Document:

EXHIBIT 10.11

                                  AMENDMENT TO
                             SUBSCRIPTION AGREEMENT

      This Amendment to Subscription  Agreement  (this  "AMENDMENT") is made and
effective as of March 2, 2005,  by and among  Franklin  Capital  Corporation,  a
Delaware  corporation  (the  "ISSUER"),  and the persons and entities  listed on
EXHIBIT A attached  hereto who are the Holders of a majority of the  Registrable
Securities (collectively, the "AMENDING INVESTORS").  Capitalized terms used but
not defined  herein  shall have the meanings  given to them in the  Subscription
Agreement (as defined below).

                                    RECITALS

      A. The  Company and the  Amending  Investors  are parties to that  certain
Subscription  Agreement,  dated  as  of  November  3,  2004  (the  "SUBSCRIPTION
AGREEMENT"),  by  and  among  the  Company  and  the  Investors  listed  therein
(including,  without limitation, the Amending Investors) and desire to amend the
Subscription Agreement as set forth in this Amendment.

      B.  Section  9.6  of  the   Subscription   Agreement   provides  that  the
Subscription Agreement or any provision thereof may be amended only by a written
instrument  executed  by  the  Issuer  and  the  Holders  of a  majority  of the
Registrable Securities.

                                    AMENDMENT

      In consideration of the mutual covenants  contained herein,  and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

1. AMENDMENT TO SUBSCRIPTION  AGREEMENT.  The  Subscription  Agreement is hereby
amended as follows:

      1.1  Section  6.2 of the  Subscription  Agreement  is hereby  amended  and
restated in its entirety to read as follows:

            "6.2 REQUIRED  REGISTRATION.  As promptly as  practicable  after the
      Closing,  but in no event later than one hundred  eighty  (180) days after
      the  date  of the  Closing,  the  Issuer  agrees  to  file a  Registration
      Statement  to  register  the resale of all the Shares and  Warrant  Shares
      (which   shall  not  include  an   underwritten   offering)  (a  "REQUIRED
      REGISTRATION").  Not less  than two (2) days  prior to the  filing  of the
      Registration  Statement,  the Issuer shall  provide each of the  Investors
      (or, if an Investor  shall have so instructed  the Issuer,  the investment
      adviser  of  such  Investor)  with a copy  of the  Registration  Statement
      proposed to be filed and shall consider all (but shall not be obligated to
      give effect to any) appropriate  comments that are timely provided by such
      Investors with respect to the Registration Statement. The Issuer shall use
      its reasonable  best efforts to cause the SEC to declare the  Registration
      Statement effective no later than the ninetieth

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      (90th) day following the date the Registration Statement is filed with the
      SEC. In the event that the Registration Statement has not been filed on or
      prior to the one  hundred  eightieth  (180th)  day  after  the date of the
      Closing  (the  "REGISTRATION  DEADLINE"),  then in  addition  to any other
      rights the Holders may have  hereunder  or under  applicable  law, on each
      monthly anniversary of such Registration  Deadline until the date on which
      the  Registration  Statement is first filed,  the Issuer shall pay to each
      Holder an amount in cash,  as  liquidated  damages  and not as a  penalty,
      equal  to  1.0%  of  the  aggregate  Purchase  Price  originally  paid  in
      connection with the acquisition pursuant to the terms of this Agreement of
      the Registrable Securities then held by such Holder. Once the Registration
      Statement  has  been  declared  effective,  the  Issuer  shall  thereafter
      maintain the effectiveness of the Registration Statement until the earlier
      of: (i) the date on which all the Shares and Warrant Shares have been sold
      pursuant to the  Registration  Statement or Rule 144; or (ii) such time as
      the Issuer  reasonably  determines,  based on the advice of counsel,  that
      each Holder,  acting independently of all other Holders,  will be eligible
      to sell under Rule 144 all the Shares  and  Warrant  Shares  then owned by
      such Holder within the volume limitations imposed by paragraph (e) of Rule
      144 in the three (3) month period immediately following the termination of
      the  effectiveness  of the  Registration  Statement.  Notwithstanding  the
      foregoing,  the Issuer's  obligations  contained in this SECTION 6.2 shall
      terminate on the second (2nd) anniversary of the date of the Closing."

2. MISCELLANEOUS.

      2.1 NO OTHER  AMENDMENT.  Except as expressly set forth in this Amendment,
the terms and conditions of the  Subscription  Agreement shall remain  unchanged
and in full force and effect.

      2.2 COUNTERPARTS.  This Amendment may be executed in counterparts, each of
which shall be deemed an original but all of which together  shall  constitute a
single instrument.  This Amendment may be executed and transmitted via facsimile
with the same validity as if it were an executed original document.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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      IN  WITNESS   WHEREOF,   the  parties  have  executed  this  AMENDMENT  TO
SUBSCRIPTION AGREEMENT as of the date first written above.

                                         COMPANY:

                                         FRANKLIN CAPITAL CORPORATION

                                         By:____________________________________
                                            MILTON "TODD" AULT III
                                            Chairman and Chief Executive Officer

                                         AMENDING INVESTORS:

                                         Name of Amending Investor:

                                         _______________________________________

                                         By:____________________________________

                                         Name:__________________________________

                                         Title:_________________________________

             [SIGNATURE PAGE TO AMENDMENT TO SUBSCRIPTION AGREEMENT]

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                                    EXHIBIT A

                           LIST OF AMENDING INVESTORS

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       AMENDING INVESTOR                   NUMBER OF REGISTRABLE SECURITIES HELD
--------------------------------------------------------------------------------

Bodnar Capital Management, LLC                            281,250
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Catalysis Partners, LLC                                    45,000
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Charles J. Kalina III                                      18,750
--------------------------------------------------------------------------------

Jean Cosby IRA R/O                                         18,750
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Daniel James Heckman II                                    14,062
--------------------------------------------------------------------------------

Sothi Thillairajah                                          7,500
--------------------------------------------------------------------------------

TOTAL:                                                    385,312
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                          NU HORIZONS ELECTRONICS CORP.
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                            EXECUTIVE RETIREMENT PLAN
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GK PARTNERS

                          NU HORIZONS ELECTRONICS CORP.
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                            EXECUTIVE RETIREMENT PLAN
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                           CONTENTS                                       PAGE
                           --------                                       ----

         Section 1.        Purpose of the Plan                             1

         Section 2.        Definitions                                     1

         Section 3.        Administration                                  2

         Section 4.        Participation                                   3

         Section 5.        Benefits and Payments Under the Plan            3

         Section 6.        Amendment and Termination of the Plan           5

         Section 7.        General Provisions                              5

                           Appendix A for Founders                         7

                           Appendix B for Other Participants               7

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GK PARTNERS

                          NU HORIZONS ELECTRONICS CORP.
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                            EXECUTIVE RETIREMENT PLAN
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SECTION 1.       Purposes of the Plan.

1.1  Nu Horizons  Electronics  Corp.  (the "Company") has adopted this Executive
     Retirement Plan (the "Plan), effective December 1, 2004 in order to provide
     an  unfunded  retirement  benefit to  certain  current  and  future  senior
     executive  employees of the Company and its Subsidiaries and Affiliates who
     have attained the required age and length of service with the Company,  and
     who have retired from employment with the Company in good standing.

SECTION 2.       Definitions.

     For purposes of the Plan,  the following  terms shall have the meanings set
forth below:

2.1  "Beneficiary"   shall  mean  the  person  or  persons   designated  by  the
     Participant  under the Plan to receive benefits under the Plan in the event
     of the Participant's death.

2.2  "Benefit"  or  "Benefits"  shall mean the annual and  cumulative  financial
     payment(s)  which a Participant is eligible to receive upon  Retirement (as
     herein  defined)  under the Plan  pursuant to the  provisions  of Section 5
     hereof.

2.3  "Board" shall mean the Board of Directors of the Company.

2.4  "Cause"  shall mean (a)  commission  by the  Employee of a material  act of
     dishonesty  against  the  Company;  (b) a  breach  by the  Employee  of the
     provisions  of Paragraph  4.3 hereof;  (c)  conviction of the Employee of a
     felony involving moral turpitude (or a plea of nolo contendere thereto); or
     (d) the  Employee  making  negative  or  defamatory  statements  about  the
     Company.

2.5  "Change in  Control"  shall  mean a change in  control of the  Company as a
     result of any of the following:

     (a)  a change-in-control as such term is defined in Regulation  240.12b-(2)
          of the Securities Exchange Act of 1934, as amended (the "Act");

     (b)  if any "person"  (as such term is used in Sections  13(d) and 14(d) of
          the Act)  other than the  Company  or any person who is a director  or
          officer of the Company,  becomes the "beneficial owner" (as defined in
          Rule 13(d)-3 of the Act) directly or indirectly,  of securities of the
          Company  representing twenty percent (20%) of more of the voting power
          of the Company's then outstanding securities;

     (c)  if, during any period of two (2) consecutive  years during the term of
          this Plan,  individuals who at the beginning of such period constitute
          the Board of Directors,  cease for any reason to constitute at least a
          majority thereof.

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                            EXECUTIVE RETIREMENT PLAN
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2.6  "Code" shall mean the Internal Revenue Code of 1986, as amended.

2.7  "Committee" shall mean the Compensation Committee of the Board of Directors
     of the Company, acting on the majority vote of such Committee.

2.8  "Company" shall mean Nu Horizons Electronics Corp., a corporation organized
     under the laws of the State of Delaware (or any successor corporation), and
     any Subsidiaries or Affiliates thereof.

2.9  "Effective Date" shall mean March 28, 2005.

2.10 "Employee" shall mean any senior executive employee employed by the Company
     on or after the Effective Date of the Plan.

2.11 "Founder" shall mean any senior executive employee generally  recognized as
     a founding employee of the Company.

2.12 "Participant" shall mean any Employee (including a Founder) who is a senior
     executive  employee of the Company and who has been designated by the Board
     for  participation  in this Plan  pursuant to  Paragraph  4.1  hereof.  Any
     Founder  who is  employed  on the  Effective  Date of the  Plan  shall be a
     Participant.

2.13 "Plan" shall mean the Nu Horizons  Electronics Corp.  Executive  Retirement
     Plan as set forth herein and as amended from time to time.

2.14 "Retirement"  shall  mean  (solely  for  purposes  of  this  Plan)  (i) for
     Founders, the termination of employment in good standing of any Participant
     other than for Cause  upon such  Participant's  attainment  of a minimum of
     fifty-six  (56)  years  of age  with a  minimum  of  twenty  (20)  years of
     continuous  Company  service  or  (ii)  for  any  other  Participant,   the
     authorized  termination  of employment in good standing of any  Participant
     other than for Cause  upon such  Participant's  attainment  of a minimum of
     sixty (60) years of age with a minimum of twenty  (20) years of  continuous
     Company service.

SECTION 3.       Administration.

3.1  The Plan shall be  administered  by the  Committee.  Any  Retirement by any
     Participant  (as such terms are herein  defined)  shall be  authorized by a
     majority  of the  Committee.  The  Committee  shall  have  full  power  and
     authority to interpret, construe and administer the Plan in accordance with
     the provisions of this Plan document.  Subject to review by the full Board,
     the Committee's  interpretations  and constructions of the Plan and Company
     actions  thereunder  shall be conclusive and binding on all persons and for
     all purposes.

3.2  The Committee shall establish and maintain Plan records and may arrange for
     the  engagement  of  consultants  or  legal  counsel,  and make use of such
     outside  resources,  as it shall require or deem advisable for the purposes
     of the Plan.  The Committee  may rely upon the written

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                            EXECUTIVE RETIREMENT PLAN
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     opinion of any such  consultants or counsel  engaged by the Committee,  and
     may also  delegate  certain  tasks and  responsibilities  necessary  to the
     administration  of the Plan to such  consultants or counsel,  or to certain
     financial or human resources personnel of the Company.

3.3  To the  maximum  extent  permitted  by  applicable  law,  no  member of the
     Committee  or the  Board  shall  be  personally  liable  by  reason  of any
     resolution adopted by him, or contract or other instrument executed by him,
     in his  capacity  as a member of the  Committee  or the Board,  nor for any
     decisions  made in good faith,  and the Company  shall  indemnify  and hold
     harmless  each member of the  Committee  and the Board,  and each  officer,
     employee or  director of the Company to whom any duty or power  relating to
     the  administration  or interpretation of the Plan is delegated against any
     cost or expense (including  reasonable legal fees) or liability arising out
     of any action or failure to act in connection  with the  administration  of
     the Plan.

SECTION 4.       Participation.

4.1  The  Board of  Directors  shall,  from  time to time,  designate  those key
     employees of the Company who shall be Participants under the Plan.

4.2  The  participation of any designated  Participant shall not be rescinded by
     the Board or the Committee  other than for Cause (as herein  defined),  the
     occurrence of which will result in the termination of all Benefits provided
     hereunder to such Participant  unless otherwise  determined by the Board in
     its sole discretion.

4.3  While  receiving  any  Benefits  under  this  Plan  during  Retirement,   a
     Participant  shall not,  without the prior  written  approval of the Board,
     directly or indirectly,  or through any other individual or entity,  become
     an officer or employee  of, or render any  services  (including  consulting
     services) to any competitor of the Company.  Further,  a Participant  shall
     not  solicit,  entice  or  induce  any  customer  of the  Company  to cease
     purchasing  goods or  services  from the Company or to become a customer of
     any competitor of the Company, and shall not solicit,  entice or induce any
     employee  of the Company to leave the employ of the Company or to become an
     employee of any competitor of the Company.

SECTION 5.       Benefits and Payments Under the Plan.

5.1  Commencing  with  the  date of the  Participant's  Retirement  (as  defined
     herein),  the  Company  will  annually  pay  to  the  Participant  (or  his
     designated legal  representative)  the Benefits afforded by this Plan. Such
     Benefits will be based on the number of years of Company  service  provided
     by the Participant having achieved the minimum Retirement age in accordance
     with the Benefit  schedule on Appendix A hereof in the case of Founders and
     the Benefit schedule on Appendix B in the case of other  Participants.  The
     Benefits  shall be paid for a period of five calendar  years after any such
     Retirement (including the year of Retirement).

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                            EXECUTIVE RETIREMENT PLAN
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5.2  Should a Participant  die after  Retirement  but before  receiving the full
     amount of the Benefits provided herein,  the Company shall continue to make
     payment of such  Benefits  (as  provided  in  Paragraph  5.1 hereof) to the
     Participant's  Beneficiary  for a  period  up to and  including  the  fifth
     calendar year following Retirement  (including the year of Retirement).  In
     the absence of any  effective  designation  of  Beneficiary,  the  Benefits
     provided  herein  shall  be  payable  to the  Participant's  duly-qualified
     Executor or Administrator for the benefit of the Participant's estate.

5.3  Payment of Benefits  under this Plan shall be made annually in no more than
     four equal  quarterly  installments or (at the discretion of the Committee)
     payment may be made in one annual  installment of the entire amount payable
     to the  Participant.  These  payment(s) shall be made at such time(s) as is
     convenient for the Company (but in no event shall any installment  payments
     commence  after  March 31 of each year in which such  annual  Benefits  are
     payable).

5.4  All  Benefits  payments  provided  for under the Plan shall be paid in cash
     from the  general  funds  of the  Company,  provided,  however,  that  such
     payments  shall  be  reduced  by the  amount  of any  payments  made to the
     Participant  or his  Beneficiary  or estate  from any trust,  or special or
     separate fund,  established by the Company to assure such payments.  If the
     Company,  in its sole discretion,  elects to establish any such trusts,  or
     special or separate  funds,  or elects to make any investments to aid it in
     meeting its  obligations  hereunder,  the Participant or his Beneficiary or
     estate shall have no right, title or interest  whatsoever in or to any such
     trusts, funds or investments.  Nothing contained in the Plan, and no action
     taken pursuant to any provisions of the Plan,  shall create or be construed
     to create a trust of any kind  between the Company and the  Participant  or
     his Beneficiary or estate. To the extent that any Participant  acquires the
     right to receive  payments  hereunder,  such right shall be no greater than
     the right of an unsecured creditor of the Company.

SECTION 6.       Amendment and Termination of the Plan.

6.1  The Plan may be amended or suspended,  in whole or in part, by the Board at
     any time,  but no such  action  shall  retroactively  impair  or  otherwise
     adversely  affect the rights of any  Participant to receive the Benefits to
     which such  Participant  is otherwise  entitled under the Plan prior to the
     date of such action.

6.2  The Board may  terminate the Plan at any time.  However,  the Benefits then
     being paid or then owed to any  Participant  under  Section 5 hereof  shall
     commence  or continue  to be paid until paid in full.  Notwithstanding  the
     foregoing,  no  termination  of the Plan upon the occurrence of a Change in
     Control of the Company  shall have effect of  reducing or  eliminating  the
     Benefits then being paid or then owed to any Participant.

6.3  Nothing  in  the  Plan  shall   preclude   the  Company  from  selling  to,
     consolidating or merging into or with, or transferring all or substantially
     all of its assets  to,  another  corporation,  and that  corporation  shall
     assume this Plan and all obligations of the Company hereunder.

                                       4
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GK PARTNERS

                          NU HORIZONS ELECTRONICS CORP.
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                            EXECUTIVE RETIREMENT PLAN
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SECTION 7.       General Provisions.

7.1  Nothing in this Plan shall be  construed to affect in any manner the rights
     and  privileges  of  any  Employee  or  Participant  to  be  covered  by or
     participate  in any  employee  benefit plan which the Company may now or in
     the future provide.

7.2  Nothing  contained herein shall confer upon any Employee or Participant the
     right to be retained in the employ of the Company,  nor interfere  with the
     right of the  Company  to  terminate  the  employment  of any  Employee  or
     Participant  without regard to the existence of this Plan.  Notwithstanding
     any  other  provisions  of  this  Plan,  in the  event  of a  Participant's
     termination for Cause,  such Participant or his Beneficiary or estate shall
     forfeit all rights to payments under the Plan.

7.3  The Plan is intended to  constitute  an "unfunded  plan for  management  or
     other highly compensated individuals" as defined in the Employee Retirement
     Income Security Act of 1974 (ERISA) and shall therefore not be construed as
     a  qualified  employee  retirement  benefit  program.  Notwithstanding  the
     foregoing,  the  Plan  may be  subject  to  certain  provisions  of  ERISA,
     including   certain   requirements   relating  to  reporting,   disclosure,
     enforcement and claims.

7.4  The Company  may  withhold  from any  Benefits  payable  under the Plan all
     Federal,  state,  city or other taxes as shall be required  pursuant to any
     law or governmental regulation or ruling.

7.5  All  expenses  incurred  in  administering  the  Plan  shall be paid by the
     Company and none shall be paid by the Participant.

7.6  No right to any amount  payable at any time under the Plan may be assigned,
     transferred,  pledged or otherwise  encumbered,  either  voluntarily  or by
     operation of law, except as expressly  provided herein.  This Plan shall be
     binding upon and inure to the benefit of the Company and its successors and
     assigns, and the Participant, his/her Beneficiary and estate.

7.7  This Plan shall be construed,  regulated and administered  according to the
     Code and the laws of the State of New York.

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                          NU HORIZONS ELECTRONICS CORP.
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                            EXECUTIVE RETIREMENT PLAN
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                             APPENDIX A FOR FOUNDERS

                 Schedule of Retirement Benefits Under the Plan
             Assuming Attainment of the Minimum Retirement Age of 56

                                                              Recommended
           Years of Company Service                   Annual Retirement Benefit

                  20 Years                                     $310,000

                  21 Years                                     $325,000

                  22 Years                                     $340,750

                  23 Years                                     $357,288

                  24 Years                                     $374,652

                  25 Years (Maximum Benefit)                   $392,884

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                            EXECUTIVE RETIREMENT PLAN
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                        APPENDIX B FOR OTHER PARTICIPANTS

     The Retirement  Benefits for Other Participants will be determined based on
the number of years of Company Service by such Participant, with a minimum of 20
years of service  and  attainment  of a minimum of sixty (60) years of age,  and
shall be determined by the Board of Directors on a case-by-case basis.

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