Exhibit 10.1
TERMINATION OF CLEARING AGREEMENT
This Termination Agreement is made and entered into effective as of the 21st day
of April, 2005 by and among First Montauk Securities Corp., a New York
corporation with offices at Parkway 109 Office Center, 000 Xxxxxx Xxxxxxx Xxxx,
Xxx Xxxx XX, 00000 (the "Introducing Firm"), and Fiserv Securities, Inc., with
offices at Once Commerce Square, 0000 Xxxxxx Xxxxxx, Xxxxxxxxxxxx, XX 00000-0000
("Fiserv").
WHEREAS, the Introducing Firm, and Fiserv are parties to that certain
Clearing Agreement dated as of May 8, 2000, and amended as of February 1, 2001
(the "Clearing Agreement");
WHEREAS, Fiserv, Inc. entered into an agreement to sell the wholly-owned
subsidiary Fiserv Securities, Inc. ("Fiserv") to Fidelity Global Brokerage
Group, Inc., a subsidiary of FMR Corp. and on March 24, 2005 Fiserv became an
indirect subsidiary of Fidelity Global Brokerage Group, Inc.
WHEREAS, Introducing Firm and National Financial Services LLC ("NFS"), a
subsidiary of FMR Corp. are entering into a new clearing agreement as of the
date hereof;
WHEREAS, the Introducing Firm and Fiserv desire to terminate the Clearing
Agreement, as of the date hereof;
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each of the parties hereto agrees
as follows:
1. Effective as of the date hereof, the Clearing Agreement and is
terminated and of no further force and effect and none of the parties to the
Clearing Agreement has any further rights or obligations under or pursuant to
the Clearing Agreement except for rights or obligations intended to survive
termination as specifically and expressly set forth therein.
2. This Termination Agreement may be executed in one or more counterparts,
and by different parties hereto on separate counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.
IN WITNESS WHEREOF, each of the parties hereto has caused this Termination
Agreement to be duly executed as of the date first above written.
FIRST MONTAUK SECURITIES CORP.
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: President and CEO
FIRST MONTAUK FINANCIAL CORP.
By: /s/ Xxxxxx X. Xxxxxxx
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Name: Xxxxxx X. Xxxxxxx
Title: President and CEO
FISERV SECURITIES, INC.
By: /s/ Xxxxxxxx Xxxxx
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Name: Xxxxxxxx Xxxxx
Title: Senior Vice President
