Document:

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                                                                   Exhibit 10.66

                              EMPLOYMENT AGREEMENT

                                     BETWEEN

                                ANDRX CORPORATION

                                       AND

                                 RICHARD J. LANE

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                                TABLE OF CONTENTS

                                                                           Page
                                                                           ----

1.       Employment..........................................................1

2.       Position and Responsibilities.......................................1

3.       Term of Employment..................................................1

4.       Compensation........................................................2

5.       Sign-On Incentives..................................................4

6.       Key-Man Insurance...................................................5

7.       Termination.........................................................5

8.       Severance Compensation..............................................9

9.       Restrictive Covenants..............................................10

10.      No Duty to Mitigate; Set-off.......................................12

11.      Notices............................................................12

12.      Arbitration........................................................13

13.      Attorneys' Fees....................................................13

14.      Governing Law......................................................14

15.      Waiver.............................................................14

16.      Entire Understanding...............................................14

17.      Binding Effect.....................................................14

18.      Assignment.........................................................14

Appendix A................................................................A-1

Appendix B................................................................B-1

Appendix C................................................................C-1

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                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT, effective the 3rd day of June, 2002
("EFFECTIVE DATE"), by and between Andrx Corporation ("COMPANY"), a Delaware
corporation with its principal place of business at 4955 Orange Drive, Davie,
Florida 33314, and Richard J. Lane ("EXECUTIVE"). In consideration of the mutual
covenants herein contained, Company and Executive hereby agree as follows:

         1. EMPLOYMENT. Company hereby agrees to employ Executive, and Executive
agrees to enter the employ of Company, upon the terms and conditions herein
provided. Executive warrants to Company that his execution of this Agreement and
performance by him of the duties hereunder will not violate the terms of any
other agreements to which Executive is a party.

         2. POSITION AND RESPONSIBILITIES.

                  2.1 During the Employment Term, Executive shall serve as
Company's Chief Executive Officer with overall charge and responsibility for the
business and affairs of Company. Executive shall report directly to Company's
Board of Directors (the "BOARD"). Executive also agrees to serve, if elected, as
an officer and director of any Subsidiary of Company without additional
compensation. Company shall use its best efforts to have Executive appointed as
a member of the Board as soon as practicable following the Effective Date, and
the Company shall at all times during the Employment Term (as defined in Section
3 below) nominate Executive for election to the Board, and use its best efforts
to cause Executive to be elected to the Board. For purposes of this Agreement,
the term "SUBSIDIARY" shall mean any corporation in which Company owns at least
a majority of that corporation's voting stock and at least a majority of each
class of that corporation's nonvoting stock.

                  2.2 During the Employment Term, and excluding any periods of
(a) vacation and sick leave to which Executive is entitled or (b) any other
leave approved in advance in writing by the Board, Executive shall devote his
full skill, best efforts and substantially all of his business time and
attention to the business and affairs of Company. It shall not be a violation of
this Agreement for Executive to: (i) serve on corporate, civic or charitable
boards or committees, (ii) deliver lectures, fulfill speaking engagements or
teach occasional courses or seminars at educational institutions, (iii) manage
personal investments, (iv) serve as a member of the board of directors of the
companies listed at number 1 on Appendix A attached hereto, and (v) until
September 4, 2003, perform consulting services for the company listed at number
2 on Appendix A attached hereto, so long as (x) Executive obtains the prior
written consent of the Board to engage in such activities described in clauses
(i) and (ii) and (y) such activities under clauses (i), (ii), (iii), (iv), and
(v) do not interfere, in any substantial respect, with Executive's
responsibilities hereunder.

         3. TERM OF EMPLOYMENT. Executive's employment shall commence on the
date Executive executes this Agreement; provided, however, the Employment Term
for purposes of this Agreement shall commence on the Effective Date and, unless
earlier terminated pursuant to SECTION 7, end on the third (3rd) anniversary of
the Effective Date (the "INITIAL TERM"); provided, however, that on the third
(3rd) anniversary of the Effective Date, the Employment

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Term shall automatically be extended by one (1) year unless either Company or
Executive terminate such automatic extension by giving no less than six (6)
months written notice to the other of such termination; and further provided,
that on the fourth (4th) anniversary of the Effective Date and each subsequent
anniversary of the Effective Date thereafter, the Employment Term shall be
extended for one (1) year unless either Company or Executive terminate such
automatic extension by giving no less than sixty (60) days written notice to the
other of such termination prior to the applicable anniversary of the Employment
Term. The Initial Term and any extensions thereof shall be referred to herein as
the "EMPLOYMENT TERM".

         4. COMPENSATION.

                  4.1 BASE SALARY. For all services rendered by Executive in any
capacity during the Employment Term, including, without limitation, services as
an executive, officer, director, or member of any committee, Company, commencing
with the Effective Date and for a period of twelve (12) months thereafter shall
pay an annualized salary to Executive at the rate of six hundred thousand
dollars ($600,000). For each twelve (12)-month period thereafter Executive's
base compensation shall be subject to upward adjustment by the Compensation
Committee of the Board in its sole discretion. Such annualized salary, as
adjusted from time to time, shall be referred to herein as "BASE SALARY."

                  4.2 ANNUAL BONUS. For each calendar year during the Employment
Term, Executive shall be eligible to receive an annual performance bonus (the
"BONUS") based upon achievement of performance criteria to be mutually agreed to
by Company and Executive, with a target bonus amount each year equal to no less
than forty percent (40%) of Executive's Base Salary (the "TARGET BONUS") and a
maximum of no less than eighty percent (80%) of Base Salary. Executive shall
receive a Bonus for calendar year 2002 equal to or greater than the product of
the Target Bonus multiplied by a fraction, with a numerator equal to the number
of days during the period beginning on the Effective Date and ending on December
31, 2002 or, if earlier, the Termination Date, and the denominator equal to
three hundred sixty-five (365).

                  4.3 ANNUAL STOCK OPTION AWARDS. In each of 2003, 2004 and
2005, Executive shall be granted an award of non-qualified stock options
pursuant to Company's 2000 Stock Option Plan on not less than forty thousand
(40,000) shares of Company's common stock. Each such stock option award shall be
granted as soon as practicable after Company's receipt of final audited
financials for the immediately prior calendar year. Such options shall be
granted with an exercise price equal to the fair market value of Company's
common stock on the date of grant. In addition, such options shall vest in such
manner as the Compensation Committee of the Board determines, however, such
manner will be consistent with the vesting methodology of the Performance-Vest
Options described in SUBSECTION 5.1(B) below.

                  4.4 FRINGE BENEFITS. During the Employment Term, Company shall
provide Executive with the following:

                           (a) AUTOMOBILE. An automobile allowance of at least
         $1,000.00 per month.

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                           (b) MEDICAL INSURANCE AND PREMIUM REIMBURSEMENT.
         Medical and dental insurance coverage and medical and dental insurance
         premium reimbursement for Executive and Executive's spouse and eligible
         dependent children.

                           (c) EXPENSE REIMBURSEMENT. Payment or reimbursement
         of reasonable travel and other expenses (including without limitation
         entertainment expenses incurred primarily for the benefit of Company)
         reasonably incurred by Executive in performing his duties under this
         Agreement and in carrying out and promoting the business of Company,
         upon presentation by Executive, from time to time, of an itemized
         account and receipts ("VOUCHERS") of such expenditures in such detail
         as may reasonably be required by Company.

                           (d) VACATION. Four (4) weeks of vacation with full
         pay each twelve (12)-month period during the Employment Term, at such
         times as shall be mutually agreed upon by Executive and the Board. No
         portion of any unused vacation time shall be carried over to a
         subsequent period, nor shall Executive receive any compensation in
         addition to that provided herein for any unused vacation time.

                           (e) PROFESSIONAL DEVELOPMENT. Subject to review by
         the Board, during the Employment Term, Executive may attend seminars
         and conferences relating to the business of Company (with full pay).
         Company shall pay or reimburse Executive for all fees, reasonable
         travel and other expenses reasonably incurred in connection with
         attendance at such seminars and conferences. Reimbursements shall be
         made upon presentation of Vouchers by Executive.

                           (f) RELOCATION. Company shall pay all reasonable
         costs of relocation of Executive and Executive's dependents to the Ft.
         Lauderdale, Florida metropolitan area in accordance with Company's
         relocation policy for senior executives, consistent with past practices
         and as supplemented as follows:

                                    (i) Company shall reimburse Executive for
                  reasonable temporary living expenses for Executive and
                  Executive's dependents in the Ft. Lauderdale, Florida
                  metropolitan area for a period not to exceed six (6) months
                  from the Effective Date;

                                    (ii) Company shall reimburse Executive for
                  reasonable travel and accommodation expenses for Executive and
                  Executive's dependents for up to three (3) house selection
                  trips;

                                    (iii) Company will make available to
                  Executive the opportunity to sell Executive's present primary
                  residence at appraised value either to a relocation firm
                  mutually acceptable to Executive and Company or directly to
                  Company; provided, however, that prior to such sale
                  Executive's primary residence must be listed at appraised
                  value for no less than four (4) months and Executive must
                  notify Company of Executive's election of such sale within
                  nine (9) months of the Effective Date and such sale shall be
                  completed on or about the first anniversary of the Effective
                  Date, as mutually agreed to by the parties; and

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                                    (iv) All relocation payments and benefits
                           described in this Section 4.4(f) will be fully
                           grossed-up for any applicable taxes.

                           (g) OTHER BENEFITS. Executive shall also be entitled
         to participate in any written country-club program, pension or profit
         sharing plan, stock purchase plan, stock option plan, group life
         insurance plan, hospitalization insurance plan, medical services plan,
         or any other written plan of Company now or hereafter existing for the
         benefit of Executive and other senior executives or officers generally.
         Company shall provide Executive with life insurance coverage (under
         Company's group life insurance plan or otherwise) with a death benefit
         of not less than one million dollars ($1,000,000), payable to a
         beneficiary or beneficiaries as may be designated by Executive.

         5. SIGN-ON INCENTIVES.

                  5.1 SIGN-ON STOCK OPTION GRANTS. On the date Executive
         executes this Agreement, Executive shall be granted two (2)
         non-qualified stock option awards pursuant to Company's 2000 Stock
         Option Plan, as follows:

                           (a) An award of ten-(10) year options with respect to
                  two hundred fifty thousand (250,000) shares of Company's
                  common stock (the "TIME-VEST OPTION GRANT"). The Time-Vest
                  Option Grant shall vest as follows:

                                    (i) eighty-three thousand (83,000) options
                           shall vest on each of the one-(1) year and two-(2)
                           year anniversaries of the Effective Date, and

                                    (ii) eighty-four thousand (84,000) options
                           shall vest on the three-(3) year anniversary of the
                           Effective Date.

                           (b) A grant of ten-(10) year options with respect to
                  two hundred fifty thousand (250,000) shares of Company's
                  common stock (the "PERFORMANCE-VEST OPTIONS"). The
                  Performance-Vest Options shall fully vest on the seven-(7)
                  year anniversary of the Effective Date, subject to accelerated
                  vesting of all or portions of the award upon the achievement
                  of certain performance criteria as described in Appendix B
                  hereto.

                           (c) The exercise price for both the Time-Vest Options
                  and the Performance-Vest Options shall be the last closing
                  price for Company's common stock on the date Executive
                  executes this Agreement.

                           (d) Company agrees that it shall not make any public
                  announcement concerning Executive's employment by Company
                  until the day following the day on which the stock options
                  awards pursuant to this SECTION 5.1 have been granted.

                  5.2 Sign-On Restricted Stock Unit Grant.

                           (a) On the Effective Date, Executive shall be granted
                  an award of one hundred thousand (100,000) restricted stock
                  units (the "RSU GRANT") with each unit representing the right
                  to acquire one (1) share of common stock of Company. Except as

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         otherwise provided in Section 5.2(c) and Section 8 herein, the RSU
         Grant shall vest as follows: twenty five thousand (25,000) units shall
         vest on each of the seventh (7th), eighth (8th), ninth (9th) and tenth
         (10th) anniversaries of the Effective Date. For purposes of tax
         withholding, Company shall withhold shares of common stock of Company
         at the time Company common stock underlying the RSU Grant are
         distributed (or otherwise become taxable) to Executive, and shall pay
         only the statutory minimum withholding amounts to the applicable tax
         authorities in accordance therewith.

                  (b) Subject to the approval by the Compensation Committee,
         Executive may defer receipt of the common stock to be received upon the
         vesting of the RSU Grant by electing to defer such receipt by no later
         than the earlier of (i) the date six (6) months prior to the applicable
         vesting date or (ii) the December 31 immediately prior to the
         applicable vesting date; provided, however, that in the sole discretion
         of the Compensation Committee and based on the opinion of tax counsel,
         the election to defer may be required to be made at a different time or
         may be disallowed in its entirety. In addition, the parties hereto will
         attempt in good faith to mitigate any loss of deduction under Section
         162(m) of the Internal Revenue Code (the "CODE"); provided that
         Executive shall not be under any obligation to incur any economic loss
         to effect such mitigation.

                  (c) Upon termination of Executive's employment (i) by Company
         without Cause, (ii) by Executive for Good Reason, (iii) due to
         Disability or death, or (iv) upon the failure of Company to continue
         Executive's employment under this Agreement so that severance
         compensation would be paid under SECTION 8 hereto, then the vesting of
         the RSU Grant shall accelerate so that Executive shall be vested in a
         number of restricted stock units equal to the product of one hundred
         thousand (100,000) multiplied by a fraction with a numerator equal to
         the number of complete months from the Effective Date to the date of
         termination of Executive's employment and a denominator equal to one
         hundred twenty (120).

         6. KEY-MAN INSURANCE. At any time during the Employment Term, Company
shall have the right to insure the life of Executive for the sole benefit of
Company, in such amounts, and with such terms, as it may determine. All premiums
payable thereon shall be the obligation of Company. Executive shall have no
interest in any such policy, but shall cooperate with Company in taking out such
insurance by submitting to physical examinations, by supplying all information
required by the insurance company, and by executing all necessary documents,
provided that no financial obligation is imposed upon Executive by any such
documents.

         7. TERMINATION. This Agreement shall terminate upon the occurrence of
any one of the events set forth below:

                  7.1 CAUSE. Company may, at any time and in its sole
discretion, terminate the employment of Executive hereunder for Cause, effective
as of the date of written notice (a "TERMINATION NOTICE") to Executive
specifying the nature of such Cause (the "TERMINATION DATE"). "CAUSE" shall
mean:

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                           (a) The conviction of Executive, or a plea of guilty
         or NOLO CONTENDERE, to a felony;

                           (b) Executive's willful misconduct, gross negligence,
         fraud, embezzlement, or theft, resulting in demonstrable harm to
         Company; or

                           (c) Executive's willful failure to carry out the
         legal directions of the Board;

                           provided, however, that for the purposes of
         determining whether conduct constitutes willful misconduct or willful
         failure, conduct on Executive's part shall be considered "willful"
         unless such conduct is done by Executive in good faith and with a
         reasonable belief that Executive's conduct was in the best interests of
         Company. Notwithstanding the foregoing, Company may not terminate
         Executive's employment for Cause unless (i) a determination that Cause
         exists is made and approved by a majority of Company's Board of
         Directors, (ii) Executive is given at least fifteen (15) days written
         notice of the Board meeting called to make such determination, (iii)
         Executive and Executive's legal counsel are given the opportunity to
         address such meeting, and (iv) if the conduct constituting Cause is
         capable of cure, such conduct is not cured to the Board's complete
         satisfaction in its sole discretion within fourteen (14) days following
         Executive's receipt of written notice of his termination for Cause. If
         the employment of Executive is terminated pursuant to this SECTION 7.1,
         Company shall have no further obligations to Executive after the
         Termination Date other than the payment of (i) accrued but unpaid Base
         Salary, (ii) unpaid or unreimbursed benefits and expenses (including
         relocation payments and any gross-up) through the Termination Date, and
         (iii) earned but unpaid Bonus (the "ACCRUED OBLIGATIONS"), or as
         otherwise required by law.

         7.2 TERMINATION BY COMPANY FOR NO REASON. Company may, at any time, and
in its sole discretion, terminate the employment of Executive hereunder for any
or no reason by delivery to him of a Termination Notice. Such termination shall
be effective on the date of the Termination Notice; provided, however, that
Company shall be obligated to pay Executive severance compensation following the
Termination Date as set forth in SECTION 8 hereof so long as Executive executes,
and does not revoke within the seven (7) days following such execution, a
general waiver and release in substantially the form of Appendix C attached
hereto in favor of Company prior to the payment of any such severance
compensation.

         7.3 RESIGNATION BY EXECUTIVE.

                  (a) RESIGNATION FOR GOOD REASON. If at any time during the
         Employment Term Executive resigns from the employ of Company for Good
         Reason (as defined in the next sentence), Company shall be obligated to
         pay Executive severance compensation following the Termination Date as
         set forth in SECTION 8 hereof; provided, however, that Executive
         executes, and does not revoke within the seven (7) days following such
         execution, a general waiver and release in substantially the form of
         Appendix C attached hereto in favor of Company prior to the payment of
         any such severance compensation. "GOOD REASON" shall mean the
         occurrence of any of the

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                  following, without Executive's prior written consent, during
                  the thirty (30)-day period immediately preceding the date
                  Executive terminates employment with Company:

                           (i) A material adverse change in Executive's
                  position, duties, authority or responsibilities with respect
                  to Executive's employment by Company as contemplated by this
                  Agreement, excluding any isolated and inadvertent change not
                  taken in bad faith and which is remedied by Company within ten
                  (10) days after receipt of written notice thereof given by
                  Executive;

                           (ii) A reduction in, or failure to provide,
                  Executive's compensation, benefits and perquisites described
                  in this Agreement (other than any reduction applicable to
                  substantially all members of senior management), other than an
                  isolated and inadvertent reduction not committed in bad faith
                  and which is remedied by Company within ten (10) days after
                  receipt of written notice thereof given by Executive;

                           (iii) A change in Executive's principal work location
                  if such new principal work location is (x) more than fifty
                  (50) miles from Executive's principal work location on the
                  Effective Date and (y) more than fifty (50) miles from
                  Executive's principal residence as of the date of such change
                  in Executive's principal work location; or

                           (iv) The failure of any successor of Company to
                  assume in writing all obligations imposed on the applicable
                  assignor hereunder by the sixtieth (60th) day following such
                  succession, unless such assumption occurs by operation of law.

                  (b) RESIGNATION WITHOUT GOOD REASON. Executive shall provide
         Company with sixty (60) days written notice of Executive's resignation
         without Good Reason. If Executive resigns without Good Reason, Company
         shall have no further obligations to Executive after the Termination
         Date other than payment of the Accrued Obligations, or as otherwise
         required by law.

         7.4 TERMINATION IN CASE OF DISABILITY OR DEATH.

                  (a) If Executive, due to physical or mental injury, illness,
         disability or incapacity, shall fail to render the services provided
         for in this Agreement for a consecutive period of six (6) months or for
         an aggregate one hundred eighty (180) days in any three hundred and
         sixty five (365) day period, Company may, at its option, terminate
         Executive's employment hereunder upon thirty (30) days' written notice
         to Executive. Disability shall mean, for purposes of this Agreement,
         physical or mental disability preventing Executive from performing
         Executive's duties hereunder for the period above specified as
         determined by the written opinion of a physician selected in good faith
         by Company and agreed to by Executive, with such agreement not to be
         unreasonably withheld. If the employment of Executive is terminated
         pursuant to this SECTION 7.4(A), Company shall have no further
         obligations to Executive hereunder after the Termination Date other
         than (i) paying the Accrued Obligations, (ii) providing medical, dental
         and life

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         insurance for the one (1)-year period following the Termination Date
         and (iii) vesting and payment of the RSU Grant as described in SECTION
         5.2(C), or as otherwise required by law.

                  (b) If Executive shall die during the Employment Term, this
         Agreement and Executive's employment hereunder shall terminate
         immediately upon Executive's death. If the employment of Executive is
         terminated pursuant to this SECTION 7.4(B), Company shall have no
         further obligations to Executive hereunder after the Termination Date
         other than (i) paying the Accrued Obligations, (ii) providing medical
         and dental insurance to Executive's eligible dependents for the one
         (1)-year period following the Termination Date and (iii) vesting and
         payment of the RSU Grant as described in SECTION 5.2(C).

         7.5 EXECUTIVE'S RIGHT TO TERMINATE UPON CHANGE IN CONTROL.

                  (a) In the event that at any time during the Employment Term
         there is a Change in Control of Company (as hereinafter defined),
         Executive shall, in the exercise of Executive's sole discretion and
         upon the provision of thirty (30) days written notice to Company, be
         entitled to terminate his employment hereunder during the eighteen
         (18)-month period beginning on the date on which the Change in Control
         of Company occurs and Company shall in such event pay (i) the Accrued
         Obligations and (ii) the severance compensation provided in SECTION 8.
         herein following the Termination Date, provided that "three hundred
         percent (300%)" shall be inserted in place of "one hundred fifty
         percent (150%)" where it appears in SECTION 8.1(B) herein, and
         "thirty-six (36) month" shall be inserted in place of "eighteen (18)
         month" where it appears in SECTION 8.1(C) herein.

                  (b) As used herein, a "CHANGE IN CONTROL OF COMPANY" shall be
         deemed to have occurred if (i) any person (including any individual,
         firm, partnership or other entity) together with all Affiliates and
         Associates (as defined under Rule 12b-2 of the General Rules and
         Regulations promulgated under the Securities Exchange Act of 1934, as
         amended (the "EXCHANGE ACT") of such person, but excluding (A) a
         trustee or other fiduciary holding securities under an executive
         benefit plan of Company or any subsidiary of Company, (B) a corporation
         owned, directly or indirectly, by the stockholders of Company in
         substantially the proportions as their ownership of Company, (C)
         Company or any subsidiary of Company, or (D) Executive, together with
         all Affiliates and Associates of Executive, is or becomes the
         Beneficial Owner (as defined in Rule 13d-3 promulgated under the
         Exchange Act), directly or indirectly, of securities of Company
         representing 40% or more of the combined voting power of Company's then
         outstanding securities, such person being hereinafter referred to as an
         Acquiring Person; (ii) individuals who, on the date hereof, are
         Continuing Directors shall cease for any reason to constitute a
         majority of Company's Board; (iii) the stockholders of Company approve
         a merger or consolidation of Company with any other entity, other than
         a merger or consolidation that would result in the voting securities of
         Company outstanding immediately prior thereto continuing to represent
         (either by remaining outstanding or by being converted into voting
         securities of the surviving entity) at least 80% of the combined voting
         power of the voting securities of Company or such surviving entity

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         outstanding immediately after such merger or consolidation, or (iv) the
         stockholders or Company approve a plan of complete liquidation of
         Company or an agreement for the sale or disposition by Company of all
         or substantially all of Company's assets. For purposes of this Section,
         the term "CONTINUING DIRECTOR" shall mean (1) any member of the Board,
         while such person is a member of the Board, who was a member of the
         Board prior to the date of this Agreement, or (2) any person who
         subsequently becomes a member of the Board, while such person is a
         member of the Board (excluding an Acquiring Person or a representative
         of any Acquiring Person), if such person's nomination for election or
         election to the Board is recommended or approved by a majority of the
         Continuing Directors.

         7.6 NONRENEWAL OF EMPLOYMENT TERM BY COMPANY. If (i) Company does not
renew the Employment Term in accordance with SECTION 3 above and (ii) Executive
remains employed by Company on a continuous basis until the end of the
Employment Term, Executive shall be entitled to the same severance payments and
benefits as provided in connection with a termination pursuant to SECTION 7.2
above as if Company had terminated Executive's employment without Cause as of
the last day of the Employment Term.

         7.7 NONRENEWAL OF EMPLOYMENT TERM BY EXECUTIVE. If Executive does not
renew the Employment Term in accordance with SECTION 3 above, Executive shall be
entitled to the same payments and benefits as provided in SECTION 7.3(B) above,
as if Executive had terminated his employment without Good Reason as of the last
day of the Employment Term.

         8. SEVERANCE COMPENSATION.

                  8.1 In the event Executive's employment hereunder is
terminated by Company pursuant to SECTION 7.2 or SECTION 7.6 hereof, or by
Executive pursuant to SECTION 7.3(A) or SECTION 7.5 hereof, Company shall:

                  (a) within thirty (30) days of such termination of employment,
         pay Executive the Accrued Obligations;

                  (b) within thirty (30) days of such termination of employment,
         pay Executive a lump-sum payment (the "SEVERANCE PAYMENT") equal to one
         hundred fifty percent (150%) of the sum of (i) the Base Salary plus
         (ii) the most recent Target Bonus, or, if greater, the most recent
         Bonus received by Executive;

                  (c) during the eighteen (18)-month period beginning on the
         date of termination of employment, continue to provide Executive with
         (i) the benefits described in SUBSECTIONS 4.4(A), (B) and (G) for which
         being an active employee is not a legal requirement; provided, however,
         that medical and dental insurance shall, to the extent applicable, be
         provided to Executive through Company providing the full premium for
         such insurance through COBRA continuation coverage;

                  (d) pay Executive a lump-sum payment equal to the actual Bonus
         Executive would have received (if such Bonus would have in fact been
         paid based on Company performance) if Executive's employment had not
         terminated multiplied by a fraction, with a numerator equal to the
         number of days Executive is employed by

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         Company in the year in which the termination of Executive's employment
         occurs and the denominator equal to three hundred sixty-five (365),
         payable when such Bonus is paid to other senior executives of Company;

                  (e) accelerate the vesting of any outstanding Time-Vest
         Options, any outstanding options granted pursuant to SECTION 4.3 above
         and any other option awards granted to Executive during the Employment
         Term that would have vested as of the later of (i) the date twelve (12)
         months following the Termination Date, or (ii) the end of the Initial
         Term (with option exercisability continuing until the earlier of the
         end of the option term or five years); and

                  (f) accelerate vesting of Executive's RSU Grant pursuant to
         SUBSECTION 5.2(C) above.

         8.2 If any payment to Executive would trigger "golden parachute" excise
taxes pursuant to Section 4999 of the Code (or any successor provision), a
gross-up payment will be provided in an amount sufficient to make Executive
whole for applicable excise taxes and all income, employment, additional excise
taxes or any interest or penalties with respect to such gross-up payment (the
"GROSS-UP PAYMENT"). All determinations concerning whether a Gross-Up Payment is
due to Executive and the amount of such Gross-Up Payment will be made by a
nationally recognized firm of certified public accounts (the "ACCOUNTING FIRM")
selected by Company and subject to the approval of Executive, such approval not
to be unreasonably withheld. If the Accounting Firm determines that any Gross-Up
Payment is due Executive, Company will pay the required Gross-Up Payment to
Executive or on Executive's behalf within ten (10) business days after receipt
of such determination and calculations. If the Accounting Firm determines that
no "golden parachute" excise taxes would be triggered, it will, at the same time
as it makes such determination, furnish Executive with an opinion that Executive
has substantial authority not to report any excise tax on Executive's federal,
state, local income or other tax return. Any determination by the Accounting
Firm as to the amount of the Gross-Up Payment will be binding upon Company and
Executive.

         9. RESTRICTIVE COVENANTS.

         9.1 CONFIDENTIAL INFORMATION. Executive recognizes and acknowledges
that the list of Company's customers, as it may exist from time to time, its
financial data, and its future plans and its trade secrets are valuable, special
and unique assets of Company. Except in connection with Executive's duties
hereunder, at no time will Executive disclose any such list or information, or
any part thereof to any person, firm, corporation, association or other entity
for any unauthorized reason or purpose whatsoever. In the event of a breach or
threatened breach by Executive of the provisions of this SECTION 9.1, Company
shall notify Executive, in writing, of the nature of Executive's breach of the
provisions hereof, and if such breach is repeated and continuing, shall be
entitled to an injunction restraining Executive from disclosing, in whole or in
part, such list or information, or from rendering any services to any person,
firm, corporation, association or other entity to whom such list or information,
in whole or in part, has been disclosed or is threatened to be disclosed.
Nothing herein shall be construed as prohibiting Company from pursuing any other
remedies available to it for such breach or threatened breach, including
recovery of damages from Executive.

                                       10
<PAGE>

         9.2 NON-COMPETE AND NON-SOLICITATION. During the Employment Term and
for a period of one (1) year immediately thereafter, Executive covenants and
agrees as follows:

                  (a) Executive shall not, without the prior written consent of
         Company, Participate in the management of any Competing Business. For
         purposes of this SUBSECTION 9.2(A) "PARTICIPATE" shall mean: (A)
         holding a position (including, but not limited to, employee,
         consultant, principal, member, agent, officer, director, partner or
         shareholder) in which Executive directly manages such Competing
         Business; (B) holding a position (including, but not limited to,
         employee, consultant, principal, member, agent, officer, director,
         partner or shareholder) in which anyone else who directly manages such
         Competing Business is in Executive's reporting chain or
         chain-of-command, regardless of the number of reporting levels between
         them; or (C) providing input, advice, guidance, or suggestions
         regarding the management of such Competing Business to anyone
         responsible therefore. For purposes of the immediately prior sentence,
         shareholder shall not mean a less than one percent (1%) shareholder of
         a publicly traded company or a less than five percent (5%) shareholder
         of a privately held company. "COMPETING BUSINESS" shall mean any
         business entity or group of business entities, regardless of whether
         organized as a corporation, partnership (general or limited), joint
         venture, association or other organization or entity that designs,
         develops, produces, offers for sale or sells a product or service that
         can be used as a substitute for, or is generally intended to satisfy
         the same customer needs for, any one or more products or services (i)
         in a substantial stage of design or development, (ii) designed or
         developed, (iii) manufactured, (iv) produced or (v) offered for sale or
         sold by a Company business as of the Termination Date.

                  (b) Executive shall not directly or indirectly solicit or
         encourage any employee of Company who was an employee of Company as of
         the Termination Date, to leave Company or accept any position with any
         other entity.

                  (c) Executive shall not directly or indirectly contact any
         then-existing customers or vendors of Company for the purpose of
         soliciting or encouraging such customers or vendors to alter their
         relationship with Company in any way that would be adverse to Company.

                  (d) In the event any of the foregoing covenants shall be
         determined by any court or arbitrator of competent jurisdiction to be
         unenforceable by reason of extending for too great a period of time,
         over too great a geographical area or by reason of its being too
         extensive in any other respect, it shall be interpreted to extend only
         over the maximum period of time for which it may be enforceable, over
         the maximum geographical area as to which it may be enforceable, and/or
         to the maximum extent in all other respects as to which it may be
         enforceable, all as determined by such court or arbitrator. The
         invalidity or unenforceability of any particular provision of this
         SECTION 9 shall not affect the other provisions hereof, which shall
         continue in full force and effect.

         9.3 REMEDY. Executive acknowledges that Company has no adequate remedy
at law and will be irreparably harmed if Executive breaches or threatens to
breach the provisions of SECTIONS 9.2(A), 9.2(B) OR 9.2(C) of this Agreement,
and, therefore, agrees that Company shall

                                       11
<PAGE>

be entitled to injunctive relief to prevent any breach or threatened breach of
such Sections and that Company shall be entitled to specific performance of the
terms of such Sections in addition to any other legal or equitable remedy it may
have. Nothing in this Agreement shall be construed as prohibiting Company from
pursuing any other remedies at law or in equity that it may have or any other
rights that it may have under any other agreement.

         10. NO DUTY TO MITIGATE; SET-OFF. Company agrees that if Executive's
employment is terminated during the Employment Term, Executive shall not be
required to seek other employment or to attempt in any way to reduce any amounts
payable to Executive by Company pursuant to this Agreement. Further, the amount
of the Severance Payment provided for in this Agreement shall not be reduced by
any compensation earned by Executive or benefit provided to Executive as the
result of employment by another employer or otherwise. Except as otherwise
provided herein, Company's obligations to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be
affected by any circumstances, including without limitation, any set-off,
counterclaim, recoupment, defense or other right which Company may have against
Executive. Executive shall retain any and all rights under all pension plans,
welfare plans, equity plans and other plans, including other severance plans,
under which Executive would otherwise be entitled to benefits.

         11. NOTICES. All notices required to be given under this Agreement
shall be in writing, sent certified mail, return receipt requested, postage
prepaid, to the following addresses or to such other addresses as either may
designate in writing to the other party:

         If to Company, then:

                          Andrx Corporation
                          4955 Orange Drive
                          Davie, Florida 33314
                          Attn:  General Counsel

                          with a copy to:

                          Vedder, Price, Kaufman & Kammholz
                          222 N. LaSalle Street, Suite 2600
                          Chicago, IL  60601
                          Attn:  Robert J. Stucker, Esq.

         If to Executive, then:

                          Richard J. Lane
                          5884 Lower Mountain Road
                          New Hope, PA  18938

                                       12
<PAGE>

                          with a copy to:

                          Willkie, Farr & Gallagher
                          787 Seventh Avenue
                          New York, NY  10019
                          Attn:  Stephen T. Lindo, Esq.

         12. ARBITRATION. Any dispute or controversy between Company and
Executive, whether arising out of or relating to this Agreement, the breach of
this Agreement, or otherwise, shall be settled by arbitration administered by
the American Arbitration Association ("AAA") in accordance with its Commercial
Arbitration Rules then in effect, and judgment on the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof. Any
arbitration shall be held before a single arbitrator who shall be selected by
the mutual agreement of Company and Executive, unless the parties are unable to
agree to an arbitrator, in which case, the arbitrator will be selected under the
procedures of the AAA. The arbitrator shall have the authority to award any
remedy or relief that a court of competent jurisdiction could order or grant,
including, without limitation, the issuance of an injunction. However, either
party may, without inconsistency with this arbitration provision, apply to any
court having jurisdiction over such dispute or controversy and seek interim
provisional, injunctive or other equitable relief until the arbitration award is
rendered or the controversy is otherwise resolved. Except as necessary in court
proceedings to enforce this arbitration provision or an award rendered
hereunder, or to obtain interim relief, neither a party nor an arbitrator may
disclose the existence, content or results of any arbitration hereunder without
the prior written consent of Company and Executive. Notwithstanding any choice
of law provision included in this Agreement, the United States Federal
Arbitration Act shall govern the interpretation and enforcement of this
arbitration provision. The arbitration proceeding shall be conducted in Dade or
Broward County. Florida or such other location to which the parties may agree.
Company shall pay the costs of any arbitrator appointed hereunder and the costs
of such arbitration. This Agreement shall constitute a written agreement to
submit any such dispute or controversy to arbitration within the meaning of the
Florida Arbitration Code and shall confer jurisdiction on the Courts of the
State of Florida to enforce such agreement to arbitrate and to enter judgment on
an award in accordance with said Florida Arbitration Code.

         13. ATTORNEYS' FEES.

         13.1 If Executive is the successful party to any arbitration or
litigation between or among any of the parties to this Agreement, then he shall
be entitled to recovery a reasonable attorney's fees, arbitration fees and court
costs from the Company; if he is not the successful party to any arbitration or
litigation between or among any of the parties to this Agreement, then costs of
the arbitrators and other similar costs in connection with an arbitration shall
be shared equally by the parties and all other costs, such as attorneys' fees
incurred by each party, shall be borne by the party incurring such costs.

         13.2 Upon Executive providing Company with copies of detailed
statements for legal services, Company shall reimburse Executive for the
reasonable fees and expenses of legal counsel retained by Executive in
negotiating this Agreement.

                                       13
<PAGE>

         14. GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Florida. Any arbitration,
lawsuits or other proceedings related to this Agreement or the transactions
herein described shall be commenced and held in Dade or Broward County, Florida
or such other location as the parties mutually agree.

         15. WAIVER. The waiver by either party hereto of any breach of any
provision of this Agreement shall not operate or be construed as a waiver of any
subsequent breach by either party hereto.

         16. ENTIRE UNDERSTANDING. This Agreement contains the entire
understanding of the parties relating to the employment of Executive by Company.
It may not be changed orally but only by an agreement in writing signed by the
party or parties against whom enforcement of any waiver, change, modification,
extension or discharge is sought.

         17. BINDING EFFECT. This Agreement shall be binding upon and inure to
the benefit of Company, its successors and assigns and Executive and his heirs
and legal representatives.

         18. ASSIGNMENT. Executive acknowledges that the services to be rendered
by Executive are unique and personal. Accordingly, Executive may not assign any
of Executive's rights (except as specifically permitted herein) or delegate any
of Executive's duties or obligations under this Agreement, except with the
written permission of Company.

         IN WITNESS WHEREOF, each of the parties have executed this Agreement as
of the dates written below.

                                       ANDRX CORPORATION

                                       By: /s/ Elliot F. Hahn, Ph.D.
                                           -------------------------------------
                                           Its: President
                                                --------------------------------
                                           Date: May 18, 2002

                                       EXECUTIVE

                                       /s/ Richard J. Lane
                                       -----------------------------------------
                                       Richard J. Lane

                                       Date: May 18, 2002

                                       14
<PAGE>
                                                                      APPENDIX A

                      COMPANIES FOR PURPOSES OF SECTION 2.2

         1. Companies for board memberships: Millipore Corporation and OraSure
Technologies, Inc.

         2. Company for consulting: Bristol-Myers Squibb Company.

                                      A-1
<PAGE>

                                                                      APPENDIX B

                               OPTION ACCELERATORS

         1. For 50,000 option shares each, with no more than two accelerations -

                  1.1 Following a Victory (as defined below) in the Prilosec
litigation, by maintaining an Average Stock Price (as defined below) of at least
$125 per share for a three-month period of time during which there is not more
than one additional generic competitor

                  1.2 Following a Victory in the Prilosec litigation, by
maintaining an Average Stock Price of at least $80 per share for a three-month
period of time during which there is not more than two (2) additional generic
competitors

                  1.3 Following a Victory in the Prilosec litigation, by
maintaining an Average Stock Price of at least $60 per share for a three-month
period of time during which there are three or more additional generic
competitors

                  1.4 Following a Loss in the Prilosec litigation, by
maintaining an Average Stock Price of at least $45 per share for a three-month
period of time

                  1.5 Following a settlement with Astra of the patent issues
relating to the Prilosec litigation, by maintaining an Average Stock Price of at
least $80 per share for a three-month period of time.

                  1.6 For purposes of this Section 1 of Appendix B, a "VICTORY"
shall mean a either (i) a judicial determination of non-infringement or
invalidity with respect to each of the patents at issue in Company's Prilosec
litigation pending in the United States District Court for the Southern District
of New York ("COURT DECISION") or (ii) a Board approved launch of one or more
strengths of the Company's generic version of Prilosec followed by a Court
Decision.

                  1.7 For purposes of this Section 1 of Appendix B, "AVERAGE
STOCK PRICE" shall equal the sum of the closing price of Company's common stock
reported on the National Association of Securities Dealers Automated Quotation
Market System ("NASDAQ"), or on the principal securities exchange on which
Company's common stock is then traded, for each trading day during the
applicable three-month period, divided by the number of trading days during such
three-month period.

                  1.8 For purposes of this Section 1 of Appendix B, a "LOSS"
shall mean a judicial determination that Company's ANDA product infringes any
valid and enforceable patents at issue in Company's Prilosec litigation pending
in the United States District Court for the Southern District of New York.

         2. For 40,000 option shares -

         Maintaining audited total net sales for the Company's controlled
release generic products (as a whole) at a level that is at least 20% of the
brand opportunity on the date of launch, for at

                                      B-1
<PAGE>

least a two year period of time; either including or excluding Prilosec, in both
the numerator and denominator. For this purpose, the "brand opportunity" shall
be determined by referring to IMS or other widely recognized databases which
estimate the amount of revenues that the brand product derived during the 12
month period preceding the date on which the Company launched its controlled
release generic product. This accelerator shall only apply once.

         3. For 50,000 option shares each -

         By maintaining the following audited average earnings per share levels,
with either R&D spending of at least 20% of Company product sales or an increase
of at least 25% in R&D spending from the prior year: $4.00 for the year ended
December 31, 2003; $5.00 for the year ended December 31, 2004; and $6.25 for the
year ended December 31, 2005, in each case excluding earnings derived during the
180-day period of marketing exclusivity for generic Prilosec.

         4. For 30,000 option shares -

         By generating audited brand-product net sales in excess of $225,000,000
during either of the calendar years 2004 or 2005, but in each case excluding
sales derived from products hereafter acquired by Company and such sales shall
be included only to the extent that the profits from such sales are earned by
Company. Thus, for example, if Company were to co-market Altocor with another
company, and each company earns a share of the profits of the other, for this
purpose Company brand sales revenues would include only its profit percentage of
the revenues derived from its and the other company's respective sales forces.

         5. For 25,000 option shares -

         Maintaining an average growth rate of at least 30% in audited net sales
of distributed products for two full calendar years, beginning January 1, 2003.

         All amounts reflected herein shall be determined in accordance with
generally accepted accounting principles of the United States, consistently
applied, using audited financials and adjusting for any stock dividend or split,
recapitalization, merger, consolidation or other similar corporate change or
distribution of stock or property by the Company.

         The Compensation Committee of the Board may, in its sole discretion, at
any time and from time to time, modify the foregoing accelerators and the
amounts thereof, but such modifications (if made) shall be only to benefit
Executive.

                                      B-2
<PAGE>
                                                                      APPENDIX C

                          GENERAL RELEASE OF ALL CLAIMS

         1. For valuable consideration, the adequacy of which is hereby
acknowledged, the undersigned ("EXECUTIVE"), for himself, his spouse, heirs,
administrators, children, representatives, executors, successors, assigns, and
all other persons claiming through Executive, if any (collectively,
"RELEASERS"), does hereby release, waive, and forever discharge Andrx
Corporation (the "COMPANY"), Anda Generics, Inc., Andrx, Andrx Pharmaceuticals,
Inc., Andrx Laboratories, Inc., Cybear, Inc., and all their subsidiaries,
affiliates, related organizations, and all present, past and future employees,
officers, agents, directors, attorneys, successors, and assigns (collectively,
the "RELEASEES") from, and does fully waive any obligations of Releasees to
Releasers for, any and all liability, actions, charges, causes of action,
demands, damages, or claims for relief, remuneration, sums of money, accounts or
expenses (including attorneys' fees and costs) of any kind whatsoever, whether
known or unknown or contingent or absolute, which heretofore has been or which
hereafter may be suffered or sustained, directly or indirectly, by Releasers in
consequence of, arising out of, or in any way relating to Executive's employment
with the Company or any of its affiliates and the termination of Executive's
employment. The foregoing release and discharge, waiver and covenant not to sue
includes, but is not limited to, all claims and any obligations or causes of
action arising from such claims, under common law including wrongful or
retaliatory discharge, breach of contract or public policy and any action
arising in tort including libel, slander, defamation or intentional infliction
of emotional distress, and claims under any federal, state or local statute
including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1866 and 1871 (42 U.S.C. ss. 1981), the National Labor Relations Act, the Age
Discrimination in Employment Act (ADEA), the Fair Labor Standards Act, the
Employee Retirement Income Security Act, the Americans with Disabilities Act of
1990, the Rehabilitation Act of 1973, or the discrimination or employment laws
of any state or municipality, and/or any claims under any express or implied
contract which Releasers may claim existed with Releasees. This also includes a
release by Executive of any claims for breach of contract, wrongful discharge
and all claims for alleged physical or personal injury, emotional distress
relating to or arising out of Executive's employment with the Company or the
termination of that employment; and any claims under the WARN Act or any similar
law, which requires, among other things, that advance notice be given of certain
work force reductions. This release and waiver does not apply to any claims or
rights that may arise after the date Executive signs this General Release. The
foregoing release does not cover: (1) any right to indemnification now existing
pursuant to applicable insurance or under the Articles of Incorporation or
By-laws of the Company regardless of when any claim is filed, (2) any right to
sue or take other action to enforce the Employment Agreement between Company and
Executive, effective ______________ (the "EMPLOYMENT AGREEMENT") or (3) to
assert defenses in the event that a claim is asserted against Executive by the
Releasees (the "Non-Released Claims").

         2. Executive and Company shall publicly tell persons that Executive's
employment was amicably terminated as a result of conflicting management styles.
Executive agrees that Executive shall not at any time engage in any form of
conduct or make any statements or representations that disparage or otherwise
impair the reputation, goodwill or commercial interests of any of the Releasees.
Company agrees that it shall not at any time engage in any

                                      C-1
<PAGE>

form of conduct or make any statements or representations that disparage or
otherwise impair the reputation of Executive.

         3. Excluded from this release and waiver are any claims which cannot be
waived by law, including but not limited to the right to participate in an
investigation conducted by certain government agencies. Executive does, however,
waive Executive's right to any monetary recovery should any agency (such as the
Equal Employment Opportunity Commission) pursue any claims on Executive's
behalf. Executive represents and warrants that Executive has not filed any
complaint, charge, or lawsuit against the Releasees with any government agency
or any court.

         4. Executive agrees never to sue Releasees in any forum for any claim
covered by the above waiver and release language, except that Executive may
bring a claim under ADEA to challenge this General Release and to bring a claim
with respect to the Non-Released Claims. If Executive violates this General
Release by suing Releasees, other than under ADEA or as otherwise set forth in
Section 1 hereof, Executive shall be liable to the Company for its reasonable
attorneys' fees and other litigation costs incurred in defending against such a
suit. Nothing in this General Release is intended to reflect any party's belief
that Executive's waiver of claims under ADEA is invalid or unenforceable, it
being the interest of the parties that such claims are waived.

         5. Executive acknowledges and recites that:

                  (a) Executive has executed this General Release knowingly and
         voluntarily;

                  (b) Executive has read and understands this General Release in
         its entirety;

                  (c) Executive has been advised and directed orally and in
         writing (and this subparagraph (c) constitutes such written direction)
         to seek legal counsel and any other advice he wishes with respect to
         the terms of this General Release before executing it;

                  (d) Executive's execution of this General Release has not been
         forced by any employee or agent of the Company, and Executive has had
         an opportunity to negotiate about the terms of this General Release;
         and

                  (e) Executive has been offered 21 calendar days after receipt
         of this General Release to consider its terms before executing it.

         6. This General Release shall be governed by the internal laws (and not
the choice of laws) of the State of Florida, except for the application of
pre-emptive federal law.

         7. Executive shall have 7 days from the date hereof to revoke this
General Release by providing written notice of the revocation to the Company's
General Counsel, as provided in Section 11 of the Employment Agreement, in which
event this General Release shall be unenforceable and null and void.

                                      C-2

<PAGE>

         PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL
KNOWN AND UNKNOWN CLAIMS.

                                       [INSERT NAME OF EXECUTIVE]

Date: May 18, 2002                     /s/ Richard J. Lane
                                       -----------------------------------------
                                       Executive

                                      C-3<PAGE>
                                                                  EXHIBIT 10.15

                        SUMMIT BROKERAGE SERVICES, INC.
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into
on this 22nd day of May, 2002, by and between SUMMIT BROKERAGE SERVICES, INC, a
Delaware corporation (the "Company"), and Richard Parker (the "Executive").

                                   RECITALS:

         WHEREAS, the Company is engaged in the securities business as a
securities broker/dealer firm registered with the NASD and is also engaged,
through a subsidiary, in the insurance business as an insurance broker (the
"Business"), and has invested substantial time and money to develop and build
substantial relationships with specific prospective or existing customers and
other individuals and businesses with which it does business; and

         WHEREAS, the Board of Directors of the Company (the "Board") believes
that the attraction and retention of key employees such as the Executive is
essential to the growth and success of the Company; and

         WHEREAS, the Board desires to employ the Executive as the President
and Chief Operating Officer of the Company; and

         WHEREAS, in connection with his employment hereunder, the Board shall
elect the Executive to serve as Vice Chairman of the Board; and

         WHEREAS, the Board has determined that this Agreement will reinforce
and encourage the Executive's attention and dedication to the Company; and

         WHEREAS, the Executive is willing to make his services available to
the Company on the terms and conditions hereinafter set forth.

         NOW, THEREFORE, for the reasons set forth hereinabove, and in
consideration of the mutual promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby covenant and agree as follows:

         1.       EMPLOYMENT.

                  1.1      Employment and Term. The Company hereby agrees to
employ the Executive and the Executive hereby agrees to serve the Company on
the terms and conditions set forth herein.

                  1.2      Duties of Executive. During the Term of Employment
under this Agreement, the Executive shall serve as the President and Chief
Operating Officer, shall diligently perform all services as may be assigned to
him by the Board or the Chief Executive Officer and shall exercise such power
and authority as may from time to time be delegated to him by the Board or the
Chief Executive Officer. The Executive shall devote his full time and attention
to the business and affairs of the Company, render such services to the best of
his ability, and use his best efforts to promote the interests of the Company.
It shall not be a violation of this Agreement for the Executive to: (i) serve
on corporate, civic or charitable boards or committees; (ii) deliver lectures,
fulfill speaking engagements or teach at educational

<PAGE>

institutions; (iii) manage personal investments or (iv) devote appropriate
working time to the broker seminars and training activities conducted by him
through Educational Seminars of America, Inc. ("ESA"), a company owned by
Executive, so long as such activities do not significantly interfere with the
performance of the Executive's responsibilities to the Company in accordance
with this Agreement. The Executive shall also serve as the Vice Chairman of the
Board until the earlier of (i) termination of his employment as President and
Chief Operating Officer, (ii) his resignation as Vice Chairman of the Board, or
(iii) by mutual agreement between the Board and the Executive.

         2.       TERM.

                  2.1      Initial Term. The initial term of employment under
this Agreement, and the employment of the Executive hereunder, shall commence
on date of this Agreement first written above (the "Commencement Date") and
shall expire on the date that is two (2) years from the Commencement Date (the
"Expiration Date") unless sooner terminated in accordance with Section 5
hereof.

                  2.2      Renewal. This Agreement may be renewed or extended
upon mutual agreement between the Company and the Executive and such renewal or
extension period shall be referred to as the "Renewal Period."

                  2.3      Term of Employment. The period between the
Commencement Date and the Expiration Date, during which the Company pursuant to
the terms of this Agreement shall employ the Executive, together with any
Renewal Period, is sometimes referred to in this Agreement as the "Term of
Employment."

         3.       COMPENSATION.

                  3.1      Base Salary. The Executive shall receive a base
salary at the annual rate of Fifty Thousand Dollars ($50,000,00) (the "Base
Salary") until such time as the Company has operated on a profitable basis for
three (3) consecutive calendar months with a return on shareholders' equity of
no less than fifteen percent (15%), after which his Base Salary will be
increased to an amount appropriate to his duties and contributions to the
Company and as agreed between Executive and the Board of Directors., such Base
Salary to be paid during the Term of Employment and shall be payable in
installments consistent with the Company's normal payroll schedule, subject to
applicable withholding and other taxes. The Base Salary shall be reviewed, at
least annually, for merit increases and may, by action and in the discretion of
the Board, be increased at any time or from time to time.

                  3.2      Override. The Executive shall receive an override or
fee equal to three percent (3%) ("Override") of the first twelve month's gross
production generated by any and all brokers recruited by Executive and/or ESA
and engaged by the Company as independent registered representatives who remain
with the Company for no less than twelve months from their date of hire by the
Company, such override period to commence on the date of hire of each such
broker and to terminate on the date that is the last day of twelve consecutive
months thereafter. Any and all payments made by the Company to third parties
for the recruitment of the subject brokers shall be included with the twelve
months' gross production for purposes of determining the amount of the
Override.

                  3.3      Commissions. The Executive shall receive payments
("Commission Payments") calculated at "grid" as a percent of the commission
income generated by Executive as a registered representative with the Company,
but in no event less than 75%, and from that amount, the Executive shall be
responsible for paying the junior broker handling Executive's customer accounts
and all ticket charges.

                                      -2-
<PAGE>

                  3.4      Bonuses.

                           (a)      The Executive shall receive such bonuses,
if any, as the Board may in its sole and absolute discretion determine.

                           (b)      Any bonuses paid pursuant to this Section
3.4 are sometimes hereinafter referred to as "Incentive Compensation."

         4.       EXPENSE REIMBURSEMENT AND OTHER BENEFITS.

                  4.1      Reimbursement of Expenses. Upon the submission of
proper substantiation by the Executive, and subject to such rules and
guidelines as the Company may from time to time adopt, the Company shall
reimburse the Executive for all reasonable expenses actually paid or incurred
by the Executive during the Term of Employment in the course of and pursuant to
the business of the Company. The Executive shall account to the Company in
writing for all expenses for which reimbursement is sought and shall supply to
the Company copies of all relevant invoices, receipts or other evidence
reasonably requested by the Company.

                  4.2      Compensation/Benefit Programs. During the Term of
Employment, the Company shall provide benefits to the Executive in accordance
with the Company's standard benefit package.

                  4.3      Working Facilities. During the Term of Employment,
the Company shall furnish the Executive with an office, secretarial help and
such other facilities and services suitable to his position and adequate for
the performance of his duties hereunder.

                  4.4      Automobile. During the Term of Employment, the
Company shall provide the Executive with a non-accountable automobile allowance
of $700.00 per month, which amount is intended to: (a) compensate the Executive
for wear and tear; and (b) reimburse the Executive for all costs of gasoline,
oil, repairs, maintenance, insurance and other expenses incurred by the
Executive by reason of the use of the Executive's automobile for Company
business from time to time.

                  4.5      Stock Option. On March 22, 2002, the Executive was
granted non-qualified options as follows: (the "Stock Options"): (a) an option
to purchase 400,000 shares of common stock of the Company ("Common Stock") at
an exercise price of $0.50 per share, and vesting 50% on the first anniversary
of the date of the grant, and 50% on the second anniversary of the date of the
grant, terminating on December 31, 2007 (if not terminated earlier under the
terms of the option); and (b) an option to purchase 500,000 shares of Common
Stock at an exercise price of $0.10 per share, vesting and exercisable in full
on the date of grant and terminating on December 31, 2007 (if not terminated
earlier under the terms of the option), and each Stock Option is evidenced by a
stock option agreement containing such additional terms as are customary. As
provided in the Stock Option agreements, the Company hereby confirms that it
will pay the amount of Executive's income tax liability incurred by him upon
exercise of the Stock Options or any portion thereof that is directly related
to such exercise; provided, however, that the Company's obligation to pay such
tax shall not exceed the

                                      -3-
<PAGE>

amount of the tax benefit the Company receives as a direct result of the
Executive's exercise of the Stock Options or any portion thereof. Coverage of
such tax by the Company shall be made in the form of a bonus to the Executive,
which will be also subject to the same tax coverage by the Company, up to a
maximum amount of the Company's tax benefit derived from such bonus. The amount
of the total tax liability of the Executive (and, therefore, the Company's
liability, up to a maximum of the tax benefit to the Company in connection with
the foregoing) shall be calculated by the Company at the time of exercise of
the Stock Options or any portion thereof pursuant to the following convergence
formula recognized by the Internal Revenue Service as applicable to calculating
such tax liability: I divided by (1 - X) multiplied by X (where "I" is the
amount deemed compensation pursuant to option exercise and where "X" is the
Executive's highest marginal income tax bracket). For example, assuming the
compensation resulting from option exercise if $1,000,000, and the Executive
was in the 40% tax bracket, the calculation for the total tax liability would
be as follows:

         Income x .40    =    amount of tax liability
         ------------
           1 - .40

         $1,000,000 x .40 = $1,000,000 x .40 = $666,666.67 (total tax liability)
         ----------------   ----------------
              1 - .40            .60

                  4.6      Other Benefits. The Executive shall be entitled to a
minimum of two weeks of vacation each calendar year during the Term of
Employment, and such additional time as the Executive and the Board shall
agree, to be taken at such times as the Executive and the Company shall
mutually determine and provided that no vacation time shall interfere with the
duties required to be rendered by the Executive hereunder. Any vacation time
not taken by the Executive during any calendar year may not be carried forward
into any succeeding calendar year. The Executive shall receive such additional
benefits, if any, as the Board shall from time to time determine.

         5.       TERMINATION.

                  5.1      Termination for Cause. The Company shall at all
times have the right, upon written notice to the Executive, to terminate the
Term of Employment, for Cause. For purposes of this Agreement, the term "Cause"
shall mean: (a) an action or omission of the Executive which constitutes a
material breach of, or failure or refusal (other than by reason of his
disability) to perform his duties for which he was hired, which, if curable, is
not cured within thirty (30) days after receipt by the Executive of written
notice of same; (b) commission of any act which involves fraud, embezzlement,
misappropriation of funds, or breach of fiduciary duty in connection with the
performance of his duties as an employee of the Company; (c) commission of any
crime which involves moral turpitude; or (d) gross negligence in connection
with the performance of the Executive's duties hereunder, which, if curable, is
not cured within thirty (30) days after written receipt by the Executive of
written notice of same. Any termination for Cause shall be made in writing to
the Executive, which notice shall set forth in detail all acts or omissions
upon which the Company is relying for such termination. The Executive shall
have the right to address the Board regarding the acts set forth in the notice
of termination. Upon any termination pursuant to this Section 5.1, the Company
shall pay to the Executive his Base Salary to the date of termination, plus any
unpaid Overrides, Commission Payments and Incentive Compensation earned by the
Executive as of the date of termination. The Company shall have no further
liability under this Agreement other

                                      -4-
<PAGE>

than for reimbursement for reasonable business expenses incurred prior to the
date of termination, subject, however, to the Company's policy on
reimbursements of business expenses.

                  5.2      Disability. The Company shall at all times have the
right, upon written notice to the Executive, to terminate the Term of
Employment, if the Executive shall become entitled to benefits under the
Company's disability plan or program as then in effect, or, if the Executive
shall as the result of mental or physical incapacity, illness or disability,
become unable to perform his obligations hereunder for a period of 120
consecutive days or for an aggregate of 180 days, whether or not consecutive,
in any 12-month period. The Company shall have sole discretion based upon
competent medical advice to determine whether the Executive continues to be
disabled. Upon any termination pursuant to this Section 5.2, the Company shall:
(a) pay to the Executive any unpaid Base Salary through the effective date of
termination specified in such notice, together with any unpaid Overrides,
Commission Payments and Incentive Compensation earned by the Executive as of
the date of termination; and (b) pay to the Executive a severance payment equal
to six (6) months of the Executive's Base Salary at the time of the termination
of the Executive's employment with the Company. Any payments made to the
Executive pursuant to subsection 5.2 (b) above shall be reduced by that amount
of compensation or monetary benefit received by the Executive from any third
party from the time of the termination of the Executive's employment with the
Company until six (6) months thereafter. The Company shall have no further
liability under this Agreement other than for reimbursement for reasonable
business expenses incurred prior to the date of termination, subject, however,
to the Company's policy on reimbursements of business expenses.

                  5.3      Death. Upon the death of the Executive during the
Term of Employment with the Company, the Company shall pay to the estate of the
deceased Executive any unpaid Base Salary through the Executive's date of
death, together with any unpaid Overrides, Commission Payments and Incentive
Compensation earned by the Executive as of the date of death. The Company shall
have no further liability under this Agreement other than for reimbursement for
reasonable business expenses incurred prior to the date of termination,
subject, however, to the Company's policy on reimbursements of business
expenses.

                  5.4      Termination Without Cause. The Company shall at all
times have the right, upon written notice to the Executive, to terminate the
Term of Employment. Upon any termination of the Executive's employment by the
Company (that is not a termination under any of Sections 5.1, 5.2, or 5.3), the
Company shall pay to the Executive: (a) any unpaid Base Salary through the
effective date of termination specified in such notice, together with any
unpaid Overrides, Commission Payments and Incentive Compensation earned by the
Executive as of the date of termination; and (b) an amount equal to the Base
Salary ("Termination Payment") in twelve (12) equal monthly payments commencing
one (1) month after the effective date of termination specified in the
termination notice described above. The amount of the Termination Payment shall
be reduced by that amount of compensation or monetary benefit received by the
Executive from any third party from the time of the termination of the
Executive's employment with the Company until the Termination Payment is paid
in full to the Executive. The Company shall have no further liability under
this Agreement other than for reimbursement for reasonable business expenses
incurred prior to the date of termination, subject, however, to the Company's
policy on reimbursements of business expenses. As a condition to receipt of the
Termination Payment: (x) concurrent with the receipt of the first monthly
payment of the Termination Payment, the Executive shall deliver to the Company
a general release in form acceptable to the Board releasing the Company from
any and all rights, claims, demands, judgments, obligations, liabilities and
damages, whether accrued or unaccrued, asserted or unasserted, and whether
known or unknown, relating to the Company which ever existed, then existed, or
may thereafter exist, by reason of the termination of this Agreement without

                                      -5-
<PAGE>

cause, except payment of the Termination Payment; and (y) the Executive shall
notify the Company if he receives any compensation or other monetary benefit
from a third party during the time period the Executive receives the
Termination Payment.

                  5.5      Termination by the Executive.

                           (a)      The Executive shall at all times have the
right, upon sixty (60) days written notice to the Company, to terminate the
Term of Employment.

                           (b)      Upon termination of the Term of Employment
pursuant to this Section 5.5 by the Executive without Good Reason, the Company
shall pay to the Executive any unpaid Base Salary through the effective date of
termination specified in such notice together with any unpaid Overrides,
Commission Payments and Incentive Compensation earned by Executive as of the
date of termination.. The Company shall have no further liability under this
Agreement other than for reimbursement for reasonable business expenses
incurred prior to the date of termination, subject, however, to the Company's
policy on reimbursements of business expenses.

                           (c)      Upon termination of the Term of Employment
pursuant to this Section 5.5 by the Executive for Good Reason, the Company
shall pay to the Executive the same amount of monies that would have been
payable by the Company to the Executive under Section 5.4 of this Agreement if
the Term of Employment had been terminated by the Company without Cause. The
Company shall have no further liability under this Agreement other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the Company's policy on reimbursements of
business expenses.

                           (d)      For purposes of this Agreement, "Good
Reason" shall mean: (i) any failure by the Company to comply with any of the
provisions of Article 3 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
Executive; (ii) the Company's requiring the Executive to be based at any office
or location outside of Florida, except for travel reasonably required in the
performance of the Executive's responsibilities; or (ii) any purported
termination by the Company of the Executive's employment otherwise than for
Cause pursuant to Section 5.1, or by reason of the Executive's disability
pursuant to Section 5.2 of this Agreement, prior to the Expiration Date.

                 5.6       Change in Control of the Company.

                           (a)      In the event that: (i) a Change in Control
(as defined in subsection (b) of this Section 5.6) in the Company shall occur
during the Term of Employment; and (ii) prior to twelve (12) months after the
date of the Change in Control, either (x) the Term of Employment is terminated
by the Company other than pursuant to any of Sections 5.1, 5.2, or 5.3, or (y)
the Executive terminates the Term of Employment for Good Reason pursuant to
Section 5.5(c) hereof, as defined in Section 5.5(d) hereof, the Company shall
pay to the Executive: (1) any unpaid Base Salary through the effective date of
termination; and (2) the same amount of monies that would have been payable by
the Company to the Executive under Section 5.4 of this Agreement if the
Executive's employment had been terminated by the Company without Cause. The
Company shall have no further liability under this Agreement other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the Company's policy on reimbursements of
business expenses.

                                      -6-
<PAGE>

                           (b)      For purposes of this Agreement, the term
"Change in Control" shall mean:

(i)      Approval by the Board, and shareholders of the Company if required
under applicable law, of: (1) a reorganization, merger, consolidation or other
form of corporate transaction or series of transactions, in each case, with
respect to which persons who were the shareholders of the Company immediately
prior to such reorganization, merger or consolidation or other transaction do
not, immediately thereafter, own 50% or more of the combined voting power
entitled to vote generally in the election of directors of the reorganized,
merged or consolidated company's then outstanding voting securities, in
substantially the same proportions as their ownership immediately prior to such
reorganization, merger, consolidation or other transaction; (2) a liquidation
or dissolution of the Company; or (3) the sale of all or substantially all of
the assets of the Company (unless such reorganization, merger, consolidation or
other corporate transaction, liquidation, dissolution or sale is subsequently
abandoned);

(ii)     Individuals who, as of the Commencement Date of this Agreement,
constitute the Board (the "Incumbent Board") cease for any reason to constitute
at least a majority of the Board, provided that any person becoming a director
subsequent to the Commencement Date of this Agreement whose election, or
nomination for election by the Company's shareholders, was approved by a vote
of at least a majority of the directors then comprising the Incumbent Board
(other than an election or nomination of an individual whose initial assumption
of office is in connection with an actual or threatened election contest
relating to the election of the Directors of the Company, as such terms are
used in Rule 14a-11 of Regulation 14A promulgated under the Securities Exchange
Act) shall be, for purposes of this Agreement, considered as though such person
were a member of the Incumbent Board; or

(iii)    The acquisition (other than from the Company) by any person, entity or
"group", within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act, of 50% or more of either the then outstanding shares of the
Company's Common Stock or the combined voting power of the Company's then
outstanding voting securities entitled to vote generally in the election of
directors (hereinafter referred to as the ownership of a "Controlling
Interest") excluding, for this purpose, any acquisitions by: (1) the Company or
its Subsidiaries; (2) any person, entity or "group" that as of the Commencement
Date of this Agreement owns beneficial ownership (within the meaning of Rule
13d-3 promulgated under the Securities Exchange Act) of a Controlling Interest;
or (3) any employee benefit plan of the Company or its Subsidiaries.

                           (c)      Notwithstanding the foregoing, the Stock
Purchase Agreement by and among the Company, Executive and Marshall T. Leeds
and the consummation of the transaction contemplated therein shall not be
deemed a "Change of Control" under this Section 5.6.

                  5.7      Resignation. Upon any termination of the Term of
Employment pursuant to this Article 5, the Executive shall be deemed to have
resigned as an officer, and if he or she was then serving as a director of the
Company, as a director, and if required by the Board, the Executive hereby
agrees to immediately execute a resignation letter to the Board.

                  5.8      Survival. The provisions of this Article 5 shall
survive the termination of this Agreement, as applicable.

                                      -7-
<PAGE>

         6.       RESTRICTIVE COVENANTS.

                  6.1      Confidential Information. The Executive hereby
acknowledges and agrees that in the course of his employment he will acquire
knowledge and will have access to information, whether in written, typed or
other form, regarding the business operations of the Company. Specifically, the
following types of information are deemed confidential ("Confidential
Information") and shall not be disclosed or used by the Executive except as
required and authorized in furtherance of the Company's business: specific
prospective customers of the Company; specific existing customers of the
Company; other individuals and businesses with whom the Company does business;
proprietary information; trade secrets, as defined in Section 688.002(4),
Florida Statute's; financial or corporate records; operational, sales,
promotional, and marketing methods and techniques; computer programs, including
source codes and/or object codes; and/or any other proprietary, competition
sensitive, or technical information or secrets developed with or without the
help of the Executive.

                  6.2      Nondisclosure. The Executive shall not, during the
term of his employment, or at any time thereafter, either directly or
indirectly, communicate, publish, disclose, divulge, or use, or authorize
anyone else to communicate, publish, disclose, divulge, or use, for the benefit
of himself or any other person, persons, partnership, association, corporation,
or other entity, any Confidential Information which may be communicated to the
Executive or of which the Executive may be apprised by virtue of his employment
with the Company. Any and all information, knowledge, know-how, and techniques
which the Company designates as confidential shall be deemed confidential for
purposes of this Agreement, except information which the Executive can
demonstrate came to his attention prior to disclosure thereof by the Company;
or which, at or after the time of disclosure by the Company to the Executive,
lawfully had become a part of the public domain through lawful publication or
communication by others.

                  6.3      Non-solicitation of Employees and Clients. The
Executive specifically acknowledges that he will have access to Confidential
Information, including, without limitation, prospective and existing customers
or customer lists of the Company. The Executive covenants and agrees that
during the term of this Agreement, and for a continuous uninterrupted period of
twelve (12) months, commencing upon the expiration or termination of the
Executive's relationship with the Company, except as otherwise approved in
writing by the Company, the Executive shall not, either directly or indirectly,
for himself, or through, on behalf of, or in conjunction with any person,
persons, partnership, association, corporation, or entity:

                           (a)      Divert or attempt to divert or solicit any
prospective or existing customer of the Company to any competitor by direct or
indirect inducement or otherwise; or

                           (b)      Employ or hire or seek to employ or hire
any person who is at that time working for the Company as an employee or
independent registered representative, any affiliate of the Company, or
otherwise directly or indirectly induce or solicit such person to leave his or
her employment.

                  6.4      Reasonably Necessary. The Company and the Executive
agree that the Confidential Information set forth in Section 6.1 and the
substantial relationships with the Company's specific prospective and existing
customers and vendors: (i) are valuable, special, and a unique asset of the
Company; (ii) have provided and will hereafter provide the Company with a
substantial competitive advantage in the operation of its business; and (iii)
are a legitimate business interest of the Company. The Company and the
Executive also agree that the existence of these legitimate business interests
justifies the need for the restrictive covenants set forth in this Article 6,
and the restrictive covenants are reasonably necessary to protect the Company's
legitimate business interests.

                                      -8-
<PAGE>

                  6.5      Reasonable Restrictions. The Executive agrees and
acknowledges; (a) that the geographical and time limitations contained in this
Agreement are reasonable and properly required for the adequate protection of
the business interests of the Company; and (b) the restrictions contained in
this Article 6 (including without limitation the length of the term of the
provisions of this Article 6) are not overbroad, overlong, or unfair and are
not the result of overreaching, duress or coercion of any kind. The Executive
further acknowledges and confirms that his full, uninhibited and faithful
observance of each of the covenants contained in this Article 6 will not cause
him any undue hardship, financial or otherwise, and that enforcement of each of
the covenants contained herein will not impair his ability to obtain employment
commensurate with his abilities and on terms fully acceptable to him or
otherwise to obtain income required for the comfortable support of him and his
family and the satisfaction of the needs of his creditors. The Executive
acknowledges and confirms that his special knowledge of the Business of the
Company is such as would cause the Company serious injury or loss if he were to
use such ability and knowledge to the benefit of a competitor or was to compete
with the Company in violation of the terms of this Article 6. It is agreed by
the Executive that if any portion of the restrictions contained in this
Agreement are held to be unreasonable, arbitrary, or against public policy,
then the restriction shall be considered divisible, both as to the time and to
the geographical area, with each month of the specified period being deemed a
separate period of time, and each country or portion thereof of the specified
area being deemed a separate geographical area, so that the lesser period of
time or geographical area shall remain effective, so long as the same is not
unreasonable, arbitrary, or against public policy. The parties hereto agree
that in the event any court of competent jurisdiction determines the specified
period or the specified geographical area of the restricted territory to be
unreasonable, arbitrary, or against public policy, a lesser time period or
geographical area which is determined to be reasonable, non-arbitrary, and not
against public policy may be enforced against Executive.

                  6.6      Continuity of Restrictions. If the Executive shall
violate any of the terms or covenants contained herein, and if any court action
is instituted by the Company to prevent or enjoin such violation, then the
period of time during which the terms or covenants of this Agreement shall
apply, as provided in this Agreement, shall be lengthened by a period of time
equal to the period between the date of the initial breach of the terms or
covenants contained in this Agreement, whether or not the Company had knowledge
of the breach, and the date on which the decree of the court disposing of the
issues upon the merits shall become final and not subject to further appeal.

                  6.7      Books and Records. All notes, data, reference
material, sketches, drawings, memoranda, files, documents, specifications and
any records in any way relating to any of the Confidential Information or to
the Company's Business, whether prepared by the Executive or otherwise coming
into the Executive's possession, shall remain the exclusive property of the
Company and shall not be removed from the premises of the Company under any
circumstances whatsoever without the prior written consent of the Company. Upon
the request of the Company, or absent such request, upon the termination of the
Executive's employment with the Company for any reason, the Executive shall
immediately return the Company all such property, materials and any and all
copies thereof in the Executive's possession.

                  6.8      Definition of Company. Solely for purposes of this
Article 6, the term "Company" also shall include any existing or future
subsidiaries of the Company that are operating during the time periods
described herein and any other entities that directly or indirectly, through
one or more intermediaries, control, are controlled by or are under common
control with the Company during the periods described herein.

                                      -9-
<PAGE>

                  6.9      Survival. The provisions of this Article 6 shall
survive the termination of this Agreement, as applicable.

         7.       REMEDIES.

                  7.1      Liquidated Damages. The Executive and the Company
hereby acknowledge and agree that, in the event of any breach by the Executive,
directly or indirectly, of the foregoing restrictive covenants under Article 6,
it will be difficult to ascertain the precise amount of damages that may be
suffered by the Company by reason of such breach; and accordingly, the parties
hereby agree that, as liquidated damages (and not as a penalty) in respect of
any such breach, the Executive shall be required to provide an accounting of
any and all benefits received or derived, either directly or indirectly, by the
Executive as a result of such breach, including, but not limited to, true and
correct financial records, or other data detailing the financial benefit the
Executive received or derived, directly or indirectly, from any and all
volatile acts or activities, and the Executive thereafter shall be required to
pay to the Company, as damages, cash amounts equal to any and all gross
revenues received or derived by the Executive, directly or indirectly, from any
and all volatile acts or activities. The parties hereby agree that the
foregoing constitutes a fair and reasonable estimate of the actual damages that
might be suffered by reason of any breach of any of the covenants contained in
Article 6 of this Agreement by the Executive, and the parties hereby agree to
such liquidated damages in lieu of any and all other measures of damages that
might be asserted in respect of any subject breach.

                  7.2      Injunction. The Executive agrees that a violation or
a breach of the terms, covenants, or provisions contained in this Agreement
would cause irreparable injury to the Company, and that the remedy at law for
any violation or breach would be inadequate and would be difficult to
ascertain, and therefore, in the event of the violation or breach, or
threatened violation or breach of any such terms, covenants, or provisions
contained in this Agreement, the Company shall have the independent right to
enjoin the Executive from any threatened or actual activities in violation
thereof. The Executive hereby consents and agrees that temporary and permanent
injunctive relief may be granted in any proceedings which might be brought to
enforce any such terms, covenants, or provisions without the necessity of proof
of actual damages or the posting of a bond. In the event the Company does apply
for such an injunction, the Executive shall not raise as a defense thereto that
the Company has an adequate remedy at law.

         8.       ASSIGNMENT. The Executive shall not have the right to assign
or delegate his rights or obligations hereunder, or any portion thereof, to any
other person. This Agreement, and the Company's rights and obligations
hereunder, shall inure to the benefit of and be binding upon the Company's
successors and assigns.

         9.       INDEPENDENT COVENANTS. The parties agree that each of the
covenants and provisions contained in this Agreement shall be deemed severable
and construed as independent of any other covenant or provision.

         10.      SEVERABILITY. If all or any portion of a covenant or
provision in this Agreement is held invalid, unreasonable or unenforceable by a
court or agency having valid jurisdiction in an unappealed final decision to
which the Company is a party, the remaining covenants and provisions shall
remain valid and enforceable. The Executive expressly agrees to be bound by any
lesser covenant or provision subsumed within the terms of such covenant or
provision that imposes the maximum duty permitted by law, as if the resulting
covenant or provision were separately stated in, and made a part of this
Agreement.

                                     -10-
<PAGE>

         11.      ATTORNEYS' FEES. In the event of a dispute regarding, arising
out of, or in connection with the breach, enforcement, or interpretation of
this Agreement, including, without limitation, any action seeking declaratory
relief, equitable relief, injunctive relief, or damages, or any litigation or
cause of action, including, without limitation, any appeals, federal bankruptcy
proceedings, receivership or insolvency proceedings, reorganization, or other
proceedings, the prevailing party shall recover all costs and reasonable
attorneys' fees incurred in connection therewith, including without limitation
at the pre-trial, trial and appellate levels, and any costs of collection.

         12.      GOVERNING LAW. The validity, interpretation and enforcement
of this Agreement shall be governed by and construed in accordance with the
local laws of the State of Florida (without giving effect to its conflicts of
laws provisions), and to the exclusion of the law of any other forum, without
regard to the jurisdiction in which any action or special proceeding may be
instituted.

         13.      EXCLUSIVE JURISDICTION; VENUE. EACH PARTY HERETO AGREES TO
SUBMIT TO THE PERSONAL JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL
COURTS LOCATED IN PALM BEACH COUNTY, FLORIDA FOR RESOLUTION OF ALL DISPUTES
ARISING OUT OF, IN CONNECTION WITH, OR BY REASON OF THE INTERPRETATION,
CONSTRUCTION, AND ENFORCEMENT OF THIS AGREEMENT, AND HEREBY WAIVES THE CLAIM OR
DEFENSE THEREIN THAT SUCH COURTS CONSTITUTE AN INCONVENIENT FORUM.

         14.      WAIVER OF JURY TRIAL. AS A MATERIAL INDUCEMENT FOR THIS
AGREEMENT, EACH PARTY HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND
IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY OF ANY ISSUES SO TRIABLE.

         15.      ENTIRE AGREEMENT. This Agreement contains and represents the
entire and complete understanding and agreement concerning and in reference to
the employment arrangement between the parties hereto. The parties hereto agree
that no prior statements, representations, promises, agreements, instructions,
or understandings, written or oral, pertaining to this Agreement, other than
those specifically set forth and stated herein, shall be of any force or
effect.

         16.      MODIFICATIONS AND AMENDMENTS. This Agreement may not be, and
shall not be construed to have been modified, amended, rescinded, canceled, or
waived, in whole or in part, except if done so in writing and executed by the
parties hereto.

         17.      NOTICES. All notices required or permitted to be given
hereunder shall be in writing and shall be personally delivered by courier,
sent by registered or certified mail, return receipt requested or sent by
confirmed facsimile transmission addressed as set forth herein. Notices
personally delivered, sent by facsimile or sent by overnight courier shall be
deemed given on the date of delivery and notices mailed in accordance with the
foregoing shall be deemed given upon the earlier of receipt by the addressee,
as evidenced by the return receipt thereof, or three (3) days after deposit in
the U.S. mail. Notice shall be sent: (a) if to the Company, addressed to 25
Fifth Avenue, Indiatlantic, Florida 32903, Attention: Chief Executive Officer;
and (b) if to the Executive, to his address as reflected on the payroll records
of the Company, or to such other address as either party hereto may from time
to time give notice of to the other.

         18.      BENEFITS; BINDING EFFECT. This Agreement shall be for the
benefit of and binding upon the parties hereto and their respective heirs,
personal representatives, legal representatives, successors

                                     -11-
<PAGE>

and, where applicable, assigns, including, without limitation, any successor to
the Company, whether by merger, consolidation, sale of stock, sale of assets or
otherwise.

         19.      CONSTRUCTION. Each party to this Agreement had the
opportunity to consult with counsel of their choice and make comments
concerning the Agreement. No legal or other presumption against the party
drafting this Agreement concerning its construction, interpretation or
otherwise accrue to the benefit of any party to this Agreement and each party
expressly waives the right to assert such a presumption in any proceedings or
disputes connected with, arising out of, or involving this Agreement.

         20.      WAIVERS. The waiver by either party hereto of a breach or
violation of any term or provision of this Agreement shall not operate nor be
construed as a waiver of any subsequent breach or violation.

         21.      SECTION HEADINGS. The section headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

         22.      NO THIRD PARTY BENEFICIARY. Nothing expressed or implied in
this Agreement is intended, or shall be construed, to confer upon or give any
person other than the Company, the parties hereto and their respective heirs,
personal representatives, legal representatives, successors and assigns, any
rights or remedies under or by reason of this Agreement.

         23.      COUNTERPARTS. This Agreement may be signed in multiple
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

                            [SIGNATURE PAGE FOLLOWS]

                                     -12-
<PAGE>

           SIGNATURE PAGE TO EMPLOYMENT AGREEMENT FOR RICHARD PARKER

         IN WITNESS WHEREOF, the undersigned have executed this Employment
Agreement as of the date first above written.

                                             COMPANY:

                                             SUMMIT BROKERAGE SERVICES, INC.,
                                             A Florida Corporation

                                             By:  /s/ Marshall T. Leeds
                                                -------------------------------
                                             Name: Richard Parker
                                                  -----------------------------
                                             Title: Chief Executive Officer
                                                   ----------------------------

                                             EXECUTIVE:

                                             /s/ Richard Parker
                                             ----------------------------------
                                             Name: Richard Parker
                                                  -----------------------------

                                     -13-

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