Exhibit 10.7
AMENDMENT TO THE EMPLOYMENT AGREEMENT
OF
XXXXXXXX X. XXXXXX
This Amendment (this "Amendment") dated as of August 1, 2001, is by and
among Global Capital Partners Inc., a Delaware corporation with its principal
offices at 0000 Xxxxxxxx Xxxx, Xxxxx 0000, Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
("GCAP"); Global Capital Securities Corp., Inc. a Colorado corporation, with its
principal office at 0000 Xxxxx Xxxxxxxx Xxx, Xxxxx 000, Xxxxxxxxx, Xxxxxxxx
00000 ("Global Securities"), Xxxxxx Online, Inc., a Delaware corporation with
its principal offices at 0000 Xxxxxxxx Xxxx, Xxxxx 000, Xxxxxxxx, Xxx Xxxx 00000
("Xxxxxx Online") and Xxxxxxxx X. Xxxxxx, an individual residing at 00 Xxxx
Xxxxx Xxxx, Xxxxxxxxxx Xxx, Xxx Xxxx 00000 (the "Employee").
W I T N E S S T H:
- - - - - - - - -
WHEREAS, GCAP was formerly known as Eastbrokers International
Incorporated ("Eastbrokers"); and
WHEREAS, Global Securities is the successor entity to XX Xxxxxx Group,
LLC, a limited liability company organized under the laws of the State of New
York; and
WHEREAS, Eastbrokers, Global Securities and Employee have previously
entered into an Employment Agreement dated November 22, 1999 (the "Employment
Agreement");
WHEREAS, GCAP, Global Securities and Employee desire to amend the
Employment Agreement as to certain matters as herein after set forth; and
WHEREAS, Xxxxxx Online has agreed to assume all obligations of Global
Securities under the terms of the Employment Agreement, as amended.
NOW THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, the parties agree as follows:
1. The parties hereto agree that, from and after the date hereof,
GCAP and Global Securities shall no longer be parties to the Employment
Agreement and shall be released from any liability to the Employee thereunder.
2. Xxxxxx Online hereby agrees to assume the obligations of Global
Securities under the Employment Agreement and release Global Securities from any
liability thereunder.
3. The parties hereto agree that, from and after the date hereof,
every reference to "XX Xxxxxx Group, LLC" in the Employment Agreement shall be
amended to read "Xxxxxx Online."
4. The parties hereto agree that Section 10 of the Employment
Agreement is hereby deleted in its entirety.
5. Except as expressly provided herein, all of the terms and
conditions of the Employment Agreement shall be unmodified and in full force and
effect.
6. From and after the execution and delivery of this Amendment, all
references to the Employment Agreement contained in all other agreements and
instruments executed and delivered to or in connection with the Employment
Agreement shall hereafter mean and refer to the Employment Agreement as amended
hereby.
IN WITNESS WHEREOF, the undersigned have executed this Amendment on the
day and year first above mentioned.
GLOBAL CAPITAL PARTNERS INC.
By: /s/ XXXXXX X. XXXXXXXXXX
------------------------------
Name: Xxxxxx X. Xxxxxxxxxx
Title: Chief Executive Officer
GLOBAL CAPITAL SECURITIES CORPORATION
By: /s/ XXXXX XXXXX
------------------------------
Name: Xxxxx Xxxxx
XXXXXX ONLINE, INC.
By: /s/ XXXXXXX X. XXXXX
------------------------------
Name: Xxxxxxx X. Xxxxx
Title: President
EMPLOYEE
By: /s/ XXXXXXXX X. XXXXXX
------------------------------
Xxxxxxxx X. Xxxxxx
