First Amendment to Employment Agreement between Crown Financial Group, Inc. and John P. Leighton (October 17, 2003)

EMPLOYER

EMPLOYEE

/s/ Jeffrey M. Hoobler

/s/ John P. Leighton

Jeffrey M. Hoobler

John P. Leighton

Summary

This amendment to the employment agreement is between Crown Financial Group, Inc. and John P. Leighton. In exchange for the employer waiving its right to terminate Mr. Leighton within 30 days of this amendment and to help the company meet its financial requirements, Mr. Leighton agrees to give up all rights to any earned but unpaid cash compensation due as of September 30, 2003. The employer's failure to pay this compensation will not be considered a valid reason for Mr. Leighton to resign under the contract. All other terms of the original agreement remain unchanged.

EX-10.1 4 dex101.htm FIRST AMENDED EMPLOYMENT AGREEMENT DATED OCTOBER 17, 2003 BY AND BETWEEN CROWN First Amended Employment Agreement dated October 17, 2003 by and between Crown

Exhibit 10.1

FIRST AMENDMENT

THIS AGREEMENT is made by and between John P. Leighton (“Employee”) and Crown Financial Group, Inc., f/k/a M.H. Meyerson & Co., Inc., a New Jersey corporation having an address at 525 Washington Boulevard, Jersey City, New Jersey 07310 (the “Employer”).

Employee and the Employer have entered into an amended and restated employment contract dated as of September 2, 2003 (the “Contract”).

In return for the Employer’s agreement to waive its right to terminate the Employee during the thirty (30) day period following execution of this Amendment by the parties hereto and to assist the Employer in meeting its net capital requirements:

Employee hereby agrees, in response to the Employer’s demand, to surrender, forfeit and release all rights with respect to all earned but unpaid cash compensation from Employer previously due and payable as of September 30, 2003.

Further, Employee hereby agrees that the Employer’s failure to pay the aforementioned compensation shall not constitute “good reason” under Section 5.e. of the Contract.

Except as expressly amended herein, the terms and conditions of the Contract shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereto duly authorized effective October 17, 2003.