ADDENDUM TO LETTER AGREEMENT DATED MAY 12, 2007

        
              EXHIBIT
                  10.36

ADDENDUM
        TO LETTER AGREEMENT DATED MAY 12, 2007
 
    In
        the event
        that, as a result of action by Company, Executive no longer serves as Company’s
        Chief Financial Officer (“CFO”), or is assigned duties that are materially
        inconsistent with the position of CFO or that constitute a diminution of
        Executive’s authority, duties or responsibilities as CFO, Executive may at his
        election resign from his employment with Company and receive upon the
        termination of his employment a Severance Payment. For purposes of this
        agreement, a “Severance Payment” shall be a lump-sum cash amount equal to Five
        Hundred Twenty-Five Thousand Dollars ($525,000.00) less the market value,
        as of
        the date of termination of Executive’s employment, of one share of Company’s
        common stock multiplied by the number of Restricted Stock Units granted to
        Executive that have vested before the date of termina­tion (adjusted for any
        splits). As a condition to receiving a Severance Payment, Executive shall
        deliver an irrevocable general release of claims against the Company, its
        affiliates, and their current and former directors, officers and employees.
        The
        Severance Payment shall be structured and paid in a manner that complies
        with
        the requirements of Section 409A of the Internal Revenue Code, including
        any
        requirement that the Severance Payment (or a portion thereof) be delayed
        by six
        (6) months following termi­na­tion of employment in order to comply with
        Section 409A.
 
    For
        purposes
        of this Addendum, the assignment of duties that are materially inconsistent
        with
        the position of CFO or that constitute a diminution of Executive’s authority,
        duties or responsibilities as CFO would constitute a termination by Company
        without cause.
 
    Executive
        shall receive reimbursement for relocation expenses as provided in Section
        4(e)
        of his Employment Agreement dated June 30, 2006.
 
AGREED
        AND ACCEPTED:
 
THIS
        13
        DAY OF MAY, 2007
 
XXXXX
        XXXX                                     FIRST
        ALBANY
        COMPANIES, INC.
 
/s/
        C.
        Xxxxx Coad___________________                     By:
/s/
        Xxxxxx
        McNamee__________
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ADDENDUM TO LETTER AGREEMENT DATED MAY 12, 2007

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