<SEC-DOCUMENT>0001157523-20-000028.txt : 20200107
<SEC-HEADER>0001157523-20-000028.hdr.sgml : 20200107
<ACCEPTANCE-DATETIME>20200107164459
ACCESSION NUMBER:		0001157523-20-000028
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200101
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200107
DATE AS OF CHANGE:		20200107

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:		20513708

	BUSINESS ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-644-2400

	MAIL ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52154197.htm
<DESCRIPTION>SIEBERT FINANCIAL CORP. 8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt;">Washington, D.C.&#160; 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center;">CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center;">Pursuant to Section 13 or 15(d) of the</div>
    <div style="text-align: center;">Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; January 1, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SIEBERT FINANCIAL CORP.</div>
    <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9a7e38a12285491c8cc3eef24c02184d">

        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">New York</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">0-5703</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">11-1796714</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 33.33%; vertical-align: top; text-align: center;">&#160;(State or other jurisdiction of <br>
          </td>
          <td rowspan="1" style="width: 33.33%; vertical-align: top; text-align: center;">&#160;(Commission File Number)</td>
          <td rowspan="1" style="width: 33.33%; vertical-align: top; text-align: center;">&#160;(IRS Employer Identification</td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; margin-right: 1.8pt;">&#160;&#160; &#160; &#160; &#160; incorporation)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160; <br>
            </div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;Number)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z29c4dd1e9d144c5baffa383d2659f41f" style="width: 100%;">

          <tr>
            <td colspan="1" style="width: 9%; font-size: 10pt;">&#160;</td>
            <td style="width: 30%; font-size: 10pt;">120 Wall Street, New York, NY</td>
            <td style="width: 28%;">
              <div style="font-size: 10pt;">&#160;</div>
            </td>
            <td style="width: 25%; font-size: 10pt; text-align: center;">10005</td>
            <td colspan="1" style="width: 8%; font-size: 10pt;">&#160;</td>
          </tr>
          <tr>
            <td colspan="1" style="width: 9%; font-size: 10pt;">&#160;</td>
            <td style="width: 30%; font-size: 10pt;">(Address of principal executive offices) <br>
            </td>
            <td style="width: 28%;">
              <div style="font-size: 10pt;">&#160;</div>
            </td>
            <td style="width: 25%; font-size: 10pt; text-align: center;">&#160;(Zip Code)</td>
            <td colspan="1" style="width: 8%; font-size: 10pt;">&#160;</td>
          </tr>

      </table>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <br>
    </div>
    <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:<font style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; (212) 644-2400</font></div>
    <div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
    <div style="text-align: center;">(Former name or former address, if changed since last report.)</div>
    <div><br>
    </div>
    <div>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):</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#9744;&#160; <font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"></font>Written communications pursuant to Rule 425 under the Securities Act</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#9744;&#160; <font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"></font>Soliciting material pursuant to Rule 14a-12 under the Exchange Act</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#9744;&#160; <font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"></font>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#9744;&#160; <font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"></font>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</div>
    <div><br>
    </div>
    <div style="margin-top: 6pt; margin-bottom: 6pt; color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3944aaef12734cd8b8ed8341c9da40dd">

        <tr>
          <td style="width: 34.92%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Title of each class</div>
          </td>
          <td style="width: 23.31%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Trading Symbol(s)</div>
          </td>
          <td style="width: 41.77%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.92%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Common Stock - $0.01 par value</div>
          </td>
          <td style="width: 23.31%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">SIEB</div>
          </td>
          <td style="width: 41.77%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">The Nasdaq Capital Market</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-top: 8pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2
      of this chapter).</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"> Emerging growth company&#160; <font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"></font>&#9744;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
      provided pursuant to Section 13(a) of the Exchange Act.&#160; &#9744;</div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000; font-weight: bold;">Item 1.01 Entry into a Material Definitive Agreement</div>
    <div style="text-align: justify; margin-bottom: 12pt;">As previously disclosed in a Current Report on Form 8-K, filed on July 19, 2019, Siebert Financial Corp. (the &#8220;Company&#8221;) (NASDAQ: SIEB)<font style="color: #000000;"> and StockCross Financial
        Services, Inc., a Massachusetts corporation (&#8220;StockCross&#8221;), entered into a binding letter of intent (the &#8220;Letter of Intent&#8221;), setting forth the basic terms under which the Company will acquire from the StockCross shareholders (the &#8220;Acquisition&#8221;),
        all of the issued and outstanding shares of common stock of&#160; StockCross&#160; (the &#8220;StockCross Shares&#8221;) owned by the StockCross shareholders in exchange for shares of common stock of the Company.&#160; The Letter of Intent provides that the completion of the
        Acquisition is subject to preparation and execution of agreements setting forth the definitive terms of the Acquisition.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">As of December 31, 2019, the Company entered into an Agreement and Plan of Merger by and between the Company, Muriel Siebert &amp; Co, Inc., a Delaware corporation and wholly-owned
      subsidiary of the Company (&#8220;MSCO&#8221;), StockCross and Michael J. Colombino, on behalf of himself and as representative of the other StockCross shareholders (the &#8220;Merger Agreement&#8221;), pursuant to which the Company acquired, from the StockCross
      shareholders, all of the StockCross Shares in exchange for a total of 3,298,774 shares of common stock of the Company and StockCross was merged with and into MSCO (the &#8220;Merger&#8221;).&#160; The Merger was effective on January 1, 2020 (the &#8220;Closing Date&#8221;) and
      as a result, StockCross merged with and into MSCO.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">Prior to the Merger, MSCO owned 15% of the issued and outstanding common stock of StockCross and the Company and StockCross were affiliated entities through common ownership.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">The Merger Agreement was approved by a majority of the uninterested members of the Company&#8217;s audit committee and board of directors.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by the full text of the Merger Agreement, which is filed as
      Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">The issuance of the shares of common stock of the Company (the &#8220;Company Stock&#8221;) pursuant to the Merger Agreement is subject to shareholder approval pursuant to Nasdaq Rule
      5635(a)(2).&#160; The Company has received the written consent of a majority of shareholders to the issuance and is in the process of filing an Information Statement with the Securities and Exchange Commission (&#8220;SEC&#8221;) notifying the Company&#8217;s other
      shareholders of the action by written consent of the holders of a majority of the shares.&#160; The Company Stock to be issued pursuant to the Merger Agreement will be held in escrow until no earlier than 20 days after the Information Statement is first
      transmitted to the Company&#8217;s shareholders.</div>
    <div style="text-align: justify; margin-bottom: 12pt; color: #000000;">The failure of the Company to obtain the approvals required by NASDAQ rule 5635(a) was inadvertent and active steps are being made to correct such omission.</div>
    <div><font style="font-weight: bold;">Item 2.01</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-weight: bold;">Completion of Acquisition or Disposition of Assets</font></div>
    <div><br>
    </div>
    <div>The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</div>
    <div>&#160;</div>
    <div><font style="font-weight: bold;">Item 3.02</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font style="font-weight: bold;">Unregistered Sales of Equity Securities</font></div>
    <div><br>
    </div>
    <div>The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">No issuance of any of the securities by the Company in connection with the Acquisition was registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). Such issuances were conducted in reliance on
      the exemption from registration provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.</div>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Forward-Looking Statements.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">This Current Report on Form 8-K contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
      typically are identified by use of terms such as &#8220;may,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate&#8221; and similar words. Except as required by law, the Company undertakes no obligation to<font style="font-weight: bold;">&#160;</font>publicly


      update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company&#8217;s actual results could differ materially from those contained in forward-looking statements due to a number of factors,
      including the statements under &#8220;Risk Factors&#8221; found in the Company&#8217;s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q filed with the SEC.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 9.01. Financial Statements and Exhibits.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(a) Financial statements of businesses acquired.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Company will file the financial statements required by Item 9.01(a) of Form 8-K by an amendment to this Current Report on Form 8-K no later than 71 days from the date this Current Report on
      Form 8-K is required to be filed.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(b) Pro forma financial information.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Company will file the pro forma financial information required by Item 9.01(b) of Form 8-K by an amendment to this Current Report on Form 8-K no later than 71 days from the date this Current
      Report on Form 8-K is required to be filed.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(d) Exhibits</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" border="0" id="z82f1e25ab4cf4ce3ba2c2b890fb9bf92" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 10%;">
              <div>Exhibit No.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab"> <br>
                </font></div>
            </td>
            <td style="width: 90%;">
              <div>Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; text-align: left; vertical-align: top;">
              <div><a href="a52154197ex99_1.htm">99.1</a></div>
            </td>
            <td style="width: 90%;">
              <div><a href="a52154197ex99_1.htm">Agreement and Plan of Merger, dated as of December 31, 2019 by and among Siebert Financial Corp., Muriel
                  Siebert &amp; Co., Inc., StockCross Financial Services, Inc. (&#8220;StockCross&#8221;) and each of the shareholders of StockCross.</a></div>
            </td>
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      </div>
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    </div>
    <div style="text-align: center;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">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.</div>
    <div><br>
    </div>
    <div>Dated:&#160; January 7, 2020</div>
    <div> <br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
              </div>
            </td>
            <td valign="top" style="width: 3%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">By: </div>
            </td>
            <td valign="top" align="left" style="width: 35%; border-bottom: #000000 2px solid;">/s/ Andrew H. Reich</td>
            <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="bottom" align="left" style="width: 35%;">Andrew H. Reich</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">EVP, Chief Operating Officer, Chief Financial Officer <br>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">and Secretary</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52154197ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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            <div style="text-align: justify;">&#160;</div>
          </td>
          <td style="width: 50.00%;">
            <div style="text-align: right;"><font style="font-weight: bold;">&#160;Exhibit 99.1</font><br>
            </div>
          </td>
        </tr>

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    <div> <br>
    </div>
    <div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 3.2pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>AGREEMENT </u><u>AND PLAN</u><u>&#160;</u><u>OF MERGER</u></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36.2pt; margin-top: 4.5pt;">THIS AGREEMENT AND PLAN OF MERGER, dated as of December 31, 2019 (this &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Agreement</u></font>&#8221;), is made by and
        among SIEBERT FINANCIAL CORP., a New York corporation (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Parent</u></font>&#8221;), MURIEL SIEBERT &amp; CO., INC., a Delaware corporation and a wholly-owned subsidiary of Parent (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Merger Sub</u></font>&#8221;), STOCKCROSS FINANCIAL SERVICES, INC., a Massachusetts corporation (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Company</u></font>&#8221;), and each of
        the shareholders of the Company (each, a &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Shareholder</u></font>&#8221; and collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Shareholders</u></font>&#8221;).&#160; Parent,
        Merger Sub, the Company and the Shareholders are sometimes individually referred to herein as a &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Party</u></font>&#8221; and collectively as the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Parties</u></font>.&#8221;&#160; Capitalized terms used herein and not otherwise defined shall have the meanings given to them in <font style="font-family: 'Times New Roman',Times,serif;"><u>Article I</u></font> hereof.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">RECITALS</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, each Shareholder authorized the Company&#8217;s Board of Directors in writing, as provided Article 8 of the Company&#8217;s By-Laws, that they accept the July 12, 2019 Board Resolution authorizing the
        Merger (as defined below) in exchange for the Per Share Merger Consideration;</div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">WHEREAS, the respective board of directors of Parent, Merger Sub and the Company have (a)&#160;determined that the merger of the Company with and into Merger Sub, upon the terms and
        subject to the conditions set forth herein (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Merger</u></font>&#8221;), is fair to, and in the best interest of, each corporation and its respective stockholders, and declared advisable
        this Agreement and the Merger, (b)&#160;authorized and approved this Agreement, the Merger and the consummation of the Contemplated Transactions, and (c) recommended that their respective stockholders adopt this Agreement;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">WHEREAS, upon the consummation of the Merger, subject to the terms and conditions set forth herein, each issued and outstanding share of class a common stock, par value $0.0006
        per share, of the Company (each, a &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Share</u></font>&#8221; and, collectively, the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Shares</u></font>&#8221;), then issued and outstanding
        will be converted into the right to receive the Per Share Merger Consideration;</div>
      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, each Shareholder represents that all Shareholders have executed acceptable written notice under Article 8 of the Company&#8217;s By-Laws to allow the Contemplated Transactions.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 39.75pt;">WHEREAS, Merger Sub shall assume all liabilities of the Company;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, the Company is a broker-dealer registered with the Securities and Exchange Commission (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>SEC</u></font>&#8221;) and a member in good
        standing of the Financial Industry Regulatory Authority (&#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>FINRA</u></font>&#8221;);</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, for federal income tax purposes, it is intended that the Merger shall qualify as a reorganization within the meaning of Section 368(a)(2)(D) of the Internal Revenue Code of 1986, as
        amended (the &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>Code</u></font>&#8221;); and</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">WHEREAS, following the closing of the Merger, the Company will file with the SEC to withdraw as a broker-dealer.</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, representations, warranties and covenants herein contained, and for other good and valuable consideration, the value,
        receipt and sufficiency of which are acknowledged, the Parties agree as follows:</div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-align: center; margin-top: 4.5pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE I DEFINITIONS</div>
      <div style="margin-top: 4.5pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Contemplated Transactions</u>&#8221; means the transactions contemplated by this Agreement.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>DGCL</u>&#8221; means the Delaware General Corporation&#8217;s Law, as amended.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Exchange Act</u>&#8221; means the Securities and Exchange Act of 1934, as amended.</font></div>
      <div style="margin-top: 0.15pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>FINRA</u>&#8221; means the Financial Industry Regulatory Authority.</font></div>
      <div><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.5</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Governmental Entity</u> means any supranational, national, state, municipal, local or foreign government, any instrumentality, subdivision, court, administrative agency or commission or other
          governmental authority, or any quasi-governmental or private body exercising any regulatory or other governmental or quasi-governmental authority.</font></div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.6</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Law</u>&#8221; or &#8220;<u>Laws</u>&#8221; means any constitution, law, statute, treaty, rule, standard, regulation, ordinance or other pronouncement having the effect of law in the United States of America,
          any foreign country or any domestic or foreign state, municipal, county, city or other political subdivision or of any Governmental Entity.</font></div>
      <div><br>
      </div>
      <div style="margin-top: 3.8pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.7</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>MBCA</u>&#8221; means the Massachusetts Business Corporation Act, as amended.</font></div>
      <div style="margin-top: 3.8pt;"><br>
      </div>
      <div style="margin-top: 3.8pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.8</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Per Share Merger Consideration</u>&#8221; means an amount equal to the quotient of (x) the Merger Consideration divided by (y) the aggregate number of Shares issued and outstanding immediately
          before the Effective Time</font></div>
      <div style="margin-top: 3.8pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.9</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Regulatory Agencies</u>&#8221; means collectively, SRO&#8217;s and Governmental Entities.</font></div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.10</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>Securities Act</u>&#8221; means the Securities Act of 1933, as amended.</font></div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">1.11</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#8220;<u>SRO</u>&#8221; shall mean any domestic or foreign securities, broker-dealer or other financial services industry self-regulatory organization, including FINRA.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 0.1pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE II MERGER</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Merger.</u></font></div>
      <div><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Upon the terms and subject to the conditions of this Agreement, at the Closing, Merger Sub and the Company shall duly prepare, execute and acknowledge (i) a certificate of merger, in accordance
          with Section 251 of the DGCL (the &#8220;<u>Certificate of Merger</u>&#8221;), that shall be filed with the Secretary of the State of Delaware on the date hereof and in accordance with the provisions of the DGCL and this Agreement and (ii) articles of
          merger, in accordance with the MBCA (the &#8220;<u>Articles of Merger</u>&#8221;), that shall be filed with the Secretary of the Commonwealth of Massachusetts on the date hereof and in accordance with the provisions of the MBCA and this Agreement.&#160; The
          Merger shall become effective upon the filing of the Certificate of Merger and the Articles of Merger (or at such later time set forth in the Certificate of Merger and the Articles of Merger as may be agreed to by Merger Sub and the Company in
          writing).&#160; The date and time when the Merger becomes effective is referred to herein as the &#8220;<u>Effective Time</u><font style="font-style: italic;">.</font>&#8221;</font></div>
      <div><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">On the terms and subject to the conditions set forth herein and in accordance with the DGCL and the MBCA, at the Effective Time, Company shall be merged with and into the Merger Sub, the
          separate corporate existence of the Company shall cease, and Merger Sub shall continue as the surviving corporation under the laws of the State of Delaware (the &#8220;<u>Surviving Corporation</u>&#8221;).</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">From and after the Effective Time, the Merger shall have the effects set forth in Section 259(a) of the DGCL.&#160; Without limiting the generality of the foregoing, and subject thereto, at the
          Effective Time, all of the properties, rights, privileges, powers and franchises of the Company and Merger Sub shall vest in the Surviving Corporation, and all debts, liabilities, obligations and duties of the Company and Merger Sub shall become
          debts, liabilities, obligations and duties of the Surviving Corporation.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Certificate of Incorporation and Bylaws of the Surviving Corporation</u>.&#160; At the Effective Time and without any further action on the part of any Party, the certificate of incorporation of
          Merger Sub, as in effect immediately before the Effective Time, shall be the certificate of incorporation of the Surviving Corporation as of the Effective Time, until duly amended in accordance with applicable Law.&#160; At the Effective Time and
          without any further action on the part of any Party, the bylaws of Merger Sub, as in effect immediately before the Effective Time, shall be the bylaws of the Surviving Corporation as of the Effective Time, until duly amended in accordance with
          applicable Law.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Directors and Officers of the Surviving Corporation</u>.&#160; At the Effective Time, the directors of Merger Sub immediately before the Effective Time shall be the directors of the Surviving
          Corporation, each of such directors to hold office subject to the provisions of the certificate of incorporation and bylaws of the Surviving Corporation.&#160; At the Effective Time, the officers of Merger Sub immediately before the Effective Time
          shall be officers of the Surviving Corporation, each of such officers to hold office subject to the provisions of the certificate of incorporation and bylaws of the Surviving Corporation.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conversion of Target Shares in the Merger.</u>&#160; At the Effective Time, upon the terms and subject to the conditions of this Agreement, by virtue of the Merger and without any action on the
          part of any party, each Share shall be converted into, and become exchangeable for, the number of shares of validly issued, fully paid and nonassessable common stock of Parent (&#8220;<u>Parent Common Stock</u>&#8221;) equal to the Conversion Ratio.&#160; As used
          herein, the &#8220;Conversion Ratio&#8221; means a faction, the numerator of which is equal to (i) $29,750,000.00, divided by (ii) $9.0185 (the closing price of Parent&#8217;s shares as reported on the NASDAQ market on July 12, 2019, adjusted for marketability and
          restriction discounts of 15%); and the denominator of which is equal to the sum of Shares currently outstanding.&#160; The consideration referred to in this <u>Section 2.5</u> is hereinafter referred to as the &#8220;<u>Merger Consideration</u>&#8221;.&#160; All
          shares of Parent Common Stock issued to the Shareholders shall bear a one-year restrictive legend.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE III CONDITIONS TO OBLIGATIONS OF EACH PARTY</div>
      <div style="text-align: justify; margin-top: 10.15pt;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 76.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to the Obligations of Each Party</u>. The respective obligations of each of the Parties to consummate the Contemplated Transactions are subject to the satisfaction of the following
          conditions, unless waived in writing by all Parties:</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">No temporary restraining order, preliminary or permanent injunction or other order issued by any court of competent jurisdiction preventing the consummation of the Contemplated Transactions
          shall be in effect.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">No suit, Action or Proceeding shall be pending or threatened against any Party before any court, arbitral entity or Governmental Entity which, in the reasonable opinion of counsel for of any
          Party, would be likely to restrain or prohibit any such Party from consummating the Contemplated Transactions or result in damages or other relief being obtained from such Party by a non-affiliated Person.</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">All approvals or consents from any Governmental Entity with respect to any Party that are necessary to complete the Contemplated Transactions shall have been obtained, provided that such
          approval does not materially and adversely modify any of the rights or obligations of any Party.</font></div>
      <div><br>
      </div>
      <div style="margin-top: 3.95pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">3.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to Obligations of Parent</u>. The obligations of Parent to consummate the Contemplated Transactions are further subject to satisfaction or waiver at or prior to the Closing Date of
          the following conditions:</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The representations and warranties of the Shareholders and the Company in this Agreement shall be true and correct in all material respects (except for those qualified by materiality, which
          shall be true in correct in all respects) as of the Closing Date, and each of the Shareholders and the Company shall have performed all material obligations required to be performed by such Party under this Agreement;</font></div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="margin-top: 4.5pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">There shall be no Material Adverse Effect.</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">3.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to Obligations of the Shareholders and the Company</u>. The obligations of the Shareholders and the Company to consummate the Contemplated Transactions are further subject to
          satisfaction or waiver at or prior to the Closing Date of the following conditions:</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The representations and warranties of Parent in this Agreement shall be true and correct in all material respects (except for those qualified by materiality, which shall be true in correct in
          all respects) as of the date of this Agreement and as of the Closing Date and Parent shall have performed all material obligations required to be performed by it under this Agreement;</font></div>
      <div style="margin-top: 0.2pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Parent is in the process of approving the issuance of the Parent Common Stock, pursuant to Nasdaq Rule 5635(a), to the Shareholders as payment of the Merger Consideration;</font></div>
      <div style="margin-top: 11.05pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Delivery of stock certificates as per the instructions of the shareholders representing the Merger Consideration; and</font></div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">There shall be no Material Adverse Effect.</font></div>
      <div style="margin-top: 9.2pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">3.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Closing</u>. The consummation of the Contemplated Transactions (the &#8220;<u>Closing</u>&#8221;) shall take place by telecopy or email delivery (immediately followed by overnight delivery) as soon as
          practicable after all conditions precedent in <u>Sections 3.1, 3.2 and 3.3</u> has been satisfied or waived.</font></div>
      <div style="margin-top: 0.2pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">3.5</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Procedure at Closing</u>. All of the actions to be taken and documents to be executed and delivered at the Closing shall be deemed to be taken, executed and delivered simultaneously, and no
          such action, execution or delivery shall be effective until all actions to be taken and executions and deliveries to be effected at the Closing are complete. At the Closing:</font></div>
      <div><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The Shareholders shall, or shall cause the Company to, execute and deliver to Parent the following documents, in all cases in form reasonably satisfactory to Parent:</font></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10.9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51016846077d48a3bad7183b7a4edd64">

            <tr>
              <td style="width: 135pt; vertical-align: top; align: right;">
                <div style="text-align: justify; margin-left: 108pt; margin-top: 10.9pt; font-family: 'Times New Roman',Times,serif;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 10.9pt;">a certificate of the Company, dated as of the Closing Date, as to (A) the resolutions of the Board of Directors of the Company authorizing the execution and performance of this Agreement
                  and the Contemplated Transactions and (B) incumbency and signatures of the officers of the Company executing this Agreement and any agreements, certificates or other documents contemplated by this Agreement;</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1de8e6919f744a0698a7cc190877c0a6">

            <tr>
              <td style="width: 135pt; vertical-align: top; align: right;">
                <div style="text-align: justify; margin-left: 108pt; margin-top: 3pt; font-family: 'Times New Roman',Times,serif;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 3pt;">a certificate, duly executed by the authorized officer of the Company, confirming the satisfaction of the conditions contained in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section
                      3.2</u></font> hereof; and</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.4pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zea90f1e4de4d4e3f8f1f48f640bc829a">

            <tr>
              <td style="width: 135pt; vertical-align: top; align: right;">
                <div style="text-align: justify; margin-left: 108pt; margin-top: 0.4pt; font-family: 'Times New Roman',Times,serif;">(iii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 0.4pt;">written evidence of the receipt of all necessary authorizations from all Regulatory Agencies.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Parent shall execute and deliver to the Shareholders the following documents, in all cases in form reasonably satisfactory to the Shareholders:</font></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 10.9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb9b36f954364ec9a814e56345ead3d4">

            <tr>
              <td style="width: 135pt; vertical-align: top; align: right;">
                <div style="text-align: justify; margin-left: 108pt; margin-top: 10.9pt; font-family: 'Times New Roman',Times,serif;">(i)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 10.9pt;">a certificate of the Secretary of Parent, dated as of the Closing Date, as to (A) the resolutions of the Board of Directors of Parent authorizing the execution and performance of this
                  Agreement.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.1pt;"><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e4b22cef95044758b1abdef88059f8f">

            <tr>
              <td style="width: 135pt; vertical-align: top; align: right;">
                <div style="text-align: justify; margin-left: 108pt; font-family: 'Times New Roman',Times,serif;">(ii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;">a certificate, duly executed by the authorized officer of Parent, confirming the satisfaction of the conditions contained in <font style="font-family: 'Times New Roman',Times,serif;"><u>Section 3.2 </u></font>hereof;
                  and</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.45pt;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.5pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8bdb7770364d4452820d03fc41bb20e6">

            <tr>
              <td style="width: 135pt; vertical-align: top; align: right;">
                <div style="text-align: justify; margin-left: 108pt; margin-top: 4.5pt; font-family: 'Times New Roman',Times,serif;">(iii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; margin-top: 4.5pt;">written evidence of the receipt of all necessary authorizations from all Regulatory Agencies.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE IV REPRESENTATIONS AND WARRANTIES</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">OF THE SHAREHOLDERS AND THE COMPANY</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Each of the Shareholders and the Company represent and warrant to Parent as follows:</div>
      <div><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Organization, Power, Standing and Qualification</u>. The Shareholders own all of the outstanding securities of the Company.&#160; The Shareholders have all requisite power and authority to enter
          into and perform their respective obligations under this Agreement.&#160; The Company is a corporation duly incorporated, validly existing under the Laws of the Commonwealth of Massachusetts, and has all requisite corporate power and authority to
          carry on the Business as currently conducted by it and to enter into and perform its obligations under this Agreement.</font></div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Due Authorization</u>. The execution, delivery and performance of this Agreement has been duly and validly authorized by all necessary action of the Shareholders. Without limiting the
          generality of the foregoing, the Company&#8217;s board of directors and stockholders have duly authorized the execution, delivery and performance of this Agreement. This Agreement has been duly and validly executed and delivered by the Shareholders and
          is a valid and binding obligation of each Shareholder, enforceable against each Shareholders in accordance with its terms, except, in respect of this Agreement, as such enforcement may be limited by (i) bankruptcy, insolvency, reorganization,
          moratorium and other laws of general application affecting the rights and remedies of creditors, and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).</font></div>
      <div><br>
      </div>
      <div style="margin-top: 3.1pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Compliance with Other Instruments and Laws</u>. The execution and delivery of this Agreement does not, and the performance of this Agreement and the consummation of the Contemplated
          Transactions will not, (i) violate or conflict with the provisions of the articles of organization of the Company, (ii) result in the imposition of any Lien under, cause the acceleration of any obligation under, result in a material breach of,
          constitute a default under or otherwise violate or conflict with the terms, conditions or provisions of, any note, indenture, trust, pledge, mortgage, lease, guaranty or other agreement or instrument to which any Shareholder or the Company is a
          party or is bound or (iii) result in a breach or violation by any Shareholder or the Company of any of the terms, conditions or provisions of any Law or Order or (iv) require any consent or approval of, filing with or notice to, any Governmental
          Entity.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 11.5pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Compliance with Law</u>. Neither any Shareholder nor the Company is in material violation of any Law or Order to which the Company is subject or otherwise bound.&#160; The Company has filed all
          reports required to be filed with any Governmental Entity on or before the date hereof; except where the failure to so file is not material, and all such authorizations of Governmental Entities are presently valid and in full force and effect.&#160;
          To the knowledge of the Shareholders, the Company is not under investigation with respect to a violation of any Law.</font></div>
      <div style="margin-top: 11.4pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.5</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>No Fraudulent Conveyance</u>. Neither the Shareholders nor the Company is not entering into this Agreement with the intent to defraud, delay or hinder their creditors. The Contemplated
          Transactions will not constitute a fraudulent conveyance or otherwise give rise to any right of any creditor of any Shareholder.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.6</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Representations Complete</u>. Neither the representations made by the Shareholders, nor any certificate furnished by the Shareholders or the Company pursuant to this Agreement, contain any
          untrue statement of a material fact or, to the knowledge of the Shareholders, omits to state any material fact necessary in order to make the statements contained herein or therein, in light of the circumstances in which they were made, not
          misleading.</font></div>
      <div style="margin-top: 0.1pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">4.7</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Limitations on Representations and Warranties</u>. Except for the representations and warranties specifically set forth in this Agreement, neither the Shareholders nor the Company or any of
          its officers, directors, employees, agents, or representatives, nor any other Person, makes or shall be deemed to make any representation or warranty to Parent, express or implied, at law or in equity, with respect to the Contemplated
          Transactions, and the Shareholders hereby disclaims any such representation or warranty whether by any Shareholder or the Company or any of its officers, directors, employees, agents, or representatives, or any other Person.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE V</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">REPRESENTATION AND WARRANTIES OF PARENT</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Parent represents and warrants to the Shareholders and the Company as follows:</div>
      <div><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">5.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Organization, Power, Standing and Qualification</u>. Parent is a corporation duly organized, validly existing and in good standing under the laws of the State of New York.&#160; Parent has all
          corporate power, authority and permits necessary to carry on it business as it has been and is currently being conducted.&#160; Parent has all requires corporate power and authority to enter into and perform its obligations under this Agreement.</font></div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">5.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Due Authorization</u>.&#160; The execution and delivery of this Agreement and each Ancillary Agreement to which it is a party by Parent and the performance of its obligations hereunder and
          thereunder and the Contemplated Transactions have been duly and validly authorized by all necessary corporate action on the part of Parent and Merger Sub.&#160; The issuance of the Parent Common Stock by Parent to the Shareholders has been, or will be
          prior to the Closing, duly authorized and approved by Parent&#8217;s board of directors and shareholders.&#160; This Agreement has been duly and validly executed and delivered by each of Parent and Merger Sub and is a valid and binding obligations of each
          of Parent and Merger Sub, enforceable against each of Parent and Merger Sub in accordance with its terms, , except, in respect of this Agreement, as such enforcement may be limited by (i) bankruptcy, insolvency, reorganization, moratorium and
          other laws of general application affecting the rights and remedies of creditors, and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law)</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE VI ADDITIONAL COVENANTS AND AGREEMENTS</div>
      <div style="margin-top: 11.65pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">6.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conduct of the Shareholders.</u></font></div>
      <div style="margin-top: 0.25pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Except as contemplated by this Agreement, during the period from the date hereof to the Closing Date, the Shareholders each agree to (i) maintain management in place and maintain oversight so
          that the Company conducts its business in accordance with its ordinary and usual course of business and in compliance with the Securities Act and the Exchange Act; (ii) use its best efforts, subject to the foregoing, to preserve the Company&#8217;s
          business organization, keep available to the Company the services of the Company&#8217;s officers and employees and maintain satisfactory relationships with customers, suppliers and others having business relationships with it; (iii) confer with
          representatives of Parent to keep them informed with respect to operational matters of a material nature and to report the general status of the ongoing operations of the business of the Company; and (iv) maintain the Company&#8217;s books and records
          in compliance with the Exchange Act.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">6.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Regulatory Consents, Authorizations, etc.</u> Each Party will use its reasonable best efforts to obtain all consents, authorizations, orders and approvals of, and to make all filings and
          registrations with, any governmental commission, board or other regulatory body or any other Person which is required for or in connection with the consummation by it of the Contemplated Transactions and will cooperate fully with the other
          Parties in assisting them to obtain such consents, authorizations, orders and approvals and to make such filings and registrations. No Party will take or omit to take any action for the purpose of delaying, impairing or impeding the receipt of
          any required consent, authorization, order or approval or the making of any required filing or registration.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 3.25pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE VII CONDITIONS TO THE CLOSING</div>
      <div style="margin-top: 10.55pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">7.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 42pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to Closing and Parent&#8217;s Obligation to Close.</u> The obligation of Parent to consummate the Contemplated Transactions including, without limitation, the issuance of the Parent
          Common Stock, are subject to the fulfillment, to the reasonable satisfaction of Parent, prior to or on the Closing Date of each of the following conditions:</font></div>
      <div style="margin-top: 0.45pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Regulatory Consents, Authorizations, etc</u>. All consents, authorizations, orders and approvals of, and filings and registrations with, any Regulatory Agencies which are required for or in
          connection with the execution and delivery of this Agreement and the consummation by each party hereto of the Contemplated Transactions shall have been obtained or made.</font></div>
      <div style="margin-top: 11.1pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Representations, Warranties, Covenants, etc</u>. The representations and warranties of the Shareholders and the Company contained in this Agreement, shall have been true and correct in all
          material respects on the date hereof.</font></div>
      <div style="margin-top: 11.55pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Litigation; Other Events.</u> No claim, action, suit or proceeding shall have been instituted or shall be threatened by any Person which seeks to prohibit, restrict or delay consummation of
          the Merger, or any of the conditions to consummation of such Merger, or to subject Parent or its directors, officers, employees or agents to liability on the ground that it or they has breached any law or regulation or otherwise acted improperly
          in relation to the Contemplated Transactions nt.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 11.45pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">7.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Conditions to Closing and the Shareholder&#8217;s and the Company&#8217;s Obligation to Close.</u> The obligations of the Shareholders and the Company to consummate the Contemplated Transactions on the
          Closing Date, are subject to fulfillment, to the reasonable satisfaction of the Shareholders, on or prior to the Closing Date, of each of the following conditions:</font></div>
      <div style="margin-top: 0.15pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Regulatory Consents, Authorizations, etc.</u> All consents, authorizations, orders and approvals of, and filings and registrations with, any Regulatory Agencies which are required for or in
          connection with the execution and delivery of this Agreement and the consummation by each party hereto of the Contemplated Transactions shall have been obtained or made.</font></div>
      <div style="margin-top: 11.4pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Representations, Warranties, Covenants, etc.</u> The representations and warranties of Parent contained in this Agreement, shall have been true and correct in all material respects on the
          date hereof and, shall also be true and correct in all material respects on and as of the Closing Date, with the same force and effect as if made on and as of the Closing Date; and Parent shall have performed or complied in all material respects
          required by this Agreement to be performed or complied with by it on or prior to the Closing Date.</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="margin-top: 3.9pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Litigation; Other Events.</u> No claim, action, suit or proceeding shall have been instituted or shall be threatened by any Person which seeks to prohibit, restrict or delay consummation of
          the Merger, or any of the conditions to consummation of the Merger or to subject any Shareholder or the Company or any of the Company&#8217;s directors, officers, employees or agents to liability on the ground that it or they has breached any law or
          regulation or otherwise acted improperly in relation to the Contemplated Transactions.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; text-indent: 0.1pt; margin-top: 0.05pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE VIII TERMINATION</div>
      <div style="margin-top: 10.25pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">8.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Prior to the Closing Date.</u> This Agreement may be terminated at any time prior to the Closing Date:</font></div>
      <div><br>
      </div>
      <div style="margin-top: 4.5pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">By the written agreement of Parent and the Company;</font></div>
      <div><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">At the option of Parent or the Company if (i) Parent or the Company sustains a material loss; (ii) trading in securities on the New York Stock Exchange has been suspended or limited; (iii)
          material governmental restrictions has been imposed on trading in securities generally (not in force and effect on the date hereof); (iv) a banking moratorium has been declared by federal authorities; (v) an outbreak of major international
          hostilities or other national or international calamity has occurred; (vi) a pending or threatened legal or governmental proceeding or action relating to the financial condition of the Company, or a notification has been received by any of the
          Parties of the threat of any such proceeding or action, which could materially adversely affect the Company; (vii) the passage by the Congress of the United States or by any state legislative body of similar impact, of any measure, or the
          adoption of any orders, rules or regulations by any governmental body or any authoritative accounting institute or board, or any governmental executive, which is reasonably believed likely by Parent to has a material adverse impact on the
          Company; (viii) any material adverse change in the financial or securities markets beyond normal market fluctuations has occurred since the date of this Agreement, and is continuing, and is reasonably expected to has material adverse effect on
          the Contemplated Transactions; (ix) a terrorist attack upon the United States; or (x) any material adverse change has occurred with respect to the Company (each, a &#8220;<u>Material Adverse Effect</u>&#8221;).</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">8.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Liabilities upon Termination prior to the Closing Date.</u> In the event of the termination of this Agreement prior to the Closing Date, this Agreement shall thereafter be valid solely to the
          extent performed, but shall become void and has no effect as to the obligations of the Parties as to all matters to be performed on or after the Closing Date, and no Party shall have any liability concerning those matters to be performed after
          the Closing Date to the other Parties or their respective stockholders, directors, officers, employees or agents in respect thereof, except that nothing herein will relieve any party from liability for any willful breach of any covenant herein
          contained prior to such termination.&#160; If this Agreement is terminated prior to the Closing Date, each of the Parties shall bear their own expenses incurred in negotiating the Contemplated Transactions and the preparation of this Agreement.</font></div>
      <div><br>
      </div>
      <div style="text-align: center; margin-top: 3.25pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE IX SURVIVAL; INDEMNIFICATION</div>
      <div style="margin-top: 10.15pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">9.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Survival of Representations and Warranties; Survival of Indemnities.</u> All representations and warranties made by all Parties herein or contained in a certificate delivered pursuant hereto
          shall survive the Closing Date for a period of one (1) year. Any claim for indemnification under<u> Sections 9.2</u> or <u>9.3</u> hereof shall be waived unless the indemnitee shall have given notice of such claim within the applicable period
          specified in the preceding sentence. The indemnification provisions set forth in this <u>Article IX</u> shall survive the Closing Date for a period of one (1) year.</font></div>
      <div style="margin-top: 0.5pt;"><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">9.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Indemnification of Parent.</u> The Shareholders each covenant and agree with Parent that, regardless of any investigation made at any time by or on behalf of Parent or any information Parent
          may has, the Shareholders shall indemnify Parent and each of its successors, assigns, employees, officers, directors and agents (the &#8220;<u>Parent Indemnified Parties</u>&#8221;), and hold them harmless from, against and in respect of any and all costs,
          losses, claims, liabilities, fines, penalties, damages and expenses which are caused by, result from or arise out of:</font></div>
      <div style="margin-top: 0.2pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any breach or default in the performance by the Shareholders of any covenant or agreement of the Shareholders contained in this Agreement;</font></div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="margin-top: 0.05pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any breach of a representation or warranty made by the Shareholders herein or in any Certificate, or other document or instrument delivered to Parent by the Shareholders pursuant hereto;</font></div>
      <div style="margin-top: 0.25pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any claim made against Parent in connection with or relating to any liability or obligation of the Company (whether accrued absolute, contingent or otherwise), arising or accruing prior to the
          Closing Date.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 0.3pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any and all actions, suits, proceedings, claims, demands, judgments, compromises, assessments, settlements, costs and expenses (including reasonable legal fees and disbursements of counsel and
          court costs) incident to any of the foregoing (each a &#8220;<u>Claim</u>&#8221;).</font></div>
      <div style="margin-top: 11.65pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">9.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Indemnification of the Shareholders.</u> Parent covenants and agrees with the Shareholders that Parent shall indemnify the Shareholders and each of their respective successors and assigns
          (the &#8220;<u>Company Indemnified Parties</u>&#8221;) and hold them harmless from, against and in respect of any and all costs, losses, claims, liabilities, fines, penalties, damages and expenses which are caused by, result from or arise out of:</font></div>
      <div style="margin-top: 0.35pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any breach or default in the performance by Parent of any covenant or agreement of Parent contained in this Agreement;</font></div>
      <div style="margin-top: 11.4pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any breach of a representation or warranty made by Parent herein or in any certificate or other document or instrument delivered to the Shareholders or the Company by or on behalf of Parent
          pursuant hereto;</font></div>
      <div style="margin-top: 11pt; text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any and all Claims (including reasonable legal fees and disbursements of counsel and court costs) incident to any of the foregoing.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">9.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Right to Defend, Etc.</u> If the facts giving rise to any such indemnification shall involve any actual Claim or demand by any third party against a Company Indemnified Party or Parent
          Indemnified Party (in each case generally referred to as an &#8220;<u>Indemnified Party</u>&#8221;), the Indemnifying Party shall be entitled to notice of and entitled (without prejudice) to the right of any Indemnified Party to participate at its expense
          through counsel of its own choosing to defend or prosecute such claim at its expense and through counsel of its own choosing if it gives written notice of its intention to do so no later than the time by which the interests of the Indemnified
          Party would be materially prejudiced as a result of its failure to has received such notice;<u> provided</u>, <u>however</u>, that if the defendants in any action shall include both an Indemnifying Party and an Indemnified Party and the
          Indemnified Party shall have been advised by its counsel that the counsel selected by the Indemnifying Party has a conflict of interest because of the availability of different or additional defenses to the Indemnified Party, the Indemnified
          Party shall have the right to select separate counsel to participate in the defense of such action on its behalf, at the expense of the Indemnifying Party; <u>provided</u>, <u>further</u>, <u>however</u>, that if there is more than one
          Indemnified Party, the Indemnifying Party shall only be required to pay the expense of one additional counsel other than its own. Notwithstanding the foregoing, (i) the failure to so notify the Indemnifying Party within such time as would
          materially prejudice the Indemnifying Party's right to defend or prosecute such claim shall relieve such Indemnifying Party of any liability which it may has to any Indemnified Party; and (ii) the Indemnifying Party shall not be required to pay
          or reimburse the Indemnified Party for any costs or expenses associated with any counsel hired by the Indemnified Party prior to receipt of such notice by the Indemnifying Party. The Indemnified Party shall cooperate fully in the defense of such
          claim and shall make available to the Indemnifying Party pertinent information under its control relating thereto, but shall be entitled to be reimbursed, as provided in this <u>Article IX</u>, for all out-of-pocket costs and expenses payable to
          third parties incurred by it in connection therewith. If any Indemnifying Party assumes the defense of any such claim, the Indemnifying Party will hold the Indemnified Party harmless from and against any and all damages arising out of any
          settlement approved by such Indemnifying Party or any judgment in connection with such claim or litigation. Payment by an Indemnifying Party to an Indemnified Party shall be made within ten days after demand, unless there is a claim or demand by
          a third party in which event payment shall be made within ten days after final judgment, settlement or compromise, as the case may be.</font></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-top: 11.3pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">9.5</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Limitations on Indemnification Obligations</u>. No Claim may be made against the Shareholders, on the one hand, or Parent, on the other hand, for indemnification pursuant to this <u>Article
            IX</u> with respect to any individual Claim, unless the aggregate of (i) all Claims of the Parent Indemnified Parties with respect to <u>Section 9.2</u> or (ii) all Claims of the Company Indemnified Parties with respect to <u>Section 9.3</u>,
          shall exceed $100,000 and, in such event, the Shareholders, on the one hand, or Parent, on the other hand, shall be required to pay the aggregate amount of any such Claims, subject to the limitations described in the following sentence.&#160;
          Additionally, except as otherwise provided herein, (a) the aggregate amount of all Claims payable by the Shareholders to the Parent Indemnified Parties shall not exceed $1,000,000, and (b) the aggregate amount of all Claims payable by Parent to
          the Company Indemnified Parties shall also not exceed $1,000,000.</font></div>
      <div style="margin-top: 3.25pt;"><br>
      </div>
      <div style="text-align: center; text-indent: 0.05pt; margin-top: 3.25pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">ARTICLE X MISCELLANEOUS</div>
      <div style="margin-top: 10.3pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">10.1</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Waiver of Conditions.</u> Any party may, at its option, waive, in writing, any or all of the conditions herein contained to which its obligations hereunder are subject.</font></div>
      <div style="margin-top: 11.25pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">10.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Notices.</u> All notices, requests or other communications to any of the parties by another party shall be in writing and shall be deemed duly given on the
          earlier of the date the same is delivered in person, when deposited with a nationally recognized overnight courier service which provides receipt of delivery, or when deposited in the United States mail, certified or registered, postage prepaid,
          return receipt, as follows:</font></div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-align: justify;">If to the Shareholders, to:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">c/o StockCross Financial Services, Inc.</div>
      <div style="text-align: justify;">9464 Wilshire Boulevard</div>
      <div style="text-align: justify;">Beverly Hills, California 90212</div>
      <div style="text-align: justify;">Attention: Michael J. Colombino, CFO</div>
      <div style="text-align: justify;">Email: michael.colombino@stockcross.com</div>
      <div><br>
      </div>
      <div style="text-align: justify;">With a copy to:</div>
      <div style="text-align: justify;">StockCross Financial Services, Inc.</div>
      <div style="text-align: justify;">9464 Wilshire Boulevard</div>
      <div style="text-align: justify;">Beverly Hills, California 90212</div>
      <div style="text-align: justify;">Attention: George Kupper</div>
      <div style="text-align: justify;">Email: george.kupper@stockcross.com</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;">If to Parent, to:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0.15pt;">Siebert Financial Corp.</div>
      <div style="text-align: justify; text-indent: 0.15pt;">120 Wall Street</div>
      <div style="text-align: justify;">New York, New York 10005</div>
      <div style="text-align: justify;">Attention: Andrew Reich</div>
      <div style="text-align: justify;">Email: areich@siebertnet.com</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0.15pt;">Siebert Financial Corp.</div>
      <div style="text-align: justify; text-indent: 0.15pt;">120 Wall Street</div>
      <div style="text-align: justify;">New York, New York 10005</div>
      <div style="text-align: justify;">Attention: Daniel Logue</div>
      <div style="text-align: justify;">Email: dlogue@siebertnet.com</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Any party may designate, by notice in writing to the other parties, a new address to which notices, requests and other communications hereunder shall be given.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">10.3</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Arbitration.</u> Any dispute with respect to or arising out of this Agreement will be decided by arbitration, in accordance with the rules of FINRA, before FINRA. The arbitration panel in any
          such proceeding is hereby granted the authority to award money damages, injunctive relief and costs and attorneys&#8217; fees and disbursements; provided, however, that the arbitrator shall not grant any award in excess or beyond the terms provided in
          this Agreement. The award rendered in that arbitration will be binding on the parties and judgment upon the award can be entered by any court within the State of New York or the Commonwealth of Massachusetts.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">10.4</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 40.5pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Counterparts.</u> This Agreement and any amendments, waivers, consents, or supplements may be executed in one or more counterparts, each of which when so executed and delivered shall be
          deemed an original, but all of which counterparts together shall constitute but one and the same instrument. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto. Delivery of an executed
          counterpart of a signature page to this Agreement, any amendments, waivers, consents or supplements, by facsimile or email shall be as effective as delivery of a manually executed counterpart thereof.</font></div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">10.5</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Headings.</u> The headings herein are for convenience only, do not constitute a part of this Agreement, and shall not be deemed to limit or affect any of the provisions hereof.</font></div>
      <div style="margin-top: 11.35pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">10.6</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Amendments.</u> This Agreement may not be modified or changed except by an instrument or instruments, in writing, executed by the parties hereto.</font></div>
      <div style="margin-top: 11.4pt; text-indent: 36pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">10.7</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 41.95pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Miscellaneous.</u></font></div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="text-indent: 81pt; text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 27pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">This Agreement constitutes the entire agreement and understanding and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject
          matter hereof and is not intended to confer upon any other Person any rights or remedies hereunder.</font></div>
      <div><br>
      </div>
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        <div style="text-align: center; font-family: 'Times New Roman', Times, serif;">[Signature Page to Agreement and Plan of Merger]</div>
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