Exhibit 4.4
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
SECOND AMENDMENT
TO
AMENDED AND RESTATED OPERATING AGREEMENT
OF
VAN DER MOOLEN SPECIALISTS USA, LLC
SECOND AMENDMENT, dated May 1, 2004 (the "AMENDMENT"), to the Amended
and Restated Operating Agreement, dated February 1, 2004, as amended by that
certain First Amendment to Amended and Restated Operating Agreement, dated April
1, 2004 (as so amended, 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, the Members wish to amend the Operating Agreement of the
Company to effect certain 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:
1. Section 4.7 is hereby deleted and the following new Section 4.7
shall be substituted therefor:
"Section 4.7. SALARIES. There shall be a "Base Salary Pool" in respect
of each calendar year in an amount equal to the sum of (i) $* times the number
of Members (other than MB) at the beginning of such year plus (ii) *% of the
Individual Members Capital Balance (as such term is defined below). The amount
of the Base Salary Pool shall be paid as salaries to the Members (other than MB)
in such amounts as may from time to time be determined by the Management
Committee, and shall be treated as guaranteed payments for tax purposes. If a
Member (other than MB) should become a Terminated Member, the amount of the Base
Salary Pool shall be reduced by the amount of the unpaid annual base salary that
such Terminated Member would have received from the Base Salary Pool in the year
in which his Termination Date occurs. The amount of the Base Salary Pool may be
increased from time to time by the Management Committee. As used herein,
"Individual Members Capital Balance" shall mean, with respect to each calendar
year, the product of (x) the Company's Stated Capital, reduced by the aggregate
amount of deficiencies in other capital accounts of the Members (other than MB),
times (y) the aggregate Profit and Loss Percentages of all Members (other than
MB)."
2. The first sentence of Section 4.9 is hereby deleted and the
following shall be substituted therefor:
"MB shall receive from the Company a Support Fee ("SUPPORT FEE") in
respect of each calendar year in an amount equal to (A) the product of (i) the
MB Capital Account Percentage, times (ii) the Company's Stated Capital at the
beginning of such year, times (iii) 10%, minus (B) the product of (x) the
aggregate amount of deficiencies, if any, in other capital accounts of MB, times
(y) 10%."
3. Schedule A to the Operating Agreement is hereby deleted and
Schedule A annexed to this Amendment as Exhibit I shall be substituted
therefor.
4. In all other respects the Operating Agreement is hereby ratified
and confirmed in its entirety.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW]
2
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
3
________________________________ ________________________________
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
4
________________________________ ________________________________
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
5
________________________________ ________________________________
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
6
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
SCHEDULE A
----------
TO
SECOND AMENDMENT
TO
AMENDED AND RESTATED OPERATING AGREEMENT
OF
VAN DER MOOLEN SPECIALISTS USA, LLC
-----------------------------------
Dated: May 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 * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
7
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
------------------------------------------------------------------------------------------------------------------
MEMBERS
------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
--------------------------------- -------------------------------------- ------------------ ----------------------
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 * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
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 * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
8
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
------------------------------------------------------------------------------------------------------------------
MEMBERS
------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxx X. Xxxxxxxxx III * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxxxxx X. Xxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
Xxxx X. Xxxxxxxx * * *
--------------------------------- -------------------------------------- ------------------ ----------------------
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 * * *
------------------------------------------------------------------------- ------------------ ----------------------
Float Percentage * *
--------------------------------- -------------------------------------- ------------------ ----------------------
TOTAL * 100.0000%
--------------------------------- -------------------------------------- ------------------ ----------------------
9
