Document:

EXHIBIT 10.22

                              EMPLOYMENT AGREEMENT

         AGREEMENT dated August 29, 2001 between Kirlin Holding Corp., a
Delaware corporation having its principal office at 6901 Jericho Turnpike,
Syosset, New York 11791 ("Corporation"), and Anthony J. Kirincic, residing at
the address indicated on the signature page hereof ("Executive").

                                    RECITALS

                  The Corporation wishes to employ Executive, and Executive
wishes to accept such employment, all upon the terms and conditions herein
contained.

                  IT IS AGREED:

1.       Employment, Duties and Acceptance.
         ---------------------------------

         1.1   General. Corporation hereby employs Executive in an executive
capacity to serve as President of the Corporation and as Co-Chief Executive
Officer of the Corporation's wholly-owned subsidiary, Kirlin Securities, Inc.
("Kirlin"), with such executive duties for the Corporation and Kirlin as
appertain to such offices and such additional duties and authority as may be
reasonably assigned to Executive by the Boards of Directors of the Corporation
or Kirlin from time to time, provided that the nature of such duties and
authority shall be consistent with the executive status of Executive. Executive
also agrees to serve in an executive capacity for such other subsidiaries of the
Corporation as may be designated by the Board of Directors of the Corporation
from time to time. Executive hereby accepts such employment.

         1.2   Full-Time Position. Subject to Executive's right under Section 3
to convert his full-time employment with the Corporation into a part-time
consultancy, Executive agrees to devote his full and exclusive time, energies

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and attention to the business and affairs of the Corporation and its
subsidiaries in the performance of his duties hereunder. Subject to Executive's
rights under Section 3, Executive will not, without the prior written consent of
the Corporation, during the term of this Agreement, be engaged in any other
activity whether or not pursued for gain, profit or other pecuniary advantage;
but this shall not be construed as preventing Executive from making and
supervising personal investments, provided that (i) he will not be required to
render any services to the companies in which such investments are made; (ii)
such investment will not cause a breach of Section 5 hereof; and (iii) such
investment will not interfere with the performance of Executive's duties
hereunder.

         1.3   Travel. Executive will be based in the Corporation's principal
executive offices on Long Island and will undertake such occasional travel as is
reasonably necessary in the interests of the Corporation.

         1.4   Position with the Board. During the term of this Agreement,
Executive shall be entitled to, and the Corporation shall cause Executive to, be
nominated as a member of the Board of Directors of the Corporation and Kirlin.

2.       Compensation and Benefits.
         -------------------------

         2.1   Salary. As full compensation during the term of this Agreement
for all Executive's services to be rendered to the Corporation and its
subsidiaries, the Corporation agrees to pay, or cause to be paid by one or more
of its subsidiaries, to Executive, in the manner hereinafter provided, (i) base
salary (hereinafter "Base Salary") at the rate of $375,000 per annum, payable in
periodic installments in accordance with the Corporation's normal payroll
procedures, plus .0075% of the Corporation's consolidated quarterly revenue,
payable within 50 days of the end of each fiscal quarter, and (ii) the
additional compensation hereinafter set forth in this Section 2. The Base Salary
paid in any fiscal year shall be subject to adjustment in the event the year-end
audit conducted by the Corporation's independent auditors for such fiscal year
results in an adjustment to the consolidated quarterly revenue numbers used to
calculate the variable portion of such Base Salary. In no event shall the Base

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Salary for any fiscal year exceed $1,000,000. The rate of the fixed portion of
Executive's Base Salary (initially $375,000 per annum) will be increased
effective on September 1 of each year (commencing on September 1, 2002) to
reflect the percentage increase, if any, in the Consumer Price Index for the New
York Metropolitan Region during the twelve-month period ending on June 30
immediately preceding such adjustment date.

         2.2   Discretionary Bonus. In addition to Base Salary, Executive shall
be entitled to receive bonus payments in the discretion of the Board of
Directors.

         2.3   Brokerage Commissions; Investment Banking Compensation.

               (i)      Executive will be entitled to receive an equal share
                        of the brokerage commissions from customer accounts
                        for which the Executive or David O. Lindner, who is
                        also being employed as Co-Chief Executive Officer of
                        Kirlin, is the designated account representative
                        (which commissions shall be computed at a 60% cash
                        payout rate), less customary charges in accordance
                        with the Corporation's general policies in effect
                        from time to time, and payable in accordance with
                        Kirlin's normal payroll procedures. Executive hereby
                        acknowledges that Mr. Lindner and the Corporation are
                        concurrently entering into an employment agreement
                        containing this sharing arrangement and Executive
                        agrees that also long as Mr. Lindner is employed by
                        the Corporation he shall be entitled to an equal
                        share of such commissions which, but for this sharing
                        arrangement, would be payable solely to Executive for
                        accounts for which he is the designated
                        representative, and his agreement to share in such
                        commissions shall be for Mr. Lindner's benefits.

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               (ii)     Executive will be entitled to receive additional
                        compensation in connection with Executive's
                        investment banking activities in accordance with the
                        Corporation's standard investment banking
                        compensation formula ("Investment Banking
                        Compensation").

         2.4   Stock Options. On the first business day immediately following
the end of each fiscal quarter, commencing as of the quarter ended September 30,
2001, Executive shall receive ten-year options to purchase that number of shares
of the Corporation's common stock equal to 0.25% of the shares of common stock
of the Corporation outstanding as of the end of such fiscal quarter ("Quarterly
Options"). The Quarterly Options shall be issued under one or more of the
Corporation's stock option plans and shall have an exercise price equal to the
last sale price of a share of common stock of the Corporation as reported on
each of the last 20 consecutive trading days during most recently completed
fiscal quarter. If Executive's employment (other than a termination for "cause"
by the Corporation) terminates as of the last day of a fiscal quarter, Executive
shall receive, on the last day of his employment, the options he would otherwise
have received on the next following business day if he had remained employed by
the Corporation. All Quarterly Options so granted shall vest and become
exercisable immediately upon grant and shall be evidenced by a Stock Option
Agreement in the form annexed hereto as Exhibit A.

         2.5   Benefits. Executive will be entitled to participate in all
welfare and fringe benefit plans as are customarily afforded to all executives
or other employees in accordance with the terms of such plans and arrangements.

         2.6   Vacation. Executive will be entitled to five weeks of paid
vacation in each calendar year to be taken at times mutually convenient to the
Corporation and Executive.

         2.7   Expenses. The Corporation will reimburse Executive in accordance
with its regular policies and practices for business expenses reasonably
incurred by Executive in connection with the performance of Executive's duties

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under this Agreement, subject to Executive's presentation of appropriate
documentation of such expenses.

         2.8   Automobile. Executive shall maintain a suitable automobile for
business use. The Corporation shall reimburse Executive for the costs of leasing
such automobile and for all other reasonable costs associated with the use of
the automobile, including insurance, maintenance and repair and fuel costs.

         2.9   Directors and Officers Insurance Coverage. The Corporation shall
cause the Executive to be covered under all directors and officers liability
insurance policies maintained by Parent, which policy or policies shall provide
a minimum coverage of $3,000,000.

         2.10   Accounting Services. The Corporation shall provide Executive
with a $2,500 annual expense allowance to pay for accounting and tax planning
services for Executive and his immediate family, which allowance shall
accumulate each year if unused and may be drawn upon by Executive for up to six
months following the termination of employment (other than a terminations for
"cause" by the Corporation).

         2.11   Life Insurance. The Corporation shall provide Executive with an
annual expense allowance of up to $10,000 to pay for premiums for insuring the
life of Executive for the benefit of Executive or his designees with a death
benefit of up to $3,000,000.

         2.12   Housing. If Executive's duties are such as to require him to
work in the City of New York for more than two days per week, The Corporation
shall arrange for appropriate housing at a cost of up to $4,000 per month.

         2.13   Proration. The items provided for in Sections 2.6, 2.10 and 2.11
shall be prorated for partial years.

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3.      Term; Conversion to Consultancy. The term of this Agreement shall
commence as of September 1, 2001 ("Commencement Date") and shall continue for a
period of seven years (i.e., August 31, 2008), unless sooner terminated as
herein provided. Notwithstanding anything to the contrary, Executive shall be
entitled to terminate his employment or convert his employment to a consultancy
at any time in his sole discretion upon at least six months' prior written
notice to the Corporation. Upon a conversion to a consultancy, (i) Executive
shall be required to devote only 50% of his business time to the affairs of the
Corporation, (ii) Executive, as a consultant to the Corporation, shall have such
duties and responsibilities to the Corporation as is reasonably determined by
the Board of Directors of the Corporation, (iii) Executive shall receive only
50% of the compensation provided by Sections 2.1 and 2.4, (iv) Executive shall
be entitled to continued participation in the Investment Banking Pool at the
discretion of the Board of Directors, (v) Executive shall be entitled to
continue to receive all other benefits and shall continue to have all other
obligations provided under this Agreement.

4.       Termination and Payment.
         ------------------------

         4.1   Death. If Executive shall die during the term of this Agreement,
this Agreement shall thereupon terminate, except that the Corporation will pay
to Executive's estate Executive's Base Salary through the last day of the month
during which Executive shall have died and all brokerage commissions earned by
Executive under Section 2.3 through the date of death.

         4.2   Disability. The Corporation, by notice to Executive, may
immediately terminate this Agreement if Executive shall become disabled, or
shall fail because of illness or incapacity, to render services of the character
contemplated by this Agreement for 120 consecutive days (or an aggregate of 180
days) during any one-year period. Notwithstanding such termination, the
Corporation will pay to Executive his Base Salary through the last day of the
month during which such notice shall have been given and brokerage commissions
earned by Executive under Section 2.3 through the date of termination.

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         4.3   For Cause. The Corporation, by notice to Executive, may
immediately terminate this Agreement "for cause" for any of the reasons
enumerated below in this Section 4.3 (provided, however, in the event of
termination for a reason specified in clause (i)(B) below, such termination
shall be effective only after Executive has been given written notice setting
forth in reasonable detail the acts, omissions or failures of the Executive and
a specified reasonable period of time in which to cure all of such acts,
omissions or failures (if capable of being cured), and such shall not have been
cured within such reasonable period) and upon such termination (i) Executive
shall be released from any duties hereunder except as set forth in Section 5
hereof; and (ii) the Corporation will pay to Executive his Base Salary through
the date of termination:

               (i)      If Executive (A) willfully refuses or fails to carry
                        out specific legal directions of the Board of
                        Directors, or (B) willfully refuses or fails to
                        perform a material part of his duties hereunder;

               (ii)     If Executive commits a breach of any of the
                        provisions of Section 5 hereof or breaches the
                        representations and warranties set forth in Section 6
                        hereof;

               (iii)    If Executive commits an act involving any
                        misappropriation or embezzlement involving the
                        properties, assets or funds of the Corporation or its
                        subsidiaries or affiliates; or

               (iv)     If Executive committed an act (or the failure
                        thereof) which involves intentional wrongdoing or
                        gross negligence relating to the Corporation or its
                        subsidiaries or affiliates.

         The inability of Executive to continue to be associated with a member
of the NASD, such as Kirlin or another broker-dealer subsidiary of the
Corporation, as a result of a regulatory bar or suspension shall not in and of

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itself by grounds for a termination for "cause" by the Corporation under Section
4.3(i) or otherwise unless the basis for such bar or suspension involves an act
or omission specified in Sections 4.3(iii) or (iv).

         4.4   For "Good Reason." The Executive, by notice to the Corporation,
may terminate this Agreement if a "Good Reason" exists. For purposes of this
Agreement, "Good Reason" shall mean the occurrence of any of the following
circumstances without the Executive's prior express written consent: (a) a
material adverse change in the nature of Executive's title, duties or
responsibilities with the Corporation that represents a demotion from his title,
duties or responsibilities as in effect immediately prior to such change; (b) a
material breach of this Agreement by the Corporation; (c) a failure by the
Corporation to make any payment to Executive when due, unless the payment is not
material and is being contested by the Corporation, in good faith; (d) a
liquidation, bankruptcy or receivership of the Corporation; or (e) if Executive
is at any time not a member of the Board of Directors, unless he voluntarily
resigns therefrom. Notwithstanding the foregoing, Good Reason shall not be
deemed to exist with respect to the Corporation's acts described in clauses (a),
(b) or (c) above, unless Executive shall have given written notice to the
Corporation specifying the Good Reason with reasonable detail and, within twenty
business days after such notice, the Corporation shall not have cured or
eliminated the problem or thing giving rise to such Good Reason; provided,
however, that a repeated breach after notice and cure of any provision of
clauses (a), (b) or (c) above involving the same or substantially similar
actions or conduct, shall be grounds for termination for Good Reason without any
additional notice from Executive.

         4.5   In the event that Executive terminates this Agreement for Good
Reason, pursuant to the provisions of Section 4.4, or the Corporation terminates
this Agreement without "Cause," as defined in Section 4.3, the Corporation shall
continue to pay to Executive (or in the case of his death, the legal
representative of Executive's estate or such other person or persons as
Executive shall have designated by written notice to the Corporation), all
payments, compensation and benefits required under Section 2 hereof through the

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then remaining term of this Agreement. If Executive's employment is terminated
for Good Reason or without "Cause," Executive shall have no duty to mitigate
awards paid or payable to him pursuant to this Section, and any compensation
paid or payable to Executive from sources other than the Corporation will not
offset or terminate the Corporation's obligation to pay to Executive the full
amounts pursuant to this Section 4.5.

5.       Protection of Confidential Information.
         ---------------------------------------

         5.1   Nondisclosure of Confidential Information. Executive agrees that
he will not at any time, either during the term of this Agreement or thereafter,
divulge to any person, firm or corporation any information obtained or learned
by him during the course of his employment with the Corporation or any of its
affiliates with regard to the operational, financial, business or other affairs
of the Corporation or its subsidiaries or affiliates, or its or their officers
and directors, including, without limitation, trade "know how," secrets,
customer lists, sources of supply, pricing policies, operational methods or
technical processes, except (i) in the course of performing his duties
hereunder, (ii) with the Corporation's express written consent; (iii) to the
extent that any such information is in the public domain other than as a result
of Executive's breach of any of his obligations hereunder; or (iv) where
required to be disclosed by court order, subpoena or other government process.
In the event that Executive is required to make disclosure pursuant to the
provisions of clause (iv) of the preceding sentence, Executive promptly, but in
no event more than two business days after learning of such subpoena, court
order, or other government process, will notify, by personal delivery or by
facsimile, confirmed by express mail, the Corporation and, at the Corporation's
expense, Executive will: (a) take all necessary steps reasonably requested by
the Corporation to defend against the enforcement of such subpoena, court order
or other government process, and (b) permit the Corporation to intervene and
participate with counsel of its choice in any proceeding relating to the
enforcement thereof.

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         5.2   Termination of Employment. Upon termination of this Agreement, or
at any time the Corporation may so request, Executive will promptly deliver to
Corporation all memoranda, notes, records, reports, customer lists, manuals,
drawings and other documents (and all copies thereof) relating to the business
of the Corporation and its subsidiaries and affiliates and all property
associated therewith, which he may then possess or have under his control;
provided, however, that Executive may retain copies of documents containing
information that relates solely to those customers that Executive is permitted
to solicit within the first year following the termination of his employment as
provided in Section 5.3.

         5.3   Nonsolicitation. During the term of this Agreement and for a
period of one year thereafter, Executive shall not, without the prior written
permission of the Corporation, in the United States, its territories and
possessions, directly or indirectly, (i) employ or retain, or have or cause any
other person or entity to employ or retain, any person who was employed or
retained by Corporation or any of its subsidiaries and affiliates at any time
within 90 days prior to the later of the termination of Executive's employment
or consultancy hereunder; or (ii) solicit, interfere with, or endeavor to entice
away from the Corporation or any of its subsidiaries or affiliates any of its or
their customers or sources of supply, other than those customers of any of the
broker-dealer subsidiaries of the Corporation for which the Executive was the
designated account representative; provided, however, that Executive shall not
solicit, interfere with, or endeavor to entice away from such broker-dealer
subsidiary any customers for which Executive was the designated account
representative if such was obtained through such broker-dealer's customer lead
program.

         5.4   Injunctive Relief. The parties hereto hereby acknowledge and
agree that (i) the Corporation would be irreparably injured in the event of a
breach by Executive of any of his obligations under Section 5 hereof, (ii)
monetary damages would not be an adequate remedy for any such breach, and (iii)
the Corporation shall be entitled to injunctive relief, in addition to any other
remedy which it may have, in the event of any such breach or threatened breach.

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It is hereby also agreed that the existence of any claims which Executive may
have against the Corporation or any of it subsidiaries, whether under this
Agreement or otherwise, shall not be a defense to the enforcement by the
Corporation of any of its rights under this Section 5 hereof. In the event of a
breach, the Corporation may also require Executive to account for and pay over
to Corporation all compensation, profits, monies, accruals, increments or other
benefits derived or received by Executive as the result of any transactions
constituting such breach.

         5.5   Scope of Restriction. It is the intent of the parties hereto that
the covenants contained in Section 5 hereof shall be enforced to the fullest
extent permissible under the laws and public policies of each jurisdiction in
which enforcement is sought (Executive hereby acknowledging that said
restrictions are reasonably necessary for the protection of Executive).
Accordingly, it is hereby agreed that if any of the provisions of Section 5
hereof shall be adjudicated to be invalid or unenforceable for any reason
whatsoever, said provision shall be (only with respect to the operation thereof
in the particular jurisdiction in which such adjudication is made) construed by
limiting and reducing it so as to be enforceable to the extent permissible,
without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of said provision in any other jurisdiction.

         5.6   Nonexclusivity. The undertakings of Executive contained in
Section 5 hereof shall be in addition to, and not in lieu of, any obligations
which he may have with respect to the subject matter hereof, whether by
contract, as a matter of law or otherwise.

6.       Executive's Representations. Executive represents and warrants that
Executive has the right to enter into this Agreement and is not subject to any
contract, commitment, agreement, arrangement or restriction of any kind which
would prevent Executive from performing Executive's duties and obligations
hereunder, nor is Executive subject to any post-employment restriction pursuant
to a contractual arrangement or otherwise. Executive acknowledges that the
Corporation's willingness to employ Executive is based upon the accuracy of the
foregoing representation and warranties. Executive agrees that he will indemnify

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the Corporation against all costs and expenses, including reasonable attorney's
fees, incurred in the defense of any claims that would constitute a breach of
Section 6 brought against the Corporation.

7.       Miscellaneous Provisions.
         ------------------------

         7.1   Notices. All notices provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when delivered if delivered
personally or by nationally recognized overnight courier, or four days after
deposit with the United States Post Office if mailed by postage prepaid
registered or certified mail, return receipt requested, addressed to the
Corporation at its principal executive office and to the Executive at his then
current residence address as indicated in the records of the Corporation.

         7.2   Entire Agreement. This Agreement, together with the Stock Option
Agreements referred to in Section 2.4, set forth the entire agreement of the
parties with respect to the subject matter hereof and is intended to supersede
all prior negotiations, understandings and agreements. No provisions of this
Agreement may be waived or changed except by a writing by the party against whom
such waiver of change is sought to be enforced. The failure of any party to
require performance of any provision hereof shall in no manner affect the right
at a later time to enforce such provision.

         7.3   Governing Law. All questions with respect to the construction or
interpretation of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the internal law of the State
of New York without regard to principles of conflicts of law.

         7.4   Headings. The article headings are inserted only as a matter of
convenience and for reference and in no way define, limit or describe the scope
or intent of any provision of this Agreement.

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         7.5   Successors. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of the Corporation. This Agreement shall
not be assignable by Executive and shall inure to the benefit of and be binding
upon Executive and his legal representatives.

         7.6   Severability. If any provision or if any part of any provisions
of this Agreement is found to be unenforceable, illegal or contrary to public
policy by a court of competent jurisdiction, the parties agree that this
Agreement shall remain in full force and effect except for such provision or
part of any such provision held to be unenforceable.

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

KIRLIN HOLDING CORP.

       /s/ Barry Shapiro                    /s/ Anthony J. Kirincic
By_______________________________           ____________________________________
        Barry Shapiro                       ANTHONY J. KIRINCIC
        Chief Financial Officer

                                            Residence Address of Executive

                                            23 Villanova Lane
                                            Dix Hills, NY 11746

                                       13EXHIBIT 10.23

                             STOCK OPTION AGREEMENT
               [Holding Corp. Executive Non-Qualified Under Plan]

         AGREEMENT,  made as of ________ and between Kirlin Holding Corp.,
a Delaware  corporation (the "Company"), and ____________ (the "Executive").

         WHEREAS, on August 29, 2001 ("Grant Date"), pursuant to the terms and
conditions of the Company's 1994 Stock Plan or 1996 Stock Plan (in either case,
the "Plan") and the Company's Employment Agreement, dated August 29, 2001, the
Board of Directors of the Company authorized the grant to the Executive on the
first business day immediately following the end of each fiscal quarter during
the term of the Employment Agreement of an option to purchase that number of
shares of the authorized but unissued common stock of the Company, $.0001 par
value ("Common Stock"), equal to 0.25% of the shares of Common Stock of the
Company outstanding as of the end of such fiscal quarter, conditioned upon the
Executive's acceptance thereof upon the terms and conditions set forth in this
Agreement and subject to the terms of the Plan (capitalized terms used herein
and not otherwise defined shall have the meanings set forth in the Plan); and

         WHEREAS, the Executive desires to acquire the option on the terms and
conditions set forth in this Agreement.

         IT IS AGREED:

         1.   Grant of Stock Option. The Company hereby grants to the Executive
the right and option ("Option") to purchase all or any part of an aggregate of
_______ shares of Common Stock ("Option Shares") on the terms and conditions set
forth herein and subject to the provisions of the Plan.

         2.   Non-Incentive Stock Option. The Option represented hereby is not
intended to be an Option which qualifies as an "Incentive Stock Option" under
Section 422 of the Internal Revenue Code of 1986, as amended ("Code").

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         3.   Exercise Price. The exercise price ("Exercise Price") of the
Option shall be $___ per share (the average of the last sale prices of the
Common Stock on each of the last 20 consecutive trading days during the most
recently completed fiscal quarter), subject to adjustment as provided in the
Plan.

         4.   Exercisability. This Option shall become exercisable, subject to
the terms and conditions of the Plan and this Agreement, immediately and it
shall remain exercisable except as otherwise provided herein, until the close of
business on the tenth anniversary of the date hereof (the "Exercise Period").

         5.   Effect of Termination of Employment.
              ------------------------------------

              5.1   Termination Due to Death. If Executive's employment or
consultancy by the Company terminates by reason of death, the Option may
thereafter be exercised by the legal representative of the estate or by the
legatee of the Executive under the will of the Executive, for a period of two
years from the date of such death or until the expiration of the Exercise
Period, whichever period is shorter.

              5.2   Termination Due to Disability. If Executive's employment or
consultancy by the Company terminates by reason of disability (as such term is
defined in the Employment Agreement), the Option may thereafter be exercised by
the Executive or legal representative for a period of two years from the date of
such termination or until the expiration of the Exercise Period, whichever
period is shorter.

              5.3   Termination For Cause.

                    5.3.1   If Executive's employment or consultancy is
terminated for cause (as such term is defined in the Employment Agreement), the
Option shall expire on the date of termination of employment.

                    5.3.2   If the Executive's employment or consultancy is
terminated for "cause" as defined in the Employment Agreement, the Company may
require the Executive to return to the Company the economic benefit of any

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Option Shares purchased hereunder by the Executive within the six month period
prior to the date of termination. In such event, the Executive hereby agrees to
remit to the Company, in cash, an amount equal to the difference between the
Fair Market Value (on the date of termination) of the Option Shares so purchased
by Executive (or the sales price of such Option Shares if the Option Shares were
sold during such six month period) and the Exercise Price.

                    5.3.3   Other Termination. If Executive's employment or
consultancy is terminated for any reason other than (i) death, (ii) disability
or (iii) for cause, including, but not limited to a termination by Executive or
a termination by the Company other than for cause, then the Option shall
continue to be exercisable during the Exercise Period.

              5.4   Competing With the Company. If Executive breaches his
obligations under Section 5.3 of the Employment Agreement, the Company, in its
sole discretion, may require such Executive to return to the Company the
economic value of any Option Shares purchased hereunder by the Executive within
the six-month period prior to the date of termination. In such event, Executive
agrees to remit the economic value to the Company in accordance with Section
5.3.2. The provisions of Section 12.3(a) of the Plan shall not apply with
respect to the Option and Option Shares reflected in this Agreement.

         6.   Withholding Tax. Not later than the date as of which an amount
first must be included in the gross income of the Executive for Federal income
tax purposes with respect to the Option, the Executive shall pay to the Company
(or other entity identified by the Company), or make arrangements satisfactory
to the Company (or other entity identified by the Company) regarding the payment
of, any Federal, state, local or foreign taxes of any kind required by law to be
withheld with respect to such amount ("Withholding Tax"). At the election of the
Executive, withholding obligations may be settled with Common Stock, including
Common Stock underlying the subject option, provided that any applicable
requirements under Section 16 of the Exchange Act are satisfied so as to avoid
liability thereunder. The obligations of the Company under the Plan and pursuant
to this Agreement shall be conditioned upon such payment or arrangements with
the Company and the Company shall, to the extent permitted by law, have the
right to deduct any Withholding Taxes from any payment of any kind otherwise due
to the Executive from the Company.

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         7.    Method of Exercise.
               ------------------

               7.1   Notice to the Company. The Option may be exercised in whole
or in part by written notice in the form attached hereto as Exhibit A directed
to the Company at its principal place of business accompanied by full payment as
hereinafter provided of the exercise price for the number of Option Shares
specified in the notice and of the Withholding Taxes, if any.

               7.2   Delivery of Option Shares. The Company shall deliver a
certificate for the Option Shares to the Executive as soon as practicable after
payment therefor.

               7.3   Payment of Purchase Price.

                     7.3.1   Cash Payment. The Executive shall make cash
payments of the Exercise Price by wire transfer, certified or bank check or
personal check, in each case payable to the order of the Company. The Company
shall not be required to deliver certificates for Option Shares until the
Company has confirmed the receipt of good and available funds in payment of the
purchase price thereof.

                     7.3.2   Payment through Bank or Broker. At the election of
the Executive, the Exercise Price for any or all Option Shares may be paid by
the Executive making arrangements reasonably satisfactory to the Company with a
bank or a broker who is member of the National Association of Securities
Dealers, Inc. to either (a) sell on the exercise date a sufficient number of the
Option Shares being purchased so that the net proceeds of the sale transaction
will at least equal the Exercise Price multiplied by the number of Option Shares
being purchased pursuant to such exercise, plus the amount of the Withholding
Tax and pursuant to which the bank or broker undertakes irrevocably to deliver
the full Exercise Price multiplied by the number of Option Shares being
purchased pursuant to such exercise, plus the amount of the Withholding Tax to
the Company on a date satisfactory to the Company, but no later than the date on
which the sale transaction would settle in the ordinary course of business or
(b) obtain a "margin commitment" from the bank or broker pursuant to which the
bank or broker undertakes irrevocably to deliver the full Exercise Price

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multiplied by the number of Option Shares being purchased pursuant to such
exercise, plus the amount of the Withholding Tax to the Company, immediately
upon receipt of the Option Shares.

                     7.3.3   Stock Payment. At the election of the Executive,
the Exercise Price for any or all of the Option Shares may be paid by the
Executive's surrender of shares of Common Stock of the Company owned by him
having a "value" equal to the Exercise Price multiplied by the number of Option
Shares to be purchased. If the Executive elects this option, the Executive shall
deliver stock certificates in negotiable form which are effective to transfer
good and valid title thereto to the Company, free of any liens or encumbrances.
Shares of Common Stock used for this purpose shall be valued at the Fair Market
Value.

                      7.3.4   Cashless Payment. At the election of the
Executive, the Exercise Price for any or all of the Option Shares to be acquired
may be paid by the surrender of any unexercised portion of the Option having a
"value" equal to the Exercise Price multiplied by the number of Option Shares to
be purchased. The "value" of a surrendered portion of the Option means, as of
the exercise date, an amount equal to the excess of the total Fair Market Value
of the shares of Common Stock underlying the surrendered portion of the Option
over the total Exercise Price of such shares of Common Stock underlying the
surrendered portion of the Option.

                      7.3.5   Payment of Withholding Tax. Any required
Withholding Tax may be paid in cash or with Common Stock in accordance with
Sections 7.3.1, 7.3.2 and 7.3.3, respectively, and Section 6.

                      7.3.6   Exchange Act Compliance. Notwithstanding the
foregoing, the Company shall have the right to reject payment in the form of
Common Stock if in the opinion of counsel for the Company, (i) it could result
in an event of "recapture" under Section 16(b) of the Securities Exchange Act of
1934; (ii) such shares of Common Stock may not be sold or transferred to the
Company; or (iii) such transfer could create legal difficulties for the Company.

         8.    Nonassignability. The Option shall not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner, except by will
or by the laws of descent and distribution in the event of the death of the
Executive. No transfer of the Option by the Executive by will or by the laws of

                                       5

<Page>

descent and distribution shall be effective to bind the Company unless the
Company shall have been furnished with written notice thereof and a copy of the
will and/or such other evidence as the Company may deem necessary to establish
the validity of the transfer and the acceptance by the transferee or transferees
of the terms and conditions of the Option.

         9.    Company Representations. The Company hereby represents and
warrants to the Executive that:

               (a)   the Company, by appropriate and all required action,
                     is duly authorized to enter into this Agreement and
                     consummate all of the transactions contemplated
                     hereunder; and

               (b)   the Option Shares, when issued and delivered by the
                     Company to the Executive in accordance with the terms
                     and conditions hereof, will be duly and validly
                     issued and fully paid and non-assessable.

         10.   Executive Representations. The Executive hereby represents and
warrants to the Company that:

               (a)   he or she is acquiring the Option and shall acquire
                     the Option Shares for his own account and not with a
                     view towards the distribution thereof;

               (b)   he or she has received a copy of the Plan as in effect as
                     of the date of this Agreement;

               (c)   he or she has received a copy of all reports and
                     documents required to be filed by the Company with
                     the Securities and Exchange Commission pursuant to
                     the Securities Exchange Act of 1934, as amended,
                     within the last 24 months and all reports issued by
                     the Company to its stockholders;

               (d)   he or she understands that he or she is subject to
                     the Company's Insider Trading Policy and has received
                     a copy of such policy as of the date of this
                     Agreement;

                                       6
<Page>

               (e)   he or she understands that he or she must bear the
                     economic risk of the investment in the Option Shares,
                     which cannot be sold by him unless they are
                     registered under the Securities Act of 1933 (the
                     "1933 Act") or an exemption therefrom is available
                     thereunder and that the Company is under no
                     obligation to register the Option Shares for sale
                     under the 1933 Act;

               (f)   in his or her position with the Company, he or she
                     has had both the opportunity to ask questions and
                     receive answers from the officers and directors of
                     the Company and all persons acting on its behalf
                     concerning the terms and conditions of the offer made
                     hereunder and to obtain any additional information to
                     the extent the Company possesses or may possess such
                     information or can acquire it without unreasonable
                     effort or expense necessary to verify the accuracy of
                     the information obtained pursuant to clause (iii)
                     above;

               (g)   he or she is aware that the Company shall place stop
                     transfer orders with its transfer agent against the
                     transfer of the Option Shares in the absence of
                     registration under the 1933 Act or an exemption
                     therefrom as provided herein; and

               (h)   if, at the time of issuance of the Option Shares, the
                     issuance of such shares have not been registered
                     under the 1933 Act, the certificates evidencing the
                     Option Shares shall bear the following legend:

                       "The shares represented by this certificate have been
                       acquired for investment and have not been registered
                       under the Securities Act of 1933. The shares may not
                       be sold or transferred in the absence of such
                       registration or an exemption therefrom under said
                       Act."

                                       7

<Page>

         11.    Restriction on Transfer of Option Shares.
                -----------------------------------------

                11.1   Anything in this Agreement to the contrary
notwithstanding, Executive hereby agrees that he shall not sell, transfer by any
means or otherwise dispose of the Option Shares acquired by him without
registration under the 1933 Act, or in the event that they are not so
registered, unless (i) an exemption from the 1933 Act registration requirements
is available thereunder, and (ii) the Executive has furnished the Company with
notice of such proposed transfer and the Company's legal counsel, in its
reasonable opinion, shall deem such proposed transfer to be so exempt.

                11.2   Anything in this Agreement to the contrary
notwithstanding, Executive hereby agrees that he shall not sell, transfer by any
means or otherwise dispose of the Option Shares acquired by him except in
accordance with Company's Insider Trading Policy regarding the sale and
disposition of securities owned by employees and/or directors of the Company.

         12.    Adjustments. The number of shares subject to the Option, the
Exercise Price, the Exercise Period and the vesting of the Option shall all be
subject to adjustment under Section 3.2 of the Plan.

         13.    Miscellaneous.
                -------------

                13.1   Notices. All notices, requests, deliveries, payments,
demands and other communications which are required or permitted to be given
under this Agreement shall be in writing and shall be either delivered
personally or sent by registered or certified mail, or by private courier to the
parties at their respective addresses set forth herein, or to such other address
as either shall have specified by notice in writing to the other. Notice shall
be deemed duly given hereunder when delivered or mailed as provided herein.

                13.2   Plan Paramount; Conflicts with Plan. This Agreement and
the Option shall in all respects, be subject to the terms and conditions of the
Plan, whether or not stated herein. In the event of a conflict between the
provisions of the Plan and the provisions of this Agreement, the provisions of
the Plan shall in all respects be controlling.

                                       8
<Page>

                13.3   Executive and Stockholder Rights. The Executive shall not
have any of the rights of a stockholder with respect to the Option Shares until
such shares have been issued after the due exercise of the Option. Nothing
contained in this Agreement shall be deemed to confer upon Executive any right
to continued employment with the Company or any subsidiary thereof, nor shall it
interfere in any way with the right of the Company to terminate Executive in
accordance with the provisions regarding such termination set forth in
Executive's written employment agreement with the Company, or if there exists no
such agreement, to terminate Executive at will.

                13.4   Waiver. The waiver by any party hereto of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of any
other or subsequent breach.

                13.5   Entire Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supercedes any and all prior agreements with respect to the Option. This
Agreement may not be amended except by writing executed by the Executive and the
Company.

                13.6   Binding Effect; Successors. This Agreement shall inure to
the benefit of and be binding upon the parties hereto and, to the extent not
prohibited herein, their respective heirs, successors, assigns and
representatives. Nothing in this Agreement, expressed or implied, is intended to
confer on any person other than the parties hereto and as provided above, their
respective heirs, successors, assigns and representatives any rights, remedies,
obligations or liabilities.

                13.7   Governing  Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York (without regard
to choice of law provisions).

                13.8   Headings. The headings contained herein are for the sole
purpose of convenience of reference, and shall not in any way limit or affect
the meaning or interpretation of any of the terms or provisions of this
Agreement.

                                       9
<Page>

                 IN WITNESS WHEREOF, the parties hereto have signed this
Agreement as of the day and year first above written:

Kirlin Holding Corp.                        Address: 6901 Jericho Turnpike
                                            Syosset, New York 11791

By:________________________________________
     Barry Shapiro, Chief Financial Officer

EXECUTIVE:                                   Address: _____________________

                                                      _____________________

                                                      _____________________

___________________________________________

                                       10
<Page>

                                                                      EXHIBIT A

                      FORM OF NOTICE OF EXERCISE OF OPTION

____________________________
           DATE

Kirlin Holding Corp.
Attention:  Stock Option Committee of
              the Board of Directors

                           Re:   Purchase of Option Shares
                                 -------------------------

Gentlemen:

                  In accordance with my Stock Option Agreement dated as of
___________ with Kirlin Holding Corp. (the "Company"), I hereby irrevocably
elect to exercise the right to purchase _________ shares of the Company's common
stock, par value $.0001 per share ("Common Stock"), which are being purchased
for investment and not resale.

                  As payment for my shares, enclosed is (check and complete
applicable box[es]):

                  |_|      a [personal check] [certified check] [bank check]
                           payable to the order of the Company in the sum of
                           $_________;

                  |_|      confirmation of wire transfer in the amount of
                           $_____________;

                  |_|      a certificate for __________ shares of the Company's
                           Common Stock, free and clear of any encumbrances,
                           duly endorsed, having a Fair Market Value (as such
                           term is defined in the Agreement of $_________;

                  |_|      through broker payment as provided in Section 7.3.2
                           (see broker letter attached); and/or

                  |_|      I hereby surrender the portion of the unexercised,
                           but exercisable, portion of the Option have a value
                           equal to the Exercise Price multiplied by the number
                           of shares of common stock being purchase hereunder,
                           to wit: the Option to purchase ____ Option Shares.

                           (i)   I am acquiring the Option and shall acquire the
Option Shares for my own account, for investment, and not with a view towards
the distribution thereof;

                           (ii) I have received a copy of the Plan and all
reports and documents required to be filed by the Company with the Commission
pursuant to the Exchange Act within the last 24 months and all reports issued by
the Company to its stockholders;

                           (iii) I understand that I must bear the economic risk
of the investment in the Option Shares, which cannot be sold by me unless they

                                       1

<Page>

are registered under the Securities Act of 1933 (the "1933 Act") or an exemption
therefrom is available thereunder and that the Company is under no obligation to
register the Option Shares for sale under the 1933 Act;

                           (iv) I understand I am subject to the Company's
Insider Trading Policy and have received a copy of such policy as of the date of
this Agreement;

                           (v) I agree that I will not sell, transfer by any
means or otherwise dispose of the Option Shares acquired by me hereby except in
accordance with Company's policy, if any, regarding the sale and disposition of
securities owned by employees and/or directors of the Company;

                           (vi) in my position with the Company, I have had both
the opportunity to ask questions and receive answers from the officers and
directors of the Company and all persons acting on its behalf concerning the
terms and conditions of the offer made hereunder and to obtain any additional
information to the extent the Company possesses or may possess such information
or can acquire it without unreasonable effort or expense necessary to verify the
accuracy of the information obtained pursuant to clause (ii) above;

                           (vii) I am aware that the Company shall place stop
transfer orders with its transfer agent against the transfer of the Option
Shares in the absence of registration under the 1933 Act or an exemption
therefrom as provided herein; and

                           (viii) My rights with respect to the Option Shares,
in all respects, be subject to the terms and conditions of this Company's
applicable Stock Plan and this Agreement; and

                           (ix) if, at the time of issuance of the Option
Shares, the issuance of such shares have not been registered under the 1933 Act,
the certificates evidencing the Option Shares shall bear the following legend:

                  "The shares represented by this certificate have been acquired
                  for investment and have not been registered under the
                  Securities Act of 1933. The shares may not be sold or
                  transferred in the absence of such registration or an
                  exemption therefrom under said Act."

                                       2
<Page>

Kindly forward to me my certificate at your earliest convenience.

Very truly yours,

----------------------------------          ----------------------------------
(Signature)                                                   (Address)

                                            ----------------------------------

---------------------------------
(Print Name)

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