Exhibit 10.30 ADDENDUM TO EMPLOYMENT AGREEMENT - -------------------------------------------------------------------------------- This Addendum to Employment Agreement (hereinafter "AGREEMENT") is made by and between John C. Kleinert, 48 South Franklin Turnpike, Ramsey, NJ 07446 (hereinafter "EMPLOYEE"), and Velocity Asset Management, Inc. on behalf of itself, its subsidiaries, affiliates, predecessors, successors, assigns; and their directors, officers, employees and agents (hereinafter collectively referred to as "VAMI"), with its principal place of business, 3100 Route 138 West, STE A, Wall, NJ 07719. WHEREAS, VAMI and EMPLOYEE entered into an Employment Agreement, dated as of January 1, 2004 (the "Initial Employment Agreement") and WHEREAS, VAMI and EMPLOYEE have entered into an Addendum to the Employment Agreement, dated as of September 1, 2004 (the "Addendum No. 1 to the Employment Agreement", together with the Initial Employment Agreement, the "Employment Agreement") and WHEREAS, VAMI and the EMPLOYEE desire to amend certain provisions of the Employment Agreement, NOW THEREFORE, for and in consideration of the mutual and respective covenants and agreements contained herein, VAMI and EMPLOYEE agree as follows: 1. Article "1" of the Employment Agreement, is hereby deleted and the following is substituted in its place and stead: ARTICLE 1 EMPLOYMENT 1.1 VAMI shall employ EMPLOYEE in the position of President for a period of four (4) years commencing on January 1, 2004 and continuing until terminated as provided in Article 4 of this AGREEMENT. 2. Except as provided above, the Employment Agreement shall remain in full force and effect. IN WITNESS WHREOF, the parties have executed this ADDENDUM as of the date first above written. VELOCITY ASSET MANAGEMENT, INC. EMPLOYEE By: /s/ JAMES J. MASTRIANI /s/ JOHN C. KLEINERT - ----------------------------------- --------------------------------- James J. Mastriani, Esq. JOHN C. KLEINERT CFO & CLO Dated: January 1, 2006 Dated: January 1, 2006