Document:

EXHIBIT 4.10

      THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
      WARRANT HAVE NOT BEEN  REGISTERED  UNDER THE  SECURITIES  ACT OF 1933,  AS
      AMENDED,  OR ANY STATE  SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK
      ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,  OFFERED FOR SALE,
      PLEDGED  OR  HYPOTHECATED  IN THE  ABSENCE  OF AN  EFFECTIVE  REGISTRATION
      STATEMENT  AS TO THIS  WARRANT  UNDER  SAID ACT AND ANY  APPLICABLE  STATE
      SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO DUNCAN
      CAPITAL FINANCIAL GROUP, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

        Right to Purchase up to 317,200 Shares of Common Stock of Duncan
                          Capital Financial Group, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. 002                                        Issue Date: As of January 1, 2005

      DUNCAN CAPITAL  FINANCIAL GROUP,  INC., a corporation  organized under the
laws of the  State of  Delaware  ("DCFG"),  hereby  certifies  that,  for  value
received,  Leonard Neuhaus,  or permitted  assigns (the "Holder"),  is entitled,
subject to the terms set forth below, including, without limitation, the vesting
provisions  hereof,  to purchase  from the Company (as defined  herein) from and
after the Issue Date of this Warrant and at any time or from time to time before
5:00 p.m., New York time,  through the close of business  December 31, 2009 (the
"Expiration Date"), up to Three Hundred Seventeen Thousand Two Hundred (317,200)
fully paid and  nonassessable  shares of Common Stock (as hereinafter  defined),
$0.001  par value per  share,  at the  applicable  Exercise  Price per share (as
defined below).  The number and character of such shares of Common Stock and the
applicable  Exercise  Price per share are  subject  to  adjustment  as  provided
herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

            (a) The term "Company" shall include DCFG and any corporation  which
      shall succeed, or assume the obligations of, DCFG hereunder.

            (b) The term "Common Stock" includes (i) the Company's Common Stock,
      par value $0.001 per share and (ii) any other securities into which or for
      which any of the  securities  described  in the  preceding  clause  may be
      converted   or   exchanged   pursuant  to  a  plan  of   recapitalization,
      reorganization, merger, sale of assets or otherwise.

            (c) The term  "Other  Securities"  refers to any stock  (other  than
      Common Stock) and other  securities of the Company or any other Person (as
      hereinafter  defined) which the holder of the Warrant at any time shall be
      entitled  to  receive,  or shall have  received,  on the  exercise  of the
      Warrant,  in lieu of or in addition to Common Stock,  or which at any time
      shall  be  issuable  or shall  have  been  issued  in  exchange  for or in
      replacement of Common Stock or Other  Securities  pursuant to Section 4 or
      otherwise.

                                       B-1
<PAGE>

            (d) The  "Exercise  Price"  applicable  under this Warrant  shall be
      One-Sixth of One Dollar  ($0.1666...) per share,  subject to adjustment as
      herein provided.

      1. Exercise of Warrant.

      1.1   Number of Shares  Issuable  upon  Exercise.  From and after the date
            hereof through and including the  Expiration  Date, the Holder shall
            be entitled to receive, upon exercise of this Warrant in whole or in
            part,  by delivery of an original or fax copy of an exercise  notice
            in the form attached  hereto as Exhibit A (the  "Exercise  Notice"),
            shares  of  Common  Stock  of the  Company,  subject  to  adjustment
            pursuant to Section 4.

      1.2   Fair Market Value. For purposes hereof, the "Fair Market Value" of a
            share of Common  Stock as of a particular  date (the  "Determination
            Date") shall mean:

            (a) If the  Company's  Common Stock is traded on the American  Stock
      Exchange  or another  national  exchange  or is quoted on the  National or
      SmallCap  Market of The Nasdaq Stock  Market,  Inc.  ("Nasdaq"),  then the
      closing or last sale price,  respectively,  reported for the last business
      day immediately preceding the Determination Date.

            (b) If the  Company's  Common  Stock is not  traded on the  American
      Stock Exchange or another national exchange or on the Nasdaq but is traded
      over the  counter,  then the mean of the  average of the  closing  bid and
      asked prices reported for the last business day immediately  preceding the
      Determination Date.

            (c) Except as provided in clause (d) below, if the Company's  Common
      Stock is not publicly traded,  then as the Holder and the Company agree or
      in the absence of agreement by  arbitration  in accordance  with the rules
      then in effect of the American  Arbitration  Association,  before a single
      arbitrator  to be chosen by the  Holder  and the  Company  from a panel of
      persons  qualified by  education  and training to pass on the matter to be
      decided.

            (d)  If  the  Determination  Date  is  the  date  of a  liquidation,
      dissolution  or  winding  up,  or any event  deemed  to be a  liquidation,
      dissolution  or winding up pursuant  to the  Company's  charter,  then all
      amounts to be payable per share to holders of the Common Stock pursuant to
      the charter in the event of such  liquidation,  dissolution or winding up,
      plus all other  amounts to be  payable  per share in respect of the Common
      Stock in liquidation under the charter,  assuming for the purposes of this
      clause  (d) that all of the  shares of Common  Stock  then  issuable  upon
      exercise of the Warrant are outstanding at the Determination Date.

      1.3   Company  Acknowledgment.  The  Company  will,  at  the  time  of the
            exercise  of the  Warrant,  upon the  request of the  holder  hereof
            acknowledge in writing its  continuing  obligation to afford to such
            holder any rights to which such holder shall continue to be entitled
            after  such  exercise  in  accordance  with the  provisions  of this
            Warrant.  If the holder  shall fail to make any such  request,  such
            failure shall not affect the continuing obligation of the Company to
            afford to such holder any such rights.

      1.4   Trustee  for  Warrant  Holders.  In the  event  that a bank or trust
            company shall have been  appointed as trustee for the holders of the
            Warrant pursuant to Subsection 3.2, such bank or trust company shall
            have all the powers and duties of a warrant

<PAGE>

            agent (as hereinafter  described) and shall accept,  in its own name
            for the  account of the Company or such  successor  Person as may be
            entitled  thereto,  all amounts  otherwise payable to the Company or
            such  successor,  as the case may be, on  exercise  of this  Warrant
            pursuant to this Section 1.

      1.5   Vesting.  The Warrant shall vest in  twenty-four  (24) equal monthly
            installments  commencing  February  1,  2005 or, if  sooner,  upon a
            Change  of  Control  (as  defined  below) of the  Company.  Upon the
            termination  of  Executive's  employment  with the  Company  and its
            affiliates,   (a)  any  unvested   portion  of  the  Warrant   shall
            automatically  become null and void and shall  terminate and (b) any
            vested and  unexercised  portion of the Warrant shall be exercisable
            for a period ninety (90) days following the date of such termination
            of employment.

            For purposes of this Section 1.5, "Change of Control" shall mean (i)
            an acquisition  of voting  securities of the Company by any "person"
            (as the term  "person"  is used for  purposes  of  Section  13(d) or
            Section  14(d) of the  Securities  Exchange Act of 1934,  as amended
            (the "1934 Act") ( a "Person")  immediately  after which such Person
            has  "beneficial  ownership"  (within  the  meaning  of  Rule  13d-3
            promulgated  under  the  1934  Act) of 50% or  more of the  combined
            voting power of the Company's then-outstanding voting securities; or
            (ii) a merger or consolidation  that results in more than 50% of the
            combined  voting  power  of the  Company's  then-outstanding  voting
            securities  changing  ownership;   or  (iii)  the  sale  of  all  or
            substantially all of the Company's assets.

      2. Procedure for Exercise.

      2.1   Delivery  of Stock  Certificates,  Etc.,  on  Exercise.  The Company
            agrees that the shares of Common Stock  purchased  upon  exercise of
            this  Warrant  shall be deemed  to be  issued  to the  Holder as the
            record  owner of such shares as of the close of business on the date
            on which this Warrant shall have been  surrendered  and payment made
            for such shares in accordance herewith. As soon as practicable after
            the  exercise of this  Warrant in full or in part,  and in any event
            within  three (3)  business  days  thereafter,  the  Company  at its
            expense  (including the payment by it of any applicable issue taxes)
            will cause to be issued in the name of and  delivered to the Holder,
            or as such Holder  (upon  payment by such  Holder of any  applicable
            transfer taxes) may direct in compliance with applicable  securities
            laws,  a  certificate  or  certificates  for the  number of duly and
            validly issued,  fully paid and nonassessable shares of Common Stock
            (or Other Securities) to which such Holder shall be entitled on such
            exercise, plus, in lieu of any fractional share to which such holder
            would otherwise be entitled,  cash equal to such fraction multiplied
            by the then Fair Market Value of one full share,  together  with any
            other stock or other securities and property  (including cash, where
            applicable)  to which such  Holder is  entitled  upon such  exercise
            pursuant to Section 1 or otherwise.

      2.2   Exercise.  Payment may be made either (i) in cash or by certified or
            official bank check payable to the order of the Company equal to the
            applicable  aggregate  Exercise  Price,  (ii)  by  delivery  of  the
            Warrant,  or shares of Common Stock and/or  Common Stock  receivable
            upon  exercise  of the  Warrant in  accordance  with the formula set
            forth below in this Section 2.2, or (iii) by a combination of any of
            the  foregoing  methods,  for the  number of shares of Common  Stock
            specified in such Exercise  Notice (as such exercise number shall be
            adjusted to reflect any  adjustment in the total number of shares of
            Common Stock issuable to the Holder

<PAGE>

            per the terms of this  Warrant)  and the Holder  shall  thereupon be
            entitled to receive the number of duly  authorized,  validly issued,
            fully-paid  and  non-assessable  shares  of  Common  Stock (or Other
            Securities)  determined  as  provided  herein.  Notwithstanding  any
            provisions  herein to the contrary,  if the Fair Market Value of one
            share of Common  Stock is greater  than the  Exercise  Price (at the
            date of calculation as set forth below),  in lieu of exercising this
            Warrant for cash,  the Holder may elect to receive  shares  equal to
            the value (as  determined  below) of this  Warrant  (or the  portion
            thereof  being  exercised)  by  surrender  of  this  Warrant  at the
            principal office of the Company together with the properly  endorsed
            Exercise Notice in which event the Company shall issue to the Holder
            a number  of shares of Common  Stock  computed  using the  following
            formula:

      X=Y   (A-B)
           -------
              A

       Where X =  the number of shares of Common Stock to be issued to the
                  Holder

      Y =         the  number of  shares of Common Stock  purchasable  under the
                  Warrant  or,  if  only a  portion  of  the  Warrant  is  being
                  exercised,  the portion of the Warrant being exercised (at the
                  date of such calculation)

      A =         the  Fair  Market Value of one share of the  Company's  Common
                  Stock (at the date of such calculation)

      B =         Exercise Price (as adjusted to the date of such calculation)

3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

3.1   Reorganization,  Consolidation,  Merger,  Etc. In case at any time or from
      time  to  time,  the  Company  shall  (a)  effect  a  reorganization,  (b)
      consolidate  with or merge into any other Person,  or (c) transfer or sell
      all or  substantially  all of its properties or assets to any other Person
      under any plan or arrangement contemplating the dissolution of the Company
      (other than as set forth below in Section  3.2),  then, in each such case,
      as a  condition  to the  consummation  of such a  transaction,  proper and
      adequate provision shall be made by the Company whereby the Holder of this
      Warrant, on the exercise hereof as provided in Section 1 at any time after
      the  consummation of such  reorganization,  consolidation or merger or the
      effective  date  of such  transfer  or sale , as the  case  may be,  shall
      receive,  in lieu of the Common  Stock (or Other  Securities)  issuable on
      such exercise prior to such consummation or such effective date, the stock
      and other  securities and property  (including  cash) to which such Holder
      would have been  entitled  upon  consummation  of such  transaction  or in
      connection with such  dissolution,  as the case may be, if such Holder had
      so exercised  this  Warrant,  immediately  prior  thereto,  all subject to
      further adjustment  thereafter as provided in Section 4. In addition,  the
      successor or acquiring  entity shall expressly assume the due and punctual
      performance of each covenant, agreement,  obligation and condition of this
      Warrant to be performed  and  observed by the Company and all  obligations
      and liabilities hereunder, including, but not limited to the provisions of
      Section 4  hereunder.  Any such  provision  shall  include  provision  for
      adjustments  equivalent  in all respects to the  adjustments  contained in
      Section 4 of this Warrant.  The  foregoing  provisions of this Section 3.1
      similarly  apply to successive  reorganizations,  consolidations,  mergers
      and/or transfer or sale of properties or

<PAGE>

      assets. Notice of any such event contemplated in this Section 3.1 shall be
      mailed by  certified  mail to the  Holder no less than  fifteen  (15) days
      prior to such event. A sale of all or  substantially  all of the Company's
      assets for a  consideration  consisting  primarily of securities  shall be
      deemed a consolidation or merger for the foregoing purposes.

      3.2   Dissolution.  In  the  event  of  any  dissolution  of  the  Company
            following the transfer of all or substantially all of its properties
            or assets, the Company,  concurrently with any distributions made to
            holders of its Common Stock,  shall at its expense  deliver or cause
            to be  delivered  to the Holder the stock and other  securities  and
            property (including cash, where applicable) receivable by the Holder
            of the Warrant  pursuant to Section  3.1, or, if the Holder shall so
            instruct the Company,  to a bank or trust  company  specified by the
            Holder  and  having its  principal  office in New York,  New York as
            trustee for the Holder of the Warrant (the "Trustee").

      3.3   Continuation  of  Terms.  Upon  any  reorganization,  consolidation,
            merger or transfer  (and any  dissolution  following  any  transfer)
            referred to in this Section 3, this Warrant  shall  continue in full
            force and effect and the terms  hereof  shall be  applicable  to the
            shares of stock and other securities and property  receivable on the
            exercise   of  this   Warrant   after  the   consummation   of  such
            reorganization,  consolidation  or merger or the  effective  date of
            dissolution  following  any such  transfer,  as the case may be, and
            shall  be  binding  upon  the  issuer  of any  such  stock  or other
            securities,  including, in the case of any such transfer, the Person
            acquiring all or  substantially  all of the  properties or assets of
            the Company, whether or not such Person shall have expressly assumed
            the  terms of this  Warrant.  In the  event  this  Warrant  does not
            continue  in full force and  effect  after the  consummation  of the
            transactions  described  in  this  Section  3,  then  the  Company's
            securities  and  property   (including   cash,   where   applicable)
            receivable by the Holders of the Warrant will be delivered to Holder
            or the Trustee as contemplated by Section 3.2.

      4.  Extraordinary  Events  Regarding  Common Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding  Common Stock,  (b) subdivide its outstanding
shares of Common  Stock,  or (c)  combine its  outstanding  shares of the Common
Stock into a smaller  number of shares of the Common  Stock,  then, in each such
event,  the Exercise  Price  shall,  simultaneously  with the  happening of such
event,  be adjusted by multiplying  the then Exercise  Price by a fraction,  the
numerator  of which  shall be the number of shares of Common  Stock  outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common  Stock  outstanding  immediately  after such event,  and the
product so obtained shall  thereafter be the Exercise Price then in effect.  The
Exercise Price, as so adjusted,  shall be readjusted in the same manner upon the
happening of any successive  event or events described herein in this Section 4.
The  number of shares of Common  Stock  that the  holder of this  Warrant  shall
thereafter,  on the  exercise  hereof as  provided  in Section 1, be entitled to
receive shall be increased to a number  determined by multiplying  the number of
shares of Common  Stock that would  otherwise  (but for the  provisions  of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the  Exercise  Price that would  otherwise  (but for the  provisions  of this
Section 4) be in effect, and (b) the denominator is the Exercise Price in effect
on the date of such exercise.

<PAGE>

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the  Warrant,  the Company at its expense  will  promptly  cause its
certified  public  accountants  or other  appropriate  designee to compute  such
adjustment  or  readjustment  in  accordance  with the terms of the  Warrant and
prepare a certificate  setting forth such adjustment or readjustment and showing
in detail  the facts  upon  which  such  adjustment  or  readjustment  is based,
including a statement of (a) the  consideration  received or  receivable  by the
Company for any additional shares of Common Stock (or Other  Securities)  issued
or sold or  deemed  to have been  issued  or sold,  (b) the  number of shares of
Common Stock (or Other Securities) outstanding or deemed to be outstanding,  and
(c) the  Exercise  Price and the number of shares of Common Stock to be received
upon exercise of this Warrant, in effect immediately prior to such adjustment or
readjustment  and as adjusted or  readjusted  as provided in this  Warrant.  The
Company will forthwith mail a copy of each such certificate to the holder of the
Warrant and any Warrant  agent of the Company  (appointed  pursuant to Section 9
hereof).

      6.  Reservation  of Stock,  Etc.,  Issuable on  Exercise  of Warrant.  The
Company will at all times  reserve and keep  available,  solely for issuance and
delivery  on the  exercise  of the  Warrant,  shares of  Common  Stock (or Other
Securities)  from time to time  issuable on the exercise of the Warrant.  If the
Company  hereafter lists its Common Stock on any national  securities  exchange,
the Nasdaq  National Market or the Nasdaq  SmallCap  Market,  it shall similarly
list the Common Stock issuable upon exercise of this Warrant.

      7. Assignment;  Exchange of Warrant. Subject to compliance with applicable
securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred  by any  registered  holder hereof (a  "Transferor")  in whole or in
part.  On the  surrender  for exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement  Form") and together with evidence  reasonably  satisfactory  to the
Company  demonstrating  compliance with applicable  securities laws, which shall
include,  without  limitation,  the  provision  of  a  legal  opinion  from  the
Transferor's  counsel (at the  Company's  expense)  that such transfer is exempt
from the  registration  requirements  of applicable  securities  laws,  and with
payment by the  Transferor  of any  applicable  transfer  taxes)  will issue and
deliver  to or on the  order of the  Transferor  thereof a new  Warrant  of like
tenor, in the name of the Transferor and/or the transferee(s)  specified in such
Transferor  Endorsement Form (each a "Transferee"),  calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock called for on
the face or faces of the Warrant so surrendered by the Transferor.

      8. Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and  cancellation  of this Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Warrant Agent. The Company may, by written notice to the each Holder of
the Warrant,  appoint an agent for the purpose of issuing Common Stock (or Other
Securities)  on the exercise of this Warrant  pursuant to Section 1,  exchanging
this  Warrant  pursuant to Section 7, and  replacing  this  Warrant  pursuant to
Section 8, or any of the foregoing,  and thereafter any such issuance,  exchange
or replacement, as the case may be, shall be made at such office by such agent.

<PAGE>

      10. Transfer on the Company's Books.  Until this Warrant is transferred on
the books of the Company,  the Company may treat the registered holder hereof as
the absolute  owner hereof for all purposes,  notwithstanding  any notice to the
contrary.

      11. Notices, Etc. All notices and other communications from the Company to
the  Holder  of this  Warrant  shall be  mailed  by first  class  registered  or
certified mail,  postage prepaid,  at such address as may have been furnished to
the Company in writing by such Holder or, until any such Holder furnishes to the
Company an  address,  then to, and at the  address  of, the last  Holder of this
Warrant who has so furnished an address to the Company.

      12.  Miscellaneous.  This  Warrant  and any term  hereof  may be  changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  This Warrant shall be governed by and  construed in accordance  with
the laws of State of New York without regard to principles of conflicts of laws.
Any action brought  concerning  the  transactions  contemplated  by this Warrant
shall be brought only in the state  courts of New York or in the federal  courts
located in the state of New York; provided,  however, that the Holder may choose
to waive this  provision and bring an action  outside the state of New York. The
individuals  executing  this Warrant on behalf of the Company agree to submit to
the  jurisdiction  of such courts and waive trial by jury. The prevailing  party
shall be entitled to recover from the other party its reasonable attorney's fees
and  costs.  In the event  that any  provision  of this  Warrant  is  invalid or
unenforceable  under any applicable  statute or rule of law, then such provision
shall be deemed  inoperative  to the extent that it may conflict  therewith  and
shall be deemed  modified to conform  with such statute or rule of law. Any such
provision  which  may prove  invalid  or  unenforceable  under any law shall not
affect the validity or  enforceability  of any other  provision of this Warrant.
The headings in this Warrant are for purposes of reference  only,  and shall not
limit  or  otherwise  affect  any  of  the  terms  hereof.   The  invalidity  or
unenforceability  of any provision hereof shall in no way affect the validity or
enforceability  of any other provision  hereof.  The Company  acknowledges  that
legal counsel  participated in the  preparation of this Warrant and,  therefore,
stipulates  that the rule of  construction  that  ambiguities are to be resolved
against the drafting  party shall not be applied in the  interpretation  of this
Warrant to favor any party against the other party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                            SIGNATURE PAGE FOLLOWS.]

<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first written above.

                                         DUNCAN CAPITAL FINANCIAL GROUP, INC.

WITNESS:
                                         By:
                                                --------------------------------
                                         Name:
                                                --------------------------------
                                         Title:
------------------------------------            --------------------------------

                       [SIGNATURE PAGE - NEUHAUS WARRANT]EXHIBIT 10.2

                              EMPLOYMENT AGREEMENT

      Employment  Agreement,  dated as of December 23, 2004, but effective as of
November 1, 2004  ("Effective  Date"),  by and between Richard E. Stierwalt,  an
individual with an address at 345 Governors Lane,  Fairfield,  Connecticut 06824
("Executive"),  and Duncan Capital Financial Group, Inc., a Delaware corporation
with its principal office located at 830 Third Avenue,  New York, New York 10022
(the "Company").

                                    RECITALS

      A. The Company  desires to retain  Executive as an  executive  officer and
director of the Company during the Term (as defined below).

      B.  Executive  desires to be employed by the Company  during the Term, all
upon the terms and conditions set forth herein.

      NOW, THEREFORE, the Company and Executive agree as follows:

1 Engagement;  Duties. Subject to the terms and conditions set forth herein, the
Company  shall employ  Executive,  and  Executive  shall serve the  Company,  as
President and Chief Executive Officer during the Term (as defined in Section 2).
In  such   capacity,   Executive   shall   perform   duties   and  be   assigned
responsibilities  that are customary for a person serving in such capacities for
an  entity  engaged  in a  business  similar  to that of the  Company  as may be
assigned  to him from time to time by the  Board of  Directors  of the  Company.
During the Term,  the  Executive  shall  report to the Board of Directors of the
Company. In addition,  for so long as he is employed by the Company as President
and Chief Executive  Officer,  Executive shall serve as a member of the Board of
Directors of Company.  During the Term, Executive shall promote the interests of
the Company, shall perform his duties faithfully and diligently, consistent with
sound business  practices and, subject to the following  sentence,  shall devote
his full  business  time to the  performance  of his duties  for the  Company in
accordance  with the terms hereof.  Notwithstanding  the foregoing,  the parties
acknowledge  and agree that  Executive  may spend up to ten percent (10%) of his
business time in connection  with business  matters  relating to New Shorehaven,
LLC and New  Shorehaven  Ltd.,  which  entities  are engaged in the  business of
offshore  hedge fund  management,  provided  that, and only for so long as, such
duties do not  interfere  with,  or present  conflict  of  interest  issues with
respect to,  Executive's  duties to the Company  hereunder as determined in good
faith by the Board of Directors of the Company.

2 Term.  Unless this Agreement is terminated  pursuant to Section 5, the term of
this Agreement ("Term") shall be for a period of one (1) year from the Effective
Date and shall expire on October 31, 2005. This Agreement shall automatically be
extended  thereafter for subsequent  terms of one year each,  subject to earlier
termination  pursuant to Section 5, on the affirmative  agreement of the parties
to so  extend  this  Agreement  not later  than  ninety  (90) days  prior to the
expiration of the then-current term.

3 Compensation. As consideration for the performance by Executive of Executive's

                                     Page 1
<PAGE>

obligations under this Agreement, the Company shall pay Executive as follows:

      (A) During the Term,  the Company shall pay Executive a base salary at the
rate of Two  Hundred  Fifty  Thousand  ($250,000.00)  Dollars  per  year  ("Base
Salary"). The Board of Directors shall review Executive's  performance annually,
if this Agreement is renewed,  and  Executive's  base salary shall be subject to
increase but not decrease on the anniversary of the Effective Date, based on the
results of such review.  Any such base salary shall not exceed five (5%) of free
cash flow (but shall not be less than $250,000.00).

      (B) In addition to the Base Salary,  the Company shall pay  Executive,  if
and when earned by Executive, a bonus ("Bonus") based on Executive's performance
as determined by performance criteria and objectives established by the Board of
Directors or the  compensation  committee of the Board of  Directors,  but which
bonus  shall in no event  exceed  the Base  Salary  in effect at the time of the
determination of such Bonus. The Board of Directors shall consult with Executive
on the creation of applicable  performance criteria and objectives.  These shall
be  established  within  ninety days of the  Effective  Date and, if the term is
renewed, within sixty (60) days of each anniversary date thereof.

      (C) The Base  Salary  shall be payable in  accordance  with the  Company's
normal monthly  payroll run. The Bonus,  if any, shall be paid within sixty (60)
days of the end of each  fiscal  year.  If the  Bonus  is based  upon  financial
results for the fiscal year and such  results  are not known  within  sixty (60)
days of the end of the fiscal  year,  then eighty (80%) of the  projected  Bonus
shall be paid  within  sixty  (60) days of the end of such  fiscal  year and the
balance  shall be  payable  within  thirty  (30)  days of  delivery  of  audited
financial  statements.  The  Company  shall  deduct from the Base Salary and any
Bonus  any  federal,   state  or  local  withholding   taxes,   social  security
contributions  and any other  amounts  which may be  required  to be deducted or
withheld by the Company  pursuant to any federal,  state or local laws, rules or
regulations.

      (D) If the Company  acquires a subsidiary  business that  maintains a 401k
plan, then at Executive's request and to the extent permitted by applicable law,
Company shall cause such  subsidiary to allow  Executive to  participate in such
401k plan and if permitted to waive any vesting period with respect thereto.  To
the extent required, Company shall cause such subsidiary to employ Executive and
to pay five thousand  dollars  ($5,000) of Executive's Base Salary or such other
amount as may be necessary to permit  Executive to  participate  in such plan to
obtain the maximum available 401k contribution benefit out of the Base Salary.

4 Reimbursement of Expenses; Fringe Benefits.

      (A)  Expenses.  The Board of Directors  of the Company  will  authorize an
expense budget for Executive commensurate with reasonable business requirements,
including reimbursement for reasonable travel and entertainment expenses. During
the Term,  the Company  shall  reimburse  Executive  for ordinary and  necessary
business expenses incurred by Executive in the performance of Executive's duties
on behalf of the Company, provided, however, that such expenses were incurred in
the  furtherance  of the  Company's  business in  accordance  with the foregoing
budget, and that Executive presents evidence of such expenses as may be required
under the policies of the Company as are then in effect.

                                       2
<PAGE>

      (B) Fringe Benefits. During the Term, Executive shall be entitled to those
fringe  benefits and  perquisites  that are provided to other  executives of the
Company  generally,  including  any health or other  insurance,  pension  and/or
retirement plan (including 401k) or welfare plan, as and when such benefit plans
are  established.  The foregoing  shall not require the Company to establish any
such plan or program solely for Executive's  benefit.  In addition,  the Company
shall pay Executive's annual dues at Shorehaven Golf Club commencing in 2007, if
Executive is then employed by the Company.

      (C) Directors' and Officers'  Liability  Insurance.  The Company shall use
reasonable  commercial efforts to procure directors' and officers'  insurance in
such  form and  providing  such  coverage  for  Executive,  in his  capacity  as
President,  Chief  Executive  Officer  and a  director  of  the  Company,  as is
customary  for  similarly  situated  executives  serving in similar  capacities,
provided only that the costs of such coverage are not substantially greater than
those at companies  engaged in similar  business  activities.  In the event that
such insurance is not procured,  Executive  shall be entitled to resign from his
position as a Director of the Company,  and such resignation shall not be deemed
to be a breach of this Agreement.

      (D)  Vacation.  Executive  shall be entitled to twenty (20) paid  vacation
days during each year of the Term at such times as are  mutually  agreed upon by
Executive and Company.

      (E) Company Equity;  Warrant;  Options.  (i) Executive acquired a $200,000
allocation of shares of the Company's  common stock in accordance with the terms
of that certain subscription  agreement between Executive and the Company.  (ii)
In addition,  upon the execution and delivery of this  Agreement,  the Executive
shall be  granted  a  warrant  ("Warrant")  to  purchase  783,000  shares of the
Company's  common stock,  representing  5% of the sum of (i) number of shares of
the  Company's   common  stock  issued  and   outstanding  on  the  date  hereof
(11,740,000)  plus  (ii) the  number of shares  of the  Company's  common  stock
issuable upon the  conversion of the Company's  Series A Preferred  Stock on the
date hereof  (3,920,000),  at an exercise  price per share equal to $0.1667,  as
adjusted  from  time  to  time  to  reflect  stock   dividends,   stock  splits,
reorganizations  and similar  adjustments  customarily  included in common stock
warrants  . The  Warrant  shall be  exercisable  at any time,  and shall vest in
twelve equal monthly  installments over the term of the Agreement or, if sooner,
upon any sale or other  disposition of all or substantially all of the Company's
assets,  or  upon a  merger,  consolidation,  reorganization  or  other  similar
transaction  resulting  in a change of control of the  Company's  business.  The
exercise price may be payable by Executive in cash or by cashless  exercise.  If
the Executive  borrows the exercise price from the Company,  the amount borrowed
shall be  repayable  in full at the earlier of the date when the common stock of
the Company becomes publicly traded or on the second  anniversary of the date of
borrowing.  If the  Executive  elects  to pay the  exercise  price  by  cashless
exercise, then the number of shares issuable upon exercise of this Warrant shall
be reduced  by that  number of shares  equal to the  quotient  of the  aggregate
exercise price divided by the fair market value per share of common stock on the
date of exercise. (iii) In addition, and subject to adoption and approval of the
Company's  stock option plan ("Stock Option Plan") and the terms thereof and the
terms of the stock  option  agreement  executed  by the  parties  in  connection
therewith and pursuant  thereto ("Stock Option  Agreement"),  within one year of
the date of execution and delivery of this  Agreement,  the  Executive  shall be
granted incentive  options  ("Options") to purchase such number of shares of the
Company's common stock that represents 5% of the number of shares of the

                                       3
<PAGE>

Company's  common stock issued and  outstanding  on the date of issuance,  at an
exercise  price per share to be  determined by the Board of Directors but not to
exceed  the  fair  market  value  per  share of  common  stock as of the date of
issuance, as adjusted from time to time in accordance with the provisions of the
Stock  Option Plan and the Stock Option  Agreement  under which such Options are
issued. The Options shall have a term of seven (7) years from the date of grant.
All of such Options shall vest on the first anniversary of the date of grant or,
if sooner, upon any sale or other disposition of all or substantially all of the
Company's  assets,  or upon a  merger,  consolidation,  reorganization  or other
similar transaction  resulting in a change of control of the Company's business.
Other  terms  shall be as set forth in the  Company's  Stock  Option Plan and/or
related  Stock  Option  Agreement.  All  unvested  Options  and any  vested  but
unexercised  Options  shall  automatically   become  null  and  void  and  shall
automatically terminate upon the termination of Executive's employment hereunder
for Cause (as defined below) or upon  Executive's  voluntary  termination of his
employment  hereunder  other than for Good Reason (as defined  below).  Upon the
termination  of  Executive's  employment  due to death,  Disability  (as defined
below) or by the Company without Cause, all unvested Options shall automatically
become null and void and shall terminate and all vested and unexercised  Options
shall be  exercisable  in accordance  with the  Company's  Stock Option Plan and
Stock Option  Agreement  but in any event for a period not less than ninety (90)
days  following  the date of  termination  of  employment.  In the  event of any
conflict  between the terms and  provisions  of this  Agreement and those of the
Stock Option Agreement, the terms of the Stock Option Agreement shall govern and
be  controlling.  Provided  that  Executive  is then  employed  by the  Company,
additional stock options may be granted to Executive at the end of each calendar
year of employment based on the success of the Company's  business in accordance
with  criteria  established  by,  and at the sole  discretion  of,  the Board of
Directors of the Company.

      (F) Broker-Dealer Registrations.  The Company and Executive will cooperate
in identifying  any required  licenses or  registrations  for the performance of
services  by  Executive  at  Company's  expense.   If  the  Company  acquires  a
broker-dealer  registered with the Securities and Exchange  Commission,  then at
Executive's request and to the extent permitted by applicable law, Company shall
cause such  broker-dealer to hold  Executive's  registrations as a broker-dealer
representative.

      (G) Location.  Executive shall have his office located in the metropolitan
New York City area, subject to reasonable travel requirements.

5 Termination.  The Company may terminate this Agreement upon Executive's death,
and may  terminate  this  Agreement  at any  earlier  time at the  option of the
Company  due to  Executive's  Disability  (as  defined  below)  or for Cause (as
defined  below).  Executive  may  terminate  this  Agreement for Good Reason (as
defined below).

      (A) As used in this Agreement:

            (i)  The  term   "Disability"   means  the  inability  of  Executive
substantially  to perform his duties and  obligations  under this  Agreement for
sixty  (60)  consecutive  days or  sixty  (60)  days in any one  hundred  twenty
(120)-day period because of any mental or physical incapacity.

                                       4
<PAGE>

            (ii) The term "Cause"  means (A) any act by Executive  that damages,
in any material respect, the reputation,  business or business  relationships of
the Company,  (B) any action by Executive  that  constitutes a fraud against the
Company,  (C) the  conviction  of  Executive  of a crime  (other  than a traffic
violation),  (D)  Executive's  refusal or failure  to  perform  his duties  that
continues without cure for a period of thirty (30) days after the notice of such
refusal or failure is given by the  Company to  Executive,  or (E) any  material
breach by Executive of this Agreement or any other agreement  between  Executive
and the  Company,  or any  Affiliate  (as defined  below) of the  Company,  that
continues  without  cure for a period of thirty  (30) days after  notice of such
breach is given by the Company to Executive.

            (iii) The term "Good Reason" means (A) any material reduction in the
Base Salary or duties and  responsibilities  of  Executive  or (B) any  material
breach by the Company of this Agreement or any other agreement between Executive
and the Company,  or any Affiliate of the Company,  that continues  without cure
for a period  of  thirty  (30)  days  after  notice  of such  breach is given by
Executive to the Company.

            (iv) The term  "Termination  Date"  shall  mean the  earlier  of the
expiration of this Agreement or the effective date of the Company's  termination
of this Agreement.

      (B) Payments to Executive Upon Termination of This Agreement.

            (i)  In  the  event  this  Agreement  is  terminated  prior  to  the
expiration of the Term by the Company  without  Cause,  or by Executive for Good
Reason, the Company shall pay to Executive the amounts set forth in this Section
5(B)(i):  (a) an amount equal to (i) Executive's  accrued but unpaid Base Salary
through the Termination Date, payable within thirty (30) days of the Termination
Date,  and (ii) any  remaining  unpaid Bonus for the prior fiscal year,  payable
within thirty (30) days of the Termination Date or, if not determined as of that
date, then in accordance  with Section 3(C) hereof;  (b)  reimbursement  for any
reimbursable  business expenses incurred in accordance with this Agreement prior
to the  Termination  Date,  payable  within thirty (30) days of the  Termination
Date;  (c) an amount equal to (i)  Executive's  Base Salary for the remainder of
the Term,  payable  within thirty (30) days of the  Termination  Date,  and (ii)
Executive's Bonus for the period ending on the Termination Date, calculated on a
pro rata basis based on the number of days that the  Executive  was  employed by
the Company prior to the  Termination  Date,  payable within thirty (30) days of
the  Company's  determination  thereof  following the end of such fiscal year in
accordance  with Section 3(C) hereof;  and (d) any amounts or benefits due under
this  Agreement and any benefit  plan,  or program  through the remainder of the
Term in  accordance  with  the  terms  of  said  plan or  program,  but  without
duplication.

            (ii)  In  the  event  this  Agreement  is  terminated  prior  to the
expiration of the Term by the Company for Cause or due to  Executive's  death or
Disability,  the Company  shall pay to  Executive  the amounts set forth in this
Section 5(B)(ii) within thirty (30) days of the Termination  Date: (a) an amount
equal to  Executive's  accrued but unpaid Base Salary  prior to the  Termination
Date; (b)  reimbursement  for any  reimbursable  business  expenses  incurred in
accordance  with  this  Agreement  prior to the  Termination  Date;  and (c) any
amounts or benefits due through the  Termination  Date under this  Agreement and
any  benefit  plan,  or  program  in  accordance  with the terms of said plan or
program, but without duplication.

            (iii) As  consideration  for the  payments  under  Section  5(B)(i),
Executive shall

                                       5
<PAGE>

execute and  deliver to the Company a release of any and all claims  against the
Company (excluding any claim for such payments) in form and substance reasonably
satisfactory to the Company.

6 Non-Disclosure; Non-Competition and Non-Solicitation.

      (A) Non-Disclosure.  Executive understands and agrees that the business of
the Company is based upon  specialized  work and  Confidential  Information  (as
hereinafter   defined).   Executive   agrees  that  he  shall  keep  secret  all
Confidential  Information and that he will not, directly or indirectly,  use for
his own  benefit  or for the  benefit  of others nor  Disclose  (as  hereinafter
defined),  without the prior written  consent of the Company,  any  Confidential
Information.  At any time upon the  Company's  request  and upon  expiration  or
earlier termination of this Agreement,  Executive shall turn over to the Company
all books, notes,  memoranda,  manuals,  notebooks,  records and other documents
made,  compiled by,  delivered to, or in the  possession or control of Executive
containing  or concerning  any  Confidential  Information,  including all copies
thereof,  in any form or format,  including  any computer  hard disks,  wherever
located,  containing any such information, it being agreed that the same and all
information  contained  therein are at all times the  exclusive  property of the
Company. The provisions of this Section 6(A) shall survive for a period of three
(3) years following the Termination Date.

      As used in this Agreement,  the term "Confidential  Information" means any
information or compilation of information  not generally  known to the public or
the industry, that is proprietary or confidential to the Company, its Affiliates
and/or those doing  business with the Company and/or its  Affiliates,  including
but  not   limited   to   know-how,   process,   techniques,   methods,   plans,
specifications,  trade secrets,  patents,  copyrights,  supplier lists, customer
lists,  mailing lists,  financial  information,  business plans and/or policies,
methods  of  operation,  sales and  marketing  plans  and any other  information
acquired or developed by Executive in the course of his past, present and future
dealings  with  the  Company,  which is not  readily  available  to the  public.
"Confidential  Information"  shall not include  information  that  Executive can
demonstrate  was  known  to him  prior  to the  Effective  Date or that was made
available to Executive by a third party without obligation of confidentiality.

      As used in this Agreement,  the term "Disclose" means to reveal,  deliver,
divulge, disclose, publish, copy, communicate,  show, allow or permit access to,
or otherwise make known or available to any third party, any of the Confidential
Information.

      (B) Non-Competition;  Non-Solicitation.  Commencing on the date hereof and
ending on the first  anniversary  of the date of  Executive's  termination  from
employment  with the  Company  or any  Affiliate  thereof,  or if  Executive  is
terminated  without Cause or resigns for Good Reason,  ending on the last day of
the period for which  Executive  receives  severance pay under  Section  5(B)(i)
hereof (in either  event,  the  "Restricted  Period"),  Executive  covenants and
agrees that he will not, without the Company's prior written  consent,  directly
or indirectly, either on behalf of himself or on behalf of any business venture,
as an employee, consultant, partner, principal,  stockholder, officer, director,
trustee,  agent,  or  otherwise  (other  than on  behalf of the  Company  or its
Affiliates):

                                       6
<PAGE>

            (i)  be  employed  by,  engage  or  participate  in  the  ownership,
management,  operation or control of, or act in any advisory, expert, consulting
or other  capacity for, any entity or individual  that competes with the Company
in the areas of pension  administration,  insurance  product  sales and  pension
investment  advisory  services  in the  geographical  area of New  York  and New
England (provided,  however,  that notwithstanding the foregoing,  Executive may
make solely passive investments in such a competing entity, the common equity of
which  is  "publicly  held"  and of which  Executive  shall  not own or  control
securities  which  constitute more than one percent (1%) of the voting rights or
equity ownership of such entity);

            (ii) solicit or divert any business or any customer from the Company
or its  Affiliates or assist any person,  firm,  corporation  or other entity in
doing so or attempting to do so;

            (iii)  cause or seek to cause any  person,  firm or  corporation  to
refrain from dealing or doing  business  with the Company or its  Affiliates  or
assist any person, firm, corporation or other entity in doing so; or

            (iv) hire,  solicit or divert from the Company or its Affiliates any
of their  respective  employees,  consultants  or agents  who have,  at any time
during the immediately preceding one (1) year period from the date hereof or the
Restricted Period, been engaged by the Company or its Affiliates, nor assist any
person, firm, corporation or other entity in doing so.

      As used in this  Agreement,  the term  "Affiliates"  shall mean any entity
controlling,  controlled by or under the common control of the Company.  For the
purpose of this Agreement, "control" shall mean the direct or indirect ownership
of fifty (50%) percent or more of the outstanding  shares or other voting rights
of an entity or possession,  directly or  indirectly,  of the power to direct or
cause the direction of management and policies of an entity.

      (C) Injunctive Relief. If Executive shall breach or threaten to breach any
of the  provisions  of Section  6(A)  and/or  Section  6(B),  in addition to and
without  limiting any other  remedies  available to Company at law or in equity,
the Company  shall be entitled to  immediate  injunctive  relief in any court to
restrain any such breach or threatened  breach and to enforce the  provisions of
Section 6(A) and/or Section 6(B), as the case may be. Executive acknowledges and
agrees that there is no adequate remedy at law for any such breach or threatened
breach  and,  in the event that any  proceeding  is brought  seeking  injunctive
relief,  Executive  shall not use as a defense thereto that there is an adequate
remedy at law.

7  Indemnification.  The  Company  shall  defend,  indemnify  and hold  harmless
Executive  in his  capacity  as an officer  and  director  of the Company to the
fullest  extent  permitted  by  applicable  law  against  any  losses or damages
incurred by Executive in connection with any action, suit or proceeding to which
Executive  may be made a party by reason of his being or having  been an officer
or director of the Company,  or because of actions taken by Executive which were
believed  by  Executive  to be in the best  interests  of the Company and not in
violation of applicable  law, and  Executive  shall be entitled to be covered by
any  directors'  and officers'  liability  insurance  policies which the Company
maintains  for  the  benefit  of its  directors  and  officers,  subject  to the
limitations  of any such  policies.  The Company shall have the right to assume,
with  legal  counsel  of its  choice,  who  shall be  reasonably  acceptable  to
Executive,  the defense of Executive in any such action,  suit or proceeding for
which the Company is providing  indemnification  to Executive.  Should Executive
determine to employ separate legal counsel in any such action, suit or

                                       7
<PAGE>

proceeding,  any costs and expenses of such separate  legal counsel shall be the
sole responsibility of Executive.  If the Company does not assume the defense of
any such action,  suit or  proceeding,  the Company  shall,  upon the request of
Executive,  promptly advance or pay any amount for costs or expenses,  including
the reasonable fees of counsel  retained by Executive,  incurred by Executive in
connection with such action, suit or proceeding;  provided that Executive agrees
in writing to repay any such amounts advanced if it is ultimately  determined by
the Company that  Executive is not entitled to such  indemnification.  Executive
shall be  entitled  to  indemnification  under  this  clause  regardless  of any
subsequent  amendment  of the  Certificate  of  Incorporation  or By-Laws of the
Company.

8 Representation and Warranty of Executive. Executive represents and warrants to
Company that the execution and delivery of this Agreement and the performance of
Executive's  obligations  pursuant hereto shall not conflict with or result in a
breach  of  any  provisions  of  any  (a)  agreement,  commitment,  undertaking,
arrangement or understanding to which Executive is a party or by which Executive
is bound; or (b) order, judgment or decree of any court or arbitrator.

9 General Provisions.

      (A) Notices.  All notices and other  communications  under this  Agreement
shall be in  writing  and may be  given  by  personal  delivery,  registered  or
certified  mail,   postage  prepaid,   return  receipt  requested  or  generally
recognized overnight delivery service.  Notices shall be sent to the appropriate
party at that party's  address set forth above or at such other address for that
party as shall be specified by notice given under this Section. All such notices
and  communications  shall be deemed  received  upon (a)  actual  receipt by the
addressee or (b) actual delivery to the appropriate  address.  Copies of notices
hereunder  shall be sent as  follows:  If to  Executive - to: Day Berry & Howard
LLP, One Canterbury Green,  Stamford,  Connecticut  06901, fax no. 203 977 7301,
attention:  David A. Swerdloff,  Esq.; and if to the Company, to: Duncan Capital
Financial Group, Inc., 830 Third Avenue, New York, NY 10022, Attention:  Michael
Crow, and to: Cohen Tauber  Spievack & Wagner LLP, 420 Lexington  Avenue,  Suite
2400, New York, NY 10170, fax no. 212 586 5095, attention: Adam Stein, Esq.

      (B)  Assignment.  This  Agreement  shall be binding upon, and inure to the
benefit of, the parties' respective successors, permitted assigns, and heirs and
legal  representatives.  This Agreement may be assigned to, and thereupon  shall
inure to the benefit of, any organization which succeeds to substantially all of
the   business  or  assets  of  the   Company,   whether  by  means  of  merger,
consolidation,  acquisition  of all or  substantially  all of the  assets of the
Company or otherwise,  including,  without limitation, by operation of law. This
Agreement is a personal  services  contract and may not be assigned by Executive
nor may the duties of Executive hereunder be delegated by Executive to any other
person.

      (C) Severability.  If any provision of this Agreement,  or the application
of any provision to any person or  circumstance,  shall for any reason or to any
extent be invalid or  unenforceable,  the  remainder of this  Agreement  and the
application  of that  provision to other persons or  circumstances  shall not be
affected, but shall be enforced to the full extent permitted by law.

      (D) No Waiver.  The failure of a party to insist upon strict  adherence to
any term of

                                       8
<PAGE>

this  Agreement on any occasion shall not be considered a waiver or deprive that
party of the right  thereafter  to insist upon strict  adherence to that term or
any other term of this Agreement. Any waiver must be in writing.

      (E) Governing Law;  Arbitration.  This Agreement  shall be governed by and
construed in  accordance  with the laws of the State of New York  applicable  to
agreements made and to be performed in that state,  without regard to any of its
principles  of  conflicts  of  laws or  other  laws  that  would  result  in the
application  of the  laws of  another  jurisdiction.  This  Agreement  shall  be
construed and interpreted  without regard to any  presumption  against the party
causing this Agreement to be drafted. Each of the parties hereby unconditionally
and  irrevocably  waives  the  right to a trial by jury in any  action,  suit or
proceeding  arising  out of or relating to this  Agreement  or the  transactions
contemplated hereby. All disputes relating in any way to this Agreement shall be
resolved  exclusively  through  arbitration  conducted  in  accordance  with the
Commercial  Arbitration Rule of the American Arbitration  Association as then in
effect. The arbitration hearing shall be held in New York, New York and shall be
before a single  arbitrator  selected  by the  parties  in  accordance  with the
Commercial Arbitration Rules of the American Arbitration Association pursuant to
its rules on  selection  of  arbitrators.  Any  arbitrator  selected  shall have
reasonable  experience  as an arbitrator  relating to the dispute at issue.  The
arbitrator shall render a formal, binding non-appealable resolution and award on
each issue as  expeditiously as possible but not more than thirty days after the
hearing. All discovery disputes shall be resolved by the arbitrator. The parties
shall use all reasonable efforts to keep arbitration costs to a minimum.

      (F) Counterparts.  This Agreement may be executed in counterparts, both of
which  shall  be  considered  an  original,  but both of  which  together  shall
constitute the same instrument.

      (G) Entire  Agreement;  Amendment.  This  Agreement  contains the complete
statement  of all the  arrangements  between  the  parties  with  respect to its
subject  matter,  supersedes all prior  agreements  between them with respect to
that subject matter,  and may not be changed or terminated orally. Any amendment
or modification must be in writing and signed by the party to be charged.

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

                                            DUNCAN CAPITAL FINANCIAL GROUP, INC.

                                            By:
                                               ---------------------------------
                                            Name:
                                            Title:

                                            ------------------------------------
                                            RICHARD E. STIERWALT

                [SIGNATURE PAGE - STIERWALT EMPLOYMENT AGREEMENT]

                                       9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]