Document:

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                                                                   EXHIBIT 10.33

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT (this "Agreement"), dated as of October 11, 2006
(the "Effective Date"), among Wellsford Real Properties, Inc., a Maryland
corporation ("WRP"), Reis Services LLC, a Maryland limited liability company and
a wholly-owned subsidiary of WRP ("LLC", and together with WRP, the
"Employers"), and Jonathan Garfield ("Employee").

                                    Recitals
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               WHEREAS, Employee is currently employed by Reis, Inc., a Delaware
corporation ("Reis"), under an Amended and Restated Employment Agreement dated
as of July 25, 2003 (the "Original Agreement"); and

               WHEREAS, WRP, LLC and Reis have entered into that certain
Agreement and Plan of Merger, dated as of the date hereof (the "Merger
Agreement"), pursuant to which, and subject to the terms and conditions of
which, Reis will merge (the "Merger") with and into LLC and LLC will be the
survivor in the Merger and will be a wholly owned subsidiary of WRP; and

               WHEREAS, the Employers desire to employ Employee and Employee
desires to be employed by the Employers effective immediately following (i) the
Effective Time (as such term is defined in the Merger Agreement) and (ii) the
repayment by Employee of the Shareholder Note (as defined in the Original
Agreement) pursuant to the terms thereof (the "Employment Date").

               NOW, THEREFORE, Employee and Employers, in consideration of the
agreements, covenants and conditions contained herein, hereby agree as follows:

         1.   Basic Employment Provisions.

              (a) Employment and Term. Subject to the terms and conditions of
this Agreement, the Employers hereby employ Employee, and Employee agrees to be
employed by the Employers, for a period (the "Employment Period") of three years
from the Employment Date.

              (b) Duties. Employee shall serve as the Executive Vice President
of WRP and as Executive Vice President of LLC. Employee's duties and
responsibilities and powers as set from time to time by WRP's Board of Directors
(the "Board") or a committee thereof, shall be commensurate with Employee's
positions. During the Employment Period, Employee agrees to perform his duties
hereunder faithfully and to the best of his ability and to devote his full
professional working time, attention and energies to the transaction of the
Employers' business, in each case subject to the terms hereof. During the
Employment Period, Employee shall not be employed or otherwise engaged in any
other business or enterprise without the written consent of the Employers.
Notwithstanding any other term hereof but subject to the terms and provisions of
Sections 8 and 9, nothing contained herein shall preclude Employee from (i)
serving on the boards of a reasonable number of other trade associations and/or
civic or charitable organizations and businesses which do not compete with the
business of the Employers, (ii) engaging in charitable activities and community
affairs, (iii) managing his personal investments and affairs and (iv) creating
and selling works of art, in each case as long as such activities do not
materially interfere with the discharge of his duties and responsibilities under
this Section 1(b).

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         2.   Compensation.

              (a) Salary. As compensation for the services to be rendered by
Employee hereunder, the Employers are jointly and severally obligated to pay to
Employee for each year of the Employment Period, commencing on the Employment
Date, a gross annual base salary of $375,000 per year (the "Gross Annual Base
Salary"), payable in accordance with the payroll practices of the Employers in
effect from time to time.

              (b) Bonus. Promptly following the Effective Date, WRP shall
establish an executive incentive plan, which shall provide bonuses to senior
executive employees of the Employers ("Executive Incentive Plan"). Employee
shall be eligible to receive an annual bonus (the "Annual Bonus") under such
Executive Incentive Plan, in accordance with the terms of such plan; provided,
however, that for (i) the period beginning on the Employment Date and ending 12
months thereafter, Employee's minimum Annual Bonus shall be $125,000 (the "2007
Minimum Annual Bonus"), (ii) for the period beginning on the first anniversary
of the Employment Date and ending 12 months thereafter, Employee's minimum
Annual Bonus shall be $125,000 (the "2008 Minimum Annual Bonus") and (iii) for
the period beginning on the second anniversary of the Employment Date and ending
12 months thereafter, Employee's minimum Annual Bonus shall be $125,000 (the
"2009 Minimum Annual Bonus"; and each such 12-month period referred to in
clauses (i) and (ii) and this clause (iii), an "Employment Year"). (In the event
that the Executive Incentive Plan awards bonuses which are based on a calendar
year or fiscal year that is not congruent with an Employment Year, any Minimum
Annual Bonus shall be attributed to the Executive Incentive Plan award period on
a pro rata basis.) The minimum Annual Bonuses referred to in each of clause (i),
(ii) and (iii) above shall be paid 30 days from the end of the period in which
it was earned. All Annual Bonus payments shall be subject to deduction and
withholding required by applicable law. For purposes of clarity, each of the
parties hereto acknowledges and agrees that the 2007 Minimum Annual Bonus, the
2008 Minimum Annual Bonus and the 2009 Minimum Annual Bonus are the minimum
guaranteed Annual Bonus for such periods and that the Compensation Committee of
the Board may, in its discretion, pay a higher amount as an Annual Bonus.
Further, the Executive Incentive Plan, as such plan is adopted or amended from
time to time by the Compensation Committee of the Board, may provide for a bonus
in excess of the 2007 Minimum Annual Bonus, the 2008 Minimum Annual Bonus and
the 2009 Minimum Annual Bonus.

              (c) Benefits. During the Employment Period, Employee shall be
entitled to the benefits which senior executives of the Employers become
entitled under the terms of any benefit plans or programs instituted by
Employers, as in effect from time to time (it being understood that WRP or LLC
may amend or terminate such benefit plans or programs in accordance with such
plans or programs at any time during the Employment Period). For purposes of
determining Employee's eligibility for participation in employee benefit plans
and for other fringe benefits, Employee shall be deemed to be a full time
employee of whichever Employer provides more favorable benefits, in the
aggregate, to its senior executives. In addition, Employee shall be entitled to
four weeks paid vacation per year, which shall be taken in accordance with the
policies of WRP governing vacation of senior executive employees.

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              (d) Stock Options and Restricted Stock.

                 (i)   WRP shall, as soon as practicable following the Effective
Date (A) amend the Wellsford Real Properties, Inc. 1997 Management Incentive
Plan (the "1997 Option Plan) and the Wellsford Real Properties, Inc. 1998
Management Incentive Plan (the "1998 Option Plan") or take such other action,
including adoption of a new plan, as may be necessary to provide for the grant
of restricted stock units of WRP (the 1998 Option Plan together with the 1997
Option Plan and any new plan, the "WRP Option Plans") and (B) register with the
Securities and Exchange Commission any securities which will be issued to settle
the grants of restricted stock units contemplated by this Agreement if such
securities have not previously been registered.

                (ii)   As of the Employment Date, Employee shall be granted
46,000 restricted stock units of WRP (the "Initial Units") pursuant to the WRP
Option Plans, which shall provide for customary adjustment provisions in the
event of a stock split, reverse stock split, MERGER or other change in the
capitalization of WRP SIMILAR TO THE ADJUSTMENT PROVISIONS IN THE 1998 OPTION
PLAN. The Initial Units shall be equally divided among three separate tranches,
hereinafter defined as, "Tranche 1", "Tranche 2" and "Tranche 3", respectively.

                       (A) Tranche 1 shall vest on the first anniversary of the
Employment Date if the growth in EBITDA (as defined on Schedule 2(d)(ii)), for
the Tranche 1 Measuring Period (as defined on Schedule 2(d)(ii)) exceeds 10%. If
Tranche 1 has not vested by the first anniversary of the Employment Date, it
shall vest on the second anniversary of the Employment Date if the cumulative
growth in EBITDA for the Tranche 1 Measuring Period and the Tranche 2 Measuring
Period (as defined on Schedule 2(d)(ii)), exceeds 20%. If Tranche 1 has not
vested on the first or second anniversary of the Employment Date, it shall vest
on the third anniversary of the Employment Date if the cumulative growth in
EBITDA for the Tranche 1 Measuring Period, the Tranche 2 Measuring Period and
the Tranche 3 Measuring Period (as defined on Schedule 2(d)(ii)), exceeds 30%.

                       (B) Tranche 2 shall vest on the second anniversary of the
Employment Date if either (1) the growth in EBITDA for the Tranche 2 Measuring
Period exceeds 10% or (2) the cumulative growth in EBITDA for the Tranche 1
Measuring Period and the Tranche 2 Measuring Period exceeds 20%. If Tranche 2
has not vested by the second anniversary of the Employment Date, it shall vest
on the third anniversary of the Employment Date if either (x) the cumulative
growth in EBITDA for the Tranche 2 Measuring Period and the Tranche 3 Measuring
Period, exceeds 20% or (y) if the cumulative growth in EBITDA for the Tranche 1
Measuring Period, the Tranche 2 Measuring Period and the Tranche 3 Measuring
Period exceeds 30%.

                       (C) Tranche 3 shall vest on the third anniversary of the
Employment Date if either (1) the growth in EBITDA for the Tranche 3 Measuring
Period exceeds 10% or (2) the cumulative growth in EBITDA for the Tranche 1
Measuring Period, the Tranche 2 Measuring Period and the Tranche 3 Measuring
Period exceeds 30%.

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                       (D) In the event a change of control (as defined herein)
occurs before the third anniversary of the employment date, then the
requirements for ebitda growth (as described in this section 2(d)(ii)) shall be
deemed to be satisfied for any tranche of the initial units which had not vested
as of the effective date of such change of control, and any tranche that was
scheduled to vest on any anniversary date before the effective date of such
change of control shall vest on the effective date of the change of control.

The Employee must be employed as of each anniversary date for vesting to occur
on that date. Notwithstanding the foregoing, the Initial Units shall vest
immediately (1) upon termination of the Employment Period other than for Cause,
or (2) if Employee leaves for Good Reason. The restricted stock of WRP to be
delivered pursuant to the terms of the Initial Units shall be delivered to
Employee on the third anniversary of the Employment Date or at such earlier time
as (x) termination of the Employment Period other than for Cause, or (y)
Employee leaves for Good Reason; provided, however, that delivery shall be
delayed to the first date such delivery can be made without incurring additional
tax under ss.409A of the Code.

                (ii)  Employee shall be eligible to be considered for
participation in any other incentive compensation methods or programs
established by the Compensation Committee and offered to senior executives of
WRP or LLC.

     3.   Termination. Employee's employment may be terminated prior to the
expiration of the Employment Period under the following conditions, in each case
subject to the terms of Section 4. In the event any party or parties (in the
case of the Employers) elect to terminate the Employment Period, such party or
parties shall deliver written notice thereof (other than a termination pursuant
to clause (a) below) in accordance with the terms of this Section 3, which
written notice shall set forth the provision of this Section 3 under which such
termination is effective. A notice of termination hereunder may not be retracted
or withdrawn by the party or parties delivering the same, without the consent of
the other party or parties hereto.

          (a)    Death. The Employment Period shall terminate automatically,
without notice, effective upon the death of Employee.

          (b)    Disability. The Employers may terminate the Employment Period
at any time effective upon not less than 10 days prior written notice to
Employee after Employee has been unable to perform the essential duties of his
positions because of Disability (as defined below) for a period of (i) 180
consecutive days in any 12-month period or (ii) 270 days in any 12-month period,
subject to reasonable accommodation provisions of applicable law. For purposes
of this Agreement, "Disability" shall mean that Employee is unable to engage in
any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months.

          (c)   Cause. The Employers may terminate the Employment Period at any
time for Cause, effective upon delivery of prior written notice to Employee. For
the purposes of this Agreement, "Cause" shall mean Employee's (i) breach of
Section 9, (ii) material breach of any other term or provision of this Agreement
which is not cured by Employee within 20 days written notice thereof from either
Employer (which notice shall specify that such notice is being delivered for
purposes of this clause (c)(ii)), (iii) fraud or dishonesty in the course of his
employment, (iv) continued gross neglect of the duties to be performed by him
hereunder for reasons other than Disability which is not cured by Employee
within 20 days written notice thereof from the Employers (which notice shall
specify that such notice is being delivered for purposes of this clause
(c)(iv)), or (v) conviction or pleading guilty or nolo contendre to any felony
charge. Notwithstanding the foregoing, Employee shall not be deemed to have been
terminated for Cause pursuant to clause (i) through (iv) hereof unless and until
there shall have been delivered to Employee a copy of a resolution duly adopted
by the affirmative vote of not less than either (a) a majority of the members of
the Board or (b) two-thirds of the independent members of the Board, at a
meeting of the Board called and held for such purpose (after reasonable notice
to Employee and an opportunity for Employee, together with counsel of his
choosing, to be heard before the Board not less than 10 business days after the
giving of such notice), finding that in the good faith opinion of the Board,
Employee conducted himself as set forth above in clause (i) through (iv) of this
Section 3(c) and specifying the particulars of such conduct in detail.
Notwithstanding anything contained in this Agreement to the contrary, no failure
to perform by Employee after a notice of termination is given by Employee shall
constitute proper Cause for purposes of this Agreement.

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          (d)    Change of Control.

                 (i)   In the event there is a termination by the Employers
 without Cause or a termination by Employee for Good Reason, in either case
within the two-year period following a Change of Control (as defined below),
Employee shall be entitled to payment under Section 4(d) of this Agreement.

                (ii)   For purposes of this Agreement, "Change of Control"
shall mean the occurrence of any of the following after the Employment Date,
whether directly or indirectly, voluntarily or involuntarily, whether as part of
a single transaction or a series of transactions: (A) during any period of
twelve consecutive months or less, individuals who at the beginning of such
period constitute the Board cease, for any reason, to constitute at least a
majority of the Board, unless the election or nomination for election of each
new director was approved by at least two-thirds of the directors then still in
office who were directors at the beginning of the period (either by a specific
vote of such directors or by the approval of the Employer proxy statement in
which each such individual is named as a nominee for a director without written
objection to such nomination by such directors); provided, however, that no
individual initially elected or nominated as a director as a result of an actual
or threatened election contest with respect to directors or as a result of any
other actual or threatened solicitation of proxies or consents by or on behalf
of any person other than the Board shall be deemed to be approved (solely for
purposes of this Section 3(d)(ii)); or (B) the sale, transfer or other
disposition of all or substantially all of the assets of either Employer (other
than to a wholly owned direct or indirect subsidiary of either Employer or a
benefit plan of either Employer); or (C) any person or entity or group of
affiliated persons or entities (other than Employee, Jonathan Garfield or a
group including either of them) acquiring beneficial ownership (as that term is
used in Rules 13d-3, 13d-5 or 16a-1 under the Securities Exchange Act of 1934,
as amended, whether or not applicable) of 30% or more of the shares of capital
stock or other equity of either Employer, having by the terms thereof voting
power to elect the members of the Board (in the case of WRP only), or,
convertible into shares of such capital stock or other equity of either Employer
(collectively, "Voting Shares"), as the case may be; or (D) the stockholders or
members of either Employer adopting a plan of liquidation providing for the
distribution of all or substantially all of either Employer's assets or
approving the dissolution of either Employer; or (E) the merger, consolidation,
or reorganization of either Employer or any similar transaction which results in
(1) the beneficial owners of the Voting Shares of either Employer immediately
prior to such merger, consolidation, reorganization or transaction beneficially
owning, after giving effect to such merger, consolidation, reorganization or
transaction, interests or securities of the surviving or resulting entity
representing 50% or less of the shares of capital stock or other equity of the
surviving or resulting entity having by the terms thereof voting power to elect
the members of the board or directors (or equivalent thereof) or convertible
into shares of such capital stock or other equity of such entity or (2) any
person or entity or group of affiliated persons or entities (other than
Employee, Jonathan Garfield or a group including either of them) owning, after
giving effect to such merger, consolidation, reorganization or transaction,
interests or securities of the surviving or resulting entity, acquiring
beneficial ownership of 30% or more of the shares of capital stock or other
equity of the surviving or resulting entity having by the terms thereof voting
power to elect the members of the board of directors (or equivalent thereof) or
convertible into shares of such capital stock or other equity of such entity.

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          (e)    Good Reason.  Employee may terminate the Employment Period at
any time for Good Reason, effective upon not less than 10 days prior written
notice to the Employers. For purposes of this Agreement, "Good Reason" means (i)
a material diminution in Employee's duties or responsibilities for either
Employer, demotion of Employee or a change in Employee's direct reporting
relationship to other than the Board or a committee thereof; (ii) Employee's
being removed from, not nominated for re-election to, or not re-elected to the
Board, other than for Cause or at his request; (iii) Employer's material breach
of this Agreement which is not cured within 20 days of written notice thereof to
the Employers (which notice shall specify that such notice is being delivered
for purposes of this clause (e)(iii)); or (iv) Employee's being required to
report to an office to work on a regular basis at a location outside of a
30-mile radius from 530 Fifth Avenue, New York, NY.

          (f)    Termination of the Employment Period Other Than for
Death, Disability, Cause, Change of Control or Good Reason. The Employers may
terminate Employee's employment at any time, for any or no reason, effective
upon not less than 30 days prior written notice. Employee may terminate his
employment, or resign, from the Employers at any time, for any or no reason,
effective upon not less than 30 days prior written notice.

         4. Obligations of the Employers Upon Termination of the Employment
            Period.

          (a)    Termination Pursuant to Section 3(a) (Death). In the event that
the Employment Period terminates pursuant to Section 3(a), no further
compensation shall be paid to Employee following the effective date of
termination, provided, that Employee's estate or other beneficiary(ies), as
applicable, shall be paid, in cash within 30 days of the effective date of
termination, (i) (A) Employee's Gross Annual Base Salary through the effective
date of termination to the extent not theretofore paid, (B) any accrued vacation
pay to the extent not theretofore paid, (C) subject to Section 6, all business
expenses which were incurred by Employee prior to or as of the effective date of
termination but not yet reimbursed by the Employers and (D) the Annual Bonus
payable for each year preceding the year during which termination occurs, to the
extent not theretofore paid (the aggregate amounts set forth in clauses (A),
(B), (C) and (D) above, collectively the "Accrued Obligations"), and (ii) the
Termination Bonus. For purposes of this Agreement, (1) the "Termination Bonus"
shall mean the excess of $375,000 over the sum of the 2007 Minimum Annual Bonus,
the 2008 Minimum Annual Bonus and the 2009 Minimum Annual Bonus paid through the
date of termination or payable as an Accrued Obligation; and (2) the "Present
Value Termination Bonus" shall mean the sum of the present value of (i) the
unpaid 2007 Minimum Annual Bonus, plus (ii) the unpaid 2008 Minimum Annual
Bonus, plus (iii) the unpaid 2009 Minimum Annual Bonus: in each case present
value shall be calculated using a discount rate of 5% and assuming each bonus
would otherwise be paid on the last day of the applicable Employment Year.

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          (b)    Termination Pursuant to Section 3(b) (Disability).  In the
event that the Employment Period is terminated pursuant to Section 3(b), no
further compensation shall be paid to Employee following the effective date of
termination, provided, that Employee or his legal representative, as applicable
shall be paid, in cash, within 30 days of the effective date of termination (i)
the Accrued Obligations and (ii) the Termination Bonus.

          (c)    Termination Pursuant to Section 3(c) (Cause).  In the event
that the Employment Period is terminated pursuant to Section 3(c), no further
compensation shall be paid to Employee following the effective date of
termination, provided, that Employee shall be paid, in cash within 30 days of
the effective date of termination, the Accrued Obligations.

          (d)    Termination Pursuant to Section 3(d) (Change of Control).  In
the event that the Employment Period is terminated following a Change of Control
(i) by the Employers for any reason (other than Employee's death or Disability,
or with Cause), or (ii) by Employee for Good Reason, no further compensation
shall be paid to Employee under this Agreement following the effective date of
termination, provided, that, the Employers shall pay to Employee in cash, (x)
within 30 days of the effective date of termination, the Accrued Obligations,
and (y) as soon as practicable following the first date such payment can be made
without incurring additional tax under ss. 409A of the Internal Revenue Code of
1986, as amended (the "Code"), (1) 2.5 times the Gross Annual Base Salary
payable to Employee for the year during which employment terminated plus (2) a
pro rata portion (based on the number of days that Employee was employed by the
Employers during the year in which employment terminated) of the Annual Bonus in
excess of the minimum Annual Bonus actually paid or payable for the immediately
preceding year plus (3) the Present Value Termination Bonus. In addition,
Employee and any of his dependents who as on the date of Employee's termination
of employment were covered under an employee benefit plan of the Employers which
provides medical, dental and hospitalization coverage, will be entitled for a
period of eighteen months, or if less the period during which Employee and such
dependents are entitled to COBRA continuation coverage, to COBRA continuation
coverage at the rates paid by active employees for coverage as active employees;
provided, however, that if such continued participation would result in
additional tax under ss. 409A of the Code, Employee will be required to pay his
own premiums for COBRA continuation coverage and then, as soon as practicable
following the first date such payment can be made without incurring additional
tax under ss. 409A of the Code, will be paid an amount such that, after payment
of income taxes, Employee is fully reimbursed for the cost of such premiums.

         (e)     Termination by Employee Without Good Reason.  In the event that
the Employment Period is terminated by Employee without Good Reason, no further
compensation shall be paid to Employee following the effective date of
termination, provided that the Employers shall pay to Employee, in cash within
30 days of the effective date of termination, the Accrued Obligations.

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         (f)      Termination by the Employers Without Cause or Employee for
Good Reason. In the event that the Employment Period is terminated either (i) by
the Employers for any reason (other than Employee's death or Disability, or with
Cause), or (ii) by Employee for Good Reason, no further compensation shall be
paid to Employee under this Agreement following the effective date of
termination, provided, that, the Employers shall pay to Employee, in cash (A)
within 30 days of the effective date of termination the Accrued Obligations, and
(B) as soon as practicable following the first date such payment can be made
without incurring additional tax under ss. 409A of the Code, (1) the greater of
(x) the sum of the Gross Annual Base Salary payable for each year (or portion
thereof) remaining to be paid through the third anniversary of the Employment
Date, and (y) $375,000, plus (2) the Present Value Termination Bonus, plus (3) a
pro rata portion (based on the number of days that Employee was employed by the
Employers during the year in which employment terminated) of the Annual Bonus in
excess of the minimum Annual Bonus actually paid or payable for the immediately
preceding year. In addition, during the period of time after termination through
the third anniversary of the Employment Date, Employee and any of his dependents
who as on the date of Employee's termination of employment were covered under an
employee benefit plan of the Employers which provides medical, dental and
hospitalization coverage, will be entitled for a period of eighteen months, or
if less the period during which Employee and such dependents are entitled to
COBRA continuation coverage, to COBRA continuation coverage at the rates paid by
active employees for coverage as active employees; provided, however, that if
such continued participation would result in additional tax under ss. 409A of
the Code, Employee will be required to pay his own premiums for COBRA
continuation coverage and then, as soon as practicable following the first date
such payment can be made without incurring additional tax under ss. 409A of the
Code, will be paid an amount such that, after payment of income taxes, Employee
is fully reimbursed for the cost of such premiums.

     5.   Change of Control.  If Employee receives any payment which is an
"excess parachute payment" within the meaning of ss. 280G(b)(1) of the Code,
Employee shall either be entitled to either (a) the full amount of the payment
to which he is entitled under this Agreement or (b) an amount reduced to be
equal to 299% of his "base amount" if payment of such reduced amount will result
in greater after-tax proceeds to Employee.

     6.   Reimbursement of Expenses. The applicable Employer shall reimburse
Employee for any and all reasonable expenses incurred by him in the performance
of his duties hereunder, subject to the presentment of appropriate vouchers in
accordance with the applicable Employer's normal policies for expense
verification.

     7.   No Mitigation/No Offset. All amounts paid or due Employee under
Section 4 shall be paid without regard to whether Employee has taken or takes
actions to mitigate damages. Accordingly, there shall be no offset against
amounts due to Employee under this Agreement, or otherwise, on account of any
remuneration attributable to any subsequent employment that he may obtain or on
account of any claim that either Employer may have against him.

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     8.   Ownership of Materials. All records, materials, lists, files, manuals,
tapes and all other written or recorded data and information in whatever form
("Materials") that may be used by, or made available to Employee in connection
with his employment hereunder are and shall remain the sole property of the
Employers. As soon as practicable following the voluntary or involuntary
termination of Employee's employment hereunder, Employee shall return or cause
to be returned to the Employers Materials in Employee's possession and/or under
his control.

     9.   Covenant Not to Compete; Confidentiality. Employee expressly
recognizes and acknowledges that:

          (a)    The Employers have developed and established a valuable and
extensive clientele for its real estate information reporting services.

          (b)    The Employers' business connections and clients have
been established and maintained at great expense and are of great value to the
Employers.

          (c)    Employee has and will become familiar with and possessed of
the manner, method, secrets, and confidential and proprietary information
pertaining to the Employers' business methods and the business requirements
and needs of their clients (collectively, "Confidential Information").

          (d)    By virtue of this Agreement and predecessor agreements,
Employee has and will become personally acquainted with the clients, business
methods, and trade secrets of the Employers.

          (e)    In recognition and in consideration of the foregoing, Employee
expressly covenants and agrees as follows:

                (i)  During the term of this Agreement and continuing until the
Non-Competition Termination Date (as hereinafter defined), Employee shall not in
any way, directly or indirectly, for himself or on behalf of or in conjunction
with any other person or entity, solicit for the benefit of a Competitive
Business (as defined below), divert, take away, or attempt to take away, any of
Employers' clients or the business or patronage of any such clients. For
purposes of applying this provision after the termination or expiration of the
Employment Period, "clients" shall mean any person or entity to whom the
Employers provided their services within six months prior to such effective date
of termination or expiration.

               (ii)  During the term of this Agreement and continuing until
the Non-Competition Termination Date, Employee shall not in any way, directly or
indirectly, for himself or on behalf of or in connection with any other person
or entity, solicit, entice, hire, employ, or endeavor to employ, any of
Employers' employees. For purposes applying this provision after the termination
or expiration of the Employment Period, "employees" shall mean any person
employed by the Employers within six months prior to such effective date of
termination or expiration.

              (iii)  During the term of this Agreement and continuing until the
Non-Competition Termination Date, Employee shall not, directly or indirectly,
for himself or on behalf of or in connection with any other person or entity,
engage in the United States in any Competitive Business. For purposes hereof,
"Competitive Business" shall mean the business of developing data, analysis or
forecasts pertaining to the construction, absorption, occupancy, rents,
automated valuation, or automated credit risk analysis for United States
commercial office, industrial, retail, multi-family, or hotel properties or real
estate markets. Nothing in this clause (iii) shall be deemed to prohibit
Employee from engaging in research related to any of the foregoing for persons
or entities developing such data incidental to their businesses.

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               (iv)  During the term of this Agreement and thereafter, Employee
shall not divulge to others or use for his own benefit, or assist others in
using such information for their benefit, any Confidential Information obtained
prior to or after the date hereof from the Employers by virtue of the
relationship created hereunder or otherwise, unless such Confidential
Information is or becomes generally available to the public (other than by
reason of Employee's breach of this clause (iv)) and except in connection with
(A) the performance of Employee's duties hereunder (B) enforcement of Employee's
rights under this Agreement and (C) as required by law. Notwithstanding anything
in the foregoing, the parties hereto hereby acknowledge and agree that, subject
to the terms and conditions of this Section 9(e), Employee's employment or
retention as a consultant in the real estate information industry does not, in
and of itself, constitute a breach of this clause (iv).

              (v)   Employee acknowledges that damages resulting from the
breach of the provisions of this Section 9(e) may be difficult to calculate. In
the event of a breach or threatened breach by Employee of the provisions of this
Section 9(e), the Employers shall be entitled to apply to any court of competent
jurisdiction for an injunction against such breach, actual or threatened.
Notwithstanding the foregoing, the Employers shall at all times retain their
right to recover from Employee, or any other person or entity that may be held
liable, their damages resulting from such breach.

For purposes of this Agreement, "Non-Competition Termination Date" shall mean
the date employment ends for any reason, provided, however, that (a) in the
event that the Employment Period is terminated by the Employers for Cause or by
Employee without Good Reason following a Change of Control, twelve months
following the effective date of termination and (b) in the event that the
Employment Period is terminated by the Employers for Cause or by Employee
without Good Reason before a Change of Control, six months following the
effective date of termination. The parties acknowledge and agree that the terms
of this Section 9(e) shall not apply to or be effective against Employee in
respect of any period following Employee's (A) termination without Cause, (B)
resignation for Good Reason or (C) termination for Disability.

     10.  Assignment. This Agreement and all of the provisions hereof shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns, but neither this Agreement nor any of the
rights, interests, or obligations hereunder shall be assigned by either of the
parties hereto.

     11.  Representations. Employee represents and warrants to both Employers
that (a) the execution, delivery, and performance of this Agreement by Employee
does not, with or without the giving of notice or the passage of time, or both,
conflict with, result in a default, right to accelerate, or loss of rights under
any provision of any agreement of understanding to which Employee or, to the
best knowledge of Employee, any of Employee's affiliates is a party or by which
Employee, or to the best knowledge of Employee, any of Employee's affiliates may
be bound or affected and (b) this Agreement is the legal, valid and binding
obligation of Employee, enforceable against him in accordance with its terms
(except to the extent enforcement may be limited by applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability affecting the rights of creditors). Each Employer
represents and warrants to Employee that the execution, delivery, and
performance of this Agreement by Employer does not, with or without the giving
of notice or the passage of time, or both, conflict with, result in a default,
right to accelerate, or loss of rights under any provision of any agreement or
understanding to which each Employer, or, to the best knowledge of each
Employer, any of Employers' affiliates is a party or by which Employer, or to
the best knowledge of each Employer, any of Employers' affiliates may be bound
or affected. Each Employer further represents and warrants to Employee that (i)
it has full power and authority to enter into and perform its obligations under
this Agreement, (ii) the execution and delivery of this Agreement by such
Employer has been duly authorized by all necessary corporate or limited
liability company actions, as applicable and (iii) this Agreement is the legal,
valid and binding obligation of each Employer, enforceable against it in
accordance with its terms (except to the extent enforcement may be limited by
applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability affecting the rights of
creditors).

                                       10
<PAGE>

     12.  Attorney's Fees. In the event that Employee obtains a non-appealable
judgment against either Employer in a litigation with respect to this Agreement,
Employee shall be entitled to recover from either Employer reasonable attorneys'
fees and expenses incurred by Employee in connection therewith, and each
Employer hereby agrees to pay such fees and expenses.

     13.  Indemnification. (a) To the fullest extent authorized by applicable
law, the Employers shall indemnify and hold harmless Employee from and against
any and all claims, liabilities, judgments, fines, penalties, costs and expenses
(including, without limitation, reasonable attorneys' fees and expenses)
reasonably incurred by Employee in connection with any threatened or pending
action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that Employee was or is a director, officer
or employee of the Employers, whether the basis of such proceeding is alleged
action or inaction in an official capacity as a director, officer or employee
while serving as a director, officer or employee. The right to indemnification
hereunder shall include the right to be paid by the Employers the expenses
(including reasonable attorneys' fees) incurred in defending any such proceeding
in advance of its final disposition; provided, however, that such advance shall
be made to Employee only upon delivery to the Employers of an undertaking by
Employee to repay all amounts so advanced if it shall ultimately be determined
by final judicial decision from which there is no further right to appeal that
Employee is not entitled to indemnification and to such advancement under this
Section 13 or otherwise. The rights of Employee hereunder shall survive the
termination or expiration of this Agreement.

          (b)   On or after a Change of Control, the Employers shall pay all
legal fees and related expenses (including the costs of experts, evidence and
counsel) incurred by Employee as they become due as a result of (i) the
termination of Employee's employment (including all such fees and expenses, if
any, incurred in contesting or disputing any such termination of employment),
(ii) Employee's seeking to obtain or enforce any right or benefit provided by
this Agreement or by any other plan or arrangement maintained by the Employers
under which Employee is or may be entitled to receive benefits, (iii) Employee's
hearing before the Board as contemplated in subsection 3(c) hereof or (iv) any
action taken by the Employers against Employee, until such time as (A) the
dispute is settled by the parties or resolved pursuant to a binding arbitration
award in a manner that is more favorable to Employee than offered by the
Employers or (B) a final judgment, order or decree of a court of competent
jurisdiction has been rendered in favor of the Employers and the time for appeal
therefrom has expired and no appeal has been perfected. In no event shall
Employee be required to reimburse the Employers for any legal fees or related
expenses paid by the Employers pursuant to this subsection 13(b).

     14.  Captions. The captions, headings and arrangements used in this
Agreement are for convenience only and do not in any way affect, limit, or
amplify the provisions hereof.

                                       11
<PAGE>

     15.  Notices. All notices required or permitted to be given hereunder shall
be in writing and shall be deemed delivered when actually received or, if
mailed, whether or not actually received, five days after deposited in the
United States mail, postage prepaid, registered or certified mail, return
receipt requested, addressed to the party to whom notice is being given at the
following address or at such other address as such party may designate by
notice:

         To the Employers:      Wellsford Real Properties, Inc.
                                535 Madison Avenue, 26th Floor
                                New York, NY 10022
                                Attention:  The Board of Directors

         with a copy to:        King & Spalding LLP
                                1185 Avenue of the Americas
                                New York, NY 10104

         Employee:              Jonathan Garfield
                                1 Hudson Street, Apartment 5
                                New York, NY 10013

     16.    Invalid Provisions.  If any provision of this Agreement is
held to be illegal, invalid, or unenforceable under present or future laws, such
provision shall be fully severable, and, provided that the rights, duties and
obligations of the parties are not materially altered by such severance, this
Agreement shall be construed and enforced as if such illegal, invalid, or
unenforceable provision had never constituted a part of this Agreement.

     17.  Entire Agreement; Amendments. This Agreement contains the entire
agreement of the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, if any, relating to the
subject matter hereof (including, without limitation, the Original Agreement).
This Agreement may be amended only by an instrument in writing duly executed by
an officer of the Employers and by Employee.

     18.  Counterparts. This Agreement may be executed in multiple counterparts,
each of which shall constitute an original, and all of which together shall
constitute one and the same agreement.

                                       12
<PAGE>

     19.  Governing Law. This Agreement shall be construed and enforced
according to the laws of the State of New York except that indemnification
obligations owed to Employee in his capacity as an officer or director of WRP,
or as an officer of LLC shall be governed by Maryland law.

                           [Signature Page to Follow]

                                       13
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement as of the date first written above.

                         WELLSFORD REAL PROPERTIES, INC.

                         By:      /s/ Mark P. Cantaluppi
                            --------------------------------------------------
                              Name: Mark P. Cantaluppi
                              Title: Chief Financial Officer and Vice
                              President

                         REIS SERVICES LLC

                         By:      /s/ Mark P. Cantaluppi
                            --------------------------------------------------
                              Name: Mark P. Cantaluppi
                              Title: Chief Financial Officer and Vice
                              President

                         /s/ Jonathan Garfield
                         ----------------------------------------
                         Jonathan Garfield

<PAGE>

                                SCHEDULE 2(d)(ii)

                           EBITDA and Measuring Period
EBITDA Definition

The definition of EBITDA and how to measure and consistently apply the period to
period change in EBITDA (as so defined) to be used to determine the vesting of
the RSUs shall be mutually agreed upon by the parties hereto prior to the
Effective Time.

Measuring Period

Tranche 1 Measuring Period  --  2006 fiscal year of Reis, ending 10/31/06,
                                compared to the 2007 calendar
                                year of LLC
Tranche 2 Measuring Period  --  2007 calendar year of LLC compared to 2008
                                calendar year of  LLC
Tranche 3 Measuring Period  --  2008 calendar year of LLC compared to 2009
                                calendar year of LLCPRIDE
      BUSINESS DEVELOPMENT HOLDINGS, INC.

    

    

    SUBSCRIPTION
      AGREEMENT

    

    

    

    INSTRUCTIONS

    

    

    IMPORTANT:
      PLEASE READ CAREFULLY BEFORE SIGNING.

    SIGNIFICANT
      REPRESENTATIONS ARE CONTAINED IN THIS DOCUMENT.

    

    

    
      	 	
              1.

            	
              Individual
                Investors
                must fill in their name and amount subscribed for and complete the
                requested information on pages 9 and 10 and sign the signature page
                on
                page 10.

            

    

    

    
      	 	
              2.

            	
              Entity
                Investors
                must fill in their name and amount subscribed for and complete the
                requested information on pages 11 and 12 and if applicable, page
                14 and
                sign the signature page on page 12 and if applicable, page
                13.

            

    

    

    
      	 	
              3.

            	
              Every
                Investor
                must complete the NASD questionnaire found on pages 14 through 19,
                and
                sign the signature page on page 19.

            

    

    

    
      	 	
              4.

            	
              Every
                Investor 

            

    

    

    U.S.
      Taxpayers:
      Please
      complete the Form W-9, Request for Taxpayer Identification Number and
      Certification, and return it along with the rest of this Subscription Agreement
      to the Partnership. You do not need to fill out the Form W-8BEN.

    

    Non-U.S.
      Taxpayers:
      Please
      complete the Form W-8BEN, Certificate of Foreign Status of Beneficial Owner
      for
      U.S. Tax Withholding, and return it along with the rest of this Subscription
      Agreement to the Partnership. You do not need to fill out the Form
      W-9.

    

    Note:
      Certain
      non-U.S. taxpayers (including those that are engaged in a U.S. trade or
      business, are foreign governments or are foreign intermediaries), instead of
      completing Form W-8BEN, will need to complete either (i) Form W-8ECI,
      Certificate of Foreign Person's Claim for Exemption From Withholding on Income
      Effectively Connected With the Conduct Of a Trade or Business in the United
      States; (ii) Form W-8EXP, Certificate of Foreign Government Or Other Foreign
      Organization for United States Tax Withholding; or (iii) Form W-8IMY,
      Certificate of Foreign Intermediary, Foreign Partnership, or Certain U.S.
      Branches for U.S. Tax Withholding. These forms, and their instructions, may
      be
      obtained from the General Partner or from the Internal Revenue Service world
      wide web site at http://www.irs.gov/forms_pubs/forms.html. Again, in such case
      you do not need to fill out the Form W-9.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Whether
      you are filling out the Form W-9 or the Form W-8BEN (or W-8ECI, W-8EXP or
      W-8IMY), please complete the information requested therein and return the Form,
      along with this Subscription Agreement. 

    Do
      not file any of the above forms with the Internal Revenue
      Service.

    

    

    DELIVER
      THE EXECUTED AGREEMENTS AND NASD QUESTIONNAIRE AND TAX FORM
      TO:

    

    Pride
      Business Development Holdings, Inc.

    1230
      Calle Suerte

    Camarillo,
      California 93012

    Fax:
      (805) 322-6515

    Tel:
      (866) 868-0461 (toll free)

    

    ALONG
      WITH PAYMENT FOR THE SHARES SUBSCRIBED FOR

    

    

    If
      you have any questions regarding this form, please contact Ari L. Markow at
      the
      Issuer. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SUBSCRIPTION
      AGREEMENT

    

    This
      Subscription Agreement is executed by Pride Business Development Holdings,
      Inc.,
      a Nevada corporation, with an office at 1230 Calle Suerte, Camarillo, California
      93012 (hereinafter referred to as the “ISSUER”) and the undersigned, with an
      office/residence at the address on the signature page hereof (hereinafter
      referred to as the (“SUBSCRIBER”).

    

    The
      ISSUER will sell units (“Units”) in an offering on a “no minimum, 50 Unit
      maximum basis”, at US$25,000.00 per Unit (subscriptions
      for fractional Units are permitted and may be accepted at ISSUER’S
      discretion).
      Each
      Unit consists of 50,000 shares of common stock, US$.001 par value (the “Shares”)
      and 50,000 warrants (the “Warrant”) to acquire 50,000 Shares of the ISSUER at an
      exercise price of USD$1.00 per Share, exercisable for period commencing on
      the
      closing of this offering and ending one year after the closing of this offering,
      or earlier, subject to the terms and conditions of the Warrant. Following the
      ISSUER’s receipt of subscription funds into its account the ISSUER shall direct
      its transfer agent to issue the stock certificate representing the Shares
      subscribed and to be sent by the transfer agent to the SUBSCRIBER. The offering
      will continue until the ISSUER in its sole discretion decides to terminate
      the
      offering. There will be no notice of the termination of the offering to any
      persons, including SUBSCRIBER. Subscriptions may be rejected, in whole or in
      part, in which case the ISSUER will return the subscription funds, without
      interest, after deduction of the amount due for an accepted partial
      subscription, if any. This offering is being made by the ISSUER in reliance
      upon
      the exemption contained in Section 4(2) of the Securities Act of 1933, as
      amended ("Securities Act"). 

    

    Because
      the offering is being made on a no minimum basis, and there is no assurance
      that
      all the securities offered will be subscribed for, if you are an early
      investor/subscriber, you bear a disproportionate risk that your funds will
      be
      the only ones received by the ISSUER and will be inadequate to implement the
      ISSUER’s business plan. All funds delivered to the ISSUER’s attorneys will be
      considered those of the ISSUER at the time of receipt, subject to the rights
      of
      creditors of the ISSUER.

    

    This
      Subscription Agreement has been entered into for the sale of the number of
      Units, set forth on the signature page hereof (“Units”).

    

    Each
      of
      the parties hereto hereby represents and warrants to, and agrees with, the
      other
      as follows:

    

    1. Agreement
      to Subscribe; Subscription Price.

    

    a. Subscription.
      SUBSCRIBER hereby subscribes for, and ISSUER agrees to sell the Units for an
      aggregate purchase price of US$25,000.00 times the number of Units subscribed
      for (“Purchase Price”). To subscribe, the SUBSCRIBER must complete the
      appropriate investor questionnaire, the NASD questionnaire, the signature page
      and complete the Internal Revenue Service Form, and return all four items to
      the
      ISSUER. (If you do not complete the required tax form, you may be subject to
      backup withholding taxes.)

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    b. Form
      of Payment.
      SUBSCRIBER shall pay the Purchase Price for the Units purchased hereunder by
      wire transfer of same day funds in United States Dollars to the attorneys of
      the
      ISSUER. ISSUER shall deliver one or more certificates representing the Shares
      to
      the SUBSCRIBER promptly after acceptance of the subscription, and send to the
      SUBSCRIBER a copy of this agreement countersigned by the ISSUER.

    

    Wired
      funds should be sent to the following:

    

    

    Bank
      of
      America

    Westlake
      Village, CA

    ABA:
      026
      009 593 

    Acct
      #
      06687-42811

    FBO:
      Pride Business Development Holdings, Inc.

    

    

    c. Irrevocable
      Subscription.
      This
      subscription by the SUBSCRIBER is irrevocable and may not be assigned,
      hypothecated or transferred. The Shares subject to this Subscription Agreement
      may not be assigned, hypothecated, transferred, sold or optioned prior to
      receipt of the stock certificate representing the Shares, and then only in
      accordance with this Subscription Agreement and the applicable Federal and
      state
      securities laws.

    

    2. Subscriber
      Representations.

    

    a. Transactional
      Representations.
      SUBSCRIBER represents, warrants to and agrees with ISSUER as
      follows:

    

    (i) SUBSCRIBER
      is purchasing the Units for its own account for investment purposes and not
      with
      a view toward distribution.

    

    (ii) SUBSCRIBER
      understands that the Units, including the Shares, have not been registered
      under
      the Securities Act and that such securities are “restricted securities” as
      defined in Rule 144 promulgated under the Securities Act. SUBSCRIBER further
      understands that the Units, including the Shares, may not be offered, resold,
      pledged or otherwise transferred by such SUBSCRIBER except: A) (1) pursuant
      to
      an effective registration statement under the Securities Act, or (2) pursuant
      to
      an available exemption from the registration requirements of the Securities
      Act;
      and B) in accordance with all applicable securities laws of the states of the
      United States and other jurisdictions;

    

    (iii) SUBSCRIBER
      understands that the purchase of the Units, including the Shares, involves
      a
      high degree of risk, including entire loss of the investment and further
      acknowledges that it can bear the economic risk of the purchase of the
      securities, including the total loss of its investment and the risk that the
      ISSUER may not sell all the Units offered and only raise a small portion of
      the
      funds sought;

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (iv) SUBSCRIBER
      understands that the Units, including the Shares, are being offered and sold
      to
      it in reliance on specific exemptions from the registration requirements of
      federal and state securities laws and that the ISSUER is relying upon the truth
      and accuracy of the representations, warranties, agreements, acknowledgments
      and
      understandings of SUBSCRIBER set forth herein in order to determine the
      applicability of such exemptions and the suitability of SUBSCRIBER to acquire
      the securities;

    

    (v) SUBSCRIBER,
      and its independent advisors, are sufficiently experienced in financial and
      business matters to be capable of evaluating the merits and risks of its
      investment in the Units, including the Shares, and to make an informed decision
      relating thereto; and

    

    (vi) In
      evaluating its investment in the Units, including the Shares, SUBSCRIBER has
      consulted its own investment and/or legal and/or tax advisors and has
      determined, independent of the ISSUER, including its agents and representatives,
      that the investment being subscribed for by SUBSCRIBER is suitable for
      SUBSCRIBER.

    

    (vii) The
      SUBSCRIBER is not subscribing for Units, including the Shares, as a result
      of,
      or subsequent to, any advertisement, article, notice, or other communication
      published in any newspaper, magazine, or similar media or broadcast over
      television or radio or presented at any seminar or meeting.

    

    (viii) The
      SUBSCRIBER shall indemnify and hold harmless the ISSUER, and any officer,
      director, or control person of the ISSUER, who is or may be a party to, or
      is or
      may be threatened to be made a party to, any threatened, pending, or completed
      action, suit, or proceeding, whether civil, criminal, administrative, or
      investigative, by reason of, or arising from, any actual or alleged
      misrepresentation or misstatement of facts or omission to represent or state
      facts made or alleged to have been made by the SUBSCRIBER to the ISSUER (or
      any
      agent or representative of the ISSUER) or omitted or alleged to have been
      omitted by the SUBSCRIBER, concerning the SUBSCRIBER or the SUBSCRIBER’s
      authority to invest or financial position in connection with this offering,
      including, without limitation, any such misrepresentation, misstatement, or
      omission contained in the Questionnaire or any other document submitted by
      the
      SUBSCRIBER, against losses, liabilities, and expenses for which the ISSUER,
      or
      any officer, director, or control person of the ISSUER has not otherwise been
      reimbursed (including attorneys' fees, judgments, fines, and amounts paid in
      settlement) actually and reasonably incurred by the ISSUER, or such officer,
      director, or control person in connection with such action, suit, or
      proceeding.

    

    (ix) The
      SUBSCRIBER has been furnished with, and has carefully read this Subscription
      Agreement and is familiar with, and understands, the terms of the Offering.
      With
      respect to individual or partnership tax and other economic considerations
      involved in this investment, the undersigned is not relying on the ISSUER or
      any
      agent or representative of any of the ISSUER. The SUBSCRIBER has carefully
      considered and has, to the extent the SUBSCRIBER believes such discussion
      necessary, discussed with the SUBSCRIBER's professional legal, tax, accounting,
      and financial advisors the suitability of an investment in the Units, including
      the Shares, for the SUBSCRIBER's particular tax and financial situation and
      has
      determined that the Units, including the Shares, being subscribed for by the
      SUBSCRIBER are a suitable investment for the SUBSCRIBER.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (x) The
      SUBSCRIBER or the SUBSCRIBER's purchaser representative, as the case may be,
      has
      such knowledge and experience in financial, tax, and business matters so as
      to
      enable the SUBSCRIBER to utilize the information made available to the
      SUBSCRIBER in connection with the Offering to evaluate the merits and risks
      of
      an investment in the Units, including the Shares, and to make an informed
      investment decision with respect thereto.

    

    (xi) ISSUER
      represents, warrants to and agrees with SUBSCRIBER that it understands that
      the
      ISSUER’s press releases, websites and filings with the United States Securities
& Exchange Commission, contain references to future and prospective events
      which may or may not occur in the future as a result of matters both within
      and
      outside the control of the ISSUER and that SUBSCRIBER is not relying upon any
      of
      the future and prospective events set forth in the ISSUER’s press releases,
      websites and filings with the United States Securities & Exchange
      Commission, including any of its contents, in making its decision to invest
      in
      the Offering and the Units.

    

    (xii) IN
      MAKING AN INVESTMENT DECISION PURCHASERS, WHICH INCLUDES SUBSCRIBERS, MUST
      RELY
      ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING
      THE MERITS AND RISKS INVOLVED. THE UNITS, INCLUDING THE SHARES, HAVE NOT BEEN
      RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY
      AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE
      ACCURACY OR DETERMINED THE ADEQUACY OF THE DISCLOSURE MATERIALS OR THIS
      DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
      OFFENSE.

    
 

    b. Current
      Public Information.
      SUBSCRIBER acknowledges that SUBSCRIBER has been furnished with or has otherwise
      acquired copies of the ISSUER’s Annual Report on Form 10-KSB for the year ended
      December 31, 2005 and the Forms 10-QSB for the quarters ended March 31, 2006,
      June 30, 2006, September 30, 2006, and such other public information, all as
      filed with the Securities and Exchange Commission (the “SEC”). The public
      information includes information about the ISSUER’s wholly owned subsidiary,
      Bodyguard, Inc.

    

    c. Independent
      Investigation; Access.
      SUBSCRIBER acknowledges that, in making its decision to purchase the Units
      subscribed for, it has relied on the publicly available information about the
      ISSUER only and upon independent investigations made by it and its
      representatives, if any. SUBSCRIBER and such representatives, if any, prior
      to
      the sale to it of the securities offered hereby, have been given access to,
      and
      the opportunity to examine, all material books and records of the ISSUER (with
      materiality being determined by the ISSUER), all material contracts and
      documents relating to the ISSUER and this offering (with materiality being
      determined by the ISSUER) and an opportunity to ask questions of, and to receive
      answers from, executive officers of ISSUER concerning the ISSUER and the terms
      and conditions of this offering. SUBSCRIBER and its advisors, if any,
      acknowledge that they have received answers to any such inquiries and copies
      of
      documentary information requested.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    d. No
      Government Recommendation or Approval.
      SUBSCRIBER understands that no federal or state agency has passed on or made
      any
      finding or determination relating to the fairness of an investment in the Units,
      including the Shares, or has passed or made, or will pass on or make, any
      recommendation or endorsement of the Units, including the Shares.

    

    3. Issuer
      Representations.

    

    a. Authority;
      Corporate Action.
      ISSUER
      has all necessary corporate power and authority to enter into this Subscription
      Agreement and to consummate the transactions contemplated hereby and thereby.
      All corporate action necessary to be taken by ISSUER to authorize the execution,
      delivery and performance of this Subscription Agreement, and all other
      agreements and instruments delivered by ISSUER in connection with the
      transactions contemplated hereby and thereby has been duly and validly taken
      and
      this Subscription Agreement have been duly executed and delivered by ISSUER.
      Subject to the terms and conditions of this Subscription Agreement, it
      constitutes the valid, binding and enforceable obligation of ISSUER, enforceable
      in accordance with its terms, except as enforceability may be limited by (i)
      applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
      transfer or similar laws of general application now or hereafter in effect
      affecting the rights and remedies of creditors and by general principles of
      equity (regardless of whether enforcement is sought in a proceeding at law
      or in
      equity); and (ii) the applicability of the federal and state securities laws
      and
      public policy as to the enforceability of the indemnification provisions of
      Section 3 hereof. The sale by the ISSUER of the Units, including the Shares,
      does not conflict with the certificate of incorporation or by-laws of the
      ISSUER, or any material contract by which the ISSUER or its property is bound,
      or any federal or state laws or regulations or decree, ruling or judgment of
      any
      United States or state court applicable to the ISSUER or its
      property.

    

    b. Issuer
      Shares to Subscriber.
      The
      Units, including the Shares, issued to SUBSCRIBER pursuant to this Subscription
      Agreement will be duly authorized, validly issued, fully paid and
      non-assessable.

    

    c. SEC
      Documents.
      ISSUER’s Common Stock is registered pursuant to Section 12(g) of the Exchange
      Act. Since January 1, 2003, the ISSUER believes it has filed with the SEC all
      reports, schedules, forms, statements and other documents required to be filed
      (such reports, schedules, forms, statements and other documents are hereinafter
      referred to as the "SEC Documents"). To the best knowledge of the ISSUER, the
      financial statements of the ISSUER, included in the SEC Documents (the
      "Financial Statements") comply as to form in all material respects with
      applicable accounting requirements and the published rules and regulations
      of
      the SEC with respect thereto, have been prepared in accordance with GAAP applied
      on a consistent basis during the periods involved (except in the case of
      unaudited statements, as permitted by Rule 10-01 of Regulation S-X) and fairly
      present, in all material respects, the financial position of the ISSUER as
      of
      the dates thereof and the results of operations and cash flows for the periods
      then ended (on the basis stated therein and subject, in the case of unaudited
      quarterly statements, to the absence of complete notes and to normal year-end
      audit adjustments). However, the Form 10-QSB for the quarters ended June 30,
      2006 and September 30, 2006 have not been reviewed by independent auditors
      for
      the Company. Since the date of the Financial Statements for the quarter ended
      September 30, 2006, there has been no material adverse change in the financial
      condition of the ISSUER. To the best of the ISSUER’s knowledge, since the date
      of the filing of the Form 10-QSB for the quarter ended September 30, 2006,
      there
      have been no events relating to the business or financial condition of the
      ISSUER that requires the filing of a Report on Form 8-K by the
      ISSUER.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    d. General
      Document Representation.
      To the
      best of ISSUER’s knowledge, the written materials of the ISSUER previously
      delivered to SUBSCRIBER in connection with this Subscription Agreement, at
      the
      time they were given to SUBSCRIBER, were true and accurate in all material
      respects. 

    

    4. Representations
      and Warranties Made at Closing; Indemnification.
      Each
      party making the representations and warranties contained in Sections 2 and
      3
      also represents and warrants that they shall be true and accurate as of the
      closing. If either party has knowledge, prior to the closing that any such
      representations and warranties made by it shall not be true and accurate in
      any
      respect, such party will give written notice of such fact to the other party
      specifying which representations and warranties are not true and accurate and
      the reasons therefor. The representations and warranties of each party shall
      survive the purchase and sale of the Units. Each party to this Subscription
      Agreement agrees to fully indemnify, defend and hold harmless the other party,
      its officers, directors, employees, agents and attorneys from and against any
      and all losses, claims, damages, liabilities and expenses, including reasonable
      attorneys’ fees and expenses, which may result from a breach of such party’s
      representations, warranties and covenants contained herein.

    

    5. Legend.
      SUBSCRIBER understands that the ISSUER will instruct its transfer agent to
      place
      a stop transfer order with respect to the certificates representing the Shares
      and that such certificates and agreements will bear the following legend or
      substantially similar: "The securities represented by this certificate have
      been
      acquired for investment and have not been registered under the Securities Act
      of
      1933, as amended (the "Securities Act"). Transfer of these securities is
      prohibited except pursuant to registration under the Securities Act or pursuant
      to an available exemption from registration.” 

    

    6. Placement
      Agent.
      The
      ISSUER has not engaged, consented to nor authorized a Placement Agent to act
      as
      agent of the ISSUER in connection with the transactions contemplated by this
      Subscription Agreement. The ISSUER will not pay a commission in connection
      with
      the transactions contemplated by this Subscription Agreement.

    

    7. Closing.
      The
      ISSUER will accept the subscriptions of all subscribers on a rolling basis,
      as
      it determines from time to time. The ISSUER may reject subscriptions in whole
      or
      in part. Funds of a SUBSCRIBER not applied to the Purchase Price will be
      returned to the SUBSCRIBER without interest. Each subscription is irrevocable
      by
      the SUBSCRIBER.

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    8. Disclosure.
      Neither
      the ISSUER nor the SUBSCRIBER will disclose the terms of this Subscription
      Agreement without the written consent of the other party hereto, unless required
      by law or regulation or judicial action. 

    

    9. Governing
      Law.
      This
      Subscription Agreement shall be governed by and interpreted in accordance with
      the rulings of the laws of the State of California without regard to conflicts
      of law. The ISSUER and SUBSCRIBER each hereby agrees that any action, proceeding
      or claim against it arising out of, or relating in any way to this agreement
      shall be brought and enforced in the courts of the State of California, Ventura
      County, Los Angeles County or of the United States of America sitting in the
      State of California and irrevocably submits to such jurisdiction, which
      jurisdiction shall be exclusive. The ISSUER and SUBSCRIBER hereby waives any
      objection to such exclusive jurisdiction and that such courts represent an
      inconvenient forum. Any process or summons to be served upon the ISSUER and
      SUBSCRIBER may be served by transmitting a copy thereof by registered or
      certified mail, return receipt requested, postage prepaid, addressed to it
      at
      its address set forth herein. Such mailing shall be deemed personal service
      and
      shall be legal and binding upon the ISSUER and SUBSCRIBER in any action,
      proceeding or claim. SUBSCRIBER agrees that if it seeks to commence a suit
      in
      any other jurisdiction, it will reimburse ISSUER for the costs to enforce this
      provision and to remove to an appropriate California court all actions that
      have
      been commenced and are related thereto and terminate the action in the
      jurisdiction other than California. SUBSCRIBER hereby waives any and all rights
      it may have to a trial by jury.

    

    10. Entire
      Agreement.
      This
      Subscription Agreement, together with the questionnaires, constitutes the entire
      agreement among the parties hereof with respect to the subject matter hereof
      and
      supersedes any and all prior or contemporaneous representations, warrants,
      agreements and understandings in connection therewith. This Subscription
      Agreement may be amended only by a writing executed by all parties
      hereto.

    

    11. Notices.
      Any
      notice or other document required or permitted to be given or delivered to
      the
      parties to this Subscription Agreement shall be personally delivered or sent
      by
      facsimile or other form of electronic transmission to the party at the address
      or addresses or telecopier number on the signature page hereto. Unless otherwise
      specified in this agreement, all notices and other documents given under this
      agreement shall be deemed to have been duly given when delivered, if personally
      delivered, and when transmitted if sent by facsimile or other form of electronic
      transmission.

    

    12. Notice
      for Florida Residents.
      Pursuant to Section 517.016(11)(a) of the Florida Securities Act, if there
      are
      in excess of five persons with a residence in Florida, then all Florida
      Subscribers have a right to rescind their subscription agreements within three
      business days after the delivery of any consideration for the securities offered
      by the ISSUER. To withdraw the subscription, you must send, in writing, a
      statement of rescission to Mr. Ari L. Markow, Pride Business Development
      Holdings, Inc. 1230 Calle Suerte, Camarillo, California 93012.

    

    

    

    [SIGNATURE
      PAGES FOLLOW]

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    SIGNATURE
      PAGE FOR
      INDIVIDUAL SUBSCRIBER
      -
      COMPLETE ALL INFORMATION

    

    Name:
      ______________________ Name
      of Joint Subscriber
      (if
      any): _________________

    

    Residence
      Address:
      _____________________________________________________________

    

    Telephone:
      (H)________________ (W)____________________ Fax _______________

    

    Occupation:__________________Employer:___________________________________

    

    Business
      Address:
      _______________________________________________________________

    

    Send
      communications to:
       ̈ Home
          ̈ Office     
       ̈ E-Mail:______________________

    

    Age:
      _______________

    

    Social
      Security Number:
      ____________________

    

    Check
      manner in which securities are to be held:

    

    
      	
               ̈ Individual
                Ownership

               

            	
               ̈ Tenants
                in Common

            	
               ̈ Joint
                Tenants with

               Right
                of Survivorship

              (both
                parties must sign)

            
	 	 	 
	
               ̈ Community
                Property

            	 	
               ̈ Other
                (please indicate)

               

              _______________________

            

    

    Amount
      of Investment:

    

    Number
      of
      Units:______________

    

    Corresponding
      dollar amount (US$25,000.00 multiplied by number of Units):
      $_____________

    

    Accredited
      Investor Status For Individuals.
      (SUBSCRIBERS THAT ARE CORPORATIONS, LIMITED LIABILITY COMPANIES, PARTNERSHIPS,
      REVOCABLE TRUSTS, IRREVOCABLE TRUSTS, EMPLOYEE BENEFIT PLAN TRUSTS AND
      INDIVIDUAL RETIREMENT ACCOUNTS SHOULD IGNORE THE FOLLOWING QUESTIONS AND PROCEED
      TO THE ENTITY SIGNATURE PAGE). 

    

    (i) I
      am an
      accredited investor within the meaning of Section 2(15) of the Securities Act
      and Rule 501 promulgated thereunder because (check any boxes that
      apply):

    

    
      	
              o

            	
              My
                individual annual income during each of the two most recent years
                exceeded
                $200,000 and I expect my annual income during the current year will
                exceed
                $200,000.

            

    

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    
      	
              o

            	
              If
                I am married, my joint annual income with my spouse during each of
                the two
                most recent years exceeded $300,000 and I expect my joint annual
                income
                with my spouse during the current year will exceed
                $300,000.

            
	 	 
	
              o

            	
              My
                individual or joint (together with my spouse) net worth (including
                my
                home, home furnishings and automobiles) exceeds
                $1,000,000.

            

    

    

    (ii) The
      aggregate value of my assets is approximately $_________.

    

    (iii) My
      aggregate liabilities are approximately $___________.

    

    (iv) My
      current and expected income is:

    

    
      	
              YEAR

            	
              INCOME

            
	
              2006
                (Estimated)

            	
              $

            
	
              2005
                (Actual)

            	
              $

            
	
              2004
                (Actual)

            	
              $

            

    

    

    I
      hereby
      confirm the information set forth above is true and correct in all respects
      as
      of the date hereof and will be on the date of the purchase of the Units,
      including the Shares. 

    

    
      	
               

              ALL
                SUBSCRIBERS MUST SIGN AND PRINT NAME BELOW

               

              Signature:
                _________________________________________

               

              Print
                Name: ________________________________________ 

               

              Date:_____________________________________________

               

              Signature:_________________________________________ 

               

              Print
                Name:________________________________________

               

              Date:_____________________________________________

               

            	 	
               

              The
                foregoing subscription is accepted and the issuer hereby agrees to
                be
                bound by its terms.

               

              PRIDE
                BUSINESS DEVELOPMENT HOLDINGS, INC.

               

               

              By:______________________________________

               

              Name:____________________________________ 

               

              Title:_____________________________________

               

              Date:____________________________________

            

    

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    SIGNATURE
      PAGE FOR ENTITY
      SUBSCRIBERS -
      COMPLETE ALL INFORMATION

    

    Name
      of Entity:
      _________________________________________________________________

    

    Address
      of Principal Office:_______________________________________________________

    

    Telephone:
      ____________________________ Fax:
      __________________________

    

    Taxpayer
      Identification Number:
      ____________________________

    

    Check
      type of Entity:

    
      	
               ̈

            	
              Employee
                Benefit Plan Trust

            	 	
               ̈

            	
              Limited
                Partnership

            	 	
               ̈

            	
              General
                Partnership

            	 	
               ̈

            	
              Individual
                Retirement Account

            
	 	 	 	 	 	 	 	 	 	 	 
	
               ̈

            	
              Limited
                Liability Company

            	 	
               ̈

            	
              Revocable
                Trust

            	 	
               ̈

            	
              Corporation

            	 	
               ̈

            	
              Other

              (please
                indicate)

            

    

    

    
      	 	
               ̈

            	
              Irrevocable
                Trust (If the Investor is an Irrevocable Trust, a supplemental
                questionnaire must be completed by the person directing the decision
                for
                the trust to determine by accredited investor status. Please contact
                the
                ISSUER for a copy of such supplemental
                questionnaire.)

            

    

    

    Amount
      of Investment:

    

    Number
      of
      Units:______________

    

    Corresponding
      dollar amount (US$25,000.00 multiplied by number of Units):
      $_____________

    

    Date
      of Formation or incorporation:
      ____________ State
      of Formation:
      __________________

    

    Describe
      the business of the Entity:
      ___________________________________________

    

    ________________________________________________________________________

    

    List
      the names and positions
      of the
      executive officers, managing members, partners or trustees authorized to act
      with respect to investments by the Entity generally and specify who has the
      authority to act with respect to this investment.

    

    
      	
              Name

            	
              Position

            	
              Authority
                for this investment (yes or no)

            
	 	 	 
	 	 	 
	 	 	 

    

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    Accredited
      Investor Status for Entities.
      

    

    (a) Check
      all
      boxes which apply (IRA Entities can skip this question and go to
      (b)):

    

    
      	 	o	
              The
                Entity was not
                formed for the specific purpose of investing in the
                ISSUER

            

    

    
      	 	o	
              The
                Entity has total assets in excess of $5 million
                dollars

            

    

    

    
      	 	o	
              For
                Employee Benefit Plan Trusts Only:
                The decision to invest in the ISSUER, was made by a plan fiduciary,
                as
                defined in Section 3(21) of ERISA, who is either a bank, insurance
                company
                or registered investment advisor.

            

    

    

    (b) If
      you
      did not check the first two of the three boxes in Question (a) or
      if the
      Entity is an Individual Retirement Account, a Self-directed Employee Benefit
      Plan Trust or an Irrevocable Trust, list the name of each person
      who:

    

    (i) owns
      an
      equity interest in the Entity (i.e., each shareholder if the Entity is a
      corporation, each member if the Entity is a limited liability company and each
      partner if the Entity is a partnership); or

    

    (ii) is
      a
      grantor for the revocable trust or Individual Retirement Account;
      or

    

    (iii) is
      the
      person making the investment decision for a self-directed Employee Benefit
      Plan
      Trust; or

    

    (iv) is
      the
      person making the investment decisions for an Irrevocable Trust.

    

    EACH
      PERSON LISTED ABOVE MUST SEPARATELY COMPLETE AND SUBMIT TO THE ISSUER THE
      ANSWERS TO THE QUESTIONS FOLLOWING THE SIGNATURE BOX BELOW AND SIGN THE WRITTEN
      CONFIRMATION IMMEDIATELY FOLLOWING.

    

    
      	
              SUBSCRIBER:

               

               

               

              _________________________________________________________

              Signature
                of Authorized Signatory

               

              Name:____________________________________________ 

              Title:_____________________________________________

              Date:_____________________________________________

               

            	
              The
                foregoing subscription is accepted and the ISSUER hereby agrees to
                be
                bound by its terms.

               

               

              PRIDE
                BUSINESS DEVELOPMENT HOLDINGS, INC

               

              By:
                _____________________________________

              Name:____________________________________

              Title:
                ____________________________________

              Date:____________________________________
                

            

    

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Accredited
      Investor Questions for Entity equity owners and investment decision
      makers

    

    (a) I
      am an
      accredited investor within the meaning of Section 2(15) of the Securities Act
      and Rule 501 promulgated thereunder because (check any boxes that
      apply):

    

    
      	
              o

            	
              My
                individual annual income during each of the two most recent years
                exceeded
                $200,000 and I expect my annual income during the current year will
                exceed
                $200,000.

            
	 	 
	
              o

            	
              If
                I am married, my joint annual income with my spouse during each of
                the two
                most recent years exceeded $300,000 and I expect my joint annual
                income
                with my spouse during the current year will exceed
                $300,000.

            
	 	 
	
              o

            	
              My
                individual or joint (together with my spouse) net worth (including
                my
                home, home furnishings and automobiles) exceeds
                $1,000,000.

            

    

    

    (b) The
      aggregate value of my assets is approximately $___________.

    

    (c) My
      aggregate liabilities are approximately $___________.

    

    (d) My
      current and expected income is:

    

    
      	
              YEAR

            	
              INCOME

            
	
              2006
                (Estimated)

            	
              $

            
	
              2005
                (Actual)

            	
              $

            
	
              2004
                (Actual)

            	
              $

            

    

    

    I
      hereby
      confirm the information set forth above is true and correct in all respects
      as
      of the date hereof and will be on the date of the purchase of
      Shares.

    

    

    

    Date:__________________________ Name:________________________

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    PRIDE
      BUSINESS DEVELOPMENT HOLDINGS, INC.

    

    NASD
      QUESTIONNAIRE

    

    

    

    

    INSTRUCTIONS

    

    

    IMPORTANT:
      PLEASE READ CAREFULLY BEFORE SIGNING. SIGNIFICANT REPRESENTATIONS ARE CONTAINED
      IN THIS QUESTIONNAIRE.

    

    

    
      	 	
              1.

            	
              READ
                ALL DEFINITIONS ON PAGES 2 AND 3 BEFORE ANSWERING ANY
                QUESTIONS.

            

    

    

    
      	 	
              2.

            	
              EVERY
                PERSON MUST ANSWER QUESTIONS 1 THROUGH 7 AND SIGN ON PAGE
                6.

            

    

    

    

    If
      you
      have any questions regarding this questionnaire, please call Ari L. Markow,
      at,
      (866) 868-0461, President of the ISSUER.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    DEFINITIONS
      FOR NASD QUESTIONNAIRE

    

    

    
      	Affiliate: 	 	An
              Affiliate of any person (for purposes hereof a “person” includes a
              partnership, corporation or other legal entity such as a trust or estate)
              is a person that controls, is controlled by or is under common control
              with such person. For purposes of this definition: 
	 	 	 
	 	 	
              (i) a
                person should be presumed to control a Member of the NASD if the
                person
                beneficially owns 10% or more of the outstanding voting securities
                of a
                Member of the NASD which is a corporation, or beneficially owns a
                partnership interest in 10% or more of the distributable profits
                or losses
                of a Member of the NASD which is a partnership; 

            
	 	 	 
	 	 	
              (ii) a
                Member of the NASD should be presumed to control a person if the
                Member of
                the NASD and Persons Associated with a Member of the NASD beneficially
                own
                10% or more of the outstanding voting securities of a person which
                is a
                corporation, or beneficially own a partnership interest in 10% or
                more of
                the distributable profits or losses of a person which is a partnership;
                and 

            
	 	 	 
	 	 	
              (iii) a
                person should be presumed to be under common control with a Member
                of the
                NASD if: 

            
	 	 	 
	 	 	
              (1) the
                same person controls both the Member of the NASD and such person
                by
                beneficially owning 10% or more of the outstanding voting securities
                of
                the Member of the NASD and other such person which is a corporation,
                or by
                beneficially owning a partnership interest in 10% or more of the
                distributable profits or losses of the Member of the NASD and other
                such
                person which is a partnership; or

            
	 	 	 
	 	 	
              (2) a
                person having the power to direct or cause the direction of the management
                or policies of the Member of the NASD also has the power to direct
                or
                cause the direction of the management or policies of the other entity
                in
                question. 

            
	 	 	 
	
              Immediate
                

              Family: 

            	 	The “Immediate Family” of any person,
              including an employee of or Person Associated with a Member of the
              NASD,
              includes the parents, mother-in-law, father-in-law, husband or wife,
              brother or sister, brother-in-law or sister-in-law, son-in-law or
              daughter-in-law, and children of such person or any other individual
              who
              is supported, directly or indirectly, to a material extent by such
              person. 
	 	 	 
	
              Member
                of 

              the
                NASD: 

            	 	A “Member of the NASD” is any
              broker or dealer admitted to membership in the NASD. 
	 	 	 
	
              NASD:

            	 	
              The
                National Association of Securities Dealers, Inc. 

            
	 	 	 
	
              Person

              Associated

              with
                a Member

              of
                the NASD: 

            	 	A “Person Associated with
              a Member
              of the NASD” is every sole proprietor, partner, officer, director or
              branch manager of any Member of the NASD, or any natural person occupying
              a similar status or performing similar functions, or any natural person
              engaged in the investment banking or securities business who is directly
              or indirectly controlling or controlled by such Member of the NASD
              (for
              example, any employee), whether or not any such person is registered
              or
              exempt from registration with the
              NASD. 

    

     

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Print
      Name:__________________________

    

    

    
      
        	1.	
                State
                  whether you or any of your Affiliates or any members of your Immediate
                  Family are

              

      

    

     

    (a) a
      Member
      of the NASD; 

     

     ̈ Yes     ̈ No

     

    (b) a
      Person
      Associated with a Member of the NASD; or

     

     ̈ Yes     ̈ No

     

    (c) an
      Affiliate of a Member of the NASD.

     

     ̈ Yes     ̈ No

     

    
      	
              2.

            	
              State
                whether you or any of your Affiliates own stock or other securities
                of any
                Member of the NASD or an Affiliate of a Member of the
                NASD.

            

    

     

     ̈ Yes     ̈ No

     

    
      	
              3.

            	
              State
                whether you or any of your Affiliates have made a subordinated loan
                to any
                Member of the NASD.

            

    

     

     ̈ Yes     ̈ No

     

    
      	
              4.

            	
              If
                you marked “Yes” to any of the questions above, please briefly describe
                the facts below, giving the names of the Members of the NASD to which
                your
                answer refers (including, for example, percentage of ownership, amount
                of
                loan and interest payable, applicable dates, names of Affiliates,
                immediate family, etc.).

            

      	 	 

      	 	 

      	 	 

      	 	 

      	 	 

      	 	 

    

    State
      whether you are an Immediate Family member of a partner of Graubard Miller,
      counsel to Pride Business Development Holdings, Inc.

    

     ̈ Yes     ̈ No

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    
      
        	6.	
                (a) State
                  whether you provide any consulting or other services to the
                  Company.

              

      

    

     

     ̈ Yes     ̈ No

     

    If
      you
      marked “Yes”, please briefly describe such services, including cash and non-cash
      compensation received and attach copies of written agreements or correspondence
      describing such services.

     

    
      	
            	
               

            

      	 	 

      	 	 

      	 	 

      	 	 

      	 	 

      	 	 

    

    
 

    
      	 	
              (b)

            	
              Please
                identify any of the following relationships you have with the Underwriter
                or any other Member of the NASD.

            

    

     

    

      
        	
                None

              	
                 ̈

              
	
                Advisor

              	
                 ̈

              
	
                Officer

              	
                 ̈

              
	
                Director

              	
                 ̈

              
	
                Trustee

              	
                 ̈

              
	
                Founder

              	
                 ̈

              
	
                Registered
                  Representative

              	
                 ̈

              
	
                5%
                  Stockholder

              	
                 ̈

              
	
                Employee

              	
                 ̈

              
	
                Immediate
                  Family

              	
                 ̈

              
	
                Broker/Dealer

              	
                 ̈

              
	
                Promoter

              	
                 ̈

              
	
                Consultant

              	
                 ̈

              
	
                Finder

              	
                 ̈

              
	
                Bridge
                  Lender

              	
                 ̈

              
	
                General
                  Partner

              	
                 ̈

              
	
                Limited
                  Partner

              	
                 ̈

              
	
                Equity
                  Investor

              	
                 ̈

              
	
                Client
                  or Customer

              	
                 ̈

              
	
                Subordinated
                  Debt Holder

              	
                 ̈

              
	
                Other

              	
                 ̈

              

      

    

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    Please
      describe the nature of any relationship identified above. For example, if you
      are an advisor, promoter, consultant or finder, describe the compensation you
      received; if you are an equity investor, state the class of securities and
      percentage interest you hold; and if you are an Immediate Family Member,
      describe the exact relationship, including the name of the person to whom you
      are related and the position such person holds with Underwriter or such other
      Member of the NASD. Identify the Member of the NASD:

     

    
      	
            	
               

            

      	 	 

      	 	 

      	 	 

      	
              7. 

            	
              State
                whether you have any oral and/or written agreements with any Member
                of the
                NASD or Person Associated With a Member of the NASD concerning the
                disposition of your securities of the
                Company. 

            

      	 	 

      	 	 

    

     ̈ Yes     ̈ No

     

    If
      you
      marked “Yes”, please briefly describe such agreement and attach copies of
      written agreements or correspondence describing such arrangement.

     

     

    I
      hereby
      affirm that the answers to the above NASD Questionnaire are true and correct
      as
      of the date set forth below.

     

     

    Date:
      ___________ _______________________ ___________________________

    (Sign
      Name)   
      (Print
      Name)

     

    
      
        
        

      

      
        17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]