Document:

exh10-4_1363895.htm

EXHIBIT 10.4

SERVICES AGREEMENT

THIS SERVICES AGREEMENT (this “Agreement”) is made as of this 11th day of August 2009 by and between Access Integrated Technologies, Inc. d/b/a Cinedigm Digital Cinema Corp. (the “Company”)
and Aquifer Capital Group, LLC (“Aquifer”).

R E C I T A L S

WHEREAS, the Company desires to engage Aquifer to perform certain services for the Company, and Aquifer desires to accept such engagement, pursuant to this Agreement upon the terms and conditions set forth herein.

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

1.           Scope of Services.  During the Term (as defined below), Aquifer shall  provide financial advisory services (the “Services”)
for a proposed transaction (the “Transaction”) pursuant to which the Company intends to  repurchase or otherwise modify the Company’s outstanding 10% Senior Notes due 2010 (the “Notes”). The Services provided by Aquifer shall include the negotiation of the Transaction  with the holders of the Notes and the structuring of the Transaction,
at the request and direction of the Company, pursuant to the terms and conditions of this Agreement.  Aquifer shall devote its time and effort reasonably required to the performance of the Services and shall be available for calls and/or meetings with the Company and/or the holders of the Notes as reasonably requested from time to time by the Company.

2.           Term.  The term ("Term") of this Agreement shall commence on the date of this Agreement and continue through and until the earlier of
(i) the consummation of the Transaction or (ii) August 14, 2009, unless sooner terminated pursuant to this Agreement.

3.           Compensation; Expenses.

(a)           As compensation for the Services, upon consummation of the Transaction, the Company shall pay Aquifer a fee equal to 200,000 shares of the Company’s Class A Common Stock (the “Common Stock”),
100,000 of which shares will be issued to Adam M. Mizel and 100,000 of which shares will be issued to Aquifer Opportunity Fund, L.P.

(b)           The Company shall reimburse Aquifer for its direct out-of-pocket reasonable expenses arising from Aquifer’s provision of the Services; provided  that such expenses have been prior approved in writing by the Company.

4.           Termination.  Upon expiration of the Term without the Transaction having been consummated, the Parties may agree in writing to extend the Term.  Upon termination of this Agreement upon expiration
of the Term, whether or not so extended, without the Transaction having been consummated, the Company shall only be obligated to pay Aquifer any expenses 

 

 

 

 

 

incurred prior to such termination pursuant to Section 3(b) of this Agreement, but not any compensation.

5.           Confidential Information.

(a)           In connection with the performance of the Services, the Company may disclose to Aquifer certain confidential and proprietary data and information.  Aquifer agrees that the following terms and conditions shall apply to the delivery, disclosure and use of certain
technology, know-how, data and/or other information relating to the Company’s (or any affiliate’s) current and/or proposed products or services, including, but not limited to, the Company’s research, products, services, compilations, techniques, development efforts, inventions, processes, designs, drawings, marketing or finances, and all other information (the “Confidential Information”) disclosed by the Company to
Aquifer; provided that (i) any Confidential Information disclosed in written or other tangible form is marked as confidential, and (ii) all oral and/or intangible disclosures shall be deemed to include Confidential Information unless expressly confirmed in writing to not be Confidential Information.  Notwithstanding the foregoing, Confidential Information does not include information that:

(i)           Aquifer can establish by competent documentation was known to Aquifer without restriction prior to disclosure by the Company or was independently developed by Aquifer without use of the Confidential Information;

(ii)           is now in, or later comes into, the public domain through no fault of Aquifer;

(iii)           is disclosed to Aquifer without restriction on disclosure by a third party that, to Aquifer’s knowledge, is not bound by confidentiality obligations with the Company; or

(iv)           is required by operation of law to be disclosed by Aquifer, provided, however, that the Company is given reasonable advance notice of the intended disclosure and an opportunity to challenge such legal requirement(s). In the event that Aquifer is requested in a judicial,
administrative or governmental proceeding to disclose any of the Confidential Information, Aquifer shall promptly so notify the Company so that the Company may seek a protective order or other appropriate remedy and/or waive compliance with the terms of this Agreement.  If the Company fails to obtain such protective order or other remedy or the Company waives compliance with this Agreement, then Aquifer shall furnish only that portion of the Confidential Information which is legally required, provided
that Aquifer shall exercise its best efforts to obtain an order or assurance that confidential treatment will be accorded such Confidential Information.

(b)           Aquifer acknowledges and agrees that title to and ownership of the Confidential Information shall remain with the Company, and that the Confidential Information disclosed under this Agreement is confidential and proprietary and constitutes valuable trade secret information
of the Company.  Aquifer agrees not to use the Confidential Information for 

 

 

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Aquifer’s own use, or for any other purpose except in connection with scope of the performance of the Services under this Agreement.  Aquifer agrees to exercise Aquifer’s commercially reasonable efforts to prevent the unauthorized disclosure or unauthorized use of the Confidential Information.  Any disclosure
of the Confidential Information otherwise prohibited by this Agreement may be made only with the prior written consent of the Company.

(c)           Upon any termination or expiration of this Agreement, Aquifer will return to the Company or destroy (and certify the destruction thereof) any and all Confidential Information disclosed to Aquifer under this Agreement (and all copies of such Confidential Information in Aquifer’
possession or under Aquifer’ control), and all memoranda or other materials prepared by Aquifer reflecting or based on the Confidential Information, within five (5) days of the effective date of termination or expiration.

(d)           It is understood and agreed that irreparable damages would result to the Company from Aquifer’s breach of the provisions of this Section 5, that money damages would not be a sufficient remedy for such breach and that the Company shall be entitled to specific performance
or other injunctive relief as a remedy for such breach without the necessity of posting a bond or other security.

6.           Indemnification.  The company shall indemnify Aquifer with respect to any loss, damage, judgment or expense (including but not limited to reasonable legal fees and costs), other than a loss, damage,
judgment or expense arising from the fraud, gross negligence, willful misconduct or malfeasance of Aquifer, which Aquifer may incur in connection with any action, claim or proceeding commenced or otherwise brought against it relating to or arising from the provision of the Services.

7.           Independent Contractor.  Notwithstanding that Adam M. Mizel, a principal of Aquifer, is a member of the Board of Directors of the Company, Aquifer has been retained under this Agreement as an independent
contractor with no fiduciary or agency relationship to the Company and, as such, shall have no authority to incur any obligation, make any statement or representation on behalf of the Company, bind or commit the Company in any transaction or make, alter, modify or execute any document or agreement of behalf of the Company.  Each of the parties acknowledges that the terms of this agreement were agreed upon after arms length negotiations and that this Agreement is made and executed by and of each party’s
own free will.

8.           Notices.  Any notice, request, consent or communication (collectively, “Notice”) sent under this Agreement shall be effective
only if it is in writing and (a) personally delivered, (b) sent by certified or registered mail, return receipt requested, first class postage prepaid, (c) sent by a nationally recognized overnight delivery service, with delivery confirmed, or (d) sent by facsimile with receipt confirmed, addressed to the parties at the address set forth on the signature page to this Agreement or such other persons or addresses as shall be furnished in writing by any party to the other party.  A Notice shall be deemed
to have been given as of the date when (i) personally delivered, (ii) five (5) days after the date when deposited with the United States mail in the manner set forth above, properly addressed, (iii) when receipt of a Notice sent by an overnight delivery service is confirmed by such overnight delivery service, or 

 

 

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(iv) when receipt of the telex or telecopy is confirmed, as the case may be, unless the sending party has actual knowledge that a Notice was not received by the intended recipient.

9.           Amendment and Waiver.  This Agreement may not be modified, amended, altered or supplemented except by written agreement executed by all parties hereto.  Any term or provision of this Agreement
may be waived in writing at any time by the party that is entitled to its benefits.

10.           Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives and permitted successors and assigns.

11.           Headings.  Any headings of sections of this Agreement are solely for the convenience of the parties and are not a part of this Agreement nor are they to be used in its interpretation.

12.           Counterparts.  This Agreement may be executed in several counterparts; each such counterpart shall be considered an original agreement and all such executed counterparts shall constitute one Agreement.

13.           Governing Law.  This Agreement and all potential claims relating hereto is subject to and shall be enforced in accordance with the laws of the State of New York, without giving effect to its conflict
of laws provisions that would require the application of the laws of any other jurisdiction.

14.           Entire Agreement.  This Agreement contains the entire understanding of the parties hereto relating to the subject matter contained herein and supersedes all prior and collateral agreements, understandings,
statements and negotiations of the parties.

15.           Severability.    If any provision of this Agreement, as applied to any party or to any circumstance, shall be found by a court to be void, invalid or unenforceable, the same shall in no
way affect any other provision of this Agreement or the application of any such provision in any other circumstance, or the validity or enforceability of this Agreement.  In such event, the parties shall negotiate in good faith to replace the invalid or unenforceable provision with another reflecting the same relative distribution of economic benefits and burdens.

16.           Survival of Obligations.  Notwithstanding anything to the contrary in this Agreement, the expiration or termination of this Agreement shall not release the parties from their respective obligations
under Sections 3, 5 and 6 hereof, and such Sections shall survive such expiration or termination and remain in effect.

[Signature Page Follows]

  

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

	  	
Aquifer Capital Group, LLC

 

By: __/s/ Adam M. Mizel__________

       Name: Adam M. Mizel

       Title: Managing Member

 

	  	
Address:
	
460 Park Avenue, Suite 2101

New York, New York 10022

	  	
  

 

	  	
Access Integrated Technologies, Inc.

 

By: __/s/ Brian D. Pflug_____________

       Name: Brian D. Pflug

       Title: Senior Vice President

 

	  	
Address:
	
55 Madison Avenue, Suite 300

Morristown, New Jersey 07960<p style='margin-top:0pt;margin-bottom:6pt;text-align:center'><b>EMPLOYMENT
AGREEMENT</b></p>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;text-indent:36pt'>This Agreement is effective as of
the -1st- day of -April-, 2009, by and between Capital Financial Services,
Inc., a Wisconsin corporation (hereinafter referred to as the "<i>Company</i>"),
and Bradley Wells (hereinafter referred to as the "<i>Employee</i>"); and
Integrity Mutual Funds, Inc., ("<i>the Parent</i>") a North Dakota corporation
that is the parent and sole owner of the Company. This agreement is an
Employment Agreement between the Employee and the Company. The Parent of the
Company is a party to this Agreement and consents and ratifies this Agreement
to the extent it is affected by the terms of this Agreement.</p>
<p style='margin-top:36pt;margin-bottom:6pt;text-align:center'><b>WITNESSETH:</b></p>
<p style='margin-top:0pt;margin-bottom:18pt;text-align:justify;text-indent:36pt'>WHEREAS, Capital Financial
Services, Inc., a Wisconsin corporation (the "<i>Company</i>"), is a FINRA
member Broker Dealer; and</p>
<p style='margin-top:0pt;margin-bottom:18pt;text-align:justify;text-indent:36pt'>WHEREAS, the Company desires to
retain the services of the Employee to be the Chief Executive Officer of the
Company and to assist with the growth, direction and oversight of the business
activities of the Company; and</p>
<p style='margin-top:0pt;margin-bottom:18pt;text-align:justify;text-indent:36pt'>WHEREAS, Employee desires to
render services upon the terms herein set forth.</p>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;text-indent:36pt'>NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the Company and the
Employee hereby agree as follows:</p>
<p style='margin-top:36pt;margin-bottom:6pt;text-align:center'><b>AGREEMENT</b></p>
<table class=MsoTableGrid border=0 cellspacing=0 cellpadding=0 width="100%"
 style='width:100.0%;border-collapse:collapse'>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>1.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Employment.</i> The Company hereby employs the Employee
  and the Employee hereby accepts employment with the Company upon the terms
  and conditions hereinafter set forth. It is expressly understood that the
  Employee will also have separate employment, separate duties and a separate
  compensation package as an officer of Integrity Mutual Funds, Inc.,
  independent of this Agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>2.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Term.</i> Subject to the provisions for earlier
  termination hereinafter set forth, the term of employment hereunder shall be
  for two years and shall commence on the date hereof and end on the day
  preceding the second anniversary of the date hereof (the "<i>Employment
  Period</i>"). The parties hereto may by mutual consent agree to renew this
  contract for another two-year period. In such case all provisions of this
  contract will continue in effect for an additional two-year period.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>3.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Compensation.</i> The Company agrees to provide the
  Employee with the following compensation for all services rendered by the
  Employee under this Agreement:</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>3.1.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Base Salary.</i> The Company shall pay to the Employee
  an initial salary equal to the sum of One Hundred Thirty Five Thousand
  Dollars ($135,000) per year as a base salary, which sum shall be payable per
  two week pay period, in arrears, (or prorated amount if the first month is a
  portion of a month) commencing on the first day of the month of April 2009,
  first payable on the first regular payroll of the Company after April 1, 2009
  and thereafter on each regular two week payroll period thereafter during the
  entire term hereof. All compensation provided for in this section shall be
  subject to the Company deducting therefrom Social Security, Medicare, federal
  and state income taxes and any and all withholding payments as may be
  required by law.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>3.2.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Net Income Based Compensation.</i> Employee shall
  receive additional monthly compensation equal to five percent (5%) of the net
  income of the Company, as determined from the statement of operations of the
  Company before deduction for federal and state income tax expense and before
  deduction of the combination of the Net Income Based Compensation to Employee
  described herein together with the similar Net Income Based Compensation
  payable to Jeffrey Lindsey under his contract dated the same date as this
  Agreement. Said additional monthly compensation to be paid to Employee on the
  next scheduled pay period following completion of the Company's financial
  reports for each calendar month but in no event more than twenty one (21)
  days after each month end. In the event that the Company incurs a loss in any
  month, there will be no payment to Employee and that loss will be carried
  forward to the next month and deducted from that month's income (and each
  successive month thereafter if necessary until positive net income in excess
  of the prior month's loss is achieved) for purposes of calculation of
  Employee's net income based compensation. Employee's first monthly net income
  based compensation shall be determined for the month ended March 31, 2009.
  All compensation provided for in this section shall be subject to the Company
  deducting therefrom Social Security, Medicare, federal and state income taxes
  and any and all withholding payments as may be required by law.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>3.3.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Increase of Base Salary for Cost of Living:</i>
  Employee's Base Salary shall be increased each year beginning April 1, 2010
  by the percentage amount of the most recently federally published annual
  "Cost of Living Index" increase (if any increase is reported) for the United
  States of America.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>3.4.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Incremental Company Value Increase Bonus.</i> A "Fair
  Value" appraisal valuation of the Company at Nine Million Five Hundred
  Thousand Dollars ($9,500,000) was completed with a valuation date of March
  31, 2008 on behalf of Integrity Mutual Funds, Inc. by Valuation &amp;
  Tacservices, LLC. This amount is accepted as the base value of the Company
  for purposes of this Agreement. At the date of termination of this contract,
  whether by passage of time or by death, disability, or voluntary or
  involuntary termination, Employee shall be entitled to a bonus, payable in
  cash, equal to five percent (5%) of the increase in appraised value of the
  Company over an initial base valuation of which is equal to the March 31,
  2008 appraised value of $9,500,000 less the $742,380 United Heritage debt
  allocated to the Company and Capital Financial Holding, Inc., which is the
  allocation of debt which was utilized for purposes of the amended proxy filed
  September 23, 2008 by Integrity Mutual Funds, Inc. (the "base valuation") and
  a contract termination date valuation of the Company mutually determined and
  agreed by Employee and the Company or if no such mutual determination is made
  or agreed within 30 days of termination of this Agreement, then a valuation
  as determined by the "Fair Value" appraisal valuation of the Company which
  shall be determined by a utilizing a composite of the One-Year Capitalization
  Method which utilizes estimated one year cash flow divided by an adjusted
  discount rate and the Discounted Cash Flow Method which utilizes three future
  years and a perpetuity estimate (terminal period) divided by an adjusted
  discount rate ("Fair Value") and which amount will then further include a
  reduction in the Fair Value valuation for the capitalized costs of each
  acquisition made by the Company after the date of this employment contract as
  evidenced by such capitalized costs included in the Balance Sheet of the
  Company (the "Termination Valuation"). Said valuation will be performed at
  the Company's cost by an independent, qualified Valuation Consultant to be
  mutually agreed by the Company and the Employee, as of the date of Employee's
  termination or the termination of this contract. To clarify, the Termination
  Valuation shall include a reduction in the "Fair Value" appraisal amount for
  the capitalized cost (on the Company's accounting records) of acquisitions
  made in the expansion of the Company after the date of this agreement. For
  example, with the base valuation of $8,757,620, if a Fair Value valuation at
  the termination of this contract was determined to be $12,000,000, and two
  acquisitions occurred with combined capitalized costs on the accounting books
  of the Company of $2,000,000, then Employee would be entitled to a bonus in
  cash of $62,119 ($12,000,000 Fair Value&mdash;$2,000,000 capitalized acquisition
  costs -8,757,620 base valuation * 5%). For avoidance of doubt, upon
  termination of Employee for any reason other than financial fraud, or upon
  the expiration date of this contract, which expiration date would include the
  potential five-year renewal, Employee is entitled to the appraisal valuation
  and the bonus described herein. So as not to impair the financial health of
  the Company, the maximum payout of this bonus in any one year is limited to
  .75% of the previous year's gross revenues.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>In the event that the parties mutually agree to renew this
  contract for an additional two-year term, the provisions and benefits of the
  above paragraph shall continue to the end of the two-year renewal period. In
  the event that the Company elects not to renew this contract, Employee shall
  be immediately entitled to the benefits described in the above paragraph upon
  termination of employment. In the event that the Employee elects not to renew
  this contract, and agrees not to compete with the Company for a period of one
  year after termination of this contract, Employee shall be immediately
  entitled to the benefits described in the above paragraph upon termination of
  employment. In the event that the Employee elects not to renew this contract,
  and elects not to execute an agreement not to compete with the Company for a
  period of one year after termination of this contract, Employee will not be
  entitled to the benefits described in the above paragraph upon termination of
  employment. <i>Competition with the Company for purposes of this paragraph
  shall mean: (1) employment with, ownership of (other than less than 5% of a
  publicly traded entity) acting as a principal, manager, or officer of, or
  otherwise acting in a management or principal capacity of, a FINRA member
  broker dealer and/or (2) soliciting employees or registered representatives
  of the Company to work for another FINRA member broker dealer.</i></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Alternatively, if the Company is sold, resulting in the
  termination of Employee, Employee shall be entitled to a bonus, payable in
  cash, equal to five percent (5%) of the difference between the actual
  unrelated willing buyer/willing seller market sale price of the Company and
  the base value of $8,757,620. If the sale is other than an unrelated willing
  buyer/willing seller market sale price, the bonus shall be based upon the
  independent appraisal method described above.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>The parties agree that the amount of the potential bonus
  (if any) to Employee as described in this paragraph is a contingency, the
  amount of which is unknown and cannot be reasonably determined or estimated
  in advance of it final determination.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>In the event that the Company is the subject of a spin-off
  from Parent and becomes a subsidiary of another holding entity, the valuation
  and bonus described in this Section 3.4 shall be based upon the valuation of
  the entire value of the holding entity of which the Company is a subsidiary.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>3.5.</i></p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Other Employee Benefits</i></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(a)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>The Company shall pay for and/or reimburse the Employee
  for the cost of attending relevant professional, management or technical
  seminars, including travel and lodging.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(b)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Employee may personally advance payments for various
  expenses or cost items attributable to the Company's operations or
  administration and the Company will pay for and/or reimburse the Employee for
  all such reasonable expenses upon the presentation by the Employee, from time
  to time, of an itemized account of such expenditures. The Employee is also
  authorized to incur reasonable expenses for promoting the business of the
  Company, including the expenses for entertainment, travel and similar items.
  The Company will pay for and/or reimburse the Employee for all such
  reasonable expenses upon the presentation by the Employee, from time to time,
  of an itemized account of such expenditures in a form complying with all
  applicable rules and regulations of the Internal Revenue Service and
  reasonable requirements of the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Other Benefits.</i> To the extent that the Employee is
  otherwise eligible to participate therein, during the Employment Period the Employee
  shall be entitled to participate in and receive the benefits of any and all
  pension, retirement, vacation, profit sharing, health, disability, insurance
  and other benefit plans, programs and policies, if any, which may be
  maintained by the Company from time to time during the term hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>3.6.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Final Payment from Previous Contract.</i> In addition
  to the compensation provided by this agreement, Employee was paid his normal
  compensation in December 2008 due from his previous contract with Integrity Mutual
  Funds, Inc., which compensation is based upon November 2008 registered
  representative production of the Company. Thereafter said previous contract
  between Employee and Integrity Mutual Funds, Inc. will no longer be in
  effect. Additionally, all amounts paid Employee as salary or bonus from
  December 2008 to the effective date of this contract are deemed earned by
  Employee.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>4.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Duties.</i> The Employee shall serve as the Chief Executive
  Officer of the Company. As such, the Employee's duties and responsibilities
  shall include, but shall not be limited to:</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(i)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Reporting to the Chairman of the Board of the Company;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(ii)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Overall supervision of the Company;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(iii)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Recruiting and retaining brokers;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(iv)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Identifying acquisition opportunities;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(v)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Assisting with the annual financial audit and reporting
  process;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(vi)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Maintaining working relations between the Company and its
  brokers as the liaison between the Company and its brokers.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>The Employee shall also be responsible for the performance
  of such other tasks and responsibilities related to the above duties as may
  be reasonably prescribed from time to time by the Chairman of the Board of
  the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>5.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Extent of Service.</i> During the Employment Period,
  the Employee agrees to devote substantially all of his attention and time
  during normal business hours to the business and affairs of the Company and
  to perform such responsibilities competently and in good faith. Employee may
  continue to engage in pre-existing personal business and investment for his
  own benefit so long as it does not interfere with Employee's duties to the
  Company.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>6.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Working Facilities.</i> The Employee shall be furnished
  with office space, furnishings, secretarial assistance and such other facilities
  and services as the Chairman of the Board of the Company on behalf of the
  Company shall decide are reasonably necessary for the performance of the
  Employee's duties.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>7.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Expenses.</i> The Company will reimburse the Employee
  for such reasonable business expenses which are incurred by the Employee in
  promoting the business of the Company upon the presentation by the Employee
  from time to time (and at least monthly) of an itemized account of such
  expenditures containing such detail as may be reasonably required by the
  Chairman of the Board of the Company on behalf of the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>8.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Termination of Employment.</i></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>8.1.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Disability.</i> If the Board of Directors of the
  Company determines in good faith that the Disability of the Employee has
  occurred during the Employment Period (pursuant to the definition of
  Disability set forth below), the Board of Directors of the Company may give
  written notice to the Employee of its intention to terminate the Employee's
  employment. In such event, the Employee's employment with the Company shall
  terminate effective on the tenth (10th) day after delivery of such notice to
  the Employee (the "Disability Effective Date"), provided that, within the ten
  (10) days after such delivery, the Employee shall not have returned to full-time
  performance of the Employee's duties. For purposes of this Agreement,
  "Disability" shall mean the absence of the Employee from the Employee's
  duties with the Company on a full-time or part-time basis for thirty (30)
  consecutive business days as a result of incapacity due to mental or physical
  illness.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>8.2.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Cause.</i> The Company may terminate the Employee's
  employment during the Employment Period for Cause. For purposes of this
  Agreement, "Cause" shall mean:</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(a)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>The failure of the Employee to substantially perform the
  Employee's duties with the Company (other than any such failure resulting
  from incapacity due to mental or physical illness) after a written demand for
  performance is delivered to the Employee by the Chairman of the Board of the
  Company on behalf of the Company which specifically identifies the manner in
  which the Company believes that the Employee has not performed the Employee's
  duties; provided, however, if such failure can be reasonably cured by the
  Employee so that the Company shall not have suffered any damage or detriment
  as a result of such failure, the Employee shall have the opportunity to cure
  such failure to the satisfaction of the Chairman of the Board of the Company
  on behalf of the Company within thirty (30) calendar days after receipt of
  such written demand;</p>
  </td>
 </tr>
 <tr style='height:8.4pt'>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt;
  height:8.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt;
  height:8.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt;
  height:8.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt;
  height:8.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(b)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Any material violation of any rules or policies of the
  Company; <i>provided, however</i>, if such material violation can be
  reasonably cured by the Employee so that the Company shall not have suffered
  any damage or detriment as a result of such material violation, the Employee
  shall have the opportunity to cure such material violation to the
  satisfaction of the Chairman of the Board of the Company on behalf of the
  Company within thirty (30) calendar days after receipt of such written
  demand; or</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(c)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>The conviction or pleading of guilty or nolo contendra of
  any crime classified as a felony, or violation of any federal, state or self
  regulatory organization rule by the Employee which would by law or regulatory
  rule prevent Employee from carrying out his duties and responsibilities under
  this agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(d)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>The conviction or pleading of guilty or nolo contendra of
  any crime classified as financial fraud.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>8.3.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Good Reason.</i> The Employee's employment may be
  terminated by the Employee for Good Reason. For purposes of this Agreement,
  "Good Reason" shall mean:</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(a)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Any failure by the Company to comply with any of the
  provisions of this Agreement, other than an isolated, insubstantial and inadvertent
  failure not occurring in bad faith and which is remedied by the Company
  promptly after receipt of notice thereof given by the Employee; or</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(b)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Any purported termination by the Board of Directors of the
  Company of the Employee's employment otherwise than as expressly permitted by
  this Agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>8.4.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Notice of Termination.</i> Any termination by the
  Company for Cause, or by the Employee for Good Reason, shall be communicated
  by Notice of Termination to the other party hereto given in accordance with
  [Section 11.7] hereof. For purposes of this Agreement, a "<i>Notice of
  Termination</i>" means a written notice which</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(a)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Indicates the specific termination provision in this
  Agreement relied upon;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(b)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>To the extent applicable, sets forth in reasonable detail
  the facts and circumstances claimed to provide a basis for termination of the
  Employee's employment under the provision so indicated; and</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(c)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>If the Date of Termination (as defined below) is other
  than the date of receipt of such notice, specifies the termination date
  (which date shall be not more than thirty (30) days after the giving of such
  notice).</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>The failure by the Employee or the Company to set forth in
  the Notice of Termination any fact or circumstance which contributes to a
  showing of Good Reason or Cause shall not waive any right of the Employee or
  the Company, respectively, hereunder or preclude the Employee or the Company,
  respectively, from asserting such fact or circumstance in enforcing the
  Employee's or the Company's rights hereunder.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>8.5.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Date of Termination.</i> As used in this Agreement, "<i>Date
  of Termination</i>" means</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(a)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>If the Employee's employment is terminated by the Company
  for Cause, or by the Employee for Good Reason, the date of delivery of the
  Notice of Termination or any later date specified therein, as the case may
  be;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(b)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>If the Employee's employment is terminated by the Company,
  other than for Cause or Disability, the Date of Termination shall be the date
  on which the Company notifies the Employee of such termination; and</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.62%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>(c)</p>
  </td>
  <td width="78%" colspan=2 valign=top style='width:78.32%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>If the Employee's employment is terminated by reason of
  death or Disability, the Date of Termination shall be the date of death of
  the Employee or the Disability Effective Date, as the case may be.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>9.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Obligations of the Company upon Termination.</i></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>9.1.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Good Reason; Other Than for Cause.</i> If, during the
  Employment Period, the Company shall terminate the Employee's employment
  other than for Cause or Disability or the Employee shall terminate his
  employment for Good Reason, such termination shall constitute a breach of
  contract by the Company and during the period commencing on the date of such
  termination and ending on the expiration date of the Employment Period the
  Company shall, subject to the provisions of [Section 9.2] hereof, continue to
  pay the Employee, as liquidated damages, and not as a penalty, the monthly
  payments provided in [Section 3] hereof and Employee shall be entitled to the
  bonus described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>9.2.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Mitigation of Damages.</i> If the Employee's employment
  is terminated pursuant to [Section 9.1] hereof, the Employee shall have the
  duty to use his reasonable efforts to mitigate his damages by seeking
  employment comparable to his employment with the Company with respect to
  position, compensation and geographic location.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>9.3.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Death.</i> If the Employee's employment is terminated
  by reason of the Employee's death during the Employment Period, this
  Agreement shall terminate without further obligations by the Company to the
  Employee's legal representatives under this Agreement, other than for payment
  of the compensation set forth under [Section 3] hereof accrued up to the date
  of the Employee's death and the bonus described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>9.4.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Disability.</i> If the Employee's employment is
  terminated by reason of the Employee's Disability during the Employment
  Period, this Agreement shall terminate without further obligations by the
  Company to the Employee under this Agreement other than for payment of the
  compensation set forth in [Section 3] hereof accrued up to the Date of
  Termination and the bonus described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>9.5.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Cause; Other than for Good Reason.</i> If the
  Employee's employment shall be terminated for Cause during the Employment
  Period, this Agreement shall terminate without further obligations of the
  Company to the Employee under this Agreement other than the payment of the
  compensation set forth in [Section 3] hereof accrued up to the Date of
  Termination. If the Employee voluntarily terminates his employment during the
  Employment Period, excluding a termination for Good Reason, this Agreement
  shall terminate without further obligations of the Company to the Employee or
  the Employee to the Company under this Agreement other than the Company will
  be liable for payment of the compensation set forth in [Section 3] hereof
  accrued up to the Date of Termination but employee will not receive the bonus
  described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>9.6.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Financial Fraud.</i> If the Employee's employment shall
  be terminated for Financial Fraud as described in Paragraph 8.2(d), i.e. the
  conviction or pleading of guilty or nolo contendra of any crime classified as
  financial fraud, this Agreement shall terminate without further obligations
  of the Company to the Employee under this Agreement other than the payment of
  the compensation set forth in [Section 3] hereof accrued up to the Date of
  Termination. Under such termination, Employee will not be entitled to the
  bonus described in [Section 3.4] hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>10.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Restrictive Covenants.</i></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>10.1.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>All Materials are the Property of the Company.</i> The
  Employee agrees that all customer, supplier and distributor lists, financial
  data, computer software programs, source codes, plans, contracts, agreements,
  literature, manuals, catalogs, brochures, books, records, maps,
  correspondence and other materials furnished to the Employee by the Company,
  or any of its Affiliates, or secured through the efforts of the Employee,
  relating to the business conducted by the Company or any of its Affiliates,
  are and shall remain the property of the Company, and/or its Affiliates, and
  the Employee agrees to deliver all such materials, including all copies
  thereof, to the Company upon the termination of the Employee's employment
  hereunder, or at any other time at the Company's request.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>10.2.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Confidential Information.</i> The Employee agrees that
  the Employee will not at any time during or after the Employee's employment
  with the Company reveal, divulge or make known to any person, firm or
  corporation any trade secrets or confidential business information relating
  to the business of the Company or any of its Affiliates, and will retain all
  such knowledge and information in trust in a fiduciary capacity for the sole
  benefit of the Company, its Affiliates and their respective successors and
  assigns.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>10.3.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Provisions not Void.</i> In the event that any court
  shall finally hold that any provision of this [Section 10] constitutes an
  unreasonable restriction against the Employee, the Employee agrees that the
  provisions hereof shall not be rendered void but shall apply as to such time,
  territory and other extent as such court may judicially determine or indicate
  constitutes a reasonable restriction under the circumstances involved. The
  Company and the Employee each request that any such court which holds that
  any of the provisions of this [Section 10] constitutes an unreasonable
  restriction against the Employee, make a determination of what would
  constitute a reasonable restriction under the circumstances involved and to
  reform this Agreement accordingly.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>10.4.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Termination of Agreement; Survival.</i> Except as
  expressly provided in any other written agreement between the Company and the
  Employee, the provisions of this [Section 10] shall survive the termination
  of the term of this Agreement and the termination of the Employee's
  employment with the Company and shall run to and inure to the benefit of the
  Company, its Affiliates and their respective successors and assigns.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.</p>
  </td>
  <td width="93%" colspan=4 valign=top style='width:93.58%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>General.</i></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.1.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Prior Agreements.</i> This Agreement supersedes all
  prior agreements and understandings between the Employee and the Company, its
  Parent, Integrity Mutual Funds, Inc. or any of their Affiliates or their
  respective directors, officers, shareholders, employees, attorneys, agents or
  representatives, and constitutes the entire Agreement between the parties,
  respecting the subject matter hereof, and there are no representations,
  warranties or commitments other than those expressed herein. Specifically,
  this agreement terminates, voids and replaces that certain agreement by and
  between Employee and Integrity Mutual Funds, Inc. dated June 1, 2007.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.2.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Employee Not in Breach of Other Agreements.</i> The
  Employee represents and warrants to the Company that the Employee is not a
  party to or bound by, and the employment of the Employee by the Company or
  the Employee's disclosure of any information to the Company or its
  utilization of such information will not violate or breach any employment,
  retainer, consulting, license, non-competition, non-disclosure, trade secrets
  or other agreement or understanding between the Employee and any other
  person, partnership, corporation, joint venture, association or other entity.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.3.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Modifications or Amendments to Agreement.</i> No
  modification or amendment of, or waiver under, this Agreement shall be valid
  unless in writing and signed by the Employee and the Chairman of the Board of
  the Company on behalf of the Company and approved by the Board of Directors
  of the Company.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.4.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Indemnification.</i> The Employee agrees to indemnify
  the Company and its Affiliates against, and to hold the Company and its
  Affiliates harmless from, any and all claims, lawsuits, losses, damages,
  expenses, costs and liabilities, including, without limitation, court costs
  and attorneys' fees, which the Company or any of its Affiliates may sustain
  as a result of, or in connection with, either directly or indirectly, the
  Employee's breach or violation of any of the provisions of this Agreement. The
  Company agrees to indemnify the Employee against, and to hold the Employee
  harmless from, any and all claims, lawsuits, losses, damages, expenses, costs
  and liabilities, including, without limitation, court costs and attorneys'
  fees, which the Employee may sustain as a result of, or in connection with,
  either directly or indirectly, the Company's breach or violation of any of
  the provisions of this Agreement. The Company will indemnify Employee for
  claims against Employee that arise from lawful actions of the Employee
  authorized by the Company and done within the scope of Employee's employment.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.5.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Institution of Proceedings.</i> The Employee hereby
  agrees that in the event of the violation by the Employee of any of the
  provisions of this Agreement, the Company will be entitled, if it so elects,
  to institute and prosecute proceedings at law or in equity to obtain damages
  with respect to such violation or to enforce the specific performance of this
  Agreement by the Employee or to enjoin the Employee from engaging in any
  activity in violation hereof.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.6.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Waiver.</i> The waiver by the Company or the Employee
  of a breach of any provision of this Agreement by the other shall not operate
  or be construed as a waiver of any subsequent breach.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.7.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Communications; Notice.</i> Each notice, request,
  demand, approval or other communication which may be or is required to be
  given under this Agreement shall be in writing and shall be deemed to have
  been properly given when delivered personally at the address set forth below
  for the intended party during normal business hours at such address, or when
  sent by recognized overnight courier or by United States registered or
  certified mail, return receipt requested, postage prepaid, addressed as
  follows:</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>If to the Company or the Parent:</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="10%" colspan=2 valign=top style='width:10.88%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="75%" valign=top style='width:75.06%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p class=MsoNormal align=left style='text-align:left'>Capital Financial
  Services, Inc. or Integrity Mutual Funds, Inc.<br>
  1 Main Street North<br>
  Minot, North Dakota 58703<br>
  Attention: Chairman of the Board</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>If to the Employee:</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="10%" colspan=2 valign=top style='width:10.88%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="75%" valign=top style='width:75.06%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p class=MsoNormal align=left style='text-align:left'>Bradley Wells<br>
  2705 Bel Air Drive<br>
  Minot, ND 58703</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>Notices shall be given to such other addressee or address,
  or both, or by way of such other facsimile transmission number, as a
  particular party may from time to time designate by written notice to the
  other party hereto. Each notice, request, demand, approval or other
  communication which is sent in accordance with this Section shall be deemed
  delivered, given and received for all purposes of this Agreement when
  delivered personally, as of three (3) business days after the date of deposit
  thereof for mailing in a duly constituted United States post office or branch
  thereof, one (1) business day after deposit with a recognized overnight
  courier service. Notice given to a party hereto by any other method shall
  only be deemed to be delivered, given and received when actually received in
  writing by such party.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.8.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Binding on Others.</i> This Agreement shall inure to
  the benefit of and be binding upon the Company and the Employee and their
  respective heirs, personal representatives, successors and assigns.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.9.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Governing law.</i> This Agreement shall be governed by
  and construed in accordance with the laws of the State of North Dakota.</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
  <p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;font-size:4pt'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign=top style='width:6.42%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>&nbsp;</p>
  </td>
  <td width="7%" valign=top style='width:7.64%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'>11.10.</p>
  </td>
  <td width="85%" colspan=3 valign=top style='width:85.94%;padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify'><i>Counterparts.</i> This Agreement may be executed in two
  or more counterparts, all of which taken together shall constitute one and
  the same agreement.</p>
  </td>
 </tr>
 <tr height=0>
  <td width=48 style='border:none'></td>
  <td width=57 style='border:none'></td>
  <td width=57 style='border:none'></td>
  <td width=24 style='border:none'></td>
  <td width=561 style='border:none'></td>
 </tr>
</table>
<br clear=all style='page-break-before:always'>
<p style='margin-top:0pt;margin-bottom:18pt;text-align:justify;text-indent:36pt'>IN WITNESS WHEREOF, the parties
hereto have executed this Employment Agreement to be effective as of the day
and year first above written.</p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;margin-left:200pt'>CAPITAL FINANCIAL SERVICES, INC.
(THE "COMPANY")</p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;margin-left:200pt'>By_____________________________________________</p>
<p style='margin-top:0pt;margin-bottom:24pt;text-align:justify;margin-left:200pt'>Its_____________________________________________</p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;margin-left:200pt'>NTEGRITY MUTUAL FUNDS, INC.
(THE "PARENT")</p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;margin-left:200pt'>By_____________________________________________</p>
<p style='margin-top:0pt;margin-bottom:24pt;text-align:justify;margin-left:200pt'>Its_____________________________________________</p>
<p style='margin-top:0pt;margin-bottom:12pt;text-align:justify;margin-left:200pt'>EMPLOYEE</p>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;margin-left:200pt'>_____________________________________________</p>
<p style='margin-top:0pt;margin-bottom:0pt;text-align:justify;margin-left:200pt'>Bradley Wells</p>

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