AGREEMENT made and entered into on the 9th day of April , 1999, by and between SIEBERT FINANCIAL
CORP., a New York corporation with an office in New York, New York (the "Company"), and DAN
JACOBSON, a resident of the State of New York ("Mr. Jacobson").
1. EMPLOYMENT. The Company will employ Mr. Jacobson, and Mr. Jacobson will be employed by the
Company, upon the terms and conditions set forth in this Agreement.
2. TERM OF EMPLOYMENT. The term of Mr. Jacobson's employment under this Agreement will begin on the
date hereof and will continue through April 30, 2002. On each May 1 (beginning with May 1, 2000) prior to the
termination of Mr. Jacobson's employment under Section 7, the term will be extended by one additional year.
3. POSITION, DUTIES AND RESPONSIBILITIES. On May 3, 1999, Mr. Jacobson will begin serving as a
full-time senior executive officer of the Company with the title of Vice-Chair. As soon as practicable after the
date hereof, Mr. Jacobson will be appointed to serve as a member of the Company's Board of Directors
("Board"). Mr. Jacobson will report directly to, and will perform such duties consistent with his position as are
assigned to him by and at the discretion of, the Company's Chair or the Board. The duties to be assigned to Mr.
Jacobson under this Agreement may cover any aspect of the Company's business, including, for example, matters
relating to acquisitions, contract negotiation, operations planning and structure, strategic planning for Internet,
general business coordination, management, coordination and prioritization of projects, administrative supervision,
business and financial reporting, and compensation planning and negotiation. Mr. Jacobson's compensation will
be subject to annual review by the Compensation Committee of the Board. At the request of the Chair or the
Board, Mr. Jacobson will serve as a member of the Executive Committee of the Board, and as an officer and
director of the Company's subsidiaries and other affiliates without ad