Exhibit No. 10.1
CONSULTING AGREEMENT
This agreement (this "Agreement") is made this 1st day of
September,
2007 (the "Effective Date") and when executed by the parties, will
constitute an
agreement between FIRST MONTAUK FINANCIAL CORP. with its principal
place of
business at Parkway 109 Office Center, 328 Newman Springs Road, Red
Bank, New
Jersey 07701 (the "Company") and Phillip P. D'Ambrisi, with his
residence at 4
Castlehill Drive, Marlboro, New Jersey 07746 (the "Consultant"),
pursuant to
which the Company agrees to retain Consultant and Consultant agrees
to be
retained by the Company under the terms and conditions set forth
below.
1. Retention. The Company hereby retains Consultant to perform
consulting services related to the broker dealer business of the
Company, solely
as directed by the Chief Executive Officer of the Company, and
Consultant hereby
accepts such retention. Nothing herein shall require the Company to
utilize or
implement Consultant's services in any specific situation. Subject
to the terms
set forth below, Consultant shall furnish to the Company advice
and
recommendations with respect to such aspects of the business and
affairs of the
Company, as well as consultation regarding any operations of the
business or
regulatory matters or litigation matters related to the Company's
business
during the time that Consultant was an employee of the Company, as
the Chief
Executive Officer or other members of senior management, from time
to time,
shall reasonably request upon reasonable notice. Consultant shall
deliver
services at Consultant's place of business, the Company's place of
business, or
at various other sites as reasonably requested by the Company. The
Company will
make appropriate office facilities available for Consultant's
use.
2. Compensation. As compensation for the services described in
paragraph 1 above, and provided this Agreement has not been
terminated, the
Company agrees to pay Consultant a retainer fee (the "Retainer
Fee") of $31,250
per month during the Term (as defined in Paragraph 7 below) of this
Agreement.
During the Term, Company shall pay Consultant all Retainer Fees due
on the
fifteenth day of each month for which said Retainer Fee is due.
Consultant shall
be responsible for the payment of all federal, state and local
taxes which may
be payable in connection with the receipt of compensation
hereunder. The Company
shall reimburse Consultant for all reasonable expenses incurred in
the
performance of his duties hereunder, provided, however, that
Consultant shall
not incur any single expense in excess of $500 or aggregate
expenses in excess
of $1,000 in any month without the prior written approval of the
Company. The
Company agrees to pay COBRA health insurance premiums for
Consultant during the
term of this agreement.
3. Relationship. Consultant shall use his best efforts and shall
devote
such time and effort to the performance of his duties hereunder as
is reasonably
necessary for such performance. Consultant is an independent
contractor and not
an employee, agent or representative of the Company. Consultant has
no authority
to bind the Company to any obligation or agreement. Consultant
expressly agrees
that he shall at all times advise all third parties contacted in
furtherance of
this Agreement that he is an independent contractor with no
authority to bind
the Company. Nothing is this Agreement shall prohibit Consultant
from pursuing
other employment opportunities.
4. Covenants. Consultant shall coordinate his ac
