lists each "employee
         welfare benefit plan" (within the meaning of Section 3(l) of the
         Employee Retirement Income Security Act of 1974 ("ERISA")) maintained
         by the Seller or to which the Seller contributes or is required to
         contribute, including any multi-employer plan ("Welfare Benefit Plan"),
         lists all plan documents, determination letters and reporting and
         disclosure filings required under ERISA or the Code for the last three
         (3) years for each Welfare Benefit Plan and sets forth as of the most
         recent valuation date (i) the amount of any liability of the Seller for
         payments due with respect to any Welfare Benefit Plan, (ii) the amount
         of any payment made and to be made, stated separately, by the Seller
         with respect to any Welfare Benefit Plan for the plan year during which
         the Closing is to occur, and (iii) with respect to any Welfare Benefit
         Plan to which Code Section 505 applies, a statement of assets and
         liabilities for such Welfare Benefit Plan as of the most recent
         valuation date. Without limiting the foregoing, Schedule 3.16 discloses
         any obligations of the Seller to provide retiree health benefits to
         current or former employees of the Seller.

                  (b) Pension Benefit Plans. Schedule 3.16 lists each "employee
         pension benefit plan" (within the meaning of Section 3(2) of ERISA)
         maintained by the Seller or to which the Seller contributes or is
         required to contribute, including any multi-employer plan ("Pension
         Benefit Plan") and lists all plan documents, determination letters and
         reporting and disclosure filings required under ERISA or the Code for
         the last three (3) years for each Pension Benefit Plan. All costs of
         the Pension Benefit Plans have been provided for on the basis of
         consistent methods and, if applicable, in accordance with sound
         actuarial assumptions and practices that are acceptable under ERISA.
         With respect to each Pension Benefit Plan that is not subject to Title
         I, Part 3 of ERISA, Schedule 3.16 sets forth as of the valuation date
         (A) the amount of any liability of the Seller for any contributions due
         with respect to such Pension Benefit Plan, and (B) the amount of any
         contribution paid and to be paid, stated separately, by the Seller with
         respect to such Pension Benefit Plan for the plan year during which the
         Closing is to occur.

                                       12

<PAGE>

                  (c) Compliance with Applicable Law. Each of the Welfare
         Benefit Plans, Pension Benefit Plan, any related Trusts agreements,
         annuity contracts, and other funding instruments, comply with the
         provisions of ERISA and the Code and all other statutes, orders,
         governmental rules and regulations applicable to such Welfare Benefit
         Plans and Pension Benefit Plans. The Seller has performed all of its
         obligations currently required to have been performed under all Welfare
         Benefit Plans and Pension Benefit Plans. There are no actions, suits or
         claims (other than routine claims for benefits) pending or threatened
         against or with respect to any Welfare Benefit Plans, Pension Benefit
         Plans or the assets of such plans, and no facts exist that could give
         rise to any actions, suits or claims (other than routine claims for
         benefits) against such plans or the assets of such plans. Each Pension
         Benefit Plan is qualified in form and operation under Code Section
         401(a). No event has occurred that will or could give rise to a
         disqualification of any Pension Benefit Plan under Code Section 401(a).
         No event has occurred that will or could subject any Welfare Benefit
         Plan or Pension Benefit Plan to tax under Code Section 511.

                  (d) Administration of Plans. Each Welfare Benefit Plan and
         each Pension Benefit Plan has been administered to date in compliance
         with the requirements of ERISA and the Code. No plan fiduciary of any
         Welfare Benefit Plan or Pension Benefit Plan has engaged in (i) any
         transaction in violation of Section 406(a) or (b) of ERISA, or (ii) any
         "prohibited transaction" (within the meaning of Section 4975(c)(1) of
         the Code or Section 406 of ERISA) for which no exemption exists under
         Section 408 of ERISA or Section 4975(d) of the Code.

                  (e) Title IV Plans. There is no Pension Benefit Plan which is
         subject to the provisions of Title IV of ERISA in which the Seller (for
         purposes of this Section the Seller shall include each trade or
         business, whether or not incorporated, which is a member of a group of
         which the Seller is a member and which is under common control within
         the meaning of Code Section 414 and the regulations thereunder)
         participates or has participated.

                  (f) Other Employee Benefit Plans and Agreements. Schedule 3.16
         lists each fringe benefit, profit sharing, deferred compensation,
         bonus, stock option, stock purchase, pension, retainer, consulting,
         retirement, welfare, or other incentive plan or agreement or employment
         agreement not terminable on 30 days or less written notice, and any
         other employee benefit plan, agreement, arrangement, or commitment not
         previously listed on Schedule 3.16 that is maintained by the Seller or
         to which the Seller contributes or is required to contribute, together
         with a list of all plan documents, determination letters and reporting
         and disclosure filings required under ERISA or the Code for the last
         three (3) years for each such plan. Schedule 3.16 also contains a
         complete list of all employees of the Seller and the amount of vacation
         pay currently accrued to each such employee.

                                       13

<PAGE>

                  (g) Continuation Coverage Requirements for Health Plans. All
         group health plans of the Seller (including any plans of Affiliates of
         the Seller that must be taken into account under Code Section 4980B)
         have been operated in compliance with the group health plan
         continuation coverage requirements of Section 4980B of the Code and
         Title I, Part 6 of ERISA. The Seller shall remain solely responsible
         for compliance with Section 4980B of the Code and Title I, Part 6 of
         ERISA for all group health plans of the Seller.

                  (h) Valid Obligations. All Welfare Benefit Plans, Pension
         Benefit Plans, related Trusts agreements, annuity contracts or other
         funding instruments, and all plans, agreements, arrangements and
         commitments referred to in Subsection (f) of this Section are legal,
         valid and binding and in full force and effect, and there are no
         defaults thereunder. Except as specified on Schedule 3.16, none of the
         rights of the Seller thereunder will be impaired by the consummation of
         the transactions contemplated by this Agreement without the consent or
         agreement of any other party other than consents and agreements
         specifically listed on Schedule 3.16.

                  (i) Severance; Non-Deductible Payments. Except as set forth on
         Schedule 3.16, the consummation of the transactions contemplated by
         this Agreement will not (A) entitle any current or former employee of
         the Seller to severance pay, unemployment compensation or any other
         payment, except as expressly provided in this Agreement, (B) except as
         provided on Schedule 3.16, accelerate the time of payment or vesting,
         or increase the amount of compensation due to any such employee or
         former employee, (C) result in any prohibited transaction described in
         Section 406 of ERISA or Section 4975 of the Code for which an exemption
         is not available.

         3.17 Insurance. Schedule 3.17 lists all of the Seller's existing
insurance policies, the premiums therefor, and the coverage and term of each
policy. Such policies and the amount of coverage and the risks insured are, in
the aggregate, reasonably sufficient to protect and insure the Seller against
perils which good business practice demands be insured against or which are
normally insured against by other industry members similarly situated, and will
remain in full force and effect up to and through the Closing Date, unless
otherwise agreed to by the parties.

         3.18 Capital Expenditures. The Seller has outstanding commitments for
capital expenditures as set forth on Schedule 3.18, which Schedule also
includes a schedule of substantially all monies disbursed on account of capital
expenditures made by the Seller between the Financial Statement Date and the
date hereof.

         3.19 Dealings with Affiliates. Schedule 3.19 sets forth a complete list
(including the parties) and a detailed summary in the case of an oral Contract,
of all oral or written Contracts, arrangements or other agreements between the
Seller and any Affiliate at any time from January 1, 1997, to the date hereof.

                                       14

<PAGE>

         3.20 Competition. Except as set forth on Schedule 3.20, neither the
Seller nor, to the Seller's Knowledge, any Member is a party to any agreement,
Contract or covenant limiting the Seller or such Member from competing in any
line of business or with any person or other entity in any geographic area.

         3.21 Bank Accounts. Schedule 3.21 is a list of all bank accounts, lock
boxes, post office boxes and safe deposit boxes maintained in the name of or
controlled by the Seller and the names of the persons having access thereto.

         3.22 Compensation. Schedule 3.22 lists the job title and total
remuneration (including without limitation, salary, commissions and bonuses) for
each Member and for each officer, manager, principal, director, employee,
consultant, agent or independent contractor of the Seller (i) as of the
Financial Statement Date and (ii) as of the most recent practicable date.

         3.23 Clients. The Seller has previously furnished to the Buyer a
complete and accurate listing setting forth the identity of the clients of the
Seller, except for clients for which the Seller performs solely attest work,
whose names will not, for confidentiality reasons, be disclosed or identified to
Buyer, (i) generating annual billings of at least Fifty Thousand Dollars
($50,000) during the period from January 1997, through the Financial Statement
Date, or (ii) reasonably expected to generate such level of billings for the
calendar year 1999, and with respect to such clients, the nature of the
engagement for each client and whether services are being provided to such
client at the date hereof.

         3.24 Intellectual Property.

                  (a) Schedule 3.24 contains a true, complete and accurate list
         of all the Intellectual Property (as hereinafter defined) owned by or
         licensed to the Seller. Schedule 3.24 accurately identifies, where
         appropriate, one or more of the following for each item of the
         Intellectual Property: filing date, issue date, classification of
         invention or goods covered, country of origin, licensor, license date
         and licensed subject matter. Schedule 3.24 contains a complete and
         accurate list of all property and licenses and other rights granted by
         or to the Seller to or from any third party with respect to any item of
         the Intellectual Property, other than licenses associated with sales of
         products to customers in the ordinary course of business.

                  (b) (i) The Intellectual Property is valid and encompasses all
         proprietary rights necessary for the operation of the Seller's business
         as presently conducted or proposed to be conducted (in each case free
         and clear of all Liens except Permitted Liens); (ii) the Seller has
         good and lawful title to all of its Intellectual Property (where such
         title is possible); (iii) the Seller has taken all actions necessary to
         maintain and protect its Intellectual Property; (iv) the owners of the
         Intellectual Property licensed to the Seller have, to the Seller's
         Knowledge, taken all actions necessary or desirable to maintain and
         protect the Intellectual Property subject to such licenses; (v) there
         has been no claim

                                       15

<PAGE>

         made against the Seller asserting the invalidity, misuse or
         unenforceability of any of the Intellectual Property or challenging the
         Seller's right to use or ownership of any of the Intellectual Property,
         and to the Seller's Knowledge there are no grounds for any such claim
         or challenge; (vi) to the Seller's Knowledge, there is no infringement
         or misappropriation of any of the Intellectual Property or of any facts
         raising a possibility of infringement or misappropriation; (vii)
         subject to obtaining the consents referenced on Schedule 3.5 or
         Schedule 3.6, the conduct of the business of the Seller has not
         infringed or misappropriated, and does not infringe or misappropriate,
         any intellectual property or proprietary right of any other person or
         entity; (viii) no loss of any of the Intellectual Property is pending
         or to the Seller's Knowledge, threatened or reasonably foreseeable; and
         (ix) the consummation of the transactions contemplated by this
         Agreement will not alter, impair or extinguish any of the Intellectual
         Property.

                  (c) For purposes of this Agreement, "Intellectual Property"
         shall mean all of the following (in whatever form or medium) which are
         owned by or licensed to the Seller: (i) patents, trademarks, service
         marks and copyrights and (ii) applications for patents and for
         registration of trademarks, service marks and copyrights.

         3.25 Outside Financial Interests. Except as set forth on Schedule 3.25,
to the Seller's Knowledge, no Member, director or officer of the Seller has any
direct or indirect financial interest in any competitor with, or supplier or
customer of, the Seller; provided, however, that for this purpose ownership of
corporate securities having no more than five percent (5%) of the outstanding
voting power of any competitor, supplier or customer, which securities are
listed on any national securities exchange or authorized for quotation on the
Nasdaq National Market or the Nasdaq Small Cap Market, shall not be deemed to be
such a financial interest, provided that such Member, director or officer has no
other connection or relationship with such competitor, supplier or customer.

         3.26 Guarantees. Except as set forth on Schedule 3.26, the Seller is
not a guarantor, indemnitor, surety or accommodation party or otherwise liable
for any indebtedness of any other person, firm or corporation, except as
endorser of checks received and deposited in the ordinary course of business.

         3.27 Books and Records. The books of account and other partnership or
corporate records, if any, delivered by the Seller to the Buyer at Closing are
true, complete and accurate, have been maintained in accordance with good
business practices, and the matters contained therein are accurately reflected
on the Financial Statements, to the extent appropriate.

         3.28 Indebtedness to and from Members, Officers, Directors and Others.
Except as set forth on Schedule 3.28, (a) the Seller is not indebted to any
Member, director, officer, employee, agent or independent contractor of the
Seller except for amounts due as normal salaries, wages, employee benefits and
bonuses and in reimbursement of ordinary expenses on a basis consistent with the
past practices of the Seller, and (b) no partner, director, officer, employee,
agent or

                                       16

<PAGE>

independent contractor of the Seller is indebted to the Seller, except for
advances for ordinary business expenses on a current basis consistent with the
past practices of the Seller.

         3.29 Seller's Files. To the extent consistent with Laws, the Buyer and
its representatives have been given access to all books, records and files
relating to the Seller (other than files and workpapers relating to the Public
Accounting Services or which contain information the disclosure to the Buyer of
which is prohibited by the terms of a binding client agreement, applicable law,
or applicable accounting rules and regulations) and its business, property
rights, assets and liabilities. Schedule 3.29 identifies any records, etc. to
which the Buyer has not been given access and the reasons therefor.

         3.30 Year 2000 Compliance. The Seller has performed a good faith
assessment of the extent to which the Seller is Year 2000 Compliant, and the
Seller has disclosed to the Buyer such assessment. For the Seller to be Year
2000 Compliant future expenditures shall not be greater than Twenty-Five
Thousand Dollars ($25,000).

         3.31 Consultants, Brokers and Finders. Neither the Seller nor, to the
Seller's Knowledge, any Member has retained any consultant, broker or finder in
connection with the transactions contemplated by this Agreement to whom or which
any commission is payable by any party to this Agreement.

         3.32 Affiliate and Network Relationships. Attached hereto as Schedule
3.32 is a list of the name, address, phone number and contact person for each
accounting, consulting or other firm with which the Seller has an affiliate or
"network" relationship. A copy of the form(s) of agreement evidencing such
relationship has/have been provided by the Seller to the Buyer.

         3.33 Peer Review. Attached hereto as Schedule 3.33 is a true and
correct copy of the most recent peer review prepared by Margolis & Company, P.C.
Any suggestions contained in any of such reports for changes in practices or
methods of the Seller or, to the Seller's Knowledge, any Member are being
complied with by the Seller and the Member.

         3.34 Disclosure. No representation or warranty made by the Seller or,
to the Seller's Knowledge, any Member in this Agreement or in any agreement,
instrument, document, certificate, statement or letter furnished to the Buyer,
by or on behalf of the Seller or any Member in connection with any of the
transactions contemplated by this Agreement, contains any untrue statement of
material fact or omits to state a material fact necessary in order to make the
statements herein or therein not misleading in light of the circumstances in
which they are made.

                   REPRESENTATIONS AND WARRANTIES OF THE BUYER

         The Buyer hereby makes the following representations and warranties to
the Seller.

                                       17

<PAGE>

         4.1 Corporate Organization. The Buyer is duly organized, validly
existing and in good standing under the laws of the State of Pennsylvania. The
Buyer is qualified to do business as a foreign corporation in the states
detailed in Schedule 4.1. Certified copies of the Buyer's Certificate of
Incorporation, Bylaws, and certificate of qualification as a foreign corporation
have been provided to the Seller. The Buyer has all federal, state, local or
foreign licenses, permits or other approvals by any governmental entity for the
performance by the Buyer of its obligations hereunder.

         4.2 Authorization; Enforceability. The Buyer has full corporate power
and authority to enter into this Agreement and to perform its obligations
thereunder. Assuming the due execution and delivery hereof by the Seller, this
Agreement is the legal, valid and binding obligation of the Buyer and is
enforceable against the Buyer, according to its terms, except to the extent that
(i) its enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or other laws affecting the enforcement of creditor's rights
generally, and (ii) the availability of equitable remedies, including specific
performance, is subject to the discretion of the court before which any such
proceeding may be brought and (iii) restrictions of public policy apply.

         4.3 No Violation. The Buyer is not subject to or obligated under (i)
its Certificate of Incorporation, Bylaws, or any agreement or instrument, or any
license, franchise or permit or (ii) to the knowledge of the Buyer, any Law that
would be breached or violated by the execution, delivery or performance of this
Agreement (provided, however, that no representations or warranties are made
with respect to the effect or implementation of any SEC, AICPA, ISB, or state
public accounting regulatory provision, regulation or Law).

         4.4 Governmental Authorities. Except for the foreign qualification
referred to in Section 4.1 above, and any foreign qualifications which may be
required in any other of the Jurisdictions, the Buyer is not required to submit
any notice, report or other filing with and no consent, approval or
authorization is required by any governmental or regulatory authority in
connection with the Buyer's execution or delivery of this Agreement or the
consummation of the transactions contemplated hereby.

         4.5 Consultants, Brokers and Finders. The Buyer has not retained any
consultant, broker or finder in connection with the transactions contemplated by
this Agreement to whom or which any commission is payable by any party to this
Agreement.

                   CERTAIN PRECLOSING COVENANTS OF THE SELLER

         The Seller covenants and agrees with the Buyer that, from and after the
date of this Agreement and until the Closing Date, the Seller will conduct the
business of the Seller in the ordinary course and subject to the following
provisions and limitations:

         5.1. Operation of the Business. Without the prior written consent of
the Buyer, the Seller will not:

                                       18

<PAGE>

                  (a) grant any increase in the rate of pay of any Member or any
         of its employees, in an amount greater than ten (10% percent), grant
         any increase in the salaries of any Partner, officer, employee or
         agent, enter into or increase the benefits provided under any bonus,
         profit-sharing, incentive compensation, pension, retirement, medical,
         hospitalization, life insurance or other insurance plan or plans, or
         other contracts or commitments, or in any other way increase in any
         amount the benefits or compensation of any such officer, employee or
         agent except, however, (i) the ordinary profit distributions payable to
         Members consistent with past practice and (ii) ordinary merit increases
         not unusual in character or amount made in the ordinary course of the
         business to employees who are not Members;

                  (b) enter into any employment contract (except for renewals or
         extensions of existing contracts, or new employment contracts involving
         wage or member compensation less than One Hundred Fifty Thousand
         Dollars ($150,000) per annum. provided the term of such contract is not
         longer than 1 year) or collective bargaining agreement;

                  (c) enter into any contract or commitment or engage in any
         transaction which is not in the ordinary course of the business or
         which is inconsistent with past practices;

                  (d) sell or dispose of or encumber any assets outside of the
         Seller's ordinary course of business;

                  (e) make, or enter into any contract for, any capital
         expenditure or enter into any lease of capital equipment or real
         estate, except for leasing of photocopiers and telephone systems used
         in the ordinary course of business, provided, Buyer will notify Seller
         in writing in advance of any such leasing commitment;

                  (f) enter into any contract, whether for the purchase or sale
         of inventory, supplies, other products or services or otherwise, and
         whether in the ordinary course of the business or otherwise (other than
         contracts for providing services), involving more than Twenty Five
         Thousand Dollars ($25,000) or enter into any series of such contracts
         with one party or affiliated group of parties involving more than
         Twenty Five Thousand Dollars ($25,000) in the aggregate;

                  (g) create, assume, incur or guarantee any indebtedness other
         than (i) in the ordinary course of the business and with a maturity
         date of less than one year or (ii) incurred pursuant to existing
         Contracts disclosed in the Schedules delivered pursuant hereto;

                  (h) make or institute any unusual or novel method of
         transacting business or change any accounting procedures or practices
         or its financial structure;

                                       19

<PAGE>

                  (i) make any amendments to or changes in its organization
         documents or agreements;

                  (j) perform any act, or attempt to do any act, or permit any
         act or omission to act, which could cause a breach of any contract,
         commitment or obligation to which the Seller is a party; or

                  (k) take any action which, if taken or incurred prior to the
         date of this Agreement, would be required to be disclosed on any
         Schedule hereto.

         5.2. Preservation of Business. The Seller shall utilize its best
efforts to carry on the business diligently and substantially in the same manner
as heretofore conducted and shall use its best efforts to keep its business
organizations intact, including its present employees and present relationships
with suppliers, clients and customers and others having business relations with
the Seller.

         5.3. Insurance and Maintenance of Property. The Seller shall keep in
full force and effect insurance covering the Included Assets and the Seller's
business not less in amount and coverage than that now maintained by the Seller
but in no event less than prudent industry standards and will operate, maintain
and repair all of such property in a careful, prudent and efficient manner.

         5.4. Full Access. Representatives of the Buyer shall have full access
at all reasonable times to all premises, properties, books, records, contracts,
tax records, personnel and documents of the Seller. Such examination and
investigation by the Buyer, and any discovery of facts resulting therefrom,
shall not affect the warranties and representations of the Seller contained in
this Agreement.

         5.5. Books, Records and Financial Statements. The Seller shall prepare
its financial statements in accordance with GAAP consistently applied, and on a
basis consistent with the past practices of the Seller. Said financial
statements shall fairly and accurately reflect the operations of the business.
The Seller shall furnish to the Buyer promptly, as available, monthly financial
statements and operating reports applicable to the Seller, all of which shall be
prepared in accordance with GAAP consistently applied and shall present fairly
the financial position and results of operations of the Seller at the dates and
for the periods indicated.

         5.6. Other Governmental Filings. The Seller will cooperate with the
Buyer in making, as soon as practicable following the execution hereof, all
filings required by any government agency in connection with the transactions
contemplated by this Agreement. All information provided by the Seller in
connection with such filings will be true, accurate and complete and will comply
with all applicable Laws.

                                       20<PAGE>

                              EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of the 1st day of
September, 1999, between First Colonial Securities Holding Corp., a Delaware
corporation ("Employer" or "The Company"), and Michael E. Golden, an individual
("Employee" or "You").

Employer is a corporation which, through its subsidiaries is engaged in the
securities and related businesses throughout the United States from its
principal office location at 1499 W. Palmetto Park Road, Suite 312, Boca Raton,
Florida 33486 (the "Office"). Employer wishes to employ Employee to provide
certain services to Employer and Employee is willing to be employed by Employer
to render such services, all in accordance with the terms and conditions
specified below and in accordance with all applicable federal and state
statutes, rules and regulations then in effect.

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

1. Engagement. Employer does hereby employ and engage Employee as Chairman and
CEO of Employer and Employee does hereby accept and agree to such employment and
engagement.

2. Term. Except as otherwise provided herein, the term of this Agreement shall
be for a period of five (5) years (the "Initial Term"), and thereafter eligible
for renewal in the sole discretion of Employer for an additional term of one (1)
year unless earlier terminated as provided for herein.

3. Compensation:

    3.1 Base Salary. Employer shall pay Employee, and Employee agrees to accept
    from Employer as payment in full for Employee's services hereunder, a base
    salary of $360,000 per year (the "Base Salary"), payable in accordance with
    the regular payroll of Employer during the term of this Agreement.

    3.2 Bonus. In addition to such Base Salary, Employee shall be entitled to
    participate in a bonus program established for senior executives of the
    firm. Such bonus shall be accrued throughout the Initial Term and each
    renewal term and shall be calculated and payable not less than 90 days after
    the end of Employer's fiscal year. A bonus pool will be based on attaining
    certain annual gross revenues levels starting for the year ending
    12/31/2000, pursuant to the following schedule:

                         Revenues                 Bonus as a
                         --------                % of Revenue*
                         (Millions)              --------------

       Year 2000          20-22                      1
                          22-25                      1 3/4
                          25-                        2 1/4
       Year 2001          25-32.5                    1 1/2
                          32.5-40                    2 1/2
                          40+                        3
       Year 2002          40-50                      1 1/2
                          50-60                      2 1/2
                          60+                        3 1/4
       *Not Retroactive

Employee shall be entitled to 60% of such bonus pool

                                        1

<PAGE>

    3.3 Stock Options. Employee will be eligible for future option grants from
    any option program created for the benefit of its employees, in such amount
    as is determined by the Board of Directors or such committee appointed
    thereby.

4. Vacation. Employee shall be entitled to an annual vacation, without loss of
compensation, in accordance with Employer's existing vacation schedule. Vacation
scheduling shall be coordinated with Employer and in accordance with established
Office procedures so as not to disrupt the continuity of the business. Accrued
vacation not taken at the end of the year in which days have been accrued
automatically will be forfeited.

5. Health Benefits and Retirement Plans. Employee shall be entitled to
participate in such health benefits and retirement plans as are made available
by Employer to its employees on a usual and customary basis. See attachment.

6. Confidential Information. Employee acknowledges and agrees that he will have
access to certain confidential information of the Employer and that such
information constitutes valuable, special and unique property of Employer.
Employee further acknowledges and agrees that Employee will not, at any time
during or after the term hereof, in any fashion, form or manner, either directly
or indirectly, divulge, disclose or communicate to any person, firm, or
corporation, in any manner whatsoever, the terms and conditions of this
Agreement or any information of any kind, nature or description concerning any
matters affecting or relating to the business of the Employer ("Confidential
Information").

7. Client Information. Employee agrees that (i) all client names, addresses,
telephone numbers, files, and records (collectively, "Client Records") are and
shall remain in the custody and control of Employer, and, except as necessary
and permitted for purposes directly related to the operation of the Office or
proper client service, or as authorized and required by law or client consent,
Employee shall not remove, copy, transfer, or transmit to any person, natural or
corporate, any Client Records at any time; and (ii) an actual or attempted
violation of any provision of this Section by Employee, either directly or
indirectly, shall be grounds for immediate termination of this Agreement.

Employee recognizes and agrees that a violation of any of the provisions
contained in this Section may cause irreparable damage to Employer, the exact
amount of which may be impossible to ascertain, and that, for such reason, among
others, Employer shall be entitled to any injunction without the necessity of
posting bond therefor in order to restrain any further violation of such
provision. Such right to an injunction shall be in addition to, and not in
limitation of, any other rights and remedies Employer may have against Employee,
including, but not limited to, the recovery of damages. The terms and conditions
of this Section shall survive termination of this Agreement.

8. Non-Competition Agreement. Employee agrees that during the term of this
Agreement and for a period of one (1) year thereafter, Employee shall not
directly or indirectly compete with the business of Employer, or own, directly
or indirectly, any part of or become the employee of, or otherwise render
services to, any enterprise which directly or indirectly competes with the
business of Employer.

9. Covenant Not To Solicit. Employee agrees that, during the term of this
Agreement and for a period of one (1) year thereafter, Employee shall not (i)

                                       2

<PAGE>

solicit, encourage or advise clients serviced during the term of this Agreement
at the Office (any other office location at which Employer operates during the
term of this Agreement) to obtain or seek service from any entity other than
Employer, or (ii) solicit, encourage or advise any employees of Employer to
terminate employment with Employer for any reason whatsoever. Employee
recognizes and agrees that the limitations set forth in this Section and Section
8 are reasonable and necessary for the protection of the goodwill of the
business of Employer. Employee further recognizes and agrees that a violation of
any of the provisions contained in either section will cause irreparable damage
to Employer, the exact amount of which may be impossible to ascertain, and that,
for such reason, among others, Employers shall be entitled to an injunction
without the necessity of posting bond thereof in order to restrain any further
violations of such provision. Such right to any injunction shall be in addition
to, and not in limitation of, any other rights and remedies Employer may have
against Employee, including, but not limited to, the recovery of damages. As
used herein, the term "client" shall include any and all clients services at the
office, or any other office location at which Employer operates during the term
of this Agreement. The terms and conditions of this Section and Section 8 shall
survive termination of this Agreement.

10. Representations and Warranties. Employee represents and warrants that he (i)
is not subject to any restriction that would prohibit entering into this
Agreement, is fully able to perform each of the terms, conditions and covenants
hereof, and is not restricted or prohibited from entering into or performing any
of the terms or conditions hereof; and (ii) is able to execute and perform
under this Agreement without violating or breaching any agreement between
Employee and any other person or entity.

Employee acknowledges and agrees that the truth and accuracy of the
representations and warranties contained herein constitute a condition precedent
to Employer's obligation to provide compensation pursuant to the terms and
conditions of this Agreement.

11. Indemnity. Employee hereby agrees to indemnify, defend and hold Employer
harmless from and against any and all costs, losses, claims, demands and
liabilities, including reasonable attorneys' fees and costs, which arise out of
or relate to any breach by Employee of any of the terms or conditions of this
Agreement; any negligent or intentional wrongful act of Employee; any act or
omission of Employee which constitutes negligence; or any other act of Employee
not authorized under the terms of this Agreement. If Employer or any of its
shareholders or affiliates is made a party to any litigation or obligation or
otherwise incurs any loss or expense as a result of Employee's activities
unconnected with Employer's business at the Office, Employee shall forthwith
upon demand reimburse Employer or such individuals for any and all expenses
incurred as a result thereof The terms and conditions of this Section shall
survive termination of this Agreement.

12. Termination by Employer. Employer, by a vote of not less than 75% of its
Board of Directors, shall have the right to terminate Employee's employment only
for cause, and except as provided below without notice, as follows: Cause shall
be defined as (i) the death of Employee, (ii) the material failure of Employee
to discharge his employment obligations as reasonably directed by Employer
(which direction shall be in writing and for which Employee shall have fourteen
(14) days to cure such material failure), (iii) conviction of Employee of a
non-traffic related felony or conduct which involves moral turpitude, or (iv)
fraud, embezzlement or theft by Employee of funds belonging to Employer or any
of its subsidiaries or their respective clients. In addition, Employer may

                                       3

<PAGE>

terminate Employee's employment hereunder forthwith upon, or at any time after,
an event of material nonperformance of his duties as an employee because of a
disability for which Employer can make no reasonable accommodation. The term
"disability" shall mean, for purposes of this Agreement, the inability of
Employee to perform full-time regular duties as contemplated hereunder on
account of a physical or mental condition for a period of 90 consecutive days,
but shall exclude infrequent and temporary incapacity due to ordinary illness.
With respect to subsections (ii), (iii) and (iv), above, prior to the effective
date of any termination, Employee shall have the opportunity to present a
defense thereto before a full meeting of Employer's Board of Directors, with
counsel of his own choosing.

    12.1 Severance. In the event the Term is not renewed, Employee shall be paid
    a severance payment amount equal to 200% of his then current Base Salary and
    his accrued but unpaid bonus over the one year period following such
    termination.

    12.2 Termination Following a Change in Control. If a Change in Control
    occurs and employee's employment is terminated by the Company without Cause
    other than for Disability or you voluntarily terminate employee's employment
    with the Company, during the period from the date of the Change in Control
    to two (2) years after date of such Change in Control, the employee shall be
    entitled to the amounts and benefits provided below upon such termination.

         12.2.1 Compensation on Termination In the event of a Change in Control,
         the Company shall pay and provide to you:

         (a) (i) two (2) times your highest annual base salary in effect within
              one hundred and eighty (180) days prior to the Change in Control,
              (ii) two (2) times the highest annual bonus paid or payable to you
              for any of the last two (2) completed years by the Company or its
              predecessors, (iii) any un-reimbursed business expenses for the
              period prior to termination payable in accordance with Company's
              policies, and (iv) any base salary, bonus, vacation pay or other
              deferred compensation accrued or earned under law or in accordance
              with the Company's policies applicable to you but not yet paid;

         (b)  any other amounts or benefits due under the then applicable
              employee benefit, incentive or equity plans of the Company
              applicable to you as shall be determined and paid in accordance
              with such plans;

         (c)  two (2) years of additional service and compensation credit (at
              your highest compensation level in the one hundred and eighty
              (180) day period prior to the Change in Control) for pension
              purposes under any defined benefit type qualified or non-qualified
              pension plan or arrangement of the Company and its affiliates
              applicable to you, measured from the date of termination of
              employment and not credited to the extent that you are otherwise
              entitled to such credit during such two (2) year period, which

                                       4
<PAGE>

              payments shall be made through and in accordance with the terms of
              the non-qualified defined benefit pension plan or arrangement if
              any then exists, or, if not, in an actuarially equivalent lump sum
              (using the actuarial factors then applying in the Company's or its
              affiliates' defined benefit plan covering you);

         (d)  an amount equal to two (2) years of the maximum Company
              contribution (assuming you deferred the maximum amount and
              continued to earn your then current salary) measured from the date
              of termination of your employment under any type of qualified or
              non-qualified 401(K) plan (payable at the end of each such year
              and not payable to the extent otherwise contributed to such plan);
              and

         (e)  payment by the Company of the premiums for you (except in the case
              of death) and your dependents' health coverage for two (2) years
              from the date of termination of your employment under the
              Company's health plans which cover the senior executives of the
              Company or materially similar benefits (to the extent not
              otherwise provided). Any amendment or termination of benefits,
              equity or incentive plans within one hundred and eighty (180) days
              prior to, or after, a Change in Control that is detrimental to you
              shall be ignored with respect to subsections (c), (d) and (e)
              above.

         Payments under (e) above may, at the discretion of the Company, be made
         by paying the applicable COBRA premium for you and your dependents, or
         by covering you and your dependents under substitute arrangements,
         provided that, to the extent you incur tax that you would not have
         incurred as an active employee as a result of the aforementioned
         coverage or the benefits provided thereunder, you shall receive from
         the Company an additional payment in the amount necessary so that you
         will have no additional cost for receiving such items or any
         additional payment.

         12.2.2 Change in Control For purposes of this Agreement, the term
         "Change in Control" shall mean the sale or transfer, directly or
         indirectly, of substantially all of the Company's business and assets
         to an entity not affiliated with the Company, or the purchase, directly
         or indirectly, by an entity not affiliated with the Company, of more
         than 50% of the outstanding shares of the common stock of the Company.
         For the purpose of this definition, an affiliate of the Company refers
         to any person or business entity, directly or indirectly, controlling,
         controlled by, or under the common control with the Company, with the
         term "control" referring to any person or business entity owning,
         directly or indirectly, more than a 50% equity interest in the
         controlled entity or possessing the power to direct or cause the
         direction of the management or policies of the controlled entity. Only
         one (1) Change in Control may take place under this Agreement.

                                       5

<PAGE>

         12.2.3 No Payment of Benefits Resulting in Golden Parachute Taxes under
         Section 280g of the Code. No payment shall be made to you pursuant to
         this Agreement to the extent that such payment when aggregated with all
         other payments considered for purposes of calculating a parachute
         payment results in an excess parachute payment as defined under Section
         280g of the Code. Furthermore to the extent that the Internal Revenue
         Service or other applicable governmental taxing authority determines
         that there has been an "excess parachute payment" and a notice of
         deficiency or similar notice has been issued, then the Company or its
         successor agrees to pay all expenses associated with professional fees
         (legal and tax accounting) in connection with the protest, challenge,
         and defense of any such notice and the appeal of any decision on such
         matter.

         The Company or its successor agrees not to settle the matter short of
         the appellate level without your written consent. In the event that the
         Internal Revenue Service or other applicable governmental taxing
         authority ultimately determines that, in fact, there has been an
         "excess parachute payment" by the Company, then the amount necessary to
         reduce the total payments such that there would be no "excess parachute
         payment" would be immediately and retroactively characterized as a loan
         from the Company or its successor to you with interest at a rate equal
         to the ten year Treasury Bond (or if the Company's successor is a bank
         subject to Regulation O then the loan shall be at substantially the
         same terms as credit underwriting procedures that are not less
         stringent than, those prevailing at the time the loan would have been
         made for comparable transactions of the Company or its successor and
         shall be subject to the other conditions of Regulation O). The loan
         shall be subject to repayment at the demand of the Company or its
         successor.

13. Termination By Employee. Employee may not terminate this Agreement prior to
the end of the Initial Term. Thereafter, Employee may terminate this Agreement
on thirty (30) days' prior written notice.

14. Entire Agreement; Amendment. Except as otherwise stated herein, this
Agreement sets forth the entire agreement of the parties hereto with respect to
the subject matter hereof, and supersedes all prior and contemporaneous
agreements, arrangements and understandings. This agreement may only be amended
by the mutual written consent of Employer and Employee.

15. Waiver. No waiver or modification of this Agreement or any covenant,
condition, or limitation herein shall be valid unless in writing and duly
executed by the parties hereto, and no evidence of any waiver or modification
shall affect this Agreement, or the rights or obligations of any party
hereunder, unless such waiver or modification is in writing and duly executed by
the parties hereto. The parties hereto further agree that the provisions of this
Section may not be waived except as herein set forth.

                                       6

<PAGE>

16. Assignment. Employee may not assign or delegate any rights, duties or
obligations established herein without the prior written consent of Employer,
which consent may be withheld in Employer's sole and absolute discretion.
Employer may assign this Agreement, in whole or in part, in its sole and
absolute discretion without the consent of Employee.

17. Notices. All notices or other communications required or permitted hereunder
shall be sent in writing to the address as set forth herein.

18. Jurisdiction/Governing Law. The parties hereto submit to the jurisdiction of
the courts of the State of Florida for the purpose of resolution of any and all
disputes which arise out of, or are related to, this Agreement of an alleged
breach thereof. This Agreement and performance hereunder shall be construed and
enforced, and all actions or proceedings arising out of or related hereto shall
be conducted in accordance with the laws of the State in which such services are
rendered.

19. Survival. The provision set forth in Sections 6, 7, 8, 9, 10, and 11 of this
Agreement shall survive expiration or termination of this instrument.

IN WITNESS WHEREOF, the parties hereto have executed this instrument, or caused
its execution by a duly authorized officer, all as of the day and year first
above written.

"EMPLOYER"
First Colonial Securities Holding Corp.

By:         /s/ Ben Lichtenberg
           --------------------------
Name       Ben Lichtenberg
           --------------------------
Title:     Vice Chairman
           --------------------------
Address:   1499 W. Palmetto
           --------------------------
           Boca Raton, FL
           --------------------------

"EMPLOYEE"

Name:      Michael Golden
           --------------------------
Signature: /s/ Michael Golden
           --------------------------
Address:   1499 W. Palmetto Park Rd
           --------------------------
           Boca Raton, FL
           --------------------------
SS#:       ###-##-####
           --------------------------

                                       7

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