Amendment to Purchase Agreement between M.S. Farrell & Co., Inc., Kirlin Securities, Inc., and Kirlin Holding Corp.

Summary

This amendment modifies the original Purchase Agreement dated April 3, 2001, between M.S. Farrell & Co., Inc. (Seller), Kirlin Securities, Inc. (Buyer), Kirlin Holding Corp., and other parties. The amendment states that the Seller will not assign, and the Buyer will not assume, the New York office lease or equipment leases, nor will the Buyer pay the related security deposits. However, the Buyer will pay the Seller the monthly rental payments for both the office and equipment leases for their current terms. All other terms of the original agreement remain unchanged.

EX-10.17 4 kirlin_91101-exh1017.txt AMENDMENT TO AGREEMENT EXHIBIT 10.17 Kirlin Securities, Inc. Kirlin Holding Corp. 6901 Jericho Turnpike Syosset, New York 11791 As of August 29, 2001 M.S. Farrell & Co., Inc. 67 Wall Street New York, New York 10005 Re: Agreement, dated April 3, 2001, among M.S. Farrell & Co., Inc. ("Seller"), Kirlin Securities, Inc. ("Buyer"), Kirlin Holding Corp. and the other parties set forth on the signature page thereto ("Purchase Agreement") -------------------------------------------------------------- Ladies and Gentlemen: Reference is made to the above-referenced Purchase Agreement. This letter will confirm our mutual agreement with respect to the modification of certain of the terms thereof as expressly set forth herein. 1. Notwithstanding Section 1.2 of the Purchase Agreement, with respect to the lease for offices maintained by Seller in New York, New York ("New York Lease"), Seller shall not assign to Buyer, and Buyer shall not assume the obligations of Seller under, the New York Lease nor shall Buyer remit to Seller an amount equal to any and all security deposits under the New York Lease (which deposits shall remain the property of Seller); provided, however, that Buyer agrees to remit to Seller the monthly rental payments provided for under the New York Lease for the duration of the present term of the New York Lease. 2. Notwithstanding Section 1.3 of the Purchase Agreement, with respect to the Equipment Leases, Seller shall not assign to Buyer, and Buyer shall not assume the obligations of Seller under, the Equipment Leases; provided, however, that Seller agrees to permit Buyer to use the equipment under the Equipment Leases and Buyer agrees to remit to Seller the monthly rental payments provided for under the Equipment Leases for the duration of the present terms of each of the Equipment Leases. 3. Except as expressly agreed herein, the Purchase Agreement shall remain in full force and effect. If the foregoing is accurate, please confirm your agreement by countersigning this letter. Very truly yours, KIRLIN HOLDING CORP. KIRLIN SECURITIES, INC. /s/ David O. Lindner /s/ Anthony J. Kirincic By:_______________________________ By:_______________________________ David O. Lindner, Chairman Anthony J. Kirincic, President Agreed and confirmed: M.S. FARRELL & CO., INC. /s/ Thomas A. Gallo By: _______________________________ Thomas A. Gallo, CEO M.S. FARRELL HOLDINGS, INC. /s/ Thomas A. Gallo By:_________________________________ Thomas A. Gallo, CEO Certain Stockholders of M.S. Farrell Holdings, Inc.: /s/ Albert A. Auer - ------------------------------------ Albert A. Auer /s/ Thomas A. Gallo - ------------------------------------ Thomas A. Gallo /s/ Douglas F. Gass - ------------------------------------ Douglas F. Gass /s/ James Giglio - ------------------------------------ James Giglio /s/ Keith Schacker - ------------------------------------ Keith Schacker /s/ Martin F. Schacker - ------------------------------------ Martin F. Schacker /s/ Brendan C. Rempel - ------------------------------------ Brendan C. Rempel -2-