Exhibit 4.4
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
SECOND AMENDMENT
TO
AMENDED AND RESTATED OPERATING AGREEMENT
OF
VAN DER MOOLEN SPECIALISTS USA, LLC
SECOND AMENDMENT, dated May 1, 2004 (the "AMENDMENT"), to the Amended
and Restated Operating Agreement, dated February 1, 2004, as amended by that
certain First Amendment to Amended and Restated Operating Agreement, dated April
1, 2004 (as so amended, the "OPERATING AGREEMENT"), of Van der Moolen
Specialists USA, LLC, a New York limited liability company (the "COMPANY"), by
and among the entity and individuals listed on Schedule A hereto (each, a
"MEMBER" and collectively, the "MEMBERS"). Capitalized terms used but not
defined in this Amendment shall have the meaning ascribed to such terms in the
Operating Agreement;
WHEREAS, the Members wish to amend the Operating Agreement of the
Company to effect certain changes as set forth herein.
NOW, THEREFORE, in consideration of the foregoing premises and
the terms and conditions set forth in this Amendment, the Members hereby agree
as follows:
1. Section 4.7 is hereby deleted and the following new Section 4.7
shall be substituted therefor:
"Section 4.7. SALARIES. There shall be a "Base Salary Pool" in respect
of each calendar year in an amount equal to the sum of (i) $* times the number
of Members (other than MB) at the beginning of such year plus (ii) *% of the
Individual Members Capital Balance (as such term is defined below). The amount
of the Base Salary Pool shall be paid as salaries to the Members (other than MB)
in such amounts as may from time to time be determined by the Management
Committee, and shall be treated as guaranteed payments for tax purposes. If a
Member (other than MB) should become a Terminated Member, the amount of the Base
Salary Pool shall be reduced by the amount of the unpaid annual base salary that
such Terminated Member would have received from the Base Salary Pool in the year
in which his Termination Date occurs. The amount of the Base Salary Pool may be
increased from time to time by the Management Committee. As used herein,
"Individual Members Capital Balance" shall mean, with respect to each calendar
year, the product of (x) the Company's Stated Capital, reduced by the aggregate
amount of deficiencies in other capital accounts of the Members (other than MB),
times (y) the aggregate Profit and Loss Percentages of all Members (other than
MB)."
2. The first sentence of Section 4.9 is hereby deleted and the
following shall be substituted therefor:
"MB shall receive from the Company a Support Fee ("SUPPORT FEE") in
respect of each calendar year in an amount equal to (A) the product of (i) the
MB Capital Account Percentage, times (ii) the Company's Stated Capital at the
beginning of such year, times (iii) 10%, minus (B) the product of (x) the
aggregate amount of deficiencies, if any, in other capital accounts of MB, times
(y) 10%."
3. Schedule A to the Operating Agreement is hereby deleted and
Schedule A annexed to this Amendment as Exhibit I shall be substituted
therefor.
4. In all other respects the Operating Agreement is hereby ratified
and confirmed in its entirety.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW]
2
IN WITNESS WHEREOF, the Members have executed this Amendment as of the
date and year first written above.
MILL BRIDGE IV, LLC
By: ____________________________ ________________________________
Name: JASON N. BLATT
Title: Manager
________________________________ ________________________________
JOSEPH BONGIORNO NICHOLAS R. BRIGANDI
________________________________ ________________________________
ROBERT J. BURKE TERRENCE P. BURNS
________________________________ ________________________________
JAMES J. CAMPANELLA MATTHEW C. CEBULSKI
________________________________ ________________________________
JAMES P. CLEAVER, JR. FORREST CLOSE, II
________________________________ ________________________________
CHRISTOPHER S. DEARBORN JAMES E. DEMAIRA, JR.
________________________________ ________________________________
CHARLES P. DOLAN JOHN F. X. DOLAN
________________________________ ________________________________
ROBERT B. FAGENSON PAUL D. FRANKEL
________________________________ ________________________________
ANDREW J. GRABOWSKI ROBERT W. GRAHAME
3
________________________________ ________________________________
STEPHAN R. GREEN THOMAS M. GREENHILL
________________________________ ________________________________
STEVEN GROSSMAN GERARD T. HAYES
________________________________ ________________________________
MICHAEL J. HAYWARD MARK A. INNAIMO
________________________________ ________________________________
PHILIP T. KEATING RICHARD KEPNER
________________________________ ________________________________
M. ANDICA KUNST KEVIN J. LYDEN
________________________________ ________________________________
MARK J. MAZZELLA SCOTT E. MAZZELLA
________________________________ ________________________________
MICHAEL J. MCDONNELL PATRICK J. MCGAGH, JR.
________________________________ ________________________________
SCOTT E. MCMAHON JAMES L. MILLER
________________________________ ________________________________
DAVID A. MIRANDA IRWIN MISSHULA
4
________________________________ ________________________________
JOHN D. MONAHAN DANIEL P. MORRISEY
________________________________ ________________________________
NICHOLAS S. ORLANDO ERIC B. OSCHER
________________________________ ________________________________
THOMAS PERRY STEVEN M. RUBINSTEIN
________________________________ ________________________________
EDWARD J. SCAVONE JAMES J. SCAVONE
________________________________ ________________________________
ROBERT A. SCAVONE, JR. STEPHEN M. SCAVONE
________________________________ ________________________________
THOMAS E. SCAVONE THOMAS H. SHAFER
________________________________ ________________________________
STEPHEN J. SHERMAN CHRISTOPHER C. SMITH
________________________________ ________________________________
GREGG F. SORRENTINO ROBERT M. SPIEGELBERG
________________________________ ________________________________
LOUIS J. SPINA MARTIN B. STEINTHAL, III
________________________________ ________________________________
MICHAEL F. STERN GLEN R. SURNAMER
5
________________________________ ________________________________
JOSEPH A. TALENTO JOSEPH V. TALENTO
________________________________ ________________________________
WARREN E. TURK ALBERT VEENSTRA
________________________________ ________________________________
THOMAS J. VERDIGLIONE RICHARD P. VOLPE
________________________________ ________________________________
MARK E. WAGNER GREGORY R. WERTZ
________________________________
HAROLD YOSCO
6
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
SCHEDULE A
----------
TO
SECOND AMENDMENT
TO
AMENDED AND RESTATED OPERATING AGREEMENT
OF
VAN DER MOOLEN SPECIALISTS USA, LLC
-----------------------------------
Dated: May 1, 2004
- ------------------------------------------------------------------------------------------------------------------
MEMBERS
- ------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
- --------------------------------- -------------------------------------- ------------------ ----------------------
- --------------------------------- -------------------------------------- ------------------ ----------------------
Mill Bridge IV, LLC 45 Broadway, 29th Fl. * 75.0000
New York, NY 10006
- --------------------------------- -------------------------------------- ------------------ ----------------------
Jason N. Blatt * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Joseph Bongiorno * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Nicholas Brigandi * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Robert J. Burke * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Terence P. Burns * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
James J. Campanella * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Matthew C. Cebulski * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
James P. Cleaver, Jr. * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Forrest Close, II * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Christopher S. Dearborn * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
James E. DeMaira, Jr. * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Charles P. Dolan * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
John F. X. Dolan * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Robert B. Fagenson * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Paul D. Frankel * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Andrew J. Grabowski * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Robert W. Grahame * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Stephen R. Green * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Thomas M. Greenhill * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
7
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
- ------------------------------------------------------------------------------------------------------------------
MEMBERS
- ------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
- --------------------------------- -------------------------------------- ------------------ ----------------------
Steven Grossman * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Gerard T. Hayes * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Michael J. Hayward * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Mark A. Innaimo * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Philip T. Keating * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Richard Kepner * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
M. Andica Kunst * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Kevin J. Lyden * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Mark J. Mazzella * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Scott E. Mazzella * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Michael J. McDonnell * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Patrick J. McGagh, Jr. * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Scott E. McMahon * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
James L. Miller * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
David A. Miranda * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Irwin Misshula * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
John D. Monahan * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Daniel Morrisey * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Nicholas R. Orlando * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Eric B. Osher * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Thomas Perry * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Steven M. Rubinstein * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Edward J. Scavone * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
James J. Scavone * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Robert A. Scavone, Jr. * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Stephen M. Scavone * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Thomas E. Scavone * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Thomas H. Shafer * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Stephan J. Sherman * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Christopher C. Smith * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Gregg Sorrentino * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Robert M. Spiegelberg * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
8
*CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND FILED SEPARATELY WITH THE
COMMISSION.
- ------------------------------------------------------------------------------------------------------------------
MEMBERS
- ------------------------------------------------------------------------------------------------------------------
STATED PROFIT AND LOSS
NAME ADDRESS CAPITAL ($) PERCENTAGE (%)
- --------------------------------- -------------------------------------- ------------------ ----------------------
Louis J. Spina * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Martin B. Steinthal III * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Michael F. Stern * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Glen R. Surnamer * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Joseph A. Talento * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Joseph V. Talento * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Warren E. Turk * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Albert Veenstra * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Thomas J. Verdiglione * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Richard P. Volpe * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Mark E. Wagner * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Gregory R. Wertz * * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
Harold Yosco * * *
- ------------------------------------------------------------------------- ------------------ ----------------------
Float Percentage * *
- --------------------------------- -------------------------------------- ------------------ ----------------------
TOTAL * 100.0000%
- --------------------------------- -------------------------------------- ------------------ ----------------------
9