Common use of DUTIES AND RESPONSIBILITIES OF PARTIES Clause in Contracts

DUTIES AND RESPONSIBILITIES OF PARTIES. (a) Employee shall be employed as the Company's Senior Vice President ("SVP") of Institutional Sales, as co-Head of the Institutional Sales Group with an individual who Employee has the sole approval of as co-head. It is agreed that Employee shall perform his services in the Company's Jersey City, New Jersey offices, as well as in the offices of the Company's affiliates and/or subsidiaries in New Jersey and he will be responsible for institutional account coverage and, at the request of the Company, for managing institutional sales and sales trading, which duties, responsibilities and work location may only be changed by mutual written agreement of the parties. All existing and future institutional sales traders or other members of the Institutional Sales Group (each, a "Subordinate", and collectively, the "Subordinates") employed by the Company will report to the co-Heads of the Institutional Sales Group, unless existing employees previously specified by written commitments of the firm are prohibited from doing so. (b) Employee shall report to the Chief Executive Officer of the Company or any other more senior executive officers appointed by the Board of Directors of the Company and agrees to abide by all bylaws and applicable policies of the Company promulgated from time to time by the Board of Directors of the Company. (c) The Company represents that it will continue to update its technological resources to maintain its current level of technology. (d) The Company represents that it has, and will maintain, the ability to trade in the overseas markets currently available to the firm. CONFIDENTIAL TREATMENT REQUESTED WITH RESPECT TO CERTAIN PORTIONS HEREOF DENOTED WITH "***" (e) The Company agrees to implement the employment of a CSA agreement and soft dollar person with knowledge and expertise of regulatory and legal requirements applicable to the Institutional Sales Group business as necessitated by the business needs of the Institutional Sales Group as determined by the Company.

DUTIES AND RESPONSIBILITIES OF PARTIES. (a) Employee shall be employed as the Company's ’s Senior Vice President ("“SVP"”) of Institutional Sales, as co-Head of the Institutional Sales Group with an individual who Employee has the sole approval of as co-head▇▇▇▇▇▇▇ ▇▇▇▇▇▇ and ▇▇▇▇ ▇▇▇▇▇▇▇▇. It is agreed that Employee shall perform his services in the Company's ’s Jersey City, New Jersey offices, as well as in the offices of the Company's ’s affiliates and/or subsidiaries in New Jersey and New York and he will be responsible for institutional account coverage and, at the request of the Company, for managing institutional sales and sales trading, which duties, responsibilities and work location may only be changed by mutual written agreement of the parties. All existing and future institutional sales traders or other members of the Institutional Sales Group (each, a "“Subordinate"”, and collectively, the "“Subordinates"”) employed by the Company will report to the co-Heads of the Institutional Sales Group, unless existing employees previously specified by written commitments of the firm are prohibited from doing so. (b) Employee shall report to the Chief Executive Officer of the Company or any other more senior executive officers appointed by the Board of Directors of the Company and agrees to abide by all bylaws and applicable policies of the Company promulgated from time to time by the Board of Directors of the Company. (c) The Company represents that it will continue to update its technological resources to maintain its current level of technology. (d) The Company represents that it has, and will maintain, the ability to trade in the overseas markets currently available to the firm. CONFIDENTIAL TREATMENT REQUESTED WITH RESPECT TO CERTAIN PORTIONS HEREOF DENOTED WITH "***". (e) The Company agrees to implement the employment of a CSA agreement and soft dollar person with knowledge and expertise of regulatory and legal requirements applicable to the Institutional Sales Group business as necessitated by the business needs of the Institutional Sales Group as determined by the Company. (f) The Company agrees to use its best efforts to assist the Employee to begin the process of opening a New York branch office capable of supporting Employee’s business needs within six-months of the Commencement Date and will permit Employee the option to work from the New York branch office. If the Company has not substantially committed to opening a New York branch office within six-months of the Commencement Date, the Employee can notify the Company (in accordance with Notice procedures set forth in paragraph 15) of the resignation of his Employment for Good Reason under this Agreement, and if the work location situation is not cured by the Company within 30 days of Company’s receipt of his notice of resignation, Employee’s resignation will be deemed for “Good Reason” (as defined under paragraph 5.2 (b)(v)) and the Company will also accelerate all Loan distributions (to the extent any Loan distributions have not already been distributed) and forgive the repayment of the Loan (as discussed in paragraph 5.2 below).