<SEC-DOCUMENT>0001089355-14-000008.txt : 20141107
<SEC-HEADER>0001089355-14-000008.hdr.sgml : 20141107
<ACCEPTANCE-DATETIME>20141107152557
ACCESSION NUMBER:		0001089355-14-000008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141103
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141107
DATE AS OF CHANGE:		20141107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIEBERT FINANCIAL CORP
		CENTRAL INDEX KEY:			0000065596
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				111796714
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		141204631

	BUSINESS ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2126442400

	MAIL ADDRESS:	
		STREET 1:		885 THIRD AVENUE
		STREET 2:		SUITE 1720
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>n14459_8-k.htm
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 <P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=3>Washington,
 D.C. 20549</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>Pursuant to Section 13
 or 15(d) of the</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>Securities Exchange Act
 of 1934</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>Date of Report (Date of
 earliest event reported): November 4, 2014</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=6><B>SIEBERT FINANCIAL CORP.</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>(Exact name of
 registrant as specified in its charter)</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>New
 York</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>0-5703</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>11-1796714</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>(State or other
 jurisdiction of <BR>
 incorporation)</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>(Commission File
 Number)</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>(IRS Employer Identification Number)</FONT></P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P><FONT SIZE=2><B>885 Third Avenue, New York, New
 York</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>10022</B></FONT></P>
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 <P><FONT SIZE=2>&nbsp;&nbsp;(Address of principal executive offices)</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>(Zip Code)</FONT></P>
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<P ALIGN=CENTER><FONT SIZE=2>Registrant&#146;s
telephone number, including area code: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(212) 644-2400</B></FONT></P>

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 <P ALIGN=CENTER><FONT SIZE=2>(Former name or former
 address, if changed since last report.)</FONT></P>
 </TD>
 </TR>
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<P><FONT SIZE=2>Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):</FONT></P>

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 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
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 <P><FONT SIZE=2>Written communications pursuant to Rule 425 under
 the Securities Act </FONT></P>
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 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
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 <P><FONT SIZE=2>Soliciting material pursuant to Rule 14a-12 under
 the Exchange Act </FONT></P>
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 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
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 <P><FONT SIZE=2>Pre-commencement communications pursuant to Rule
 14d-2(b) under the Exchange Act </FONT></P>
 </TD>
 </TR>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Pre-commencement communications pursuant to Rule
 13e-4(c) under the Exchange Act </FONT></P>
 </TD>
 </TR>
</TABLE>

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<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>Item 1.01 Entry into a Material
Definitive Agreement.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November 4, 2014, the Registrant&#146;s wholly-owned subsidiary, Muriel Siebert
&amp; Co., Inc. (&#147;MS&amp;Co&#148;), entered an Asset Purchase Agreement (the
&#147;Purchase Agreement&#148;) with Siebert Brandford Shank Financial, L.L.C. (&#147;SBSF&#148;)
and Siebert, Brandford, Shank &amp; Co., L.L.C. (&#147;SBS&#148;), pursuant to which
MS&amp;Co sold substantially all of the assets relating to its capital
markets business to SBSF. MS&amp;Co owns 49% of the outstanding
membership interests of SBSF. SBSF owns all of the outstanding membership
interests in SBS, which is a registered broker-dealer that provides municipal
underwriting and financial advisory services to state and local governments.
Pursuant to the Purchase Agreement, SBSF will assume post-closing liabilities
relating to the transferred business. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchase Agreement provides for an aggregate purchase price for the disposition
of $3,000,000, payable by SBSF after closing in annual installments commencing
on March 1, 2016 and continuing on each of March 1, 2017, 2018, 2019 and 2020.
The amount payable on each annual payment date will equal 50% of the net income
attributable to the transferred business recognized by SBS in accordance with
GAAP during the fiscal year ending immediately preceding the applicable payment
date; provided that, if net income attributable to the transferred business
generated prior to the fifth annual payment date is insufficient to pay the
remaining balance of the purchase price in full on the fifth annual payment
date, then the unpaid amount of the purchase price will be payable in full on
March 1, 2021.</FONT></P>

<P><FONT SIZE=2><B>Item
2.01 Completion of Acquisition or Disposition of Assets.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
November 4, 2014, the Registrant completed the disposition of assets relating
to its capital markets business pursuant to the Purchase Agreement referenced
in Item 1.01, above.</FONT></P>

<P><FONT SIZE=2><B>Item
9.01 Financial Statements and Exhibits.</B></FONT></P>

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 <P><FONT SIZE=2>(d)</FONT></P>
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 <P><FONT SIZE=2>&nbsp;&nbsp;<U>Exhibits </U></FONT></P>
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 <P><FONT SIZE=2>2.1</FONT></P>
 </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=2>Asset Purchase
 Agreement, dated as of November 3, 2014, by and among, Muriel Siebert &amp;
 Co., Inc., Siebert Brandford Shank Financial, L.L.C. and Siebert, Brandford,
 Shank &amp; Co., L.L.C. </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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<P ALIGN=CENTER><FONT SIZE=2>SIGNATURES</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</FONT></P>

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 <P><FONT SIZE=2>Dated: November 7, 2014</FONT></P>
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 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
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 <P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/
 Joseph M. Ramos, Jr.</I></FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P>&nbsp;</P>
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 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
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 <P>&nbsp;</P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=2>Joseph M. Ramos, Jr.</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=2>Executive Vice President, Chief Operating Officer,<BR>
 Chief Financial Officer and Secretary</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>ex2-1.htm
<DESCRIPTION>ASSET PURCHASE AGREEMENT
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<P ALIGN=CENTER><FONT SIZE=2>EXHIBIT 2.1</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ASSET PURCHASE AGREEMENT</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>BY AND BETWEEN</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>MURIEL SIEBERT &amp; CO., INC.,</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SIEBERT, BRANDFORD, SHANK &amp; CO., L.L.C.,</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>AND</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>SIEBERT, BRANDFORD, SHANK FINANCIAL, L.L.C.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>November 4, 2014</B></FONT></P>



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 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P>&nbsp;</P>
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 <P>&nbsp;</P>
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 </TD>
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 <P ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT></P>
 </TD>
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<TD VALIGN=BOTTOM>
 &nbsp;
 </TD>
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&nbsp;
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&nbsp;
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
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 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE I</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>DEFINITIONS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 1.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Certain Definitions</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 1.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Certain Matters of Construction</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
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 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE II</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>PURCHASE AND SALE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Sale and Transfer of the Assets</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Excluded Assets</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Assumption of Liabilities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Retained Liabilities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Purchase Price</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Allocation</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Bulk Sales Compliance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 2.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Client Engagements in Progress</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE III</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>CLOSING</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 3.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing Time and Place</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 3.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing Deliveries by Sellers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>8</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 3.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing Deliveries by Buyer and
 Broker-Dealer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 3.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Further Assurances</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE IV</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>REPRESENTATIONS AND WARRANTIES OF SELLER</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 4.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Organization, Standing and Power</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 4.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Authority</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>9</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 4.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Brokers&#146; and Finders&#146; Fees</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE V</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>REPRESENTATIONS AND WARRANTIES OF BUYER AND
 BROKER-DEALER </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 5.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Organization</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>10</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 5.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Broker-dealer Status</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 5.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Due Authorization</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 5.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Brokers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE VI</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ADDITIONAL AGREEMENTS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Conduct of the Business</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>11</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Access to Information</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Public Disclosure</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Commercially Reasonable Efforts</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>12</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Notice of Certain Events</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Expenses</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Employee Matters</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>13</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 6.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Discharge of Liabilities</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE VII</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>CONDITIONS TO OBLIGATION TO CLOSE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 7.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Conditions to the Obligations of Buyer and
 Broker-Dealer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 7.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Conditions to Obligations of Seller</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>15</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT  SIZE=2>ARTICLE VIII </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=2>INDEMNIFICATION</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 8.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Indemnification</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 8.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Procedure for Indemnification</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:23.75PT;TEXT-INDENT:-23.75PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT STYLE='MARGIN-LEFT:23.75PT;  TEXT-INDENT:-23.75PT'><FONT SIZE=2>17</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<P ALIGN=CENTER><FONT SIZE=2>- i -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="85%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B> (continued)</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>

 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM>
 &nbsp;
 </TD>


 <TD VALIGN=TOP>
&nbsp;
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 8.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Exclusive
 Remedy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>ARTICLE IX</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>TERMINATION,
 AMENDMENT AND WAIVER</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 9.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Termination</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 9.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Effect of Termination</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>ARTICLE X</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>GENERAL
 PROVISIONS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Notices</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Entire Agreement; Nonassignability; Parties
 in Interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Severability</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>20</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Amendment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Extension, Waiver</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Remedies Cumulative</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Governing Law</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Waiver of Jury Trial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Specific Performance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>21</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>No Third Party Beneficiaries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Section 10.11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Counterparts</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>22</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<P ALIGN=CENTER><FONT SIZE=2>- ii -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ASSET PURCHASE AGREEMENT</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSET
PURCHASE AGREEMENT (this &#147;<I><B>Agreement</B></I>&#148;),
dated as of November 4, 2014, by and between Muriel Siebert &amp; Co., Inc., a
Delaware corporation (&#147;<I><B>Seller</B></I>&#148;),
Siebert, Brandford, Shank Financial, L.L.C., a Delaware limited liability
company (&#147;<I><B>Buyer</B></I>&#148;),
and Siebert, Brandford, Shank &amp; Co., L.L.C., a Delaware limited liability
company and wholly-owned subsidiary of Buyer (&#147;<I><B>Broker-Dealer</B></I>&#148;) </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>RECITALS:</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Seller is engaged in the Business (as hereinafter defined); </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Seller desires to sell, transfer and assign, and Buyer desires to purchase,
substantially all of the assets, properties and rights of Seller used in the
Business, subject to the assumption by Buyer of certain specified liabilities
and obligations of Seller relating to the Business, upon the terms and subject
to the limitations and conditions hereinafter set forth; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in
connection with the purchase of assets and assumption of liabilities by Buyer
pursuant hereto, Broker-Dealer desires to offer employment to specified Seller
employees engaged in the Business upon the terms and subject to the limitations
and conditions hereinafter set forth. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, in consideration of the mutual covenants of the parties set forth in
this Agreement and other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto agree as follows: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE I <BR>DEFINITIONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Definitions</U>. The following terms shall
have the following meanings: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Agreemen</B></I><I>t</I>&#148; has the meaning set forth in the
Preamble. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Assets</B></I>&#148; has the
meaning set forth in <B>Section 2.1</B>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Assumed Liabilities</B></I>&#148;
has the meaning set forth in <B>Section 2.3</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Assumption Agreement</B></I>&#148;
has the meaning set forth in <B>Section 3.3(a)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Bill of Sale</B></I>&#148; has the
meaning set forth in <B>Section 3.2(a)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Broker-Dealer</B></I>&#148; has
the meaning set forth in the Preamble. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Business</B></I>&#148; means the
investment banking business, serving as a co-manager, underwriting syndicate
member, or selling group member in respect of securities offerings for
corporations and Federal agencies, and providing brokerage service to
institutional investors and issuers of equity and fixed-income securities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Buyer</B></I>&#148; has the
meaning set forth in the Preamble. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Buyer Indemnified Persons</B></I>&#148;
has the meaning set forth in <B>Section 8.1(b)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Cash</B></I><I> <B>Purchase Price</B></I>&#148;
has the meaning set forth in <B>Section 2.5(a)</B>.
</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Code</B></I>&#148; means the
Internal Revenue Code of 1986, as amended. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Damages</B></I>&#148; has the
meaning set forth in <B>Section 8.1(b)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Effective Time of Employment</B></I>&#148;
has the meaning set forth in <B>Section 6.7(b)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>ERISA</B></I>&#148; means the
Employee Retirement Income Security Act of 1974, as amended. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>ERISA Affiliate</B></I>&#148;
means a Person, which, together with Seller would be deemed to be a single
employer pursuant to Section 414(b), (c), (m) or (o) of the Code. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Excluded Assets</B></I>&#148; has
the meaning set forth in <B>Section 2.2</B>.
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>FINRA</B></I>&#148;
has the meaning set forth in <B>Section 4.2(c)</B>.
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Fiscal Year</B></I>&#148;
has the meaning set forth in <B>Section 2.5(c)</B>.
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>GAAP</B></I>&#148;
has the meaning set forth in <B>Section 2.5(c)</B>.
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Governmental Entity</B></I>&#148;
has the meaning set forth in <B>Section 4.2(c)</B>.
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Hired Employee</B></I>&#148;
has the meaning set forth in <B>Section 6.7(b)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Indebtedness</B></I>&#148; means,
as applied to Seller, and whether recourse is secured by or is otherwise available
against all or only a portion of the assets of Seller, and whether or not
contingent, but without duplication, (i) all obligations for borrowed money,
whether current, funded, or secured or unsecured, and every obligation of
Seller evidenced by bonds, debentures, notes or similar instruments, (ii) any
liability in respect of banker&#146;s acceptances or letters of credit or similar
facilities, (iii) every obligation of Seller under any forward contract,
futures contract, swap, option or other financing agreement or arrangement
(including, without limitation, caps, floors, collars and similar agreements),
the value of which is dependent upon interest rates, currency exchange rates,
commodities or other indices, (iv) every obligation in respect of Indebtedness
of any other entity (including any partnership in which Seller is a general
partner) to the extent that Seller is liable therefor as a result of Seller&#146;s
ownership interest in or other relationship with such entity, except to the
extent that the terms of such Indebtedness provide that Seller is not liable
therefor and such terms are enforceable under applicable law, and (v) all
obligations, contingent or otherwise, guaranteeing or having the economic
effect of guaranteeing or otherwise acting as surety for, any obligation of the
type referred to in clauses (i) through (iv) above (the &#147;<I><B>primary obligation</B></I>&#148;)
of another Person (the &#147;<I><B>primary
obligor</B></I>&#148;) in any manner, whether directly or indirectly and
including, without limitation, any obligation of Seller (a) to purchase or pay
(or advance or supply funds for the purchase of) any security for the payment
of such primary obligation, (b) to purchase property, securities or services
for the purpose of assuring the payment of such primary obligation, or (c) to
maintain working capital, equity capital or other financial statement condition
or liquidity of the primary obligor so as to enable the primary obligor to pay
such primary obligation </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Indemnified Party</B></I>&#148;
has the meaning set forth in <B>Section
8.2(b)(i)</B>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Indemnifying Party</B></I>&#148;
has the meaning set forth in <B>Section
8.2(b)(i)</B>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Leased Real Property</B></I>&#148;
means any parcel of real property leased or subleased by Seller, whether or not
used in connection with the Business. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 2 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Legal Provisions</B></I>&#148;
means any federal, state, local or foreign statute, law, regulation, judgment,
order or decree of any Governmental Entity. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>License Agreement</B></I>&#148;
has the meaning set forth in <B>Section 3.2(b)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Liens</B></I>&#148; has the
meaning set forth in <B>Section 4.2(b)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Material Adverse Effect</B></I>&#148;
means, with respect to any Person, any change, effect, event, occurrence or
state of facts (or any development that has had or is reasonably likely to have
any change or effect) that is materially adverse to the business, financial
condition or results of operations of such Person and its subsidiaries, taken
as a whole, or which would prevent or materially delay the consummation of the
transactions contemplated hereby; but shall not be deemed to include any
changes resulting from general economic, regulatory or political conditions
that do not affect such Person disproportionately compared to other Persons
operating in the same industry or any changes resulting from the announcement
or consummation of the transactions contemplated by this Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Net Income</B></I>&#148; has the
meaning set forth in <B>Section 2.5(c)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Payment Date</B></I>&#148; has the
meaning set forth in <B>Section 2.5</B>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Permits</B></I>&#148; means each
federal, state, county or local governmental consent, license, permit, grant or
other authorization of a Governmental Entity that is required for the operation
of Seller&#146;s business or the holding of any interest in any of its properties. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Person</B></I>&#148; means an
individual, corporation, partnership, limited liability company, joint venture,
association, trust, unincorporated organization or other entity. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<I><B>Purchase Price</B></I>&#148; has
the meaning set forth in <B>Section 2.5(a)</B>.<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<I><B>Retained Liabilities</B></I>&#148; has the meaning set forth in <B>Section 2.4</B>.<BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<I><B>SEC</B></I>&#148;
means the Securities and Exchange Commission. <BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;<I><B>Securities Act</B></I>&#148; means the Securities Act
of 1933, as amended. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Securities Industry Agreements and
Licenses</B></I>&#148; has the meaning set forth in <B>Section 2.2</B>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Seller Agreements</B></I>&#148;
has the meaning set forth in <B>Section 4.2(b)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Seller Employee Plan</B></I>&#148;
means each plan, program, policy, practice, contract, agreement or other
arrangement providing for employment, compensation, retirement, deferred
compensation, severance, retention, change in control, incentive compensation
(equity or otherwise), stock fringe benefits, cafeteria benefits or other
benefits whether written or unwritten, including each &#147;employee benefit plan&#148;
within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA,
which is sponsored, maintained, contributed to or required to be contributed to
by Seller for the benefit of any current or former employee of Seller or with
respect to which Seller has or may have any liability. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Seller Indemnified Persons</B></I>&#148;
has the meaning set forth in <B>Section 8.1(c)</B>.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Sublease</B></I>&#148; has the
meaning set forth in <B>Section 3.2(c)</B>.
</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 3 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Tax</B></I>&#148; or &#147;<I><B>Taxes</B></I>&#148; includes (1)
any federal, state, local or foreign income, gross receipts, capital,
franchise, import, goods and services, value added, estimated, alternative
minimum, add-on minimum, sales, use, transfer, registration, excise, natural
resources, severance, stamp, occupation, premium, windfall profit,
environmental, customs, duties, real property, personal property, capital
stock, social security, unemployment, disability, payroll, license, employee
withholding, or other tax of any kind whatsoever, including any interest,
penalties or additions to tax or additional amounts in respect of the
foregoing, (2) any liability for the payment of any amounts of the type
described in (1) as a result of being a member of a consolidated, combined,
unitary or aggregate group for any Tax period, and (3) any liability for the
payment of any amounts of the type described in (1) or (2) as a result of being
a transferee or successor to any person. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Tax Returns</B></I>&#148; means
returns, declarations, reports, claims for refund, information returns or other
documents) filed or required to be filed in connection with the determination,
assessment or collection of any Taxes of any party or the administration of any
laws, regulations or administrative requirements relating to any Taxes. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Third Party Claim</B></I>&#148;
has the meaning set forth in <B>Section
8.2(b)(i)</B>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Transaction Documents</B></I>&#148;
shall mean this Agreement, the Bill of Sale and the Assumption Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Matters of Construction. In addition to
the definitions referred to or set forth in <B>Section
1.1</B>: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereunder&#148; and words of similar import shall refer
to this Agreement as a whole (including Schedules and Exhibits) and not to any
particular Section or provision of this Agreement, and reference to a
particular Section of this Agreement shall include all subsections thereof. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions
shall be equally applicable to both the singular and plural forms of the terms
defined, and references to the masculine, feminine or neuter gender shall
include each other gender. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term &#147;or&#148; is not exclusive. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Legal Provision defined or referred to herein means such Legal Provision as
from time to time amended, modified or supplemented, including by succession of
comparable successor Legal Provision. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
to a Person are also to its permitted successors and assigns. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references in this Agreement to any Exhibit or Schedule shall, unless the
context otherwise requires, be deemed to be a reference to an Exhibit or
Schedule to this Agreement, as the case may be, as such may be amended in
accordance with this Agreement, all of which are made a part of this Agreement.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
words &#147;include,&#148; &#147;includes,&#148; and &#147;including&#148; shall be deemed to be followed by
the phrase &#147;without limitation.&#148; </FONT></P>



<P ALIGN=CENTER><FONT SIZE=2>- 4 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE II<BR>
PURCHASE AND SALE</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale and Transfer of the Assets</U>.
Subject to and upon the terms and conditions of this Agreement, on the Closing
Date, Seller will sell, convey, transfer, assign and deliver (or cause to be
sold, conveyed, transferred, assigned and delivered) to Buyer all of Seller&#146;s
right, title and interest in and to all of the business, properties, rights,
claims and assets (except the Excluded Assets) of Seller used in the operation
of the Business, wherever such assets are located (collectively, the &#147;<I><B>Assets</B></I>&#148;). The Assets
include, but are not limited to, with respect to each Seller, the following:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
tangible personal property, including, without limitation, all furniture,
equipment, computers, computer files, software and other items of personal
property used solely in connection with the Business;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies of all books and records related to the
Business (other than Tax records not related to the Business) or portions
thereof relating to and necessary for the operation of the Business, sales
literature, product information, employment records related to the period of
time in which Seller employees were employed by Seller, and copies of such
other records, files and all other information and/or data related to or used
by Seller in connection with the Assets and the operation of the Business
reasonably required by Buyer;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;copies of all operating data and records of
Seller relating to the Business, including, without limitation, client lists
and records, operating guides and manuals, correspondence and other similar
documents and records;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other intangible rights that relate to the
Business and all goodwill appurtenant to the foregoing, including phone
numbers.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Excluded Assets</U>. The Assets shall not
include, with respect to Seller, (i)&nbsp;any business, properties, rights,
claims and assets not related solely to the Business or that are used in any
other business of Seller; (ii)&nbsp;any assets held by Seller Employee Plans;
(iii)&nbsp;any Seller Agreement, including without limitation any Seller
Agreement governing the membership of Seller with FINRA or any other
self-regulatory organization, clearing corporation, depositary, exchange or
other marketplace and any rights of membership or participation in any such
organization or registration, and any registration, license or permit with the
SEC, any state securities authority or any other governmental entity in respect
of the Seller or any of its officers, directors, employees, representatives or
other associated persons (collectively, &#147;<I><B>Securities Industry Agreements and Licenses</B></I>&#148;),
(iv)&nbsp;any Leased Real Property, and (v)&nbsp;any and all rights under this
Agreement (collectively, the &#147;<I><B>Excluded Assets</B></I>&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assumption of Liabilities</U>. Subject to
the terms and conditions set forth herein, at the Closing the Buyer shall
assume and agree to pay, honor and discharge when due all of the following
liabilities relating to the Assets and existing at or arising on or after the
Closing Date (such liabilities being referred to herein as the &#147;<I><B>Assumed Liabilities</B></I>&#148;):</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any and all liabilities, obligations and
commitments arising after the Closing in connection with the Assets or the
operation of the Business; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liabilities in respect of Hired Employees
arising out of their employment with Buyer after the Closing to the extent
specifically assumed by Buyer pursuant to <B>Section 6.7</B>.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 5 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Retained Liabilities</U>. Notwithstanding
the provisions of <B>Section 2.3</B>, it is understood and agreed
that Buyer is not hereby assuming any liabilities, obligations or commitments
of any Seller arising out of the conduct of the Business prior to the Closing
Date (such liabilities being referred to herein as the &#147;<I><B>Retained Liabilities</B></I>&#148;). In addition, anything
contained in this Agreement to the contrary notwithstanding (other than as set
forth below) the Assumed Liabilities do not include and, accordingly, the
Retained Liabilities include, the following liabilities:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability in respect of any Leased Real
Property;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Indebtedness;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability in respect of any Seller
Agreement, including without limitation any Securities Industry Agreements and
Licenses;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability for the failure to comply with
the bulk sales laws of any jurisdiction, except any such liability arising out
of the failure of the Buyer to pay any Assumed Liability;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fees and expenses incurred by Seller in
connection with negotiating, preparing, closing and carrying out this Agreement
and the transactions contemplated hereby;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability or obligation under or in
connection with the Excluded Assets;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability in respect of any Seller
Employee Plan;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability or obligation for Taxes, whether
or not accrued, assessed or currently due and payable, including without
limitation any Taxes (i)&nbsp;of Seller, whether or not they relate to the
Business, (ii)&nbsp;arising from the operation of the Business or the ownership
of the Assets for any Tax period (or portion thereof) ending on or prior to the
Closing Date or (iii)&nbsp;arising out of the consummation of the transactions
contemplated hereby (for purposes of this <B>Section 2.4(h)</B>, all real property Taxes, personal
property Taxes and similar ad valorem obligations levied with respect to the
Assets for a Tax period that includes (but does not end on) the Closing Date
shall be apportioned between the Sellers and the Buyer based upon the number of
days of such period included in the Tax period before (and including) the
Closing Date and the number of days of such Tax period after the Closing Date);
and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any liability or obligation arising from the
operation of the Business, ownership of the Assets or lease of the Leased Real
Property through and including the Closing Date, other than those assumed
pursuant to <B>Section 2.3(a)</B>, or arising out the consummation of the
transactions contemplated hereby (including without limitation the sale of the
Assets pursuant hereto), including, without limitation, environmental
remediation costs and liabilities and obligations arising out of transactions
entered into prior to the Closing Date (including, without limitation,
liabilities or obligations arising out of any breach by Seller of any provision
of any Seller Agreements included in the Assets, including, but not limited to,
liabilities or obligations arising out of Seller&#146;s failure to perform as
required under any Seller Agreement in accordance with its terms prior to the
Closing), any action or inaction prior to the Closing Date or any state of
facts existing prior to the Closing Date (regardless of when asserted) not
expressly assumed by the Buyer pursuant to this Agreement.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase Price</U>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate purchase price to be paid for
the Assets (the &#147;<I><B>Purchase Price</B></I>&#148;)
shall be Three Million Dollars ($3,000,000.00), payable by Buyer in accordance
with this <B>Section
2.5</B>, plus the assumption of the Assumed Liabilities by Buyer. The
cash portion of the Purchase Price (the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 6 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&#147;<I><B>Cash Purchase Price</B></I>&#148;)
shall be payable by Buyer by wire transfer of immediately available funds to an
account or accounts designated in writing by Seller in annual, installments
commencing on the March 1, 2016 and continuing on each of March 1, 2017, 2018,
2019 and 2020 (each, a &#147;<I><B>Payment Date</B></I>&#148;), in each case to the extent applicable in
accordance with this <B>Section 2.5</B>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of the Cash Purchase Price due and
payable on each Payment Date shall equal fifty percent (50%) of the Net Income
attributable to the Business recognized by Broker-Dealer in accordance with
GAAP during the Fiscal Year ending immediately preceding the applicable Payment
Date; <U>provided</U>, <U>however</U>, that in no event shall the amount due
and payable on any Payment Date exceed the amount equal to the difference
between $3,000,000.00 minus the aggregate amount of the Cash Purchase Price
paid to Seller on all previous Payment Dates; and <U>provided</U>, <U>further</U>,
that in the event that Net Income attributable to the Business generated prior
to the fifth Payment Date is insufficient to pay the remaining balance of the
Cash Purchase Price in full on the fifth Payment Date, then the amount of the
Cash Purchase Price equal the difference between $3,000,000.00 minus the
aggregate amount of the Cash Purchase Price paid to Seller on all previous
Payment Dates shall be by due and payable in full on March 1, 2021.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <B>Section 2.5</B>: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Net Income</B></I>&#148; means, for any period of computation, the
 gross revenues from operations of the Business, less all direct operating and
 non-operating expenses of Broker-Dealer attributable to the Business,
 including Taxes on income, with all salaries, bonuses and payments to
 affiliates to be consistent with past practice except for changes in the
 ordinary course of business, all determined in accordance with GAAP; but
 excluding: (a) any write-up of any asset, and (b) any other net gain or
 credit or loss of an extraordinary nature, in each case as determined in
 accordance with GAAP (but, in each case, all payments made pursuant to
 litigation settlements or judgments in excess of any amounts provided by an
 insurer under an applicable insurance policy shall be included in operating
 expenses).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>GAAP</B></I>&#148; means generally accepted accounting principles
 in the United States set forth in the opinions and pronouncements of the
 Financial Accounting Standards Board or such other principles as may be
 approved by a significant segment of the accounting profession in the United
 States, that are applicable to the circumstances as of the date of
 determination, consistently applied except for changes in the ordinary course
 of business.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I><B>Fiscal Year</B></I>&#148; means the fiscal year of Broker-Dealer
 for financial and Tax reporting purposes, which ends on December 31<SUP>st</SUP>
 of each year.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary set forth in this Agreement, Broker-Dealer shall have
sole discretion with regard to all matters relating to the operation of the
Business; <I>provided</I>
that Broker-Dealer shall not, directly or indirectly, take any actions in bad
faith for the purpose of avoiding or reducing Net Income in order to avoid or
reduce its payment obligations hereunder.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary set
forth in this <B>Section 2.5</B>, immediately upon the dissolution, liquidation,
termination or expiration of Buyer or Broker-Dealer in accordance with
applicable Legal Provisions and applicable operating agreement or other
organizational documents then in effect (other than any deemed liquidation
pursuant to Section 708(b)(1)(B) of the Code or any equivalent state or local
Legal Provision), Buyer shall be obligated to pay all of the then outstanding
balance of the Cash Purchase Price. Payments pursuant to this <B>Section
2.5(e)</B> shall be made promptly, but in any event not later than the
effective date of such dissolution liquidation, termination or </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 7 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>expiration and shall be made by wire transfer of immediately available
funds to an account or accounts designated in writing by Seller.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation</U>. Seller shall prepare in
good faith an allocation of the Purchase Price (and all other capitalized
costs) among the Assets in accordance with Code &sect;1060 and the Treasury
regulations thereunder (and any similar provision of state, local or foreign
law, as appropriate) and shall deliver such allocation to Buyer within thirty
(30) days after the Closing Date. Buyer shall have a reasonable opportunity to
review and comment on such allocation; provided, however, that absent manifest
error such allocation shall be deemed final and binding on the parties after
Buyer shall have had such opportunity to review and comment. Buyer,
Broker-Dealer and Seller shall report, act and file Tax Returns (including, but
not limited to IRS Forms 8594) in all respects and for all purposes consistent
with such allocation. Neither Buyer, Broker-Dealer nor Seller shall take any
position (whether in audits, Tax Returns or otherwise) which is inconsistent
with such allocation unless required to do so by applicable Legal Provisions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Bulk Sales Compliance</U>. Buyer
acknowledges that Seller will not comply with the provisions of any bulk sales
laws (or similar laws) of any state in connection with the transactions
contemplated by this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Client
Engagements in Progress</U>. Anything in this Agreement to the contrary
notwithstanding, if and to the extent any client engagement of the Business
remains in progress at the time of the Closing, each of Seller and Buyer will
use its commercially reasonable efforts (but without any payment of money or
incurrence of any additional liability by them) to assign and transfer all of
Seller&#146;s rights and obligations in respect of such engagement to Buyer or
Broker-Dealer. If and to the extent any such assignment and transfer is not
possible or if an attempted assignment and transfer would be ineffective or
would adversely affect the rights of Buyer or Broker-Dealer under the
applicable client engagement, Seller, Buyer and Broker-Dealer will cooperate in
a mutually agreeable arrangement, including sub-contracting, sub-licensing, or
sub-leasing to Buyer or Broker-Dealer, designed to provide Buyer after the
Closing with the benefits intended to be transferred to Buyer with the Business
with respect to such client engagement. Buyer and Seller shall negotiate in
good faith to split fees associated with any client engagement of the Business
remaining in progress at the time of the Closing on a pro rata basis according
to the amount of work pursuant to such engagements that shall have been
performed as of the Closing.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE III<BR>
CLOSING</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing Time and Place</U>. The closing of
the purchase and sale of the Assets (the &#147;<I><B>Closing</B></I>&#148;) shall take place at 10:00 a.m., New York time,
at the offices of Fulbright &amp; Jaworski L.L.P., 666 Fifth Avenue, New York,
New York 10103, as soon as practicable, but no later than two business days
after the satisfaction or waiver (subject to applicable law) of each of the
conditions set forth in <B>ARTICLE VII</B> hereof (other than those
conditions that by their nature are to be satisfied at the Closing, but subject
to the satisfaction or waiver of those conditions). Failure to consummate the
transactions provided for in this Agreement on the date and time selected
pursuant to this <B>Section 3.1</B> shall not, except as permitted by <B>ARTICLE IX</B>
hereof, result in the termination of this Agreement and shall not relieve any
party to this Agreement of any obligation hereunder. The date the Closing
occurs is referred to herein as the &#147;<I><B>Closing Date</B></I>&#148;.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing Deliveries by Sellers</U>. At the
Closing, Seller shall deliver or cause to be delivered to Buyer:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 8 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Bill of Sale in the form of <B>Exhibit
3.2(a)</B> (the &#147;<I><B>Bill of Sale</B></I>&#148;) duly executed by Seller;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an License Agreement in the form of <B>Exhibit
3.2(b)</B> (the &#147;<I><B>License Agreement</B></I>&#148;) duly executed by Seller;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Sublease Agreement in the form of <B>Exhibit
3.2(c)</B> (the &#147;<I><B>Sublease</B></I>&#148;) duly executed by Seller;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such other instruments of transfer and
documents as Buyer may reasonably request; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all certificates and other documents required
to be delivered on the Closing Date pursuant to <B>Section 7.1.</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing Deliveries by Buyer and
Broker-Dealer</U>. At the Closing, Buyer and Broker-Dealer shall deliver or
cause to be delivered to Seller:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an instrument of assumption of the Assumed
Liabilities, in the form of <B>Exhibit&nbsp;3.3(b) </B>(the &#147;<I><B>Assumption Agreement</B></I>&#148;)
duly executed by Buyer; and</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the License Agreement duly executed by Buyer;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Sublease duly executed by Buyer; and</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all certificates and other documents required
to be delivered on the Closing Date pursuant to <B>Section 7.2</B>.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurances</U>. At the Closing and
from time to time thereafter, Seller shall execute such additional instruments
and take such other actions as Buyer may reasonably request in order to
effectively sell, transfer and assign the Assets to Buyer and confirm Buyer&#146;s
title to the Assets.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE IV<BR>
REPRESENTATIONS AND WARRANTIES OF SELLER</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller represents and warrants to Buyer and Broker-Dealer that the
statements contained in this <B>ARTICLE IV</B> are true, correct and complete
as of the date of this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization, Standing and Power</U>.
Seller is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware. Seller has the corporate power to own
its properties and to carry on the Business as now being conducted and is duly
qualified to do business and is in good standing in each jurisdiction in which
the nature of the Business makes such qualification necessary (all of which
jurisdictions are set forth in <B>Schedule 4.1</B>), except where the failure to
be so qualified and in good standing would not have a Material Adverse Effect
on Seller. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority</U>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller has all requisite corporate power and
authority to enter into this Agreement and each of the other Transaction
Documents to which it is a party and to consummate the transactions
contemplated hereby and thereby. The execution and delivery of this Agreement
and each of the other Transaction Documents to which it is a party and the
consummation of the transactions contemplated </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 9 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>hereby and thereby have been duly authorized by all necessary corporate
action on the part of Seller. This Agreement has been, and each of the other
Transaction Documents to which it is a party will be, duly executed and
delivered by Seller. This Agreement constitutes, and each of the other
Transaction Documents to which it is a party will constitute, the valid and
binding obligation of Seller enforceable against Seller in accordance with its
terms, except that such enforceability may be limited by bankruptcy,
insolvency, moratorium or other similar laws affecting or relating to
creditors&#146; rights generally, and is subject to general principles of equity. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution and delivery of this Agreement and each of the other Transaction
Documents to which it is a party by Seller does not, and the consummation of
the transactions contemplated hereby and thereby will not, assuming compliance
with the matters referred to in the next sentence, require any consent or other
action by any Person under, or conflict with, or result in any violation of, or
default under (with or without notice or lapse of time, or both), or result in
the triggering of any payment or other obligation under, or give rise to a
right of termination, cancellation or acceleration of any obligation or loss of
any benefit under, or result in the creation of any pledge, claim, lien,
charge, encumbrance, restriction or security interest of any kind or nature
whatsoever (collectively, &#147;<I><B>Liens</B></I>&#148;) in or upon any of the properties or assets of
Seller under, (i)&nbsp;any provision of the organizational and governing
documents of Seller or (ii)&nbsp;any mortgage, indenture, lease, contract or
other agreement, obligation, commitment, arrangement, understanding or
instrument to which Seller is a party or by which Seller or any of the Assets
are bound (collectively, &#147;<I><B>Seller Agreements</B></I>&#148;), or any Legal Provision, Permit,
concession, franchise or license applicable to Seller or any of its properties
or assets. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No consent, approval, order or authorization
of, or registration, declaration or filing with, any supranational, national,
state, municipal, local or foreign government, any instrumentality,
subdivision, court, administrative agency or commission or other authority
thereof, or any quasi-governmental or private body exercising any regulatory,
taxing, importing or other governmental or quasi-governmental authority (each a
&#147;<I><B>Governmental Entity</B></I>&#148;)
is required by or with respect to Seller or the Business in connection with the
execution and delivery of this Agreement and the other Transaction Documents or
the consummation of the transactions contemplated hereby and thereby, except
for compliance with and of the rules and regulations of the Financial Industry
Regulatory Authority (&#147;<I><B>FINRA</B></I>&#148;).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers&#146; and Finders&#146; Fees</U>. Seller has
not paid or become obligated to pay any fee or commission to any broker,
finder, investment banker or other intermediary in connection with the
transactions contemplated by this Agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE V<BR>
REPRESENTATIONS AND WARRANTIES OF BUYER AND BROKER-DEALER</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of
Buyer and Broker-Dealer represents and warrants to Seller that the statements
contained in this <B>ARTICLE V</B> are true, correct and complete as
of the date of this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization</U>. Each of Buyer and
Broker-Dealer is a limited liability company duly organized, validly existing
and in good standing under the laws of the State of Delaware, with full limited
liability company power and authority to own or lease its properties and carry
on its business as presently conducted. Each of Buyer and Broker-Dealer is
licensed or qualified to transact business and is in good standing as a foreign
limited liability company in each jurisdiction where the character of its
business or the nature of its properties makes such qualification or licensing
necessary, except where the failure to be so licensed or qualified would not
have a Material Adverse Effect on Buyer or Broker-Dealer.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 10 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Broker-dealer Status</U>. Broker-Dealer is duly registered as a
broker-dealer with the SEC and is a member in good standing of FINRA and
possesses the requisite regulatory status and all necessary regulatory
approvals to conduct the business activities comprising the Business.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due Authorization</U>. Each of Buyer and Broker-Dealer has all
requisite limited liability company power and authority to enter into this
Agreement and each of the other Transaction Documents to which it is a party
and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement
and each of the other Transaction Documents to which it is a party and the
consummation of the transactions contemplated hereby and thereby have been duly
authorized by all necessary limited liability company action on the part of
Buyer and Broker-Dealer. This Agreement
has been, and each of the Transaction Documents to which it is a party will be,
duly executed and delivered by Buyer and Broker-Dealer, as applicable, and
constitutes or will constitute the valid and binding obligation of Buyer and
Broker-Dealer, as applicable, enforceable against Buyer and Broker-Dealer, as
applicable, in accordance with its terms, except that such enforceability may
be limited by bankruptcy, insolvency, moratorium or other similar laws
affecting or relating to creditors&#146; rights generally, and is subject to general
principles of equity. The execution and
delivery of this Agreement and each of the other Transaction Documents to which
it is a party by Buyer and Broker-Dealer, as applicable, does not and the
consummation of the transactions contemplated hereby and thereby will not,
assuming compliance with the matters referred to in the next sentence, require
any consent or other action by any Person under, or conflict with, or result in
any violation of, or default under (with or without notice or lapse of time, or
both), or result in the triggering of any payment or other obligation under, or
give rise to a right of termination, cancellation or acceleration of any
obligation or loss of any benefit under, or result in the creation of any Lien
(other than pursuant to the credit facility to be entered into by Buyer or
Broker-Dealer in connection with the consummation of the transactions
contemplated hereby) in or upon any of the properties or assets of Buyer and
Broker-Dealer, as applicable, under, (i)&nbsp;any provision of its
organizational and governing documents, or (ii)&nbsp;any mortgage, indenture,
lease, contract or other agreement or instrument, permit, concession,
franchise, license or Legal Provision applicable to Buyer or its properties or
assets. No consent, approval, order or
authorization of or registration, declaration or filing with any Governmental
Entity is required by or with respect to Buyer or Broker-Dealer in connection
with the execution and delivery of this Agreement by Buyer or Broker-Dealer or
the consummation by Buyer and Broker-Dealer of the transactions contemplated
hereby, except for (i)&nbsp;the approval of
FINRA, to the extent that the acquisition of the Assets by the
Broker-Dealer is determined by FINRA to constitute a material change in the
Broker-Dealer&#146;s business requiring approval under FINRA Rule 1017, and
(ii)&nbsp;such consents, authorizations, filings, approvals and registrations
which, if not obtained or made, would not have a Material Adverse Effect on
Buyer or Broker-Dealer and would not prevent, materially alter or delay any of
the transactions contemplated by this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Brokers</U>. Neither Buyer nor Broker-Dealer has paid or become obligated to
pay any fee or commission to any broker, finder, investment banker or other
intermediary in connection with the transactions contemplated by this Agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VI<BR>
ADDITIONAL AGREEMENTS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conduct of the Business</U>. During the period from the date of this
Agreement and continuing until the earlier of the termination of this Agreement
in accordance with <B>Section 9.1</B> or the Closing Date, Seller
agrees to (i)&nbsp;carry on the Business in the usual, regular and ordinary
course in substantially the same manner as heretofore conducted, and in
compliance in all material respects with all applicable Legal Provisions,
(ii)&nbsp;pay or perform its obligations when due and to use commercially
reasonable efforts to preserve intact its present business organizations,
(iii)&nbsp;keep available the services of its present officers and key employees
and preserve its relationships with customers, suppliers, </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 11 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>distributors, licensors, licensees and others having business dealings
with it to the end that its goodwill and ongoing businesses shall be unimpaired
at the Closing Date, (iv)&nbsp;confer with Buyer prior to implementing
operational decisions of a material nature and (v)&nbsp;make no material
changes in management personnel without prior consultation with Buyer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access to Information</U>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
shall afford Buyer and its accountants, counsel and other representatives
reasonable access during normal business hours and upon reasonable notice
during the period prior to the Closing Date to (i)&nbsp;all of Seller&#146;s
properties, contracts, commitments, personnel, books and records relating to
the Business, and (ii)&nbsp;all other information concerning the business,
properties and personnel of the Business as the Buyer may reasonably request.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer
shall have the right following the Closing Date to have reasonable access to
those documents, Tax Returns and other corporate records and files of Seller to
the extent any of the foregoing relates to the Assets or the Business, is
necessary in connection with the conduct of the Business, is needed by Buyer to
prepare audited financial statements of the Business or is otherwise reasonably
needed by Buyer in order to comply with its obligations under applicable
securities, tax, environmental, employment or other Legal Provisions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public Disclosure</U>. Unless otherwise permitted by this Agreement,
Buyer, Broker-Dealer and Seller shall consult with each other before issuing
any press release or otherwise making any public statement (including any
broadly issued statement or announcement to Seller employees) or making any
other public (or non-confidential) disclosure (whether or not in response to an
inquiry) regarding the terms of this Agreement and the transactions
contemplated hereby, and neither shall issue any such press release or make any
such statement or disclosure without the prior approval of the other (which
approval shall not be unreasonably withheld), except as may be required by
Legal Provisions.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Commercially Reasonable Efforts</U>. Subject to the terms and conditions of this
Agreement, each party will use its commercially reasonable efforts in good
faith to take, or cause to be taken, all actions and to do, or cause to be
done, and to assist and cooperate with the other parties in doing, all things
necessary, proper or advisable under applicable Legal Provisions to consummate
the transactions contemplated by this Agreement, including using reasonable
best efforts to accomplish the following: (i)&nbsp;the taking of all
reasonable acts necessary to cause the conditions to the Closing to be
satisfied, (ii)&nbsp;the obtaining of all necessary actions or nonactions,
waivers, consents and approvals from FINRA or any Governmental Entities and the
making of all necessary registrations and filings (including filings with
Governmental Entities, if any) and the taking of all reasonable steps as may be
necessary to obtain an approval or waiver from, or to avoid an action or
Proceeding by, FINRA or any Governmental Entity, (iii)&nbsp;the obtaining of all
necessary consents, approvals or waivers from third parties (provided that if
obtaining any such consent, approval or waiver would require any action other
than the payment of a nominal amount, such action shall be subject to the
consent of the Buyer and the Sellers, not to be unreasonably withheld),
(iv)&nbsp;the defending of any proceedings, whether judicial or administrative,
challenging this Agreement or the consummation of the transactions contemplated
hereby, including seeking to have any stay or temporary restraining order
entered by any court or other Governmental Entity vacated or reversed and
(v)&nbsp;the execution and delivery of any additional instruments necessary to
consummate the transactions contemplated by, and to fully carry out the
purposes of, this Agreement. Each party
shall also refrain from taking, directly or indirectly, any action contrary or
inconsistent with the provisions of this Agreement, including action that would
impair such party&#146;s ability to consummate the transactions contemplated
hereby. Notwithstanding anything to the
contrary contained in this Agreement, Buyer shall have no obligation under this
Agreement: (i)&nbsp;to commit to dispose of any Assets; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 12 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>(ii)&nbsp;to hold separate any Assets or operations; or (iii)&nbsp;to make
any commitment (to any Governmental Entity or otherwise) regarding its future
operations or the future operations of the Business.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Certain Events</U>. Each party shall promptly notify the other
parties of:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
notice or other communication from any Person alleging that the consent of such
Person is or may be required in connection with the transactions contemplated
by this Agreement;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
notice or other communication from any Governmental Entity in connection with
the transactions contemplated by this Agreement; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
proceedings commenced or, to its knowledge, threatened against, relating to or
involving or otherwise affecting it which relate to the consummation of the
transactions contemplated by this Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. Except as specifically set forth otherwise in this Agreement,
whether or not the Closing occurs, all costs and expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall
be paid by the party incurring such expense and no expenses incurred by Seller
in connection with the transactions contemplated hereby shall be an Assumed
Liability. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employee Matters</U>.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller
will use all reasonable efforts to cause the employees employed in the
operation of the Business to make available their employment services to the
Broker-Dealer.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
as of the Closing Date, Broker-Dealer shall offer employment to those employees
selected by Buyer who are employed by Sellers in the operation of the Business.
Each employee of the Seller who accepts Broker-Dealer&#146;s offer of employment
shall be considered a &#147;<I><B>Hired Employee</B></I>&#148; as of the Closing Date (the &#147;<I><B>Effective Time of Employment</B></I>&#148;). Effective as of the Closing Date, Seller
shall pay its employees for accrued but unpaid salaries, accrued bonuses, wages
and vacation and sick pay through the Closing Date. Each such offer of
employment shall be for substantially the same position and title and the same salary
or wage as in effect with respect to each such employee immediately prior to
the Closing Date. Broker-Dealer will
credit the Hired Employees with service credited to them by Seller for purposes
of participation, seniority, and vesting under any employee plan of
Broker-Dealer in which a Hired Employee is eligible to participate.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Hired Employee (including any dependent thereof) who is
hospitalized under any Seller Employee Plan on the Closing Date and who remains
hospitalized after such date, the Seller Employee Plan shall be responsible for
claims and expenses incurred both before and after the Closing Date in
connection with such individual until such time (if any) that, in the case of a
Hired Employee, such individual commences active employment with the
Broker-Dealer, and, in the case of a dependent of a Hired Employee, such
dependent&#146;s hospitalization has terminated.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Buyer nor Broker-Dealer assumes the sponsorship of, the responsibility for
contributions to, or any liability under or in connection with, any Seller
Employee Plan. Without limiting the
foregoing, neither Buyer nor Broker-Dealer shall have any obligation whatsoever
to pay all or any part of, and Seller shall remain responsible for,
(i)&nbsp;any severance benefits that Seller is or may be obligated to pay in
connection with the termination of employment by Seller of any of its
employees, (ii)&nbsp;accrued but unpaid salaries, wages, bonuses, vacation or sick
pay, incentive compensation or other compensation or payroll items for any
period ending prior to the Closing Date, or (iii)&nbsp;any bonuses or other
amounts due to employees of Seller arising from or related to the transactions
contemplated herein </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 13 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>or any other types of stay or change in control bonus payments. Seller shall remain solely responsible for
all liabilities relating to or arising in connection with (i)&nbsp;the
requirements of Section 4980B of the Code to provide continuation of health
care coverage under any Seller Employee Plan in respect of Hired Employees and
their qualified beneficiaries and dependents arising as a result of qualifying
events that occur on or before the Hired Employee&#146;s Effective Time of
Employment, except to the extent that Broker-Dealer becomes a successor
employer with respect to any such Hired Employee, beneficiary or dependent who
is a &#147;Qualified M&amp;A Beneficiary&#148; within the meaning of the Treasury
Regulations issued under Section 4980B of the Code; and (ii)&nbsp;claims for workers&#146;
compensation benefits by Hired Employees arising in connection with any
occupational injury or disease occurring or existing on or prior to the Closing
Date. From and after the Closing Date, Broker-Dealer shall maintain a group
health plan for the benefit of all Hired Employees and their eligible
dependents that provides benefits and coverage that are comparable to the
benefits and coverage provided by Seller&#146;s group health plan immediately prior
to the Closing Date. Broker-Dealer will cause its group health plan to waive
any pre-existing conditions and any waiting periods with respect to Hired
Employees and their eligible dependents to the extent such conditions and
waiting periods were waived or satisfied under the Seller&#146;s group health plan
as of the Closing Date. Broker-Dealer will cause its group health plan to
credit any deductibles and copayments paid or incurred by Hired Employees and
their eligible dependents under Seller&#146;s group health plan for the portion of
the plan year preceding the Closing Date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Broker-Dealer will file (with the federal government and the state(s), where
appropriate) a single Form W-2 for all of 2014 for each Hired Employee
reporting the wages paid by both Broker-Dealer and Seller to any such Hired
Employee during such year. Seller will provide Broker-Dealer with all
information and documentation relating to portion of the year ending on the
Closing Date necessary for Broker-Dealer to prepare and distribute Forms W-2
for the year ending December 31, 2014 to the Hired Employees. In addition, each of Seller and
Broker-Dealer will file Forms 941 for the quarter during which the Closing
occurs, reflecting the wages and deposits made during its period of ownership
with respect to the Hired Employees.
Seller and Broker-Dealer shall treat Broker-Dealer as a &#147;successor
employer&#148; and the respective Seller as a &#147;predecessor,&#148; within the meaning of
Sections 3121(a)(1) and 3306(b)(1) of the Code, with respect to the Hired
Employees for purposes of Taxes imposed under the Federal Unemployment Tax Act
and the Federal Insurance Contributions Act.
</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this <B>Section
6.7</B>, express or implied, shall confer upon any Hired Employee, or
any legal representative or beneficiary thereof, any rights or remedies,
including any right to employment or continued employment for any specified
period, or compensation or benefits of any nature or kind whatsoever under this
Agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Discharge of Liabilities</U>. Following the Closing Date, Seller agrees to
discharge in accordance with their terms all Retained Liabilities, and shall
have no liability for the Assumed Liabilities, which shall be the liability of
Buyer. Following the Closing Date,
Buyer agrees to discharge in accordance with their terms all Assumed
Liabilities.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VII<BR>
CONDITIONS TO OBLIGATION TO CLOSE</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to the Obligations of Buyer and
Broker-Dealer.</U> The obligations of
Buyer and Broker-Dealer to consummate and effect this Agreement and the
transactions contemplated hereby shall be subject to the satisfaction at or
prior to the Closing Date of each of the following conditions, any of which may
be waived, in writing, by Buyer:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accuracy of
Representations and Warranties</U>.
Each of the representations and warranties of Seller in this Agreement
that is expressly qualified by a reference to materiality or Material </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 14 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Adverse Effect shall be true and correct in all respects as so
qualified, each of the representations and warranties of Seller in this
Agreement that is not so qualified shall be true and correct in all material
respects, each as of the date when made and at and as of the Closing, except
for such changes as are permitted by this Agreement and except to the extent a
representation or warranty speaks only as of an earlier date, in which case it
shall be true and correct as of such date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
of Obligations</U>. Seller shall have
performed and complied with all covenants, obligations and conditions of this
Agreement required to be performed and complied with by it as of the Closing.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
of Officers</U>. Buyer shall have
received a certificate executed on behalf of Seller by the chief executive
officer and chief financial officer of Seller certifying that the conditions
set forth in <B>Sections 7.1(a)</B>
and <B>7.1(b)</B>
have been satisfied.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third
Party Consents</U>. All filings,
licenses, consents, authorizations, waivers and approvals that are required to
be made to or obtained from each Person or Governmental Entity (including FINRA
if FINRA&#146;s approval is required as a
precondition to the acquisition by Buyer of the Assets) that is required for
the consummation of the transactions contemplated by this Agreement and for the
conduct of the Business and operation thereof after the Closing, including,
without limitation, the assignment of the Seller Agreements constituting part
of the Assets will have been duly made and obtained without conditions or requirements
that are materially adverse to Buyer, Broker-Dealer or the Business.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Governmental Litigation, Injunctions or Restraints</U>. There shall not be pending or threatened any
Proceeding by any Governmental Entity, and neither Buyer, Broker-Dealer nor
Seller shall have received any communication from any Governmental Entity in
which such Governmental Entity indicates the probability of commencing any
Proceeding or taking any other action challenging the acquisition by Buyer of
the Assets, seeking to restrain or prohibit the consummation of the
transactions contemplated hereby, or seeking to place limitations on the
ownership of the Assets by Buyer or seeking to obtain from the Buyer any
damages that are material in relation to the Business.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employees</U>. The employees of Seller listed on <B>Schedule
7.1(f)</B> who receive an offer of employment from Buyer pursuant to <B>Section
6.7(b) </B>shall have accepted Buyer&#146;s offer of employment and shall
have executed confidentiality, work product, non-compete and non-solicitation
agreements with Buyer reasonably satisfactory to Buyer.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Matters</U>. All actions to be taken by
Seller in connection with the consummation of the transactions contemplated
hereby and all certificates, instruments and other documents required to effect
the transactions contemplated hereby will be reasonably satisfactory in form
and substance to Buyer.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Obligations of Seller</U>. The obligations of Seller to consummate and
effect this Agreement and the transactions contemplated hereby shall be subject
to the satisfaction at or prior to the Closing Date of each of the following
conditions, any of which may be waived, in writing, by Seller:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accuracy
of Representations and Warranties</U>.
Each of the representations and warranties of Buyer and Broker-Dealer in
this Agreement that is expressly qualified by a reference to materiality or
Material Adverse Effect shall be true and correct in all respects as so
qualified, and each of the representations and warranties of Buyer and
Broker-Dealer in this Agreement that is not so qualified shall be true and
correct in all material respects, each as of the date when made and at and as
of the Closing, except for such changes as are permitted by this Agreement and
except to the extent a</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 15 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>representation or warranty speaks only as of an earlier date, in
which case it shall be true and correct as of such date.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance
of Obligations</U>. Buyer and
Broker-Dealer shall have performed and complied with all covenants, obligations
and conditions of this Agreement required to be performed and complied with by
it as of the Closing.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certificate
of Officers</U>. The Sellers shall have
received a certificate executed on behalf of Buyer and Broker-Dealer by its
president certifying that the conditions set forth in <B>Sections</B> <B>7.2(a)</B> and <B>(b)</B>
have been satisfied.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Litigation</U>. No Proceeding shall be
pending or threatened before any Governmental Entity or before any arbitrator
wherein an unfavorable injunction, judgment, order, decree, ruling or charge
would (i)&nbsp;prevent consummation of any of the transactions contemplated by
this Agreement or (ii)&nbsp;cause any of the transactions contemplated by this
Agreement to be rescinded following consummation (and no such injunction,
judgment, order, decree, ruling or charge shall be in effect).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Matters</U>. All actions to be taken by
Buyer and Broker-Dealer in connection with the consummation of the transactions
contemplated hereby and all certificates, instruments and other documents
required to effect the transactions contemplated hereby will be reasonably
satisfactory in form and substance to Seller.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE VIII<BR>
INDEMNIFICATION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>. All covenants and agreements made by the
Seller, Buyer or Broker-Dealer herein, or in any certificate, schedule or
exhibit delivered pursuant hereto, shall survive the Closing. All representations and warranties made by
Seller, Buyer or Broker-Dealer herein, or in any certificate, schedule or
exhibit delivered pursuant hereto, shall survive the Closing and continue in
full force and effect until the first anniversary of the Closing Date; provided
that claim relating to a breach of any such representation or warranty pending
on the first anniversary of the Closing Date for which notice has been duly
given in accordance with <B>Section 8.2</B> on or before the first
anniversary of the Closing Date may continue to be asserted and indemnified
against until finally resolved.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
by Seller</U>. Subject to the
limitations set forth in this <B>ARTICLE VIII</B>, Seller shall indemnify and
hold harmless Buyer, Broker-Dealer and their respective officers, directors,
agents, attorneys and employees, and each Person, if any, who controls or may
control Buyer or Broker-Dealer within the meaning of the Securities Act
(hereinafter &#147;<I><B>Buyer Indemnified
Persons</B></I>&#148;) from and against any and all losses, costs, damages,
penalties, fines, liabilities and expenses (including without limitation legal
fees and expenses) (collectively, &#147;<I><B>Damages</B></I>&#148;) incurred or sustained by Buyer Indemnified
Persons as a result of (i)&nbsp;any inaccuracy or breach of, or any claim by a
third party alleging facts that, if true, would mean that Seller has breached,
any representation or warranty by Seller contained herein or under any other
agreement executed and delivered by the parties in furtherance of the
transactions described herein, (ii)&nbsp;a breach by Seller of any covenant or
other agreement contained herein or under any other agreement executed and
delivered by the parties in furtherance of the transactions described herein,
or (iii)&nbsp;any Retained Liability; provided, however, that the aggregate
indemnification obligation for Damages resulting from breaches of
representations and warranties of Seller shall not exceed the total Purchase Price.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 16 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
by Buyer and Broker-Dealer</U>. Buyer
and Broker-Dealer shall, jointly and severally, indemnify and hold harmless
Seller from and against and in respect of any Damages incurred or sustained by
Seller and its officers, directors, agents, attorneys and employees, and each
Person, if any, who controls or may control Seller within the meaning of the
Securities Act (hereinafter &#147;<I><B>Seller Indemnified Persons</B></I>&#148;) as a result of (i)&nbsp;any
inaccuracy or breach of, or any claim by a third party alleging facts that, if
true, would mean that Buyer has breached, any representation or warranty of
Buyer or Broker-Dealer contained herein or under any other agreement executed
and delivered by the parties in furtherance of the transactions described
herein, (ii)&nbsp;a breach by Buyer of its obligation to pay the Purchase Price
to Seller in accordance with <B>Section 2.5</B>; (iii)&nbsp;a breach by Buyer or
Broker-Dealer of any other covenant or other agreement contained herein or
under any other agreement executed and delivered by the parties in furtherance
of the transactions described herein, or (iv)&nbsp;any Assumed Liability;
provided, however, that the aggregate indemnification obligation for Damages
resulting from breaches of representations and warranties of Buyer and
Broker-Dealer shall not exceed the total Purchase Price, except in the case of
clause (ii) of this <B>Section 8.1(c)</B>, in which case the amount of
Damages may exceed the total Purchase Price by the amount of any reasonable and
documented expenses incurred by the Seller Indemnified Parties in enforcing
this Agreement (including without limitation legal fees and expenses).</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special
Rule For Fraud</U>. Notwithstanding
anything in this <B>ARTICLE VIII</B> to the contrary, in the event of any breach of a
representation or warranty by a party that is intentional or constitutes fraud,
such party&#146;s liability for breach of such representation or warranty shall
survive the Closing and continue in full force and effect forever thereafter,
and the injured party&#146;s ability to recover Damages relating thereto shall not
be subject to any cap or other limitation.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Treatment of Indemnification Payments</U>.
Seller and Buyer agree to treat any payment made pursuant to this <B>ARTICLE VIII
</B>as an adjustment to the Purchase Price for federal, state and local
income Tax purposes. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure for Indemnification</U>. The procedure to be followed in connection
with any claim for indemnification by Buyer Indemnified Persons under <B>Section
8.1(b)</B> or any Seller Indemnified Persons under <B>Section 8.1(c)</B>, is set forth
below:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>. Whenever any indemnified party shall have
received notice that a claim has been asserted or threatened against such
indemnified party, which, if valid, would subject the indemnifying party to an
indemnity obligation under this Agreement, the indemnified party shall promptly
notify the indemnifying party of such claim; provided, however, that failure to
so notify the indemnifying party shall not relieve the indemnifying party of
its indemnification obligations hereunder, except to the extent the
indemnifying party is actually prejudiced thereby. Any such notice must be made to the indemnifying party not later
than the expiration of the applicable survival period specified in <B>Section 8.1</B>
above.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defense
of a Third Party Claim</U>. </FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.25IN; '><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any third party shall notify any party (the &#147;<I><B>Indemnified Party</B></I>&#148;) with respect to any
matter (a &#147;<I><B>Third Party Claim</B></I>&#148;)
that may give rise to a claim for indemnification against any other party (the
&#147;<I><B>Indemnifying Party</B></I>&#148;)
under this <B>ARTICLE VIII</B>, the Indemnifying Party will have the right, but
not the obligation, to assume the defense of the Third Party Claim with counsel
of its choice reasonably satisfactory to the Indemnified Party so long as (i)
the Indemnifying Party notifies the Indemnified Party in writing within ten
business days after the Indemnified Party has given notice of the Third Party
Claim that the Indemnifying Party will indemnify the Indemnified Party from and
against the entirety of any Damages the Indemnified Party may suffer resulting
from, arising out of, relating to, in the nature of or caused by the Third </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 17 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.25IN; '><FONT SIZE=2>Party Claim, (ii) the Indemnifying Party provides the Indemnified Party
with evidence reasonably acceptable to the Indemnified Party that the
Indemnifying Party will have the financial resources to defend against the
Third Party Claim and fulfill its indemnification obligations hereunder, (iii)
the Third Party Claim involves only money damages and does not seek an
injunction or other equitable relief, (iv) settlement of, or an adverse
judgment with respect to, the Third Party Claim is not, in the good faith
judgment of the Indemnified Party, likely to establish a precedential custom or
practice adverse to the continuing business interests of the Indemnified Party,
and (v) the Indemnifying Party conducts the defense of the Third Party Claim
actively and diligently.</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.25IN; '><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So
long as the Indemnifying Party is conducting the defense of the Third Party
Claim in accordance with <B>Section 8.2(b)(i)</B>, (i) the Indemnified
Party may retain separate co-counsel at its sole cost and expense and participate
in the defense of the Third Party Claim, (ii) the Indemnified Party will not
consent to the entry of any judgment or enter into any settlement with respect
to the Third Party Claim without the prior written consent of the Indemnifying
Party (not to be withheld, delayed or conditioned unreasonably), and (iii) the
Indemnifying Party will not consent to the entry of any judgment or enter into
any settlement with respect to the Third Party Claim without the prior written
consent of the Indemnified Party (not to be withheld, delayed or conditioned
unreasonably).</FONT></P>

<P ALIGN=JUSTIFY STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:.25IN; '><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Indemnifying Party fails to assume the defense of a Third Party
Claim or any of the conditions in <B>Section 8.2(b)(i) </B>is or becomes unsatisfied
after written notice has been provided to the Indemnifying Party and the
Indemnifying Party fails to cure the matter unsatisfied (such cure period to be
no more than ten (10) days or such lesser period if after such 10 day period
the Indemnified Party would be prejudiced in the defense of such Third Party
Claim), then (i) the Indemnified Party may defend against, and consent to the
entry of any judgment or enter into any settlement with respect to, the Third
Party Claim in any manner it reasonably may deem appropriate (and the
Indemnified Party need not consult with, or obtain any consent from, any
Indemnifying Party in connection therewith), (ii) the Indemnifying Party will
reimburse the Indemnified Party promptly and periodically for the reasonable
costs of defending against the Third Party Claim (including reasonable
attorneys&#146; fees and expenses), and (iii) the Indemnifying Party will remain
responsible for any Damages the Indemnified Party may suffer resulting from,
arising out of, relating to, in the nature of, or caused by the Third Party
Claim to the fullest extent provided in this <B>ARTICLE VIII</B>. Regardless of the party who defends against
such Third Party Claim, the other party agrees to cooperate in good faith with
the defending party.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Third
Party Claims</U>. Within thirty (30)
business days after a party obtains knowledge that it has sustained any Damages
not involving a Third Party Claim or action which such party reasonably
believes may give rise to a claim for indemnification from another party
hereunder, such Indemnified Party shall deliver notice of such claim to the
Indemnifying Party, together with a brief description of the facts and data
which support the claim for indemnification; provided, however, that failure to
so notify the Indemnifying Party shall not relieve the Indemnifying Party of
its indemnification obligations hereunder, except to the extent that the
Indemnifying Party is actually prejudiced thereby. Any such notice must be made to the Indemnifying Party not later
than the expiration of the applicable survival period specified in <B>Section 8.1</B>. If the Indemnifying Party does not notify
the Indemnified Party within thirty (30) business days following its receipt of
such notice that the Indemnifying Party disputes its liability to the
Indemnified Party under this <B>ARTICLE VIII</B>, such claim specified by the
Indemnified Party in such notice shall be conclusively deemed a liability of
the Indemnifying Party under this <B>ARTICLE VIII</B> and the Indemnifying Party
shall pay the amount of such claim to the Indemnified Party on demand or, in
the case of any notice in which the amount of the claim (or any portion
thereof) is estimated, on such later date when the amount of such claim (or
such portion thereof) becomes finally</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 18 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2> determined. If the Indemnifying Party has timely
disputed its liability with respect to such claim, as provided above, the
Indemnifying Party and the Indemnified Party shall proceed in good faith to
negotiate a resolution of such dispute.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exclusive Remedy</U>. In the absence of fraud and except as
provided in <B>Section 10.9</B>, the indemnification provisions set forth in this
<B>ARTICLE
VIII</B> shall provide the exclusive remedy for breach of any covenant,
agreement, representation or warranty set forth in this Agreement.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE IX<BR>
TERMINATION, AMENDMENT AND WAIVER</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. This Agreement may be terminated at any time prior to the Closing
Date (by written notice by the terminating party to the other party):</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
the mutual written consent of Buyer and Seller;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
either Buyer or the Sellers if the Closing shall not have occurred by March 1,
2015, provided, however,
that the right to terminate this Agreement under this <B>Section 9.1(b)</B> shall not be
available to any party whose failure to fulfill any obligation under this
Agreement has been the cause of or resulted in the failure of the Closing to
occur on or before such date; and provided, further, that such date may be
extended for an additional 60 days by either Buyer or Seller if such party
believes that the conditions precedent to the Closing as set forth in <B>ARTICLE VII</B>
are being pursued in good faith and that completion of any such open conditions
will occur during such 60-day period;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
either Buyer or Seller if a court of competent jurisdiction or other
Governmental Entity shall have issued a non-appealable final order, decree or
ruling or taken any other action, in each case having the effect of permanently
restraining, enjoining or otherwise prohibiting the transactions contemplated
hereby, except if the party relying on such order, decree or ruling or other
action has not complied with its obligations under this Agreement;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
Seller, if there has been a breach of any representation, warranty, covenant or
agreement on the part of Buyer set forth in this Agreement, which breach (i)
causes the conditions set forth in <B>Section 7.2</B> not to be satisfied and (ii)
shall not have been cured within five (5) business days following receipt by
the breaching party of written notice of such breach from the Sellers; or</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
Buyer, if there has been a breach of any representation, warranty, covenant or
agreement on the part of Seller set forth in this Agreement, which breach (i)
causes the conditions set forth in <B>Section 7.1</B> not to be satisfied and (ii)
shall not have been cured within five (5) business days following receipt by
the breaching party of written notice of such breach from the Buyer.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Termination</U>. In the event of termination of this
Agreement as provided in <B>Section 9.1</B>, there shall be no liability or
obligation on the part of Buyer, Seller or their respective officers,
directors, members or stockholders; provided that (a) the provisions of <B>Section 9.2</B>
and <B>ARTICLE
X</B> shall remain in full force and effect and survive any termination
of this Agreement; and (b) if this Agreement is terminated because of a breach
by the non-terminating party or because one or more conditions to the
terminating party&#146;s obligations under this Agreement are not satisfied, the
terminating party&#146;s right to pursue all legal remedies will survive such
termination unimpaired.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 19 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ARTICLE X <BR>
GENERAL PROVISIONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. All notices and other
communications hereunder shall be in writing and shall be deemed duly delivered
if delivered personally (upon receipt), or three business days after being
mailed by registered or certified mail, postage prepaid (return receipt
requested), or one (1) business day after it is sent by commercial overnight
courier service, or upon transmission, if sent via facsimile or e-mail (with
confirmation of receipt) to the parties at the following address (or at such
other address for a party as shall be specified by like notice): </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="70%" align=center>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="38%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="61%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>If to Buyer
 or Broker-Dealer:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Siebert,
 Brandford, Shank Financial, L.L.C.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>100 Wall
 Street</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York, NY
 10005</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Attn:
 Suzanne Shank</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>E-Mail: <U>sshank@sbsco.com</U></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>With a copy
 to (which shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>not
 constitute notice):</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>John W.
 Merkle, Esq.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>100 The
 Embarcadero, Penthouse</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>San
 Francisco, California 94105</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Fax:
 (415)357-1200</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>E-Mail: <U>jmerkle@kmlaw100.com</U></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>If to
 Seller:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Muriel
 Siebert &amp; Co., Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>885 Third
 Avenue, Suite 3100</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York,
 New York 10022</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Attn: Joseph
 Ramos</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Fax: (212)
 644-6896</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>E-Mail: <U>jramos@siebertnet.com</U></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>With a copy
 to (which shall</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>not
 constitute notice):</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Fulbright
 &amp; Jaworski L.L.P.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>666 Fifth
 Avenue</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>New York,
 New York 10103</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Attn: Warren
 J. Nimetz, Esq.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Fax: (212)
 318-3400</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>E-Mail: <U>warren.nimetz@norttonrosefulbright.com</U></FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire Agreement; Nonassignability;
Parties in Interest</U>. This Agreement and the documents and instruments and
other agreements specifically referred to herein or delivered pursuant hereto,
including the exhibits and the schedules (a) constitute the entire agreement
among the parties with respect to the subject matter hereof and supersede all
prior agreements and understandings, both written and oral, among the parties
with respect to the subject matter hereof, (b) are not intended to confer upon
any other Person any rights or remedies hereunder, and (c) shall not be
assigned by operation of law or otherwise without the written consent of the
other party. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. In the event that any
provision of this Agreement or the application thereof becomes or is declared
by a court of competent jurisdiction to be illegal, void or unenforceable, the
remainder of this Agreement will continue in full force and effect and the
application of such provision to other Persons or circumstances will be
interpreted so as reasonably to effect the intent of the parties hereto. The
parties further agree to replace such void or unenforceable provision of this </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 20 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>Agreement with a valid and enforceable provision that will achieve, to
the extent possible, the economic, business and other purposes of such void or
unenforceable provision. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. No amendment of any
provision of this Agreement shall be valid unless the same shall be in writing
and signed by all parties hereto. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Extension, Waiver</U>. No waiver by any
party of any default, misrepresentation or breach of warranty or covenant
hereunder, whether intentional or not, shall be deemed to extend any prior or
subsequent default, misrepresentation or breach of warranty or covenant
hereunder or affect in any way any rights arising by virtue of any prior or subsequent
such occurrence. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies Cumulative</U>. Except as
otherwise provided herein, any and all remedies herein expressly conferred upon
a party will be deemed cumulative with and not exclusive of any other remedy
conferred hereby, or by law or equity upon such party, and the exercise by a
party of any one remedy will not preclude the exercise of any other remedy. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. Each party hereto
hereby irrevocably submits and consents to the jurisdiction of any New York
state or federal court located in New York County over any Proceeding arising
out of or relating to this Agreement and hereby irrevocably agrees that all
claims in respect of any such Proceeding may be heard and determined in such
New York state or federal court. Each party hereto irrevocably consents to the
service of any and all process in any such proceeding by the hand delivery or
mailing of copies of such process to it at its address specified herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Jury Trial</U>. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH
PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, (ii) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER,
(iii) IT MAKES SUCH WAIVER VOLUNTARILY, AND (iv) IT HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND
CERTIFICATIONS IN THIS SECTION 12.8. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific Performance</U>. Each of the parties
hereto acknowledges and agrees that the other parties hereto would be damaged
irreparably in the event any of the provisions of this Agreement are not
performed in accordance with their specific terms or otherwise are breached.
Accordingly, each of the parties agrees that the other parties shall be
entitled to an injunction or injunctions to prevent breaches of the provisions
of this Agreement and to enforce specifically this Agreement and the terms and
provisions hereof in any action instituted in any court of the United States or
any state thereof having jurisdiction over the parties and the matter, in
addition to any other remedy to which they may be entitled, at law or in
equity. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 21 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Third Party Beneficiaries</U>. This
Agreement is for the sole benefit of the parties hereto and their permitted
assigns and nothing herein, express or implied, is intended to or shall confer
upon any other Person any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
10.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>. This Agreement may be
executed in one or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have
been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>[Signature Page Follows]</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>- 22 -</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the undersigned have duly executed this Agreement as of the date set
forth above. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>SIEBERT,
 BRANDFORD, SHANK FINANCIAL,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>L.L.C.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">
 <P ALIGN=CENTER><FONT SIZE=2>/s/ Suzanne Shank</FONT></P>


 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:
 &nbsp;&nbsp;&nbsp;Suzanne Shank</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and CEO</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>SIEBERT,
 BRANDFORD, SHANK &amp; CO., L.L.C.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>

 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">

 <P ALIGN=CENTER><FONT SIZE=2>/s/ Suzanne Shank</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:
 &nbsp;&nbsp;&nbsp;Suzanne Shank</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and CEO</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>MURIEL
 SIEBERT &amp; CO., INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">

 <P ALIGN=CENTER><FONT SIZE=2>/s/ Robert Mazzarella</FONT></P>


 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:
 &nbsp;&nbsp;&nbsp;Robert Mazzarella</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

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