Document:

Unassociated Document

    Exhibit
      10.2

     

    

    EMPLOYMENT
      AGREEMENT AMENDMENT NO. 2 

    

    

    EMPLOYMENT
      AGREEMENT AMENDMENT
      made on
      this 29th
      day of
      December 2006, by and between vFinance,
      Inc.,
      a
      Delaware corporation (the "Company"), and Leonard J. Sokolow ("Employee").
      

    

    WITNESSETH:

    

    WHEREAS,
      Employee and the Company desire to amend the Amended and Restated Employment
      Agreement dated November 16, 2004, as amended, (the “Employment
      Agreement”).

    

    NOW,
      THEREFORE,
      in
      consideration of the foregoing and for other good and valuable consideration,
      the receipt and adequacy of which is hereby acknowledged, the Company and
      Employee hereby agree as follows:

    

    1.
      Paragraph 3 to the Employment Agreement shall be deleted in its entirety and
      replaced with the following provision:

    

    
      	 	
              3.

            	
              Duties.
                Employee shall, subject to overall direction consistent with the
                legal
                authority of the Board of Directors of the Company (the "Board"),
                serve
                as, and have all power and authority inherent in the offices of Chief
                Executive Officer and, effective January 3, 2007, Chairman of the
                Board
                and shall be responsible for those areas in the conduct of the business
                reasonably assigned to him by the Board of Directors. Employee shall
                devote substantially all his business time and efforts to the business
                of
                the Company; provided, however, that it is understood and agreed
                that,
                while Employee may devote time to other business matters in which
                he has
                an interest, in the event of a conflict, Employee's first and primary
                responsibility shall be to the performance of his duties for the
                Company.
                

            

    

    

    2.
      Paragraph 5 (a) to the Employment Agreement shall be deleted in its entirety
      and
      replaced with the following provision:

    

    5.
      (a) Base
      Salary.
      Effective as of January 1, 2007, the Company shall pay to Employee an initial
      base salary of $396,750 per annum and shall increase per annum beginning January
      1, 2008 by the reported COLA and each year thereafter ("Base Salary"). The
      Base
      Salary and Employee's other compensation will be reviewed by the Board at least
      annually and may be increased (but not decreased) from time to time as the
      Board
      may determine.

    

     

    
      	 	
              3.

            	
              Paragraph
                6 (a), (b) and (c)(1) of the Employment Agreement shall be deleted
                in its
                entirety and replaced with the following
                provisions:

            

    

     

    

    6. Severance
      Payments and Change of Control Payments and Provisions.
      Upon
      the occurrence of a Triggering Event (as hereinafter defined), Employee shall
      be
      entitled to the immediate receipt of change in control payments, severance
      or
      material event payments (collectively referred to as “Severance Payments and
      Benefits” and hereinafter defined in Paragraph 6 (c)) from the Company in
      accordance with the terms hereinafter set forth:

    

    (a) Triggering
      Event.
      The
      occurrence of any of the following events shall be defined as a "Triggering
      Event" for purposes hereof:

    

    
      	
            	(1)	
              A
                Change of Control (as hereinafter
                defined);

            

    

    

    
      	 	
              (2)

            	
              The
                Company’s termination of Employee's employment (other than for Cause (as
                hereinafter defined)) at any time prior to the expiration of the
                Term;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    
      	 	
              (3)

            	
              The
                voluntary resignation of Employee for "good reason," which for purposes
                hereof shall include, without limitation, a demotion or a change
                in
                Employee's duties to the Company under Section 3 hereof, or (ii)
                a
                reduction in salary, benefits, bonuses, incentives or perquisites;
                

            

    

    

    
      	 	
              (4)

            	
              The
                relocation of the principal office of the Company or the relocation
                of
                Employee outside of Broward or Palm Beach Counties in Florida;
                or

            

    

    

    
      	 	
              (5)

            	
              The
                death or Disability of the Employee (as defined
                herein).

            

    

    

     

    (b) Change
      of Control.
      For
      purposes of this Agreement, the term "Change in Control" shall mean the
      occurrence of any of the following events not approved by a majority of the
      Company’s Board of Directors who were members of the Board of Directors
      immediately prior to such event:

    

    (1) Thirty
      percent (30%) or more of the Company's outstanding voting stock shall be
      beneficially owned (within the meaning of Rule 13d-3 promulgated under the
      Securities Exchange Act of 1934) by any person (other than Employee), entity
      or
“group” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
      Exchange Act of 1934;

    

    (2) A
      change
      in the majority of the Company's Board of Directors;

    

    (3) Any
      merger, consolidation or business combination pursuant to which the Company
      is
      not the surviving corporation or thirty percent (30%) or more of the Company's
      outstanding voting stock shall be beneficially owned (within the meaning of
      Section 13(d)(3) or 14(d)(2))by any person (other than Employee), entity or
      “group” (as defined in Rule 13d-3) after such merger, consolidation or business
      combination;

    

    (4) A
      liquidation or dissolution of the Company; or 

    

    (5) The
      sale
      of all or substantially all of the Company's assets.

    

    (c) Severance
      Payments and Benefits.
      For
      purposes of this Agreement, the term “Severance Payments and Benefits" shall
      mean:

    

    (1) Employee
      shall receive a lump sum payment equal to: 

     

    (i)
      two
      (2) multiplied by the sum of Employee's highest annual Base Salary;
      plus

    

    (ii)
      two
      (2) multiplied by the higher of: 

    

    (a)
      the
      highest bonus, incentive and other compensation payments actually received
      by
      Employee in respect of any year within the three (3) fiscal years preceding
      the
      Triggering Event (or the annualized sum of bonuses, incentives and other
      compensation which Employee received during the year in which the Triggering
      Event occurred); or 

    

    (b)
      the
      highest bonus, incentive and other compensation payments the Employee was
      entitled (notwithstanding the fact that the Employee agreed to a lesser amount
      pursuant to Section 5 (e) above) to receive pursuant to Exhibit A in respect
      of
      any year within the three (3) fiscal years preceding the Triggering Event (or
      the annualized sum of bonuses, incentives or other compensation which Employee
      was entitled to receive pursuant to Exhibit A during the year in which the
      Triggering Event occurred notwithstanding the fact that the Employee agreed
      to a
      lesser amount pursuant to Section 5 (e) above).

    

     

    
      	 	
              4.

            	
              All
                other provisions of the Employment Agreement shall remain in full
                force
                and effect.

            

    

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF,
      the
      parties have executed this Agreement as of the date first hereinabove
      written. 

    

    EMPLOYER:

    

    VFINANCE,
      INC. 

    

    

    By:
      /s/
      Timothy Mahoney 

    Authorized
      Representative

     

    EMPLOYEE:

    

     

    /s/
      Leonard J. Sokolow

    Leonard
      J. Sokolow

     

    
      
         

      

      
        -3-Unassociated Document

    Exhibit
      10.3

     

    VOTING
      AGREEMENT

     

    VOTING
      AGREEMENT
      (this
“Agreement”),
      dated
      as of December 29, 2006 by and between Leonard Sokolow (“LS”)
      and
      Timothy Mahoney (“TM”)
      (all
      of the parties to this Agreement are collectively referred to as the
“Parties”).

     

    RECITALS:

     

    The
      parties to this Agreement desire to provide for certain rights and obligations
      relating to the composition of the vFinance, Inc. (VFIN) Board of
      Directors.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual promises herein
      made,
      and in consideration of the representations, warranties, covenants and
      agreements herein contained, the parties agree as follows

     

    1. Definitions.
      All
      capitalized terms used in this Agreement and not otherwise defined herein shall
      have the meanings set forth in the Asset Purchase Agreement.

     

    2. VFIN
      Board of Directors.
      (a)
      LS
      and TM agree, in their capacity as stockholders and/or directors of VFIN, to
      vote as follows:

     

    (i) So
      long
      as LS owns 1,000,000 VFIN common shares (as adjusted for stock splits, stock
      dividends or reorganizations), TM shall vote for (and, if applicable, vote
      to
      nominate) LS or LS’s qualified designee (subject to TM’s approval of such
      designee which approval shall not be unreasonably withheld) which designee
      shall
      be to serve as a director of VFIN.

     

    (ii) So
      long
      as TM owns 1,000,000 VFIN common shares (as adjusted for stock splits, stock
      dividends or reorganizations), LS shall vote for (and, if applicable, vote
      to
      nominate) TM or TM’s designee (subject to LS’s approval of such designee which
      approval shall not be unreasonably withheld) to serve as a director of
      VFIN.

     

    (iii) LS
      and TM
      agree and acknowledge that the stockholders of VFIN have the independent right
      to nominate, elect and remove directors of VFIN, and that no other stockholders
      besides LS and TM are bound by this Section 2.

     

    3. Notices.
      All
      notices and all communications hereunder shall be delivered in writing, with
      delivery to LS and TM as follows:

     

    Leonard
      Sokolow

    19783
      115th
      Avenue
      South

    Boca
      Raton, FL 33431

    

    Tim
      Mahoney

    68
      Cayman
      Place

    Palm
      Beach Gardens, FL 33418. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4. Non-Assignability.
      This
      Agreement shall not be assigned by any Party without the express prior written
      consent of the other Parties, and any attempted assignment without such consents
      shall be null and void.

     

    5. Amendment;
      Waiver.
      This
      Agreement may be amended, supplemented or otherwise modified only by a written
      instrument executed by all of the Parties. No waiver by a Party of any of the
      provisions hereof shall be effective unless explicitly set forth in writing
      and
      executed by the Party so waiving. The waiver by any Party of a breach of any
      provision of this Agreement shall not operate or be construed as a waiver of
      any
      subsequent breach or performance.

     

    6. No
      Third Party Beneficiaries.
      Nothing
      herein shall create or establish any third-party beneficiary hereto nor confer
      upon any person not a Party to this Agreement any rights or remedies of any
      nature or kind whatsoever under or by reason of this Agreement.

     

    7. Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the Laws
      of
      the State of Florida applicable to a contract executed and performed in such
      State without giving effect to the conflicts of laws principles
      thereof.

     

    8. Disputes.
      All
      disputes under this Agreement shall be resolved in accordance with Sections
      12.9-12.11 of the Asset Purchase Agreement. 

     

    9. Consent
      to Jurisdiction.
      Subject
      to the provisions of Section 7, the Parties irrevocably agree that all actions
      arising under or relating to this Agreement and the transactions contemplated
      hereby shall be brought exclusively in any United States District Court or
      Florida State Court located in Palm Beach County, Florida, having subject matter
      jurisdiction over such matters, and each of the Parties hereby consents and
      agrees to such personal jurisdiction, and waives any objection as to the venue,
      of such courts for purposes of such action.

     

    10. Entire
      Agreement.
      This
      Agreement sets forth the entire understanding of the Parties hereto and
      supersede all prior agreements whether written or oral relating to the same
      subject matter.

     

    11. Severability.
      If any
      provision of this Agreement shall be declared by any court of competent
      jurisdiction to be illegal, void or unenforceable, all other provisions of
      this
      Agreement shall not be affected and shall remain in full force and effect.
      If
      any provision of this Agreement is so broad as to be unenforceable, that
      provision shall be interpreted to be only so broad as is
      enforceable.

     

    12. Signatures.
      This
      Agreement shall be effective upon delivery of original signature pages or
      facsimile copies (or copies transmitted by portable data format (pdf) file)
      thereof executed by each of the Parties.

     

    [BALANCE
      OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    13. Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original and all of which together shall be deemed to be one
      and
      the same instrument. The Parties to this Agreement need not execute the same
      counterpart.

    

    IN
      WITNESS WHEREOF,
      the
      Parties have caused this Agreement to be duly executed as of the date first
      above written. 

     

    

    
      
        	
                /s/
                  Leonard J. Sokolow

                LEONARD
                  SOKOLOW

                

                

                /s/
                  Timothy Mahoney

                TIMOTHY
                  MAHONEY 

              

      

    

     

     

    
      
         

      

      
        -3-

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