Document:

EXHIBIT 10.23

                        Document Security Systems, Inc.
                          36 W. Main Street, Suite 710
                               Rochester, NY 14614

                     AMENDMENT TO PLACEMENT AGENT AGREEMENT
                             DATED OCTOBER 29, 2003

Fordham Financial Management, Inc.                              December 9, 2003
14 Wall Street, 18th Floor
New York, NY 10005

Dear Sirs:

         Appended hereto is a Supplement No. 2 dated as of December 9, 2003
which supplements and amends the Offering Memorandum dated October 29, 2003 as
previously amended by a Supplement No. 1 of Document Security Systems, Inc. (the
"Company" or "DCSS"). The Placement Agent Agreement dated October 29, 2003 by
and between the Company and Fordham Financial Management, Inc. is hereby amended
by the terms of the appended Supplement No. 2. Further, it is understood that
Fordham's counsel shall file an amended Form D with the Securities and Exchange
Commission and with all blue sky states to reflect the increased offering. DCSS
agrees to pay Morse & Morse, PLLC a fee of $2,500 to make all required filings
plus to advance any additional filing fees required by the states.

         By signing below, the parties agree that the Placement Agent Agreement
dated October 29, 2003, as amended herein, shall constitute the entire agreement
between the parties and may only be amended in writing by the parties hereto.

         If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us a counterpart hereof, whereupon this
instrument along with all counterparts will become a binding agreement between
the Placement Agent and us in accordance with its terms.

                                         Very truly yours,

                                         DOCUMENT SECURITY
                                         SYSTEMS, INC.

                                         By: _________________________
                                             Patrick White, President

Confirmed and Accepted as of
the date first above written.

FORDHAM FINANCIAL MANAGEMENT, INC.

By:__________________________________
    William Baquet, Chief Executive Officer

<PAGE><PAGE>
                                                                   Exhibit 10.88

                                                                  EXECUTION COPY

                           SECOND AMENDED AND RESTATED
                             CONTRIBUTION AGREEMENT

                                  BY AND AMONG

                               STEVEN B. SCHNALL,

                  STEVEN B. SCHNALL ANNUITY TRUST U/A 3/25/04,

                                JOSEPH V. FIERRO

                                       AND

              2004 JOSEPH V. FIERRO GRANTOR RETAINED ANNUITY TRUST,

                              AS THE CONTRIBUTORS,

                                       AND

                          NEW YORK MORTGAGE TRUST, INC.
                             A MARYLAND CORPORATION,

                                 AS THE ACQUIRER

                                 APRIL 29, 2004
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          Page
<S>                                                                                       <C>
ARTICLE I THE CONTRIBUTION..............................................................   2
         1.1        Contribution of Contributed Interests...............................   2
         1.2        Consideration.......................................................   2
         1.3        Escrowed Shares and Indemnification by the Contributors.............   2
         1.4        Payment and Delivery Instructions...................................   3
         1.5        Tax Treatment of Transaction........................................   3

ARTICLE II REPRESENTATIONS, WARRANTIES, COVENANTS AND OTHER AGREEMENTS..................   3
         2.1        Representations and Warranties by Acquirer..........................   3
         2.2        Representations and Warranties by Contributors......................   4
         2.3        Covenants by Contributors...........................................   6
         2.4        Satisfaction of Conditions..........................................   6
         2.5        Acquirer's Indemnity................................................   7

ARTICLE III CONDITIONS PRECEDENT TO THE CLOSING.........................................   7
         3.1        Conditions to Acquirer's Obligations................................   7
         3.2        Conditions to Contributors' Obligations.............................   7

ARTICLE IV CLOSING AND CLOSING DOCUMENTS................................................   8
         4.1        Closing.............................................................   8
         4.2        Contributors' Deliveries............................................   8
         4.3        Acquirer's Deliveries...............................................   8
         4.4        Fees and Expenses; Closing Costs....................................   9

ARTICLE V MISCELLANEOUS.................................................................   9
         5.1        Notices.............................................................   9
         5.2        Entire Agreement; Modifications and Waivers; Cumulative Remedies....  10
         5.3        Exhibits............................................................  11
         5.4        Successors and Assigns..............................................  11
         5.5        Article Headings....................................................  11
         5.6        Governing Law.......................................................  11
         5.7        Counterparts........................................................  11
         5.8        Survival............................................................  11
         5.9        Further Acts........................................................  11
         5.10       Severability........................................................  12
         5.11       Attorneys' Fees.....................................................  12
         5.12       Confidentiality.....................................................  12
EXHIBITS
         A        Form of Assignment of Membership Interest
</TABLE>
<PAGE>
               SECOND AMENDED AND RESTATED CONTRIBUTION AGREEMENT

      THIS SECOND AMENDED AND RESTATED CONTRIBUTION AGREEMENT (this "Agreement")
is made as of the 29th day of April, 2004, by and among STEVEN B. SCHNALL, an
individual ("Schnall"), the STEVEN B. SCHNALL ANNUITY TRUST U/A 3/25/04, a
Delaware Trust (the "Schnall Trust"), JOSEPH V. FIERRO, an individual
("Fierro"), and 2004 JOSEPH V. FIERRO GRANTOR RETAINED ANNUITY TRUST, a Delaware
Trust (the "Fierro Trust") (Schnall, the Schnall Trust, Fierro and the Fierro
Trust collectively are the "Contributors"); and NEW YORK MORTGAGE TRUST, INC., a
Maryland corporation (the "Acquirer").

                                    RECITALS

      A. The New York Mortgage Company, LLC, a New York limited liability
company ("NYMC"), was formed in 1998 as the result of a combination of the
assets and staff of its two principals' predecessor firms, New York Mortgage
Corp. and First Security Financial Services Inc. NYMC is governed by the terms
of that certain Amended and Restated Operating Agreement of NYMC dated as of
June 30, 1999, as amended as of August 31, 2003 and as further amended as of
March 25, 2004 (the "LLC Agreement") by and among the Contributors.

      B. Schnall is the owner of a 53.05% membership interest in NYMC (the
"Schnall Interest"). The Schnall Trust is the owner of a 16.95% membership
interest in NYMC (the "Schnall Trust Interest"). Schnall is the trustee of the
Schnall Trust with full discretionary dispositive power with respect to the
Schnall Trust Interest. Fierro is the owner of a 25.16% membership interest in
NYMC (the "Fierro Interest"). The Fierro Trust is the owner of a 4.84%
membership interest in NYMC (the "Fierro Trust Interest"). Fierro is the trustee
of the Fierro Trust with full discretionary dispositive power with respect to
the Fierro Trust Interest. Collectively, the Contributors are the record and
beneficial owners of 100% of the membership interests in NYMC (the "Contributed
Interests"). The Contributors desire to contribute the Contributed Interests to
the Acquirer, and the Acquirer desires to acquire the Contributed Interests from
the Contributors, on the terms and conditions hereinafter set forth.

      C. This Agreement amends and restates that certain Amended and Restated
Contribution Agreement, dated March 25, 2004, by and among the parties hereto,
which in turn amended and restated that certain Contribution Agreement, dated
December 22, 2003, by and among Steven B. Schnall and Joseph V. Fierro and New
York Mortgage Trust, Inc.

                                    AGREEMENT

      NOW, THEREFORE, for and in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

                                      -1-
<PAGE>
                                    ARTICLE I

                                THE CONTRIBUTION

      1.1 Contribution of Contributed Interests.

      The Contributors agree to contribute and transfer the Contributed
Interests to the Acquirer, and the Acquirer agrees to accept transfer of the
Contributed Interests pursuant to the terms and conditions set forth in this
Agreement. The Contributed Interests shall be transferred to the Acquirer free
and clear of all liens, encumbrances, security interests, prior assignments or
conveyances, conditions, restrictions, claims, and other matters affecting title
thereto.

      1.2 Consideration.

      The total consideration (the "Consideration") for which the Contributors
agree to contribute and assign the Contributed Interests to the Acquirer, and
which the Acquirer agrees to pay or deliver to the Contributors, subject to the
terms of this Agreement, shall be,

            (a) to Schnall, One Million Four Hundred Fifty Eight Thousand Eight
Hundred and Seventy Five (1,458,875) shares of common stock of the Acquirer, par
value $0.01 per share ("Common Stock");

            (b) to the Schnall Trust, Four Hundred and Sixty Six Thousand One
Hundred and Twenty Five (466,125) shares of Common Stock;

            (c) to Fierro, Six Hundred and Ninety One Thousand Nine Hundred
(691,900) shares of Common Stock; and

            (d) to the Fierro Trust, One Hundred Thirty Three Thousand One
Hundred (133,100) shares of Common Stock.

      1.3 Escrowed Shares and Indemnification by the Contributors.

            (a) Notwithstanding anything to the contrary contained herein,
53,050 of the shares of Common Stock issuable to Schnall under Section 1.2(a)
(the "Escrowed Schnall Shares"), 16,950 of the shares of Common Stock issuable
to the Schnall Trust under Section 1.2(b) (the "Escrowed Schnall Trust Shares"),
25,160 of the shares of Common Stock issuable to Fierro under Section 1.2(c)
(the "Escrowed Fierro Shares") and 4,840 of the shares of Common Stock issuable
to the Fierro Trust under Section 1.2(d) (the "Escrowed Fierro Trust Shares"
and, together with the Escrowed Schnall Shares, the Escrowed Schnall Trust
Shares and the Escrowed Fierro Shares, the "Escrowed Shares") will be deposited
into a an escrow account with an independent third party escrow agent that is
mutually acceptable to the parties hereto and held in such escrow account until
December 31, 2004.

            (b) The Contributors hereby agree to indemnify and hold harmless the
Acquirer from and against any and all losses actually incurred by the Acquirer
as a result of defaults on any residential mortgage loans originated by NYMC and
closed prior to the Closing Date. The indemnification obligations of the
Contributors under this Section 1.3(b) shall be

                                      -2-
<PAGE>
satisfied exclusively out of the Escrowed Shares, pro rata in accordance with
the respective ownership interests of the Contributors in NYMC, and shall be
limited to the Escrowed Shares. The number of Escrowed Shares, if any, that are
distributable to the Contributors at the time the Escrow Period terminates in
accordance with Section 1.3(a) hereof shall be reduced by a number of shares
equal to the aggregate amount of any indemnification claims by the Acquirer
hereunder that are outstanding at the time the Escrow Period terminates divided
by the average of the closing prices of the Acquirer's common stock on the New
York Stock Exchange on the 20 consecutive trading days preceding such date. The
Acquirer shall notify the Contributors of any indemnification claim hereunder by
providing written notice to the Contributors of such claim. The Acquirer shall
deliver a copy of any such written notice to the escrow agent for the Escrowed
Shares.

      1.4 Payment and Delivery Instructions.

      Schnall, for himself and the Schnall Trust, and Fierro, for himself and
the Fierro Trust, shall each provide written instructions to the Acquirer at
least 48 hours prior to the Closing setting out delivery instructions for the
delivery of the shares of Common Stock issuable pursuant to Section 1.2(a),
Section 1.2(b), Section 1.2(c) and Section 1.2(d), respectively.

      1.5 Tax Treatment of Transaction.

      Notwithstanding anything to the contrary contained in this Agreement,
including without limitation the use of words and phrases such as "sell,"
"sale," purchase," and "pay," the parties hereto acknowledge and agree that it
is their assumption and intention that the transaction contemplated hereby shall
be treated for federal income tax purposes as a tax-free nonrecognition
transaction under Section 351 or 354 of the Internal Revenue Code of 1986, as
amended (the "Code"). The parties further agree to cooperate with each other in
preparing any tax returns, statements, and forms consistent with that assumption
and necessary or appropriate to effectuate that intention.

                                   ARTICLE II

           REPRESENTATIONS, WARRANTIES, COVENANTS AND OTHER AGREEMENTS

      2.1 Representations and Warranties by Acquirer.

      The Acquirer hereby represents and warrants to the Contributors as of the
date of this Agreement and as of the Closing Date as follows:

            (a) Organization and Power. The Acquirer is duly organized, validly
existing, and in good standing under the laws of the State of Maryland, and has
full right, power, and authority to enter into this Agreement and to assume and
perform all of its obligations under this Agreement; and, the execution and
delivery of this Agreement and the performance by the Acquirer of its
obligations hereunder have been duly authorized by all requisite action of the
Acquirer and require no further action or approval of the Acquirer's
stockholders or of any other individuals or entities in order to constitute this
Agreement as a binding and enforceable obligation of the Acquirer.

                                      -3-
<PAGE>
            (b) Noncontravention. Neither the entry into nor the performance of,
or compliance with, this Agreement by the Acquirer has resulted, or will result,
in any violation of, or default under, or result in the acceleration of, any
obligation under any existing mortgage, indenture, lien agreement, note,
contract, permit, judgment, decree, order, restrictive covenant, statute, rule,
or regulation applicable to the Acquirer.

            (c) Litigation. There is no action, suit, or proceeding, pending or
known to be threatened, against or affecting the Acquirer in any court or before
any arbitrator or before any federal, state, municipal, or other governmental
department, commission, board, bureau, agency or instrumentality which (i) in
any manner raises any question affecting the validity or enforceability of this
Agreement, (ii) could materially and adversely affect the business, financial
position, or results of operations of the Acquirer, (iii) could materially and
adversely affect the ability of the Acquirer to perform its obligations
hereunder, or under any document to be delivered pursuant hereto.

            (d) Shares of Common Stock Validly Issued. The shares of Common
Stock, when issued to Schnall, the Schnall Trust, Fierro and the Fierro Trust,
will have been duly and validly authorized and issued, free of any preemptive or
similar rights, and will be fully paid and nonassessable.

            (e) Consents. Except as may otherwise be set forth in Section 3.1
hereof, each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency
or body necessary for the execution, delivery, and performance of this Agreement
or the transactions contemplated hereby by the Acquirer has been obtained or
will be obtained on or before the Closing Date.

      2.2 Representations and Warranties by Contributors.

      Each of the Contributors hereby severally, and not jointly, makes the
following representations and warranties as of the date of this Agreement as of
the Closing Date:

            (a) Ownership, Organization and Power. Schnall is the record and
beneficial owner of the Schnall Interest. The Schnall Trust is the record owner
of the Schnall Trust Interest and Schnall is the sole trustee of the Schnall
Trust with full discretionary dispositive power with respect to the Schnall
Trust Interest. Fierro is the record and beneficial owner of the Fierro
Interest. The Fierro Trust is the record owner of the Fierro Trust Interest and
Fierro is the sole trustee of the Fierro Trust with full discretionary
dispositive power with respect to the Fierro Trust Interest. Collectively, the
Schnall Interest, the Schnall Trust Interest, the Fierro Interest and the Fierro
Trust Interest comprise 100% of the outstanding equity interests in NYMC and
there are no outstanding options, warrants, subscriptions or other rights to
acquire equity interests in NYMC or agreements to issue any such options,
warrants, subscriptions or other rights. NYMC is a limited liability company,
duly organized, validly existing, and in good standing under the laws of the
State of New York. The Contributors have full right, power, and authority to
enter into this Agreement and to assume and perform all of their respective
obligations under this Agreement; and the execution and delivery of this
Agreement and the performance by the Contributors of their respective
obligations hereunder have been duly

                                      -4-
<PAGE>
authorized by all requisite action of the Contributors and require no further
action or approval of NYMC.

            (b) Litigation. To the knowledge of the Contributors, there is no
action, suit, or proceeding, pending or known to be threatened, against or
affecting the Contributors or NYMC in any court or before any arbitrator or
before any federal, state, municipal, or other governmental department,
commission, board, bureau, agency or instrumentality which (A) in any manner
raises any question affecting the validity or enforceability of this Agreement,
(B) could materially and adversely affect the business, financial position, or
results of operations of NYMC, (C) could materially and adversely affect the
ability of the Contributor to perform their respective obligations hereunder, or
under any document to be delivered pursuant hereto, (D) could create a lien on
the Contributed Interests or any interest therein, or (E) could materially and
adversely affect the Contributed Interests or NYMC or any interest therein.

            (c) No Encumbrances. (A) The Contributed Interests are held by the
Contributors free and clear of all liens, encumbrances, pledges, conditions,
restrictions, claims and security interests and any other matters affecting
title thereto, other than such liens, encumbrances, pledges, conditions,
restrictions, claims or security interests that will be terminated or released
prior to the Closing Date, and (B) the Contributors have not granted any other
person or entity an option to purchase or a right of first refusal with respect
to the Contributed Interests nor are there any agreements or understandings
between the Contributors and any other person or entity with respect to the
disposition of the Contributed Interests.

            (d) No Consents. Except as may otherwise be set forth in Section 3.1
hereof, each consent, approval, authorization, order, license, certificate,
permit, registration, designation, or filing by or with any governmental agency
or body necessary for the execution, delivery, and performance of this Agreement
or the transactions contemplated hereby by the Contributors have been obtained
or will be obtained on or before the Closing Date.

            (e) Tax Matters. (A) To the best of the knowledge of the
Contributors, (i) NYMC has filed within the time periods (including any
extensions of such time periods filed by NYMC) and in the manner prescribed by
law all federal, state, and local tax returns and reports, including but not
limited to income, gross receipts, intangible, real property, excise,
withholding, franchise, sales, use, employment, personal property, and other tax
returns and reports, required to be filed by NYMC under the laws of the United
States and of each state or other jurisdiction in which NYMC conducts business
activities requiring the filing of tax returns or reports, (ii) all tax returns
and reports filed by NYMC are true and correct in all material respects, (iii)
NYMC has paid in full all material taxes of whatever kind or nature to be paid
by NYMC for the periods covered by such returns (unless an extension of such
periods has been properly filed for such returns), (iv) NYMC has no material tax
deficiency or claim outstanding, assessed, threatened, or proposed against it,
(v) the charges, accruals, and reserves for unpaid taxes on the books and
records of NYMC as of the Closing Date are sufficient in all material respects
for the payment of all unpaid federal, state, and local taxes of NYMC accrued
for or applicable to all periods ended on or before the Closing Date, (vi) there
are no material tax liens, whether imposed by the United States, any state,
local, or other taxing authority, outstanding against NYMC or any of its assets,
and (vii) the federal, state, and local tax returns of NYMC are not currently
under audit, nor has NYMC received any notice of any federal, state, or local
audit.

                                      -5-
<PAGE>
                  (B) The Contributors represent and warrant that NYMC has
properly filed an Internal Revenue Service ("IRS") Form 8832 with the IRS
electing to be treated as a corporation for federal income tax purposes and that
such election became effective no later than January 1, 2004. The Contributors
further represent and warrant that NYMC has filed or will file an IRS Form 2553
with the IRS electing to be treated as an S corporation for federal income tax
purposes and that such election became effective no later than January 1, 2004.

                  (C) The Contributors represent and warrant that they have
obtained from their own counsel advice regarding the transaction contemplated by
this Agreement, including, without limitation, the tax consequences of the
transfer of the Contributed Interests to the Acquirer and the receipt of Common
Stock and/or cash as consideration therefor.

      2.3 Covenants by Contributors.

            (a) Between the date hereof and the Closing Date, the Contributors
will (A) operate NYMC only in the usual, regular, and ordinary manner consistent
with such entity's prior practice and (B) maintain NYMC books of account and
records in the usual, regular, and ordinary manner, in accordance with sound
accounting principles applied on a basis consistent with the basis used in
keeping its books in prior years. From the date hereof until the Closing Date,
the Contributors shall not take any action or fail to take any action the result
of which would (1) have a material adverse effect on the Contributed Interests,
NYMC or the Acquirer's ability to continue the operation thereof after the
Closing Date in substantially the same manner as presently conducted or (2)
would cause any of the representations and warranties contained in Section 2.2
to be untrue as of the Closing Date.

            (b) The Contributors hereby covenant and agree to take all
appropriate and reasonable actions necessary or advisable to facilitate
completion of the IPO. The Contributors shall not knowingly take any action that
could reasonably be expected to have an adverse effect on the completion of the
IPO.

      2.4 Satisfaction of Conditions.

      The Acquirer hereby covenants and agrees that the Acquirer shall: (a) use
commercially reasonable efforts and diligence in order to satisfy all of the
conditions set forth in subsections 3.1(d), (e) and (h), and Section 3.2 hereof,
and (b) cooperate and assist in the Contributors' efforts to satisfy the
conditions set forth in subsection 3.1(c) hereof; and the Contributors shall not
have any obligation to consummate the Closing hereunder unless and until all
such conditions have been satisfied or waived by the Contributors in writing.
The Contributors hereby covenant and agree that they shall: (a) use commercially
reasonable efforts and diligence in order to satisfy all of the conditions set
forth in subsections 3.1(a), (b) and (c) hereof, and (B) cooperate and assist in
the Acquirer's efforts to satisfy the conditions set forth in subsections 3.1(d)
and subsection 3.2(c) hereof; and the Acquirer shall not have any obligation to
consummate the Closing hereunder unless and until such conditions have been
satisfied or waived by the Acquirer in writing.

                                      -6-
<PAGE>
      2.5 Acquirer's Indemnity.

      The Acquirer agrees to indemnify and hold each of the Contributors
harmless of and from all liabilities, losses, damages, costs, claims,
obligations and expenses (including reasonable attorneys' fees) which either or
both of the Contributors may suffer or incur by reason of (a) any breach of the
Acquirer's representations, warranties, covenants or agreements contained in
this Agreement, (b) any act or cause of action occurring or accruing on or after
the Closing Date and arising from the ownership of the Contributed Interests or
the operation of NYMC's business on or after the Closing Date and (c) any
guarantee by either or both of the Contributors in existence prior to or as of
the Closing Date of or relating to any liability or obligation of NYMC (the
"Contributor Guarantees"). In addition, the Acquirer hereby agrees to take all
actions necessary to cause all Contributor Guarantees to be terminated or
released in full with any continuing liability or obligation on the part of the
Contributors as soon as reasonably practicable following the Closing Date.

                                   ARTICLE III

                       CONDITIONS PRECEDENT TO THE CLOSING

      3.1 Conditions to Acquirer's Obligations.

      In addition to any other conditions set forth in this Agreement, the
Acquirer's obligation to consummate the Closing is subject to the timely
satisfaction of each and every one of the conditions and requirements set forth
in this Section 3.1, all of which shall be conditions precedent to the
Acquirer's obligations under this Agreement.

            (a) Contributors' Obligations. The Contributors shall have performed
all covenants, agreements and other obligations of the Contributors hereunder
which are to be performed prior to the Closing, and shall have delivered or
caused to be delivered to the Acquirer all of the documents and other
information required of the Contributors pursuant to Section 4.2.

            (b) Contributors' Representations and Warranties. The Contributors'
representations and warranties set forth in Section 2.2 shall be true and
correct as if made again on the Closing Date.

            (c) No Injunction. On the Closing Date, there shall be no effective
injunction, writ, preliminary restraining order or other order issued by a court
of competent jurisdiction restraining or prohibiting the consummation of the
transactions contemplated hereby.

            (d) Completion of IPO. The IPO shall have been completed.

      3.2 Conditions to Contributors' Obligations.

      In addition to any other conditions set forth in this Agreement, the
Contributors' obligations to consummate the Closing are subject to the timely
satisfaction of each and every one of the conditions and requirements set forth
in this Section 3.2, all of which shall be conditions precedent to the
Contributors' obligations under this Agreement.

                                      -7-
<PAGE>
            (a) Acquirer's Obligations. The Acquirer shall have performed all
covenants, agreements and other obligations of the Acquirer hereunder which are
to be performed prior to the Closing, and shall have delivered or caused to be
delivered to the Contributor, all of the documents and other information
required of the Acquirer pursuant to Section 4.3.

            (b) Acquirer's Representations and Warranties. The Acquirer's
representations and warranties set forth in Section 2.1 shall be true and
correct as if made again on the Closing Date.

            (c) Completion of IPO. The IPO shall have been completed.

                                   ARTICLE IV

                          CLOSING AND CLOSING DOCUMENTS

      4.1 Closing.

      The consummation and closing (the "Closing") of the transactions
contemplated under this Agreement shall take place at the offices of the
Acquirer in New York, New York, or such other place as is mutually agreeable to
the parties, on the date of the closing of the IPO (the "Closing Date");
provided, that this Agreement shall be terminated and the parties shall have no
obligations hereunder if the IPO closing does not occur by May 31, 2004.

      4.2 Contributors' Deliveries.

      At the Closing, the Contributors shall deliver the following to the
Acquirer in addition to all other items required to be delivered to the Acquirer
by the Contributors:

            (a) Contribution and Assignment of Contributed Interests. Each
Contributor shall have executed and delivered a Contribution and Assignment, in
substantially the form of Exhibit A attached hereto, contributing, assigning,
granting and conveying to the Acquirer good and indefeasible title to the
Contributed Interests owned by such Contributor, free and clear of all liens,
encumbrances, security interests, prior assignments, conditions, restrictions,
claims, and other matters affecting title thereto.

            (b) Bring-Down Certificate. A certificate signed by both
Contributors that all conditions to the Acquirer's obligations set forth in
Section 3.1 hereof have been satisfied.

      4.3 Acquirer's Deliveries.

      At the Closing, the Acquirer shall deliver the following:

            (a) Certificates for Shares of Common Stock. If certificates are
issued, certificates representing shares of Common Stock duly issued by the
Acquirer in the name of the Contributors as of the Closing Date representing the
shares of Common Stock to which the Contributors are entitled pursuant to
Section 1.2 of this Agreement.

                                      -8-
<PAGE>
            (b) Bring-Down Certificate. A certificate signed by an authorized
officer of the Acquirer that all conditions to the Contributors' obligations set
forth in Section 3.2 hereof have been satisfied.

      4.4 Fees and Expenses; Closing Costs.

      The Acquirer shall pay all fees, expenses and closing costs relating to
the transactions contemplated by this Agreement.

                                    ARTICLE V

                                  MISCELLANEOUS

      5.1 Notices.

      Any notice provided for by this Agreement and any other notice, demand, or
communication required hereunder shall be in writing and either delivered in
person (including by confirmed facsimile transmission) or sent by hand delivered
against receipt or sent by recognized overnight delivery service or by certified
or registered mail, postage prepaid, with return receipt requested. All notices
shall be addressed as follows:

         Acquirer:

         New York Mortgage Trust, Inc.
         1301 Avenue of the Americas
         New York, New York  10019
         Attention:  President
         Fax No.: (212) 655-6269

         with a copy to:

         Hunton & Williams LLP
         Riverfront Plaza, East Tower
         951 E. Byrd Street
         Richmond, Virginia 23219
         Attention:  Daniel M. LeBey, Esq.
         Fax No.: (804) 788-8218

         Contributors:

         Steven B. Schnall
         c/o The New York Mortgage Company, LLC
         1301 Avenue of Americas
         New York, New York  10019
         Fax No.: (212) 634-9420

         Steven B. Schnall Annuity Trust U/A March 25, 2004

                                      -9-
<PAGE>
         c/o The New York Mortgage Company, LLC
         1301 Avenue of Americas
         New York, New York  10019
         Fax No.: (212) 634-9420

         Joseph V. Fierro
         c/o The New York Mortgage Company, LLC
         1301 Avenue of Americas
         New York, New York  10019
         Fax No.: (212) 634-9420

         and

         2004 Joseph V. Fierro Grantor Retained Annuity Trust
         c/o The New York Mortgage Company, LLC
         1301 Avenue of Americas
         New York, New York  10019
         Fax No.: (212) 634-9420

      Any address or name specified above may be changed by a notice given by
the addressee to the other party. Any notice, demand or other communication
shall be deemed given and effective as of the date of delivery in person or
receipt set forth on the return receipt. The inability to deliver because of
changed address of which no notice was given, or rejection or other refusal to
accept any notice, demand or other communication, shall be deemed to be receipt
of the notice, demand or other communication as of the date of such attempt to
deliver or rejection or refusal to accept.

      5.2 Entire Agreement; Modifications and Waivers; Cumulative Remedies.

      This Agreement supersedes any existing letter of intent between the
parties, constitutes the entire agreement among the parties hereto and may not
be modified or amended except by instrument in writing signed by the parties
hereto, and no provisions or conditions may be waived other than by a writing
signed by the party waiving such provisions or conditions. No delay or omission
in the exercise of any right or remedy accruing to the Contributors or the
Acquirer upon any breach under this Agreement shall impair such right or remedy
or be construed as a waiver of any such breach theretofore or thereafter
occurring. The waiver by the Contributors or the Acquirer of any breach of any
term, covenant, or condition herein stated shall not be deemed to be a waiver of
any other breach, or of a subsequent breach of the same or any other term,
covenant, or condition herein contained. All rights, powers, options, or
remedies afforded to Contributors or the Acquirer either hereunder or by law
shall be cumulative and not alternative, and the exercise of one right, power,
option, or remedy shall not bar other rights, powers, options, or remedies
allowed herein or by law, unless expressly provided to the contrary herein.

                                      -10-
<PAGE>
      5.3 Exhibits.

      All exhibits referred to in this Agreement and attached hereto are hereby
incorporated in this Agreement by reference.

      5.4 Successors and Assigns.

      Upon the request of the Acquirer, the Contributors agree to transfer at
Closing the Contributed Interests (or portions thereof) to the Acquirer or to
one or more wholly-controlled affiliates of the Acquirer. Except as set forth
above or elsewhere in this Agreement, this Agreement may not be assigned by the
Acquirer or the Contributors without the prior approval of the other party
hereto. This Agreement shall be binding upon, and inure to the benefit of, the
Contributors, the Acquirer, and their respective legal representatives,
successors, and permitted assigns.

      5.5 Article Headings.

      Article headings and article and section numbers are inserted herein only
as a matter of convenience and in no way define, limit, or prescribe the scope
or intent of this Agreement or any part hereof and shall not be considered in
interpreting or construing this Agreement.

      5.6 Governing Law.

      This Agreement shall be construed and interpreted in accordance with the
laws of the State of New York, without regard to conflicts of laws principles.

      5.7 Counterparts.

      This Agreement may be executed in any number of counterparts and by any
party hereto on a separate counterpart, each of which when so executed and
delivered shall be deemed an original and all of which taken together shall
constitute but one and the same instrument.

      5.8 Survival.

      All representations and warranties contained in this Agreement, and all
covenants and agreements contained in the Agreement which contemplate
performance after the Closing Date (including, without limitation, those
covenants and agreements contained in Section 2.5 hereof) shall survive the
Closing.

      5.9 Further Acts.

      In addition to the acts, instruments and agreements recited herein and
contemplated to be performed, executed and delivered by the Acquirer and the
Contributors, the Acquirer and Contributors shall perform, execute, and deliver
or cause to be performed, executed, and delivered at the Closing or after the
Closing, any and all further acts, instruments, and agreements and provide such
further assurances as the other parties may reasonably require to consummate the
transaction contemplated hereunder.

                                      -11-
<PAGE>
      5.10 Severability.

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

      5.11 Attorneys' Fees.

      Should a party employ an attorney or attorneys to enforce any of the
provisions hereof or to protect its interest in any manner arising under this
Agreement, or to recover damages for breach of this Agreement, any
non-prevailing party in any action pursued in a court of competent jurisdiction
(the finality of which is not legally contested) shall pay to the prevailing
party all reasonable costs, damages, and expenses, including reasonable
attorneys' fees, expended or incurred in connection therewith.

      5.12 Confidentiality.

      The Contributors acknowledge that the matters relating to the Acquirer,
the IPO, this Agreement, and the other documents, terms, conditions and
information related thereto (collectively, the "Information") are confidential
in nature. Therefore, the Contributors covenant and agree to keep the
Information confidential and will not (except as required by applicable law,
regulation or legal process including applicable securities laws), without the
Acquirer's prior written consent, disclose any Information in any manner
whatsoever; provided, however, that the Information may be revealed only to the
Contributors' key employees, legal counsel and financial advisors, each of whom
shall be informed of the confidential nature of the Information and shall agree
to act in accordance with the terms of this Section 5.12. In the event that the
Contributors or their key employees, legal counsel or financial advisors
(collectively, the "Information Group") are requested pursuant to, or required
by, applicable law (other than in connection with the IPO), regulation or legal
process to disclose any of the Information, the applicable member of the
Information Group will notify the Acquirer promptly so that it may seek a
protective order or other appropriate remedy or, in its sole discretion, waive
compliance with the terms of this Section 5.12. In the event that no such
protective order or other remedy is obtained, or that the Acquirer waives
compliance with the terms of this Section 5.12, the applicable member of the
Information Group may furnish only that portion of the Information which it is
advised by counsel is legally required and will exercise all reasonable efforts
to obtain reliable assurance that confidential treatment will be accorded the
Information. The Contributors acknowledge that remedies at law may be inadequate
to protect the Acquirer against any actual or threatened breach of this Section
5.12, and, without prejudice to any other rights and remedies otherwise
available, the Contributors agree to the granting of injunctive relief in favor
of the Acquirer without proof of actual damages. Notwithstanding any other
express or implied agreement to the contrary, the parties agree and acknowledge
that each of them and each of their employees, representatives, and other agents
may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to any of them
relating to such tax treatment and tax structure, except to the extent that
confidentiality is reasonably necessary to comply with U.S. federal or state
securities laws. For purposes of this paragraph,

                                      -12-
<PAGE>
the terms "tax treatment" and "tax structure" have the meanings specified in
Treasury Regulation section 1.6011-4(c).

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                     [SIGNATURES APPEAR ON FOLLOWING PAGE.]

                                      -13-
<PAGE>
      IN WITNESS WHEREOF, this Agreement has been entered into effective as of
the 29th day of April, 2004.

      CONTRIBUTORS:              STEVEN B. SCHNALL, a member of The New York
                                 Mortgage Company, LLC

                                     /s/ Steven B. Schnall
                                 -----------------------------------------------
                                 Member of The New York Mortgage Company, LLC

                                 STEVEN B. SCHNALL ANNUITY TRUST U/A 3/25/04, a
                                 member of The New York Mortgage Company, LLC

                                 By:          /s/ Steven B. Schnall
                                    --------------------------------------------
                                 Name:        Steven B. Schnall
                                 Title:       Trustee

                                 JOSEPH V. FIERRO, a member of The New York
                                 Mortgage Company, LLC

                                     /s/ Joseph V. Fierro
                                 -----------------------------------------------
                                 Member of The New York Mortgage Company, LLC

                                 2004 JOSEPH V. FIERRO GRANTOR RETAINED ANNUITY
                                 TRUST, a member of The New York Mortgage
                                 Company, LLC

                                 By:          /s/ Joseph V. Fierro
                                    --------------------------------------------
                                 Name:        Joseph V. Fierro
                                 Title:       Trustee

      ACQUIRER:                  NEW YORK MORTGAGE TRUST, INC., a Maryland
                                 corporation

                                 By:          /s/ David A. Akre
                                    --------------------------------------------
                                 Name:        David A. Akre
                                 Title:       Co-Chief Executive
                                              Officer

                                      -14-

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