Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 18, 2022, the Company entered into a Reorganization Agreement ("Reorganization Agreement") with Tigress Holdings, LLC, a limited liability company organized under the laws of Delaware ("Tigress Holdings"), whereby the Company exchanged seven percent (7%) of the outstanding membership interests in Tigress Holdings for all of Tigress Holdings' ownership interest in the Company's subsidiary RISE Financial Services, LLC, a limited liability company organized under the laws of Delaware ("RISE"). The Company intends to sell its remaining interest in Tigress Holdings, representing seventeen percent (17%) of the outstanding membership interests in Tigress Holdings, to Gloria E. Gebbia for a consideration to be determined subject to an independent fairness opinion. Gloria E. Gebbia is a director and controlling shareholder of the Company.

Pursuant to the Reorganization Agreement, Cynthia DiBartolo, the Chief Executive Officer and controlling owner of Tigress Holdings, will resign from her position as Chief Executive Officer and board member of RISE and will not stand for re-election to the Company's board of directors.

Concurrent with the Reorganization Agreement, RISE entered into a Termination Agreement ("Termination Agreement") with Hedge Connection, Inc., a corporation organized under the laws of Florida ("Hedge Connection"), and its Chief Executive Officer and principal shareholder, Lisa Vioni. Pursuant to the Termination Agreement, the parties terminated the Purchase Agreement, dated January 21, 2022, by and among the parties. Under the terms of the Termination Agreement, the Company will re-convey to Hedge Connection, Hedge Connection common stock representing twenty percent (20%) of Hedge Connection and the related option from Ms. Vioni to acquire 100% of Ms. Vioni's remaining interest in Hedge Connection.

The Termination Agreement also terminates the Hedge Connection technology license agreement, and terminates a voting agreement with Ms. Vioni providing the Company with the right to appoint one director to the board of directors of Hedge Connection. Pursuant to the Termination Agreement, Ms. Vioni will resign from her position from the Board of Directors of RISE, as well as the President of RISE Prime - Capital Introduction, a division of RISE.

Under the Termination Agreement, Ms. Vioni shall become a registered representative of the broker-dealer subsidiary of Tigress Holdings, Tigress Financial Partners, LLC, a limited liability company organized under the laws of Delaware ("Tigress Financial"), and RISE shall assign to Tigress Financial prospective prime brokerage customers of RISE who were solicited by RISE from January 1, 2022 through the closing date of the Reorganization Agreement. In exchange, Tigress Financial will split revenue with RISE on certain customers pursuant to the Reorganization Agreement.

As of the date of this Current Report, the Company is assessing the financial impact of these transactions which may result in a material one-time charge to the Company's financial statements.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits



Exhibit No.         Description of Exhibit



104       Cover Page Interactive Data File (embedded with Inline XBRL document).
  10-26     Reorganization Agreement By and Among Tigress Holdings, LLC, Rise
          Financial Services, LLC, and Siebert Financial Corp. dated     October
          18, 2022
  10-27     Termination Agreement By and Among Hedge Connection, Inc., Lisa Vioni,
          Rise Financial Services, LLC, and Siebert Financial Corp., dated October
          18, 2022

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