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Exhibit 10.2
TERMINATION OF FINANCIAL AGREEMENT AND SECURITY 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, 328
Newman Springs Road,
Red Bank NJ, 07701 (the "Introducing Firm"), First Montauk
Financial Corp., a
New York corporation with offices at Parkway 109 Office Center,
328 Newman
Springs Road, Red Bank NJ, 07701 (the "Holding Corp."), and
Fiserv Securities,
Inc., with offices at Once Commerce Square, 2005 Market Street,
Philadelphia, PA
19103-3212 ("Fiserv").
WHEREAS, the Introducing Firm, the Holding Corp. and Fiserv are
parties to
that certain Financial Agreement dated as of May 8, 2000, and
amended as of
February 1, 2001 (the "Financial Agreement");
WHEREAS, in connection with the Amended Financial Agreement
dated February
1, 2001, the Holding Corp. and Fiserv are also parties to a
Security Agreement
dated February 1, 2001 granting Fiserv a security interest in
all of the
outstanding shares of stock of the Introducing Firm owned by the
Holding Corp.,
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 o
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