Exhibit 4.3
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
FIRST AMENDMENT
TO
AMENDED AND RESTATED OPERATING AGREEMENT
OF
VAN DER MOOLEN SPECIALISTS USA, LLC
FIRST AMENDMENT, dated April 1, 2004 (the "AMENDMENT"), to the Amended
and Restated Operating Agreement, dated February 1, 2004 (the "OPERATING
AGREEMENT"), of Van der Moolen Specialists USA, LLC, a New York limited
liability company (the "COMPANY"), by and among the entity and individuals
listed on Schedule A hereto (each, a "MEMBER" and collectively, the "MEMBERS").
Capitalized terms used but not defined in this Amendment shall have the meaning
ascribed to such terms in the Operating Agreement;
WHEREAS, effective at the close of business on March 31, 2004, Xxxxx
Xxxxxxxxxx ceased to be a member of the Company;
WHEREAS, Xxxxxxxxxxx X. Xxxxxxxx will become a member of the Company,
effective as of the opening of business on April 1, 2004; and
WHEREAS, the Members wish to amend the Operating Agreement of the
Company to (i) reflect Xx. Xxxxxxxxxx ceasing to be a member of the Company,
(ii) provide for the admission of Xx. Xxxxxxxx as a Member of the Company, and
(iii) effect certain other changes as set forth herein.
NOW, THEREFORE, in consideration of the foregoing premises and
the terms and conditions set forth in this Amendment, the Members hereby agree
as follows:
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
1. The last sentence of the definition of "Float Percentage" in
Section 1.5 of the Operating Agreement is hereby deleted and the following shall
be substituted therefor:
"On the date hereof, the Float Percentage is *."
2. The last sentence of Section 2.2 of the Operating Agreement is
hereby deleted and the following shall be substituted therefor:
"The foregoing notwithstanding, (i) the Stated Capital of
Xxxxxxx X. Xxxxx shall not be reduced as a result of the
decrease in his Profit and Loss Percentage from *% to *%
pursuant to this Amendment, and (ii) in the event that the
amount of any Restitution and Fines exceeds $40 million and
Members are required to contribute additional Stated Capital
to the Company, Xxxxxxx X. Xxxxx'x contribution obligation
with respect to such excess shall be determined as if his
Profit and Loss Percentage was *%."
3. The last sentence of Section 4.3 of the Operating Agreement is
hereby deleted and the following shall be substituted therefor:
"Further, the foregoing notwithstanding, in any taxable year
in which the Company has any losses or expense attributable
to Restitution and Fines, if (1) the Company does not have a
net loss for such year, taking into account such Restitution
and Fines and all other items of income, gain, loss and
deduction for the year, Xxxxxxx X. Xxxxx shall be specially
allocated an amount of losses and expenses equal to the
aggregate amount of any loss or expense attributable to the
Restitution and Fines multiplied by *%, and an amount
of income equal to the amount of losses and expenses
specially allocated to Xxxxxxx X. Xxxxx pursuant to
2
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE COMMISSION.
this clause (1) shall be specially allocated to the Members
receiving allocations of Float Percentage and
(2) if the Company has a net loss for such year, taking into
account such Restitution and Fines and all other items of
income, gain, loss and deduction, (a) first, *% of any income
and gains shall be specially allocated to MB and the remaining
25.0000% shall be allocated to the Members (other than MB) in
proportion to their respective Special Allocation Percentages
(which, for the avoidance of doubt, would be calculated using
*% for the Float Percentage and *% for Xxxxxxx X. Xxxxx'x
Profit and Loss Percentage), (b) second, any losses and
expenses, other than those attributable to Restitution and
Fines, shall be specially allocated in accordance with Section
4.3(b)(i)-(iii), (I.E., the Special Allocation Percentages
would be calculated using *% for the Float Percentage and *%
for Xxxxxxx X. Xxxxx'x Profit and Loss Percentage), and (c)
third, *% of all losses and expenses attributable to
Restitution and Fines shall be specially allocated to MB and
the remaining 25.0000% shall be specially allocated to the
Members (other than MB) in accordance with Section
4.3(b)(i)-(iii), except that the Special Allocation
Percentages shall be calculated as if the Float Percentage was
*% and Xxxxxxx X. Xxxxx'x Profit and Loss Percentage was *%."
4. The first, second and third sentences of Section 5.2 of the
Operating Agreement are hereby deleted and the following shall be substituted
therefor:
"The Management Committee shall consist of not less than three
nor more than eight members, the exact number of which shall
be determined from time to time by resolution adopted by
Supermajority Vote."
3
5. Schedule A to the Operating Agreement is hereby deleted and
Schedule A annexed to this Amendment as Exhibit I shall be substituted therefor.
6. In all other respects the Operating Agreement is hereby ratified
and confirmed in its entirety.
4
IN WITNESS WHEREOF, the Members have executed this Amendment as of the
date and year first written above.
MILL BRIDGE IV, LLC
By: ____________________________ ________________________________
Name: XXXXX X. XXXXX
Title: Manager
________________________________ ________________________________
XXXXXX XXXXXXXXX XXXXXXXX X. XXXXXXXX
________________________________ ________________________________
XXXXXX X. XXXXX XXXXXXXX X. XXXXX
________________________________ ________________________________
XXXXX X. XXXXXXXXXX XXXXXXX X. XXXXXXXX
________________________________ ________________________________
XXXXX X. XXXXXXX, XX. XXXXXXX CLOSE, II
________________________________ ________________________________
XXXXXXXXXXX X. XXXXXXXX XXXXX X. XXXXXXX, XX.
________________________________ ________________________________
XXXXXXX X. XXXXX XXXX F. X. XXXXX
________________________________ ________________________________
XXXXXX X. XXXXXXXX XXXX X. XXXXXXX
________________________________ ________________________________
XXXXXX X. XXXXXXXXX XXXXXX X. XXXXXXX
5
________________________________ ________________________________
XXXXXXX X. XXXXX XXXXXX X. XXXXXXXXX
________________________________ ________________________________
XXXXXX XXXXXXXX XXXXXX X. XXXXX
________________________________ ________________________________
XXXXXXX X. XXXXXXX XXXX X. XXXXXXX
________________________________ ________________________________
XXXXXX X. XXXXXXX XXXXXXX XXXXXX
________________________________ ________________________________
M. XXXXXX XXXXX XXXXX X. XXXXX
________________________________ ________________________________
XXXX X. XXXXXXXX XXXXX X. XXXXXXXX
________________________________ ________________________________
XXXXXXX X. XXXXXXXXX XXXXXXX X. XXXXXX, XX.
________________________________ ________________________________
XXXXX X. XXXXXXX XXXXX X. XXXXXX
________________________________ ________________________________
XXXXX X. XXXXXXX XXXXX XXXXXXXX
6
________________________________ ________________________________
XXXX X. XXXXXXX XXXXXX X. XXXXXXXX
________________________________ ________________________________
XXXXXXXX X. XXXXXXX XXXX X. XXXXXX
________________________________ ________________________________
XXXXXX XXXXX XXXXXX X. XXXXXXXXXX
________________________________ ________________________________
XXXXXX X. XXXXXXX XXXXX X. XXXXXXX
________________________________ ________________________________
XXXXXX X. XXXXXXX, XX. XXXXXXX X. XXXXXXX
________________________________ ________________________________
XXXXXX X. XXXXXXX XXXXXX X. XXXXXX
________________________________ ________________________________
XXXXXXX X. XXXXXXX XXXXXXXXXXX X. XXXXX
________________________________ ________________________________
XXXXX X. XXXXXXXXXX XXXXXX X. XXXXXXXXXXX
________________________________ ________________________________
XXXXX X. XXXXX XXXXXX X. XXXXXXXXX, III
________________________________ ________________________________
XXXXXXX X. XXXXX XXXX X. XXXXXXXX
7
________________________________ ________________________________
XXXXXX X. XXXXXXX XXXXXX X. XXXXXXX
________________________________ ________________________________
XXXXXX X. XXXX XXXXXX XXXXXXXX
________________________________ ________________________________
XXXXXX X. XXXXXXXXXXX XXXXXXX X. XXXXX
________________________________ ________________________________
XXXX X. XXXXXX XXXXXXX X. XXXXX
________________________________
XXXXXX XXXXX
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*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
SCHEDULE A
----------
TO
FIRST AMENDMENT
TO
AMENDED AND RESTATED OPERATING AGREEMENT
OF
VAN DER MOOLEN SPECIALISTS USA, LLC
-----------------------------------
Dated: April 1, 2004
------------------------------------------------------------------------------------------------------------------
MEMBERS
------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
--------------------------------- -------------------------------------- ------------------ ----------------------
--------------------------------- -------------------------------------- ------------------ ----------------------
Mill Bridge IV, LLC 00 Xxxxxxxx, 00xx Xx. * 75.0000
Xxx Xxxx, XX 00000
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx Xxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxxx Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxxxx, Xx. * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx Close, II * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxxxxxx X. Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. XxXxxxx, Xx. * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx F. X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
9
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
------------------------------------------------------------------------------------------------------------------
MEMBERS
------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
--------------------------------- -------------------------------------- ------------------ ----------------------
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx Xxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
M. Xxxxxx Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. XxXxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. XxXxxx, Xx. * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. XxXxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxx, Xx. * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx Xxxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxxx III * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
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*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
------------------------------------------------------------------------------------------------------------------
MEMBERS
------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
--------------------------------- -------------------------------------- ------------------ ----------------------
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Float Percentage * *
------------------------------------------------------------------------ ------------------ ----------------------
TOTAL * 100.0000%
--------------------------------- -------------------------------------- ------------------ ----------------------
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