Document:

EXHIBIT 10.18

NEITHER THIS WARRANT NOR THE COMMON STOCK WHICH MAY BE ACQUIRED UPON THE
EXERCISE HEREOF EVIDENCED BY THIS INSTRUMENT MAY BE SOLD OR OFFERED FOR SALE IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OF 1933, AS AMENDED ("1933 ACT") AND APPLICABLE SECURITIES LAWS
OF ANY STATE OR JURISDICTION, OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

THE REGISTERED HOLDER OF THIS WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT
WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN
PROVIDED.

VOID AFTER 5:00 P.M. EASTERN TIME  August 28,  2011.

August 29, 2001                                         For the Purchase of
                                                        1,200,000 shares of
                                                        Common Stock

                           WARRANT FOR THE PURCHASE OF
                             SHARES OF COMMON STOCK
                                       OF
                              KIRLIN HOLDING CORP.

Kirlin Holding Corp., a Delaware corporation ("Company"), hereby certifies that
for value received, M.S. Farrell & Co., Inc., with offices at 67 Wall Street,
New York, NY 10005, or its registered assigns ("Holder"), is entitled, subject
to the terms set forth below, to purchase from the Company, at any time or from
time to time during the period commencing on the date hereof and ending at 5:00
p.m. eastern time on August 28, 2011 ("Expiration Date"), 1,200,000 shares of
common stock ("Common Stock"), $.0001 par value, of the Company ("Warrant
Shares"), at an exercise price equal to $1.50 per share. The number of shares of
Common Stock purchasable upon exercise of this Warrant, and the exercise price
per share, each as adjusted from time to time pursuant to the provisions of this
Warrant, are hereinafter referred to as the "Warrant Shares" and the "Exercise
Price," respectively.

<PAGE>

IT IS AGREED:

          1.   Method of Exercise.

               1.1 Notice to the Company. The Warrant 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 Warrant Shares
specified in the notice.

               1.2 Delivery of Warrant Shares. The Company shall deliver a
certificate for the Warrant Shares to the Holder as soon as practicable after
payment therefor.

              1.3 Payment of Purchase Price.

                  1.3.1 Cash Payment. The Holder shall make cash payments 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 Warrant Shares until the Company has confirmed the receipt of
good and available funds in payment of the Exercise Price thereof.

                  1.3.2 Payment through Bank or Broker. The Company, in its sole
discretion, may permit the Holder to make arrangements 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 Warrant Shares being purchased so that the net proceeds of the
sale transaction will at least equal the Exercise Price multiplied by the number
of Warrant Shares being purchased pursuant to such exercise and pursuant to
which the bank or broker undertakes irrevocably to deliver the full Exercise
Price multiplied by the number of Warrant Shares being purchased pursuant to
such exercise 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 multiplied by the number of Warrant Shares being purchased pursuant to
such exercise to the Company, immediately upon receipt of the Warrant Shares.

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<PAGE>

                  1.3.3 Stock Payment. The Company, in its sole discretion, may
allow Holder to use Common Stock of the Company owned by him to make any
required payments by delivery of 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". Fair Market Value means, as of any given
date: (i) if the Common Stock is listed on a national securities exchange or
quoted on the Nasdaq National Market or Nasdaq SmallCap Market, the last sale
price of the Common Stock in the principal trading market for the Common Stock
on the last trading day preceding the date in question, as reported by the
exchange or Nasdaq, as the case may be; (ii) if the Common Stock is not listed
on a national securities exchange or quoted on the Nasdaq National Market or
Nasdaq SmallCap Market, but is traded in the over-the-counter market, the
closing bid price for the Common Stock on the last trading day preceding the
date in question for which such quotations are reported by the National
Quotation Bureau, Incorporated or similar publisher of such quotations; and
(iii) if the fair market value of the Common Stock cannot be determined pursuant
to clause (i) or (ii) above, such price as the Board of Directors of the Company
shall determine, in good faith.

                  1.3.4 Cashless Payment. At the election of the Holder, the
Exercise Price for any or all of the Warrant Shares to be acquired may be paid
by the surrender of any exercisable but unexercised portion of the Warrant
having a "value" equal to the Exercise Price multiplied by the number of Warrant
Shares to be exercised. The "value" of a surrendered portion of the Warrant
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 Warrant over the total Exercise Price of such shares of Common Stock
underlying the surrendered portion of the Warrant.

        2.        Security Interest in Warrant Shares Collateralizing
Obligations Owed to the Company. Notwithstanding anything in this Agreement to
the contrary, the Holder hereby grants Kirlin Securities, Inc. ("Kirlin
Securities") a security interest in 945,000 of the Warrant Shares to secure the
payment of any monies that the Holder (or if the Holder is a transferee of a
prior holder of this Warrant, the original holder of this Warrant) owes Kirlin
Securities ("Amount Due") arising from the obligations of the Holder (or if the
Holder is a transferee of a prior holder of this Warrant, the original holder of
this Warrant) under the Purchase Agreement, dated April 3, 2001, among the
Holder, Kirlin Securities, the Company, et al. ("April 2001 Agreement"). The
Holder hereby agrees to execute, promptly upon request by Kirlin Securities,

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such instruments and to take such action as may be useful for Kirlin Securities
to perfect and/or exercise such security interest, and hereby irrevocably grants
Kirlin Securities the right to retain, in full or partial payment of the Amount
Due, up to the following number of Warrant Shares upon any whole or partial
exercise of the Warrant: a fraction, the numerator of which is the Amount Due,
and the denominator of which is the Fair Market Value of the Company's common
stock as of the date of such exercise; provided that the fraction set forth in
the preceding clause shall be rounded up to the nearest whole number. The
security interest set forth herein shall be cumulative to all, and not in lieu
of, any other remedies to available to Kirlin Securities with respect to any
Amount Due. This security interest shall expire two years after the date of
initial issuance of this Warrant unless on the second anniversary there is still
pending a claim by Kirlin Securities against the Holder (or if the Holder is a
transferree of a prior holder of this Warrant, the original holder of this
Warrant) under the April 2001 Agreement, in which case the lien shall continue
until the final resolution of such claim.

        3.        Nonassignability. The Warrant may all not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner.
Notwithstanding the foregoing, this restriction shall not apply to transfers
made to stockholders of the Holder or M.S. Holdings Corp.; provided that no such
permitted transfer shall be effective to bind the Company unless the Company
shall have been furnished with written notice thereof, 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
Warrant, an opinion of counsel satisfactory to the Company that registration is
not required under the Securities Act of 1933, as amended ("1933 Act"), and, if
only a portion of the Warrant is being transferred to the intended transferee, a
statement as to whether the Warrant Shares underlying the portion of the Warrant
are subject to the lien provided in Section 2.

        4.       Company Representations.  The Company hereby represents and
warrants to the Holder that:

                 (a) the Company, by appropriate and all required action, is
duly authorized to issue this Warrant; and

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

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<PAGE>

        5.       Holder Representations.  The Holder hereby represents and
warrants to the Company that:

                 (a) it is acquiring the Warrant and shall acquire the
          Warrant Shares for its own account and not with a view towards the
          distribution thereof;

                 (b) it 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;

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

                 (d) it is an accredited investor within the meaning of Rule
          501(a) promulgated under the 1933 Act;

                 (e) it 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 (b)
          above;

                 (f) it is aware that the Company shall place stop transfer
          orders with its transfer agent against the transfer of the Warrant
          Shares in the absence of registration under the 1933 Act; and

                 (g) the certificates evidencing the Warrant Shares shall
          bear the following legend:

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<PAGE>

                      "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."

          6.     Restriction on Transfer of Warrant Shares.

                 6.1 Securities Act Compliance. Anything in this Agreement to
the contrary notwithstanding, Holder hereby agrees that it shall not sell,
transfer by any means or otherwise dispose of the Warrant Shares acquired by it
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 Holder 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.

                 6.2 Lock-up. Anything in this Agreement to the contrary
notwithstanding, Holder hereby agrees that it shall not sell, transfer by any
means or otherwise dispose of the Warrant Shares acquired by it until the first
anniversary of the date hereof with respect to such Warrant Shares without the
prior written consent of the Company. Holder further agrees that the Company
shall place stop transfer orders with its transfer agent against the Warrant
Shares and shall place an appropriate restrictive legend on the Warrant Shares
until such restriction has expired.

        7.      Adjustments. In the event of any merger, reorganization,
consolidation, recapitalization, dividend (other than a cash dividend), stock
split, reverse stock split, or other change in corporate structure affecting the
Common Stock, such substitution or adjustment shall be made in the aggregate
number of Warrant Shares subject to this Warrant as may be determined to be
appropriate by the Board of Directors of the Company in order to prevent
dilution or enlargement of rights, provided that any fractional shares resulting
from such adjustment shall be eliminated by rounding to the next lower whole
number of shares.

        8.     Miscellaneous.

               8.1 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

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<PAGE>

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.

               8.2 Holder and Stockholder Rights. The Holder shall not have any
of the rights of a stockholder with respect to the Warrant Shares until such
shares have been issued after the due exercise of this Warrant.

               8.3 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.

               8.4 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 Warrant. This
Agreement may not be amended except by writing executed by the Holder and the
Company.

               8.5 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.

               8.6 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).

               8.7 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.

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<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

   /s/ Anthony J. Kirincic
By:___________________________________
   Anthony J. Kirincic, President

<PAGE>

                                                                      EXHIBIT A

                      FORM OF NOTICE OF EXERCISE OF WARRANT

----------------------------
         DATE

Kirlin Holding Corp.
Attention: Board of Directors

                    Re:      Purchase of Warrant Shares

Gentlemen:

          In accordance with my Warrant dated as of August 29, 2001 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
                    $_____________;

          |_|       with the consent of the Company, 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 Section 1.3.3 of
                    the Warrant) of $_________;

          |_|       with the consent of the Company, through broker payment (see
                    broker letter attached); and/or

          |_|       I hereby surrender the portion of the unexercised, but
                    exercisable, portion of the Warrant having a value equal to
                    the Exercise Price multiplied by the number of shares of
                    Common Stock being purchased hereunder, to wit: the Warrant
                    to purchase _______ Warrant Shares.

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

                   (ii) I have 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 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 Warrant Shares, which cannot be sold by me unless they are
registered under the Securities Act of 1933 (the "1933 Act") or an exemption

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<PAGE>

therefrom is available thereunder and that the Company is under no obligation to
register the Warrant Shares for sale under the 1933 Act;

                   (iv) I am an accredited investor within the meaning of Rule
501(a) promulgated under the 1933 Act;

                   (v) I agree that I will not sell, transfer by any means or
otherwise dispose of the Warrant Shares acquired by me hereby until August 29,
2002 for such Warrant Shares without the prior written consent of the Company. I
agree that the Company shall place stop transfer orders with its transfer agent
against the transfer of the Warrant Shares and the Certificates evidencing the
Warrant Shares shall bear an appropriate restrictive legend until such
restriction expires;

                   (vi) 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 Warrant Shares in the
absence of registration under the 1933 Act or an exemption therefrom as provided
herein;

                   (viii) My rights with respect to the Warrant Shares, in all
respects, are subject to the terms and conditions of this Agreement; and

                   (ix) If, at the time of issuance of the Warrant Shares, the
issuance of such shares has not been registered under the 1933 Act, the
certificates evidencing the Warrant Shares shall bear an appropriate restrictive
legend.

Kindly forward to me my certificate at your earliest convenience.

Very truly yours,

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

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

                                       10EXHIBIT 10.19

                              EMPLOYMENT AGREEMENT

         AGREEMENT dated as of April 3, 2001 between Kirlin Securities, Inc., a
Delaware corporation having its principal office at 6901 Jericho Turnpike,
Syosset, New York 11791 ("Corporation"), and Martin F. Schacker, residing at the
address indicated on the signature page hereof ("Executive").

                                    RECITALS

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

          IT IS AGREED:

1.        Employment, Duties and Acceptance.

          1.1 General. Corporation hereby employs Executive in the capacity of
Investment Banking Consultant and Registered Representative and Executive hereby
accepts such employment, subject to the terms and conditions herein contained.
The Executive's primary functions and duties will be to (i) negotiate and
structure public and private financings, (ii) advise clients with respect to
mergers and acquisitions and (iii) serve as account representative for his
customers' accounts and to assist in the business development of the
Corporation. In addition, the Executive will serve as an advisor to the
investment banking department of the Corporation. All of Executive's powers and
authority in such capacity at all times will be subject to the direction and
control of the Corporation's Board of Directors and its co-Chief Executive
Officers. The Board of Directors or either of the co-Chief Executive Officers
may assign such general management duties for the Corporation and its
subsidiaries and affiliates are consistent with the executive status of
Executive.

          1.2 Part-Time Position. Executive agrees to devote up to 10% of his
time, energies and attention to the business and affairs of the Corporation and
its subsidiaries and affiliates in the performance of his duties hereunder. The

<PAGE>

Corporation acknowledges that the Executive from time to time may have extended
absences of up to 4 to 6 weeks at a time from the Corporation's offices as a
result of Executive's travel for personal or other business reasons. Nothing
herein shall be construed as preventing Executive from (a) devoting 90% or less
of his business time to the operations of Innapharma, Inc., or (b) making or
supervising personal investments, provided that (i) except in connection with
Innapharma, Inc., 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 metropolitan New York area,
and will undertake such occasional travel as is reasonably necessary in the
interests of the Corporation. Executive acknowledges that the Corporation's
principal place of business is located in Syosset, New York and hereby agrees
that the Corporation may reasonably require that the Executive travel to such
location on a regular basis.

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
and affiliates, the Corporation agrees to pay, or cause to be paid, to
Executive, in the manner hereinafter provided, (i) base salary (hereinafter
"Base Salary") at the rate of $24,000 per annum, payable in periodic
installments in accordance with the Corporation's normal payroll procedures, and
(ii) the additional compensation hereinafter set forth in this Section 2.

          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.

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          2.3 Brokerage Commissions; Investment Banking Compensation.

          (i)       Executive will be entitled to receive brokerage commissions
                    from customer accounts for which the Executive is the
                    designated account representative at a 60% payout rate (55%
                    in cash and 5% as part of the Corporation's Deferred
                    Commission Program), less customary charges in accordance
                    with the Corporation's general policies in effect from time
                    to time, and payable in accordance with the Corporation's
                    normal payroll procedures.

          (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.

          2.4 Stock Option. On the date hereof, the Board of Directors or Stock
Option Committee of Kirlin Holding Corp. ("Parent") has granted Executive a
ten-year option to purchase 569,921 shares of common stock of Parent with an
exercise price equal to $1.50 per share, vesting in two equal installments on
each of the first and second anniversaries of the Commencement Date, to 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 employees in
accordance with the terms of such plans and arrangements.

          2.6 Vacation. Since Executive's position with the Corporation is a
part-time position, Executive will not be entitled to any paid vacation.

          2.7 Expenses. The Corporation will reimburse Executive in accordance
with its regular policies and practices for business expenses (other than for
personal automobiles that are intended to be covered by the allowance provided
for in subsection 2.8) reasonably incurred by Executive in connection with the

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

          2.8 Automobile Allowance. The Corporation will pay to Executive a
$1,000 monthly non-accountable expense allowance, payable through the
Corporation's normal payroll.

          2.9 Directors and Officers Insurance Coverage. As long as the
Executive is serving as a director of either the Corporation or Parent, the
Corporation shall cause the Executive to be covered under any directors and
officers liability insurance policies maintained by Parent.

3.        Term; Interim Consultancy. The term of this Agreement shall
commence ("Commencement Date") on the Closing Date of the Agreement of even date
herewith among M.S. Farrell & Co., Inc., the Corporation, Kirlin Holding Corp.,
et al. ("April 2001 Agreement"), and shall continue for a period of 30 months,
unless sooner terminated as herein provided. Notwithstanding the foregoing,
between the date hereof and the Commencement Date, Executive shall serve as a
consultant to the Corporation (without payment of any remuneration) for the
purpose of assisting the Corporation in implementing an orderly transition of
certain assets of M.S. Farrell & Co., Inc. to the Corporation on the Closing
Date pursuant to the April 2001 Agreement. If the April 2001 Agreement is
terminated for any reason pursuant to the provisions of Section 10 thereof, this
Agreement shall also terminate.

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 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

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contemplated by this Agreement for 60 consecutive days (or an aggregate of 90
days) during any 6-month 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 all brokerage
commissions earned by Executive through the date of termination.

          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 subsection 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
                    either of the co-Chief Executive Officers, 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;

          (iv)      If Executive is convicted of, or pleaded guilty or nolo
                    contendere to, (A) any felony crime or (B) any crime
                    involving moral turpitude or which may harm the reputation

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                    of the Corporation or its subsidiaries or affiliates in the
                    sole determination of the Board of Directors;

          (v)       If Executive has imposed against him a permanent bar (or a
                    temporary suspension of 30 days or more, 60 days with
                    respect to a suspension arising from the matters relating to
                    NASD Docket/Case Number E10990544) from association with a
                    securities firm by any Federal, state or regulatory agency
                    or self-regulatory body, or is otherwise the subject of
                    regulatory action which may harm the reputation of the
                    Corporation or its subsidiaries or affiliates in the sole
                    determination of the Board of Directors; or

          (vi)      If Executive committed an act (or the failure thereof) which
                    involves intentional wrongdoing or gross negligence.

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 48 hours after learning of such subpoena, court order, or
other government process, will notify, by personal delivery or by facsimile,

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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.

          5.2 Termination of Employment. Upon termination of his employment with
Corporation, 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 his employment with the
Corporation 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 while the Executive was employed by Corporation; 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 the Corporation for which the Executive (A) was
the designated account representative for such customer while that customer
maintained an account at M.S. Farrell & Co., Inc., a list of such customers of
which shall be annexed to the Association Agreement between the Executive and
the Corporation to be entered into on the Commencement Date or (B) opened the
account through his own leads and referrals, and not through leads provided by
the Corporation, and the Executive has indicated this in writing to the
Corporation as part of the normal account opening procedures of the Corporation.

                                       7
<PAGE>

          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.
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:

          (i)       Executive has the right to enter into this Agreement and is
                    not subject to any contract, commitment, agreement,

                                       8

<PAGE>

                    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 with M.S. Farrell & Co., Inc.; and

          (ii)      To the best of Executive's knowledge, Executive is not
                    subject to any undisclosed medical condition which might
                    have a material effect on Executive's ability to perform
                    satisfactorily Executive's services hereunder.

          (iii)     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 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 by M.S. Farrell &
                    Co., Inc., or any of its stockholders, officers, directors
                    or employees.

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 party
to receive the same at his or its address above set forth herein, or such other
address as the party to receive the same shall have specified by written notice
given in the manner provided for in this subsection 7.1.

          7.2 Entire Agreement. This Agreement, together with the Stock Option
Agreement and Association Agreement referred to in subsections 2.4 and 5.3,
respectively, set forth the entire agreement of the parties with respect to the
subject matter hereof and is intended to supersede all prior negotiations,

                                       9

<PAGE>

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.

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.

                                       10
<PAGE>

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

KIRLIN SECURITIES, INC.

   /s/ Anthony J. Kirincic                      /s/ Martin F. Schacker
By_______________________________           ____________________________________
   Anthony J. Kirincic, President                   Martin F. Schacker

                                            Residence Address of Executive:

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

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

                                       11

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