Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LEVIN ALAN B
  2. Issuer Name and Ticker or Trading Symbol
NATIONAL HOLDINGS CORP [NHLD.OB]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
(Last)
(First)
(Middle)
C/O VFINANCE, INC., 3010 NORTH MILITARY TRAIL, STE 300
3. Date of Earliest Transaction (Month/Day/Year)
07/01/2008
(Street)

BOCA RATON, FL 33431
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.02 par value 07/01/2008   A   10,500 A (1) 10,500 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (right to purchase) $ 1.29 07/01/2008   A   22,400   07/01/2008 06/13/2010 Common Stock 22,400 (2) 22,400 D  
Option (right to purchase) $ 1.43 07/01/2008   A   70,000   07/01/2008 07/23/2011 Common Stock 70,000 (3) 70,000 D  
Option (right to purchase) $ 1.5 07/01/2008   A   70,000   07/01/2008 12/28/2011 Common Stock 70,000 (4) 70,000 D  
Option (right to purchase) $ 1.11 07/01/2008   A   7,000     (5) 12/29/2010 Common Stock 7,000 (6) 7,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
LEVIN ALAN B
C/O VFINANCE, INC.
3010 NORTH MILITARY TRAIL, STE 300
BOCA RATON, FL 33431
      Chief Financial Officer  

Signatures

 Alan B. Levin (By Mark F. Coldwell, by Power of Attorney)   07/02/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Received in exchange for 75,000 shares of vFinance, Inc. common stock in connection with the merger of vFinance, Inc. with vFin Acquisition Corporation, a wholly-owned subsidiary of National Holdings Corporation (the "Merger"). On the day prior to the effective date of the Merger, the closing price of vFinance's common stock was $0.17 per share and the closing price of National's common stock was $1.75 per share.
(2) Received in the Merger in exchange for an employee stock option to purchase 160,000 shares of vFinance, Inc. common stock at $0.18 per share.
(3) Received in the Merger for an employee stock option to purchase 500,000 shares of vFinance, Inc. common stock at $0.20 per share
(4) Received in the Merger in exchange for an employee stock option to purchase 500,000 shares of vFinance, Inc. common stock at $0.21 per share.
(5) 50% of these options are immediately exercisable. Remaining options vest 50% per year beginning December 30, 2008.
(6) Received in the MErger in exchange for an employee stock option to purchase 50,000 shares of vFinance, Inc. common stock at $0.155 per share.

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