August 8, 2000
In consideration of the premises and the mutual promises and covenants contained herein and for other good and
valuable consideration, Investors Capital Holdings, Ltd. (the "Company") and you agree as follows:
1. POSITION AND RESPONSIBILITIES.
1.1 The Company will employ you, and you agree to be employed by the Company, as Chief Financial Officer
and Treasurer. You will have the responsibilities, duties and authority commensurate with your position as Chief
Financial Officer and Treasurer. You shall perform such duties at Lynnfield, Massachusetts or such other place as
you and the Company shall mutually agree.
1.2 You will, to the best of your ability, devote your full time and best efforts to the performance of your duties
hereunder and to the business and affairs of the Company subject to your involvement in activities permitted by
Section 5 hereof.
2. TERM OF EMPLOYMENT.
2.1 The term of your employment shall be three (3) years (the "Initial Term commencing with the date hereof (the
"Commencement Date"), provided your employment shall automatically terminate upon your death and may be
terminated at any time as provided in Section 2.2 (the "Employment Term"). On the third anniversary of the
Commencement Date, your employment hereunder shall be automatically extended for a three year period and
thereafter shall be automatically extended at the end of each three year period for an additional three year period
unless earlier terminated in accordance with the terms hereof, and unless either you or the Company shall have
given written notice to the other of a desire that such automatic extension not occur, which notice was given no
later than thirty days (30) days prior to the relevant anniversary of the Commencement Date. If either party gives
such notice and absent earlier termination in accordance with the terms hereof, the Termination Date (as defined
below) shall be the last day of the Employment Term.