What is significant about Max's gift to Leo in act 2, scene 9?

Throughout the play, Leo has been asking Max when he will get to wear a Homberg-style hat, a "producer's hat." Max always denies his request, saying that Leo has not yet made his bones as a full producer. In act 2, scene 9, Max finally presents Leo with the hat he has always wanted to wear. This not only signifies that Leo is a full-fledged producer, but that he is now on the same level as Max.