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                                                                    EXHIBIT 10.3

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of
April 11, 2003, by and between SUMMIT BROKERAGE SERVICES, INC., a Florida
corporation (the "COMPANY"), and ANTARES CAPITAL FUND III LIMITED Partnership, a
Delaware limited partnership ("ANTARES").

         WHEREAS, pursuant to that certain Stock Purchase Agreement, dated as of
even date herewith, entered into by and between the parties hereto (the "STOCK
PURCHASE AGREEMENT"), the Company is offering for sale to Antares 4,000,000
shares of Company Common Stock (the "COMMON STOCK SHARES"); and

         WHEREAS, pursuant to the terms of the Stock Purchase Agreement and in
order to induce Antares to purchase the Common Stock Shares, the Company has
agreed to enter into this Agreement and grant to Antares the registration rights
set forth herein.

         NOW, THEREFORE, in consideration of the foregoing premises, and the
mutual covenants and agreements contained herein and in the Stock Purchase
Agreement, the Company and Antares hereby agree as follows:

1. CERTAIN DEFINITIONS. As used in this Agreement, the following capitalized
terms shall have the following meanings:

                  "Closing Date" shall have the meaning ascribed to such term in
the Stock Purchase Agreement.

                  "Commission" shall mean the Securities and Exchange
Commission.

                  "Company Common Stock" means the Company's common stock, par
value $.0001 per share.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended.

                  "Private Placement Common Stock" shall mean the shares of
Company Common Stock sold under that certain Confidential Private Offering
Memorandum, dated as of October 14, 2002.

                  "Registrable Stock" shall mean (i) each and all of the Common
Stock Shares and (ii) each and all shares of capital stock of the Company or any
successor or assign of the Company (whether by merger, consolidation, sale of
assets or otherwise) which may be issued in respect of, in exchange for, or in
substitution for the Common Stock Shares, and/or by reason of any stock
dividend, split, reverse split, combination, recapitalization, reclassification,
merger, consolidation, subdivision, sale of assets or otherwise. In the event of
any change in the capitalization of the Company as a result of any stock
dividend, split, reverse split, combination, recapitalization, reclassification,
merger, consolidation, subdivision, sale of assets or otherwise, the provisions

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of this Agreement shall be appropriately adjusted. Notwithstanding the
foregoing, shares of Registrable Stock shall cease to be "Registrable Stock"
when (i) such shares have been registered under the Securities Act pursuant to
an effective registration statement filed thereunder and disposed of in
accordance with the registration statement covering them, (ii) such shares are
sold pursuant to Rule 144 or such shares are eligible to be sold pursuant to
paragraph (k) of Rule 144 or (iii) such shares shall cease to be outstanding.

                  "Rule 144" shall mean Rule 144 promulgated under the
Securities Act.

                  "Securities Act" shall mean the Securities Act of 1933, as
amended.

2. REGISTRATION RIGHTS.

                  (a) "PIGGYBACK REGISTRATION". If the Company at any time or
from time to time after the Closing Date proposes to register any Company Common
Stock under the Securities Act (other than in connection with (i) a registration
on Form S-4 pertaining to a merger or similar transaction or (ii) a registration
on Form S-8, or similar forms), the Company shall (A) at such time give prompt
written notice to Antares of its intention to effect such registration and (B)
use its reasonable best efforts to cause the managing underwriter (if any) of
such underwritten offering to include the Registrable Stock in the registration
statement (the "PIGGYBACK REGISTRATION STATEMENT") for the underwritten offering
in such registration. If such managing underwriter agrees to include the
Registrable Stock in the registration statement relating to the underwritten
offering, the Company shall at such time give prompt written notice to Antares
of its rights under such proposed registration and, upon the request of Antares
delivered to the Company within twenty (20) days after the Company's giving of
such notice (which request shall specify the Registrable Stock intended to be
disposed of by Antares), the Company shall include such Registrable Stock that
is requested by Antares to be included in such registration; provided, however,
that:

                           (i) if the managing underwriter in such underwritten
offering shall advise the Company that the amount of Company Common Stock
requested to be included therein exceeds the amount of securities that can be
sold in such offering or that the number of shares of Company Common Stock
proposed to be included in any such registration would materially and adversely
affect the price per share of the Company Common Stock to be sold in such
offering, then the Company shall include in such registration only the number of
shares of Registrable Stock, together with the number of shares of Private
Placement Common Stock duly requested to be registered and the number of other
shares of Company Common Stock duly requested to be registered by any other
affiliates of the Company, which in the opinion of such managing underwriter(s)
can be sold. If the number of Company Common Stock shares which can be sold is
less than the number of shares of Registrable Stock, together with the number of
shares of Private Placement Common Stock duly requested to be registered and the
number of other shares of Company Common Stock duly requested to be registered
by any other affiliates of the Company, then the number of securities to be
excluded from such registration shall be allocated among Antares, the holders of
the Private Placement Common Stock duly requested to be registered and such
other affiliates in proportion to the respective number of shares of Company
Common Stock held of record by each of them. In such event, the Company shall
give Antares prompt written notice of the number of shares of Registrable Stock
excluded from such registration at the request of the managing underwriter. No
such exclusion shall reduce the securities being offered by the Company for its
own account to be included in such registration statement;

                           (ii) the Company may, in its sole discretion and
without the consent of Antares, at any time after it shall have given written
notice to Antares in accordance with this Agreement, delay the filing or
effectiveness of the registration statement or withdraw such registration

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statement and abandon the proposed offering in which Antares had requested to
participate; provided, however, that such delay, withdrawal and/or abandonment
is with respect to all securities under such registration, and provided further,
that any delay, withdrawal and/or abandonment shall not preclude or otherwise
prejudice subsequent requests for registration pursuant to this Section 2(a).

                  (b) OPTION TO INCLUDE REGISTRABLE STOCK IN OFFERING. Antares,
subject to the provisions of Section 2(a) hereof, shall have the option to
include any of the Registrable Stock in a Piggyback Registration Statement. The
Company shall not be required to include Registrable Stock in a Piggyback
Registration Statement relating to an underwritten offering of the Company's
securities unless Antares accepts the terms of the underwriting as agreed upon
between the Company and the underwriters selected by it (provided such terms are
usual and customary for selling stockholders) and Antares agrees to execute
and/or deliver such documents in connection with such registration as the
Company or the managing underwriter may reasonably request (provided such
documents are usual and customary for selling stockholders).

                  (c) OTHER REGISTRATION. The Company hereby agrees to use its
reasonable best efforts on one occasion to file and thereafter to be declared
effective prior to January 1, 2004 a registration statement with the Commission
to permit the Registrable Stock to be resold to the public in any permissible
transaction (i.e., market, privately negotiated, underwritten or dealer
transaction), subject to the last paragraph of Section 3(h) hereof, on a
continuous basis after the effective date of such registration statement
pursuant to Rule 415 of the Securities Act, subject to the Lock-up provisions of
Section 5 hereof; and provided that a registration shall not count for purposes
of determining the Company's fulfillment of its obligations under this Section
2(c) until the Company has caused the registration statement filed pursuant to
this Section 2(c) to be declared effective. The Company shall be entitled to
include in any registration statement referred to in this Section 2(c): (i) any
shares of Company Common Stock to be sold by the Company for its own account,
(ii) any shares of the Private Placement Common Stock, (iii) any shares of
Common Stock underlying the warrants referenced in Section 5(t) of the Stock
Purchase Agreement, and (iv) any shares of Common Stock issued to sellers in
connection with the Company's acquisitions of assets or capital stock of other
businesses (so long as the inclusion of such sellers' Common Stock does not
cause a delay in obtaining the effectiveness of the registration statement). If
such registration statement includes shares of Company Common Stock for its own
account, then such registration shall nevertheless be deemed to be a
registration in accordance with and pursuant to Section 2(a) hereof.

                  (d) COOPERATION WITH COMPANY. Antares will cooperate with the
Company in all material respects in connection with this Agreement, including,
without limitation, timely supplying all information reasonably requested by the
Company and executing and returning all documents reasonably requested in
connection with the registration and sale of the Registrable Stock.

                  (e) AGREEMENTS WITH UNDERWRITERS. In connection with each
registration covering an underwritten public offering, the Company and Antares
agree to enter into a written agreement with the managing underwriter containing
such provisions as are customary in the securities business for such an
arrangement between an underwriter and companies of the Company's size and
investment stature.

                  (f) REGISTRATION OBLIGATIONS NOT MUTUALLY EXCLUSIVE. The
Company hereby agrees and acknowledges that its obligations under Sections 2(a)
and 2(b) hereof, on the one hand, and 2(c) hereof on the other hand, are

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cumulative and not mutually exclusive, such that, in no event will satisfaction
of the Company's obligations under Sections 2(a) and 2(b) hereof be deemed to
constitute satisfaction of the Company's obligations under Section 2(c) hereof,
and that in no event will satisfaction of the Company's obligations under
Section 2(c) hereof be deemed to constitute satisfaction of the Company's
obligations under Sections 2(a) and 2(b) hereof.

3. REGISTRATION PROCEDURES. If and whenever the Company is required by the
provisions of this Agreement to use its best efforts to effect the registration
of any of the Registrable Stock under the Securities Act, the Company shall
(except as otherwise provided in this Agreement), as expeditiously as possible:

                  (a) prepare and file with the Commission a registration
statement and shall use its best efforts to cause such registration statement to
become effective and remain effective for a period determined as provided in the
second to last paragraph of Section 3(h) hereof;

                  (b) prepare and file with the Commission such amendments and
supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement, subject to
the last paragraph of Section 3(h) hereof, continuously effective for the period
specified in Section 3(a) hereof and to comply with the provisions of the
Securities Act with respect to the sale and/or other disposition of all
Registrable Stock covered by such registration statement in accordance with the
sellers' intended method of disposition set forth in such registration statement
for such period;

                  (c) furnish to Antares such numbers of copies of a summary
prospectus and any other prospectus, including, without limitation, a
preliminary prospectus and any amendment and/or supplement to any prospectus, in
conformity with the requirements of the Securities Act, and such other
documents, as Antares may reasonably request in order to facilitate the public
sale and/or other disposition of the Registrable Stock covered by such
registration statement;

                  (d) use its reasonable best efforts to register and qualify
the Registrable Stock covered by such registration statement under such other
securities and blue sky laws of such jurisdictions as Antares or, in the case of
an underwritten public offering, the managing underwriter, reasonably shall
request, and do any and all other acts and things which may be necessary and/or
advisable to enable Antares to consummate the public sale and/or other
disposition in such jurisdictions of the Registrable Stock, except that the
Company shall not for any such purpose be required to: (i) qualify to do
business as a foreign corporation in any jurisdiction wherein it is not so
qualified or to file therein any general consent to service of process or be
subject to any escrow or other similar conditions; or (ii) take any other
actions or submit itself or its directors or officers to any restrictions,
obligations or burdens having a material adverse economic effect on it or them;

                  (e) use its reasonable best efforts to list or cause to be
quoted such securities on any securities exchange, automated quotation system or
other quotation system on which any securities of the Company are then listed or
quoted, if the listing or quotation of such securities is then permitted under
the rules of such exchanges or systems;

                  (f) enter into and perform its obligations under an
underwriting agreement, if the offering is an underwritten offering, in usual
and customary form, with the managing underwriter or underwriters of such
underwritten offering;

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                  (g) provide the Purchaser and its counsel a reasonable
opportunity to review a draft of any registration statement and amendments and
supplements thereto and any prospectus to be used in connection therewith prior
to filing with the Commission and provide any comments thereon; and

                  (h) promptly notify Antares, and each underwriter under such
registration statement, if any, at any time when a prospectus relating thereto
is required to be delivered under the Securities Act, of the happening of any
event of which it has knowledge as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing, and promptly and timely thereafter amend, modify
and/or supplement such prospectus to fully correct such untrue statement(s) or
omission(s).

         For purposes of Sections 3(a) and 3(b) hereof, the period of
distribution of Registrable Stock in a firm commitment underwritten public
offering shall be deemed to extend until each underwriter has completed the
distribution of all securities purchased by it, and the period of distribution
of Registrable Stock in any other registration shall be deemed to extend until
the earlier of: (i) the sale of all Registrable Stock covered thereby, and (ii)
a period equal to twelve (12) consecutive months immediately after the
expiration of both Lock-Up Periods (as defined in Section 5 below) plus an
aggregate amount of additional days thereafter equal to the aggregate number of
days the Registrable Stock may not be sold under the registration statement as a
result of an event described in the last paragraph of this Section 3(h), which
number of such additional days shall not exceed 365 days.

         Notwithstanding anything to the contrary stated in this Agreement, it
is acknowledged by the parties hereto that from time to time after the effective
date of a registration statement under Section 2 hereof there may occur events
identified in Item 512(a)(1)(i) or (ii) of Regulation S-B under the Securities
Act (a "Rule 512 Event") which necessitate the Company filing with the
Commission post-effective amendments to such registration statement (each an
"Updating Amendment"). Between the time a Rule 512 Event occurs necessitating an
Updating Amendment, and the time the Updating Amendment is filed with and
declared effective by the Commission, the Registrable Stock may not be sold
under such registration statement. In addition to giving the notice required
under this Section 3(h) and the documents requested under Section 3(c) hereof
with respect to an Updating Amendment, the Company agrees to use its reasonable
best efforts to cause the Updating Amendment to be prepared and filed with the
Commission and to be declared effective as soon as practical after the
occurrence of a Rule 512 Event and that in all events such Updating Amendment
shall be filed in accordance with the applicable filing requirements as
promulgated by the Commission.

4. EXPIRATION OF REGISTRATION RIGHTS. The obligations of the Company to register
shares of the Registrable Stock under Sections 2(a) and 2(b) of this Agreement,
shall terminate at such time as the Registrable Stock no longer qualifies as
"Registrable Stock" as defined in this Agreement. The obligations of the Company
to register shares of the Registrable Stock under Section 2(c) of this Agreement
shall terminate upon the expiration of the period of distribution for any
non-underwritten public offering, as such period is required to be determined
pursuant to the second to last paragraph of Section 3(h) above.

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5. LOCK-UP PROVISION.

                 (a) Subject to and as limited by Section 5(c) below, Antares
agrees that it will not sell, transfer, assign, hypothecate or otherwise dispose
of (each, a "TRANSFER") any shares of Registrable Stock without the prior
written consent of the Company until the following dates (each, a "LOCK-UP
PERIOD"): (i) with respect to fifty percent (50%) of the Registrable Stock,
prior to the earlier of the date that is six months from the effective date of a
registration statement covering the Registrable Stock and January 1, 2004; and
(ii) with respect to all other shares of Registrable Stock, prior to the earlier
of the date that is twelve months from the effective date of the registration
statement covering the Registrable Stock and July 1, 2004. To the extent that
the registration rights under Section 2 and Section 3 of this Agreement, and the
lock-up provisions of this Section 5 vary from the registration rights and
lock-up provisions of the registration rights agreements delivered to the
holders of the Private Placement Common Stock, any additional benefits as a
result thereof that inure to Antares shall also be given to the holders of the
Private Placement Common Stock, except for the limitations on stock lock-up
restrictions as set forth in Section 5(c) below, and except for the provisions
set forth under Section 3(g) above.

                 (b) Antares agrees that in connection with a registration
statement pursuant to which Registrable Stock has been registered in an
underwritten offering, the managing underwriter may, by written notice to
Antares effectuated in accordance with this Agreement by either the Company or
the managing underwriter, unilaterally subject the Registrable Stock to a
lock-up period not to exceed the lesser of (i) the lock-up period imposed on any
affiliate of the Company and (ii) the lock-up period imposed on any
non-employee, non-director shareholders of the Company, pursuant to which
Antares may not sell the Registrable Stock during such lock-up period; and, in
such event, Antares hereby agrees to such lock-up. Any such lock-up period may
be further shortened, in the sole discretion of the managing underwriter.

                 (c) The Company agrees that, notwithstanding anything set forth
herein to the contrary; the provisions of Section 5(a) above will in no event
apply to (i) any actual or proposed Transfer by Antares, a partner of Antares,
or, an Affiliate (as such term is defined in Rule 405 of the Securities Act) of
Antares or any of its partners made pursuant to and in accordance with that
certain Co-Sale and Voting Rights Agreement entered into by Antares and Mr.
Marshall T. Leeds ("Leeds") concurrently herewith, including, without
limitation, any Transfers arising from a Transfer by one or more Leeds
Affiliates (as such term is defined in the aforesaid Co-Sale and Voting Rights
Agreement) pursuant to a registration statement, or (ii) any actual or proposed
Transfer by Antares or a partner or Affiliate thereof to one or more of Antares'
partners or Affiliates (an "Antares Transferee"); provided, in the case of the
immediately preceding item (ii), that each such Antares Transferee shall agree
in writing to be bound by the terms and conditions of this Agreement applicable
to Antares.

6. EXPENSES. All expenses incurred with respect to the Company complying with
the provisions of this Agreement, including, without limitation, all filing
fees, printing and mailing expenses, fees and disbursements of Company counsel,
paralegals, independent public accountants and other professionals for the
Company, fees and expenses (including, but not limited to, counsel's,
paralegals', independent public accountants' and other professionals' fees and
expenses) incurred in connection with complying with state securities or "blue
sky" laws, fees of the National Association of Securities Dealers, Inc., any
national securities exchange(s), automated quotation system(s) and other
quotation system(s), and fees of transfer agents and registrars and costs of
issuance, but excluding any Selling Expenses and expenses of counsel of Antares,
are collectively called "Registration Expenses." All underwriting discounts,

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selling commissions and underwriter expense reimbursement allowances applicable
to the sale of Registrable Stock, any stock transfer taxes incurred with respect
to the sale of Registrable Stock, as well as all fees and expenses of counsel
for Antares, are collectively called "Selling Expenses."

The Company will pay all Registration Expenses in connection with each
registration of Registrable Stock pursuant to the provisions of this Agreement.
All Selling Expenses in connection with each such registration statement shall
be borne by Antares.

7. INDEMNIFICATION. In the event any Registrable Stock are included in a
registration statement pursuant to this Agreement:

                  (a) COMPANY INDEMNITY. To the extent permitted by law, the
Company shall indemnify and hold harmless Antares and each of its officers,
partners (including, but not limited to, such partners' respective members,
shareholders, partners, other equity holders, officers, directors, employees and
representatives), officers, directors, employees and representatives, each
underwriter of such Registrable Stock thereunder and each other person, if any,
who controls Antares or such underwriter within the meaning of the Securities
Act, against any losses, damages, costs, claims, expenses and liabilities,
including, without limitation, reasonable attorneys', paralegals' and
accountants' fees and expenses, before and at trial and at all applicable
appellate levels (individually and collectively, "LOSSES"), to which they may
become subject under the Securities Act or other federal or state law, insofar
as such Losses arise out of or are based upon (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration
statement including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, and/or (ii) the omission or
alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; provided, however, that the Company shall
not be liable in any such case if and to the extent that any such Losses arise
out of or are based upon (i) an untrue statement or alleged untrue statement or
omission or alleged omission so made in conformity with information furnished by
Antares, any such underwriter or any such controlling person in writing
specifically for use in such registration statement or prospectus; or (ii)
Antares' failure to deliver a copy of the final prospectus as then amended or
supplemented after the Company has furnished Antares with a sufficient number of
copies of the same, but only if delivery of same is required by law and the same
would have cured the defect giving rise to any such Losses.

                  (b) ANTARES INDEMNITY. In the event of a registration of any
Registrable Stock under the Securities Act pursuant to the provisions of this
Agreement, Antares shall furnish to the Company in writing such information and
affidavits with respect to Antares as the Company reasonably requests for use in
connection with any such registration statement (or prospectus contained
therein) and Antares will indemnify and hold harmless to the extent permitted by
law, the Company, each person, if any, who controls the Company within the
meaning of the Securities Act, each officer and director of the Company, each
underwriter and each person who controls any underwriter within the meaning of
the Securities Act, against all Losses to which the Company or such officer,
director, underwriter or controlling person may become subject under the
Securities Act or otherwise, insofar as such Losses arise out of or are based
upon any statements or information provided in writing by Antares, including
each of its officers, partners (including, but not limited to, such partners'
respective members, shareholders, partners, other equity holders, officers,
directors, employees and representatives), officers, directors, employees and

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representatives to the Company or underwriter in connection with the offer and
sale of Registrable Stock. Notwithstanding the foregoing, the amount Antares
shall be obligated to indemnify pursuant to this Agreement shall be limited to
an amount equal to the proceeds received by Antares of the Registrable Stock
sold pursuant to the registration statement which gives rise to such obligation
to indemnity (less the aggregate amount which Antares has been otherwise
required to pay in respect of such Loss or any substantially similar Loss
arising from the sale of such Registrable Stock).

                  (c) NOTICE; RIGHT TO DEFEND. Any person entitled to
indemnification hereunder agrees to give prompt written notice to the
indemnifying party after the receipt by such person of any written notice of the
commencement of any action, suit, proceeding or investigation or threat thereof
made in writing for which such person will claim indemnification or contribution
pursuant to this Agreement and, unless in the reasonable judgment of such
indemnified party a conflict of interest may exist between such indemnified
party and the indemnifying party, shall permit the indemnifying party to assume
the defense of such claim with counsel reasonably satisfactory to such
indemnified party. If the indemnifying party is not entitled to, or elects not
to, assume the defense of a claim, it will not be obligated to pay the fees and
expenses of more than one counsel for the indemnified party with respect to such
claim. The indemnifying party shall not, without the written consent of the
indemnified party (which consent shall not be unreasonably withheld or delayed),
settle, compromise or offer to settle or compromise any such claim or demand on
a basis which would result in the imposition of a consent order, injunction or
decree which would restrict the future activity or conduct of the indemnified
party or any subsidiary or other affiliate thereof or does not result in the
full release of the indemnified party. Failure of notice by a seller of
Registrable Stock entitled to indemnification hereunder will not relieve the
Company of its obligations under this Section 7 unless the Company is actually
prejudiced thereby.

                  (d) CONTRIBUTION. If the indemnification provided for in this
Agreement is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any Losses referred to therein, then the
indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall contribute to the amount paid or payable by such indemnified party as a
result of such loss, liability, claim, damage or expense in such proportion as
is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other hand in connection with the
statements or omissions which resulted in such Losses, as well as any other
relevant equitable considerations. The relevant fault of the indemnifying party
and the indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. Notwithstanding the foregoing, the amount Antares shall
be obligated to contribute pursuant to the Agreement shall be limited to an
amount equal to the proceeds received by Antares of the Registrable Stock sold
pursuant to the registration statement which gives rise to such obligation to
contribute (less the aggregate amount which Antares has otherwise been required
to pay in respect of such Losses or any substantially similar Losses arising
from the sale of such Registrable Stock).

                  (e) SURVIVAL OF INDEMNITY, The indemnification and
contribution rights and obligations provided by Section 7 of this Agreement
shall be continuing rights and obligations and shall survive the registration
and sale of any Registrable Stock by any person and the expiration or
termination of this Agreement.

8. RULE 144 REPORTING. The Company covenants that it will use its best efforts
to timely file the reports required to be filed by it under the Exchange Act and
the rules and regulations adopted by the Commission thereunder to enable Antares

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to sell Registrable Stock without registration under the Act within the
limitation of the exemptions provided by (i) Rule 144 under the Act, as such
Rule may be amended from time to time, or (ii) any similar rule or regulation
hereafter adopted by the Commission.

9. ASSIGNMENT OF REGISTRATION RIGHTS. The rights of Antares under this
Agreement, including, without limitation, the rights to cause the Company to
register Registrable Stock, may not be assigned without the written prior
consent of the Company, such consent not to be unreasonably withheld or delayed;
provided, however, that Antares may assign its rights and obligations hereunder,
without the Company's consent, to one or more Antares Transferees (as defined in
Section 5(c) above), so long as each such Antares Transferee(s) shall agree in
writing to be bound by the terms and conditions of this Agreement applicable to
Antares. In the event of any transfer, the transfer will only be permitted if
the transferee agrees to be bound by the provisions of this Agreement.

10. NOTICES.

                  (a) All communications under this Agreement shall be in
writing and shall be mailed by certified mail return receipt requested, postage
prepaid, or telegraphed or telexed (with written confirmation of receipt) or
delivered by hand or by overnight delivery service:

                     (i)      If to the Company, at:

                              Summit Brokerage Services, Inc.
                              980 North Federal Highway
                              Suite 310
                              Boca Raton, Florida 33432
                              Attn: Marshall T. Leeds, Chief Executive Officer
                              Facsimile:  (561) 347-6705

                              With a copy to:

                              Greenberg Traurig, P.A.
                              450 S. Orange Avenue, Suite 650
                              Orlando, Florida 32801
                              Attn:  Sandra C. Gordon, Esq.
                              Facsimile:  (407) 420-5909

or at such other address as it may have furnished in writing to Antares, or

                     (ii)     if to Antares, at:

                              Antares Capital Fund III Limited Partnership
                              7900 Miami Lakes Drive West
                              Miami Lakes, Florida 33016
                              Attn: Mr. Jonathan I. Kislak
                              Facsimile:  (305) 894-3227

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                              With a copy to:

                              Bilzin Sumberg Baena Price & Axelrod LLP
                              2500 Wachovia Financial Center
                              200 South Biscayne Boulevard
                              Miami, FL 33131-5340
                              Attn: Alan D. Axelrod, Esq.
                              Facsimile: (305) 374-7593

or at such other address as it may have furnished in writing to the Company.

                  (b) Any notice so addressed, when mailed by certified mail
return receipt requested shall be deemed to be given three days after so mailed,
when telegraphed or telexed shall be deemed to be given when transmitted (with
written confirmation received), or when delivered by hand or overnight delivery
service shall be deemed to be given when delivered.

11. SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided herein, this
Agreement shall inure to the benefit of and be binding upon the successors
(including, but not limited to, a successor of the Company by merger, assignment
or otherwise) and permitted assigns of the Company and Antares (including, but
not limited to, any Antares Transferees (as defined in Section 5(c) above)).

12. AMENDMENT, WAIVER AND TERMINATION. This Agreement may be amended, and the
observance of any term of this Agreement may be waived, but only with the
written consent of the Company and Antares.

13. COUNTERPARTS. One or more counterparts of this Agreement may be signed by
the parties, each of which shall be an original but all of which together shall
constitute one and the same instrument.

14. GOVERNING LAW/JURISDICTION. This Agreement will be governed by, construed
and enforced in accordance with, the laws of the State of Florida. Each of the
parties hereto irrevocably consents to the exclusive jurisdiction and venue of
any court located within Miami Dade County or Palm Beach County, in the State of
Florida in connection with any matter based upon or arising out of this
Agreement or the matters contemplated herein, agrees that process may be served
upon them in any manner authorized by the laws of the State of Florida for such
persons and waives and covenants not to assert or plead any objection which they
might otherwise have to such jurisdiction, venue and such process.

15. INVALIDITY OF PROVISIONS. If any provision of this Agreement is or becomes
invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not be
affected thereby.

16. HEADINGS. The headings in this Agreement are for convenience of reference
only and shall not be deemed to alter or affect the meaning or interpretation of
any provisions hereof.

17. ENTIRE AGREEMENT. This Agreement expresses the entire understanding of the
Company and Antares with respect to the subject matter hereof and supersedes all
prior and contemporaneous agreements and undertakings of the Company and Antares
with respect to the subject matter hereof.

18. ATTORNEYS' FEES. The prevailing party in any dispute with respect to this
Agreement shall be entitled to recover from the other party all of its
reasonable costs and expenses incurred in connection with such dispute,

                                       10
<PAGE>

including, but not limited to, reasonable attorneys', paralegals', accountant's
and other professionals' fees and costs incurred before and at trial, at any
other proceeding, at all appellate levels and whether or not suit or any other
proceeding is brought.

                     [SIGNATURES LOCATED ON THE NEXT PAGE.]

                                       11
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Registration Rights Agreement as of the day and the year first set forth above.

THE COMPANY:

SUMMIT BROKERAGE SERVICES, INC.,
a Florida corporation

By:      /s/ Marshall T. Leeds
         --------------------------------------------
         Marshall T. Leeds,
         Chairman and Chief Executive Officer

ANTARES:

ANTARES CAPITAL FUND III LIMITED PARTNERSHIP,
a Delaware limited partnership

By:      ANTARES CAPITAL PARTNERS III, L.L.C.,
         a Florida limited liability company,
         its General Partner

By:      /s/ Jonathan I. Kislak
         --------------------------------------------
         Jonathan I. Kislak,
         Class A Member

                                       12<PAGE>
                                                                    EXHIBIT 10.4

                       CO-SALE AND VOTING RIGHTS AGREEMENT

         THIS CO-SALE AND VOTING RIGHTS AGREEMENT (this "Agreement") is made and
entered into as of the 11th day of April, 2003, by and between Marshall T. Leeds
("Leeds") and Antares Capital Fund III Limited Partnership, a Delaware limited
partnership (the "Purchaser" or "Antares").

         WHEREAS, pursuant to that certain Stock Purchase Agreement entered into
by and between Summit Brokerage Services, Inc., a Florida corporation (the
"Company"), and the Purchaser as of the date hereof (the "Purchase Agreement"),
it was and is a condition precedent and covenant of the Company to cause this
Agreement to be entered into, executed and delivered to the Company by Leeds;

         WHEREAS, Leeds has agreed to grant the Purchaser the opportunity to
participate, upon the terms and conditions set forth in this Agreement, in
subsequent sales of the Common Stock (as defined in the Purchase Agreement) made
by any Leeds Affiliate (as hereinafter defined); and

         WHEREAS, Leeds has agreed to vote all of his shares of Common Stock
with respect to certain matters as set forth within Section 4 herein, as may be
directed by the Purchaser.

         NOW, THEREFORE, in consideration of the foregoing premises, the mutual
covenants and agreements set forth herein and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:

                                    ARTICLE 1
                            SALES BY LEEDS AFFILIATE

         1.1 TRANSFERS. Any sale, transfer or other disposition, whether
voluntarily or by operation of law or otherwise, in any transaction or series of
related transactions, of any shares of Common Stock (each a "Transfer") by (i)
Leeds, (ii) each of his family members and (iii) each entity (other than the
Company) which is directly or indirectly majority-owned by Leeds or any of his
family members or for which Leeds or any of his family members or an entity
directly or indirectly majority-owned by Leeds or any of his family members
serves as the sole or managing general partner or the sole or managing member
(the foregoing items (i), (ii) and (iii) and each and all combinations thereof,
are collectively referred to herein as the "Leeds Affiliates" and each
individually as a "Leeds Affiliate"), shall be void, of no force or effect, and
transfer no right, title or interest in or to any such Common Stock shares to
the purported transferee, except to the extent that the applicable Leeds
Affiliate(s) comply(ies) in all respects with the terms and conditions of this
Agreement. For purposes hereof a family member of Leeds is his spouse, children
or any other lineal descendents.

         1.2 RIGHT TO PARTICIPATE. During the Applicable Period (as such term is
defined in the Purchase Agreement), if a Leeds Affiliate desires to effectuate a
Transfer other than to a Leeds Affiliate, then, at least fifteen (15) business
days prior to the closing of such Transfer, Leeds shall, by written notice,
offer (the "Participation Offer") to Antares the right (but not the obligation)
to participate (the "Tag Along Rights"), exercisable by giving written notice of

                                       1
<PAGE>

exercise to Leeds within seven (7) business days after Antares' receipt of the
Participation Offer, to sell in the Transfer that number of Common Stock shares
as shall be determined pursuant to Section 1.2(a) below at the same price and
upon the same terms and conditions and otherwise treated the same, in substance,
as those applicable to the proposed Transfer of the Common Stock by the Leeds
Affiliate (the "Transferee Terms"). The Participation Offer shall set forth, in
reasonable detail, each and all of the Transferee Terms (including, but not
limited to, the proposed Transferee, purchase price, payment terms, closing date
and any and all other material terms). Each and all actual or proposed Transfers
by a Leeds Affiliate, other than a Permitted Transfer pursuant to and in
accordance with Section 1.5 below, shall be subject to such Tag Along Rights,
and shall be conditioned upon all applicable Leeds Affiliates complying in full
with the provisions of this Agreement. For purposes of this Agreement, the
Purchaser shall be deemed to include, where applicable and without limitation,
the Purchaser and any Affiliates (as such term is defined in Rule 405 of the
Securities Act of 1933, as amended (the "Securities Act") thereof, other than
the Company, including, but not limited to, its partners (and their assignees)
and their respective Affiliates to whom Common Stock shares were/are
distributed. The Tag Along Rights of the Purchaser shall be subject to the
following terms and conditions:

                  (a) The Purchaser may sell in the Transfer all or any part of
that number of shares of Common Stock equal to the product obtained by
multiplying (i) the aggregate number of shares of Common Stock covered by the
proposed Transfer by (ii) a fraction the numerator of which is the number of
shares of Common Stock then owned by or on behalf of the Purchaser (including,
but not limited to, its partners or Affiliates other than the Company) and the
denominator of which is the sum of the number of shares of Common Stock then
owned by all Leeds Affiliates (including shares Transferred to Permitted
Transferees as hereinafter defined in accordance herewith) and the Purchaser
(including, but not limited to, its partners or Affiliates other than the
Company). For purposes of making such computation, the number of shares of
Common Stock deemed to be owned by the Purchaser and its Affiliates and the
Leeds Affiliates shall include any and all exercisable and in-the-money options,
warrants and other Common Stock equivalents.

                  (b) The Purchaser may participate in the proposed Transfer by
delivering to Leeds, together with the notice of exercise described above in
this Section 1.2, one or more certificates, properly endorsed for Transfer to
the proposed Transferee or its designee (the "Transferee"), which represent the
number of shares of Common Stock which the Purchaser elects to sell pursuant to
this Section 1.2. In addition, the Purchaser shall execute and deliver to
Transferee a stock sale/purchase agreement as may be reasonably required by the
Transferee, in such form and with such representations and warranties regarding
the title to and encumbrances on the Purchaser's Common Stock so endorsed,
Purchaser's authority to transfer the Common Stock, and other terms that are
customary for an investor of the same character as the Purchaser at the time of
the transfer who is selling to a third party common stock in a public company of
the Company's size and type and which are reasonably acceptable to Purchaser;
provided, however, that Purchaser's failure to execute and deliver to Transferee
any such agreement shall not impair the Transfer of Common Stock by any Leeds
Affiliate pursuant to the Transferee Terms, and in such event Leeds shall return
to Purchaser its endorsed certificates and shall have no further obligation to
Purchaser under this Agreement with respect to the subject Transfer or any sale
proceeds received by any Leeds Affiliate in connection therewith.

                                       2
<PAGE>

         1.3 CONSUMMATION OF SALE. Subject to Section 1.2(b) hereof, the stock
certificate or certificates which the Purchaser delivers to Leeds pursuant to
Section 1.2(b) shall be delivered by Leeds to the proposed Transferee against
payment of the appropriate purchase price or other consideration therefor as
provided in the Participation Offer and subject to and not before the
consummation of the sale of the Common Stock pursuant to the Transferee Terms
specified in the Participation Offer, including, without limitation, the outside
date of the closing thereof, and Leeds shall promptly, but in no event later
than the date of the closing of the proposed Transfer, cause to be paid to the
Purchaser by the Transferee that portion of the sale proceeds to which the
Purchaser is entitled by reason of its exercise of Tag Along Rights with respect
to such sale.

         1.4 ONGOING RIGHTS. The exercise or non-exercise of the Tag Along
Rights of the Purchaser shall not adversely affect its rights to participate in
subsequent Common Stock Transfers by Leeds pursuant to Sections 1.1 and 1.2
hereof.

         1.5 PERMITTED EXEMPTIONS. The Tag Along Rights of the Purchaser shall
not apply to (a) any pledge of Common Stock made by a Leeds Affiliate pursuant
to a bona fide loan transaction which creates a mere security interest, or (b)
any gift by pledge or transfer to a charitable organization, or (c) any Transfer
to a Leeds Affiliate; PROVIDED, HOWEVER, that (i) Leeds shall provide prior
written notice to Purchaser of such pledge or Transfer at least five (5)
calendar days prior to effecting it and (ii) the pledgee or Transferee thereof
(each, a "Permitted Transferee") shall furnish the Purchaser with a written
agreement to be bound by and comply with all provisions of this Agreement
applicable to Leeds.

         1.6 DEFINITIONS. For purposes of this Agreement, the term "Applicable
Period" shall have the meaning ascribed to such term in the Purchase Agreement.

                                    ARTICLE 2
                              PROHIBITED TRANSFERS

         2.1 TREATMENT OF PROHIBITED TRANSFERS. In the event that,
notwithstanding the provisions of Section 1 hereof, a Leeds Affiliate should
effectuate an effective Transfer of any Common Stock in contravention and breach
of the Tag Along Rights of the Purchaser (a "Prohibited Transfer"), then the
Purchaser, in addition to such other remedies as may be available at law, in
equity or hereunder (including, without limitation, enforcing the voidability of
the Prohibited Transfer as provided in Section 1 hereof), shall have the put
option provided in Section 2.2 below, and Leeds shall be bound by the applicable
provisions of such put option.

         2.2 PUT OPTION. In the event of a Prohibited Transfer, the Purchaser
shall have the right, and one available remedy for such breach shall be, to sell
to Leeds, and Leeds shall have the obligation to purchase from the Purchaser, a
number of shares of Common Stock equal to the number of shares the Purchaser
would have been entitled to sell to the purchaser in the Prohibited Transfer
pursuant to the terms of Section 1 hereof. Such sale shall be made on the
following terms and conditions:

                  (a) The price per share (the "Share Price") at which the
shares are to be sold to Leeds shall be the sum of (i) the Share Price paid by
the purchaser to the Leeds Affiliate in the Prohibited Transfer and (ii) simple
interest on the Share Price, computed at a rate equal to eighteen percent (18%)

                                       3
<PAGE>

per annum, pro rated for the period of time between the payment in full of the
purchase price with respect to the put option described herein by Leeds and
receipt by the Leeds Affiliate of any proceeds from the Prohibited Transfer
giving rise to the put option.

                  (b) Within 90 days after the later of the dates on which the
Purchaser (i) received notice from Leeds of the Prohibited Transfer or (ii)
otherwise becomes aware of the Prohibited Transfer, the Purchaser shall, if
exercising the put option created hereby, deliver to Leeds the certificate or
certificates representing the Purchaser's Common Stock shares to be sold, each
certificate to be properly endorsed for Transfer.

                  (c) Leeds shall, concurrently with its receipt of the
certificate or certificates for the shares to be sold by the Purchaser pursuant
to Section 2.2(b), pay and deliver to the Purchaser in cash the aggregate
purchase price therefor as specified in Section 2.2(a), by certified check or
bank draft made payable to the order of Purchaser.

                                    ARTICLE 3
                              LEGENDED CERTIFICATES

         3.1 LEGEND. Each certificate representing shares of Common Stock now or
hereafter owned by any Leeds Affiliate or issued to any Permitted Transferee
pursuant to Section 1.5 shall be endorsed with the following legend:

                  "RESTRICTIONS ON THE RIGHT TO SELL OR TRANSFER THE SHARES OF
         STOCK REPRESENTED BY THIS CERTIFICATE HAVE BEEN IMPOSED PURSUANT TO A
         CO-SALE AND VOTING RIGHTS AGREEMENT BETWEEN THE HOLDER OF THIS
         CERTIFICATE AND ANTARES CAPITAL FUND III LIMITED PARTNERSHIP, A COPY OF
         WHICH IS ON FILE WITH THE OFFICE OF, AND AVAILABLE UPON WRITTEN REQUEST
         TO, THE SECRETARY OF THE COMPANY."

         3.2 LEGEND REMOVAL. The Section 3.1 legend shall be removed upon
termination of this Agreement in accordance with the provisions concerning
termination set forth herein and therein.

                                    ARTICLE 4
                        SHARE VOTING AND OTHER AGREEMENTS

         4.1 BOARD OF DIRECTORS. During the Applicable Period, Leeds agrees
that, if so directed by the Purchaser, he shall take and cause to be taken such
shareholder actions and/or vote and cause to be voted all shares of Common Stock
beneficially held by each Leeds Affiliate (including, but not limited to, any
and all shares of Common Stock and Common Stock equivalents owned directly or
indirectly by Mr. Richard Parker or Affiliates thereof over which Leeds has
voting control) in favor of each of the following: (i) the nomination (if
necessary) and election to the Company's board of directors of a designee

                                       4
<PAGE>

selected by the Purchaser from time to time in its sole discretion (the
"Purchaser Director"), (ii) the maintenance of the Purchaser Director as a
member of the Company's board of directors at all times during the Applicable
Period, and (iii) to the extent a vote or other action is required to be taken
by the shareholders of the Company, or such shareholders (by vote or other
action) could effectuate same, (A) the appointment of the Purchaser Director to
the compensation and audit committees of the board of the directors of the
Company and the maintenance of such Purchaser Director as a member of such
committees at all times during the Applicable Period, (B) the maintenance at all
times of at least two (2) Independent Directors (as such term is defined in the
Purchase Agreement) on the Company's board of directors, and (C) a requirement
that the membership of each of the audit and compensation committees of the
Company's board of directors be limited exclusively to Independent Directors and
at least two (2) thereof.

         4.2 STOCK ISSUANCES. During the Applicable Period, Leeds agrees that he
shall not put before the Company's board of directors or any committee thereof
for its consideration, nor shall he accept if so voted upon by the Company's
board of directors or any committee thereof, the issuance (the "Issuance") of
any equity securities of the Company or securities convertible, exchangeable
and/or exercisable thereinto, including, without limitation, any Common Stock,
preferred stock, options, warrants, and other equity equivalents (collectively,
"Securities") to any Leeds Affiliate if the price to be paid for such Securities
is below $.25 per share (or the equivalent thereof after giving effect to any
splits, mergers, stock dividends, recapitalizations and similar transactions
effectuated after the Closing Date (as such term is defined in the Purchase
Agreement)); provided, however, that the term Issuance shall not be deemed to
include the Company's issuance of Securities to a Leeds Affiliate at a price
below $.25 per share (or the equivalent thereof after giving effect to any
splits, mergers, stock dividends, recapitalizations and similar transactions
effectuated after the Closing Date), subject to and only with the approval of a
majority of the Company's Independent Directors, under either of the following
circumstances: (A) Common Stock, options and/or warrants, but in no event
preferred stock, as compensation for services in lieu of cash, but only to the
extent that (i) the value placed on such Common Stock and the exercise price per
share for such options or warrants are not, at the time of issuance, below the
greater of (1) the last closing sale price of the Common Stock on the trading
day nearest the issuance date and (2) the average of the closing sale prices for
the Common Stock for the 20 trading days immediately preceding the issuance
date, and (ii) any and all such issuances (Common Stock, options and/or
warrants) in the aggregate do not exceed 5% of the then outstanding shares of
Common Stock; or (B) in connection with the purchase of Securities (but in no
event preferred stock) by a Leeds Affiliate, the proceeds of which are necessary
for the Company's continued operations, the completion of a merger or an
acquisition (excluding exercise by Leeds of his currently outstanding options),
or such other appropriate business purpose as is approved by at least a majority
of the board of directors; provided, however, that in the case of the
immediately preceding item (B), the Purchaser will have the right to participate
in such an investment with the applicable Leeds Affiliates to the extent of the
product obtained by multiplying (i) the aggregate number of Securities covered
by the proposed issuance by (ii) a fraction the NUMERATOR of which is the sum of
the number of shares of Common Stock and all options, warrants and other Common
Stock equivalents (whether or not such options, warrants and other Common Stock
equivalents are then "in the money" or exercisable) then owned by or on behalf
of the Purchaser (including, but not limited to, its partners or Affiliates
other than the Company), and the DENOMINATOR of which is the sum of the number
of shares of Common Stock and all options, warrants and other Common Stock

                                       5
<PAGE>

equivalents (whether or not such options, warrants and other Common Stock
equivalents are then "in the money" or exercisable) then owned by or on behalf
of the Leeds Affiliates and the Purchaser (including, but not limited to, its
partners or Affiliates other than the Company).

         4.3 RELATED-PARTY TRANSACTIONS. Leeds hereby agrees and covenants that,
during the Applicable Period, no Leeds Affiliate will enter, directly or
indirectly, into a joint venture, loan or any other transaction, agreement or
arrangement with the Company without first obtaining the consent of the majority
of the Company's Independent Directors.

         4.4 EMPLOYMENT AGREEMENT. During the Applicable Period, Leeds agrees
not to effectuate or otherwise directly or indirectly cause, and not to propose,
any amendments or other modifications to Leeds' amended and restated employment
agreement with the Company dated May 22, 2002 without first obtaining the
consent of the majority of the compensation committee of the Company's board of
directors, including, without limitation, any salary and/or benefit increases
necessary and/or appropriate to make Leeds' salary commensurate with industry
standards.

                                    ARTICLE 5
                            MISCELLANEOUS PROVISIONS

         5.1 TERMINATION OF CO-SALE AND VOTING RIGHTS AGREEMENT. The rights of
the Purchaser under this Agreement and the obligations of Leeds and the other
Leeds Affiliates with respect to the Purchaser shall terminate upon the
expiration of the Applicable Period. Unless sooner terminated in accordance with
the preceding sentence, this Agreement shall terminate upon the closing of a
Qualified Public Offering of the Common Stock. Upon termination of this
Agreement, Leeds shall, and shall cause each of the other Leeds Affiliates to,
surrender to the Company (or its successor) their stock certificates and the
Company (or its successor) shall issue to such Leeds Affiliates an equal number
of Common Stock shares (or successor securities thereto) without the legend set
forth in this Agreement. For purposes of this Section 5.1, a "Qualified Public
Offering" is defined as the initial public offering of shares of Common Stock
pursuant to an effective registration statement under the Securities Act
resulting in at least $20,000,000 of net proceeds to the Company at a price to
the public of at least $2.50 per share (subject to appropriate adjustment for
stock splits, stock dividends, recapitalizations and other similar events).

         5.2 NOTICES. Whenever notice is provided for in this Agreement, it
shall be given in writing and hand delivered, or mailed by registered or
certified mail, return receipt requested, or sent by facsimile to the party or
parties to whom addressed at the addresses or facsimile numbers set forth below:
The date of delivery shall be the date received if delivered by hand or sent by
facsimile with written confirmation received, or within three (3) days of
mailing, if mailed. Any party may change the address to which notice shall be
delivered or mailed by notice given pursuant to this Section 5.2.

         If to the Purchaser:      Antares Capital Fund III Limited Partnership
                                   7900 Miami Lakes Drive West
                                   Miami Lakes, Florida 33016
                                   Attn: Mr. Jonathan I. Kislak
                                   Facsimile:  (305) 894-3227

                                       6
<PAGE>

         With copy to:             Bilzin Sumberg Baena Price & Axelrod LLP
                                   2500 Wachovia Financial Center
                                   200 South Biscayne Boulevard
                                   Miami, FL  33131-5340
                                   Attn: Alan D. Axelrod, Esq.
                                   Facsimile: (305) 374-7593

         If to Leeds:              Marshall T. Leeds
                                   Summit Brokerage Services, Inc.
                                   980 North Federal Highway
                                   Suite 310
                                   Boca Raton, Florida 33432
                                   Facsimile:  (561) 347-6705

         With copy to:             Greenberg Traurig, P.A.
                                   450 S. Orange Avenue, Suite 650
                                   Orlando, Florida 32801
                                   Attn:  Sandra C. Gordon, Esq.
                                   Facsimile:  (407) 420-5909

         5.3 SUCCESSORS AND ASSIGNS. This Agreement and the rights and
obligations of the parties hereunder shall inure to the benefit of, and be
binding upon, their respective successors, assigns and legal representatives.
The Tag Along Rights of the Purchaser hereunder are only assignable (i) by the
Purchaser to any partner of Purchaser or to an Affiliate of Purchaser or any of
its partners, or (ii) to an assignee or transferee who acquires the Purchaser's
Common Stock shares other than pursuant to Rule 144 or pursuant to a
registration statement declared effective under the Securities Act.

         5.4 SEVERABILITY. In the event one or more of the provisions of this
Agreement should, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Agreement, and this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had
never been contained herein.

         5.5 AMENDMENTS. Any amendment or modification of this Agreement shall
be effective only if evidenced by a written instrument executed by duly
authorized representatives of the parties hereto. Any waiver by a party of its
rights hereunder shall be effective only if evidenced by a written instrument
executed by a duly authorized representative of such party. In no event shall
such waiver of any rights hereunder constitute the waiver of such rights in any
future instance unless the waiver so specifies in writing.

         5.6 GOVERNING LAW/JURISDICTION. This Agreement will be governed by,
construed and enforced in accordance with, the laws of the State of Florida.
Each of the parties hereto irrevocably consents to the exclusive jurisdiction
and venue of any court located within Miami-Dade or Palm Beach County, in the
State of Florida in connection with any matter based upon or arising out of this
Agreement or the matters contemplated herein, agrees that process may be served

                                       7
<PAGE>

upon them in any manner authorized by the laws of the State of Florida for such
persons and waives and covenants not to assert or plead any objection which they
might otherwise have to such jurisdiction, venue and such process.

         5.7 ATTORNEYS' FEES. The prevailing party in any dispute with respect
to this Agreement shall be entitled to recover from the other party all of its
reasonable costs and expenses incurred in connection with such dispute,
including, but not limited to, reasonable attorneys', paralegals', accountant's
and other professionals' fees and costs incurred before and at trial, at any
other proceeding, at all appellate levels and whether or not suit or any other
proceeding is brought.

                     [SIGNATURES LOCATED ON THE NEXT PAGE.]

                                       8
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this Co-Sale
and Voting Rights Agreement as of the day and the year first set forth above.

LEEDS:

MARSHALL T. LEEDS

By:      /s/ Marshall T. Leeds
         --------------------------------------------
         Marshall T. Leeds

THE PURCHASER:

ANTARES CAPITAL FUND III LIMITED PARTNERSHIP,
a Delaware limited partnership

By:      ANTARES CAPITAL PARTNERS III, L.L.C.,
         a Florida limited liability company,
         its General Partner

By:      /s/ Jonathan I. Kislak
         --------------------------------------------
         Jonathan I. Kislak,
         Class A Member

                                       9

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