|EXHIBIT 10-1
|------------

|AMENDED AND RESTATED



EMPLOYMENT AGREEMENT


AGREEMENT
dated as of January 1, 2002 between 4Kids Entertainment Licensing, Inc. with offices at
1414 Avenue of the Americas, New York, New York 10019 (Employer) and Alfred R.
Kahn, 1414 Avenue of the Americas, New York, New York 10019
(Employee).

W I T N E S S E T H :




WHEREAS,
Employer and Employee previously entered into an Employment Agreement dated as of March
12, 1991 (Prior Agreement), which Prior Agreement was amended from time to
time; and


WHEREAS,
Employer and Employee wish to amend and restate the Prior Agreement, as amended, in the
Amended and Restated Employment Agreement (the Agreement) set forth below.


NOW,
THEREFORE, in consideration of the covenants herein contained, the parties hereto agree as
follows:





     1.    
          Employment and Duties.


     (a)       
          Employer hereby employs Employee and Employee hereby agrees to serve as Chairman
          of the Board and Chief Executive Officer of Employer and Employers
          affiliate, 4Kids Entertainment Inc. (4Kids). Employee shall be the
          chief executive officer of Employer and 4Kids and, as such, shall have full
          supervision and control of its business and affairs subject to the overall
          authority of the Board of Directors. Employee shall have such powers and duties
          as are customarily possessed by corporate chief executive officers. Employee
          also agrees to perform such other services for Employer and affiliates
          consistent with Employees position as shall, from time to time, be
          assigned to Employee by the Board of Directors of 4Kids and such services
          customary to such office as are necessary to the operations of Employer and
          affiliates.


     (b)       
          Employee shall use Employees best efforts to promote the interests of
          Employer and affiliates and shall devote Employees full business time
          (except as provided below), energy and skill exclusively to the business and
          affairs of Employer and affiliates during the Term set forth below in Paragraph
          2; provided, however, that nothing herein shall prohibit Employee from spending
          time on philanthropic or personal investment activities.



2.     
          Term of Employment. The term of Employees employment hereunder
          (Term) shall commence on January 1, 2002 and shall continue until
          March 31, 2007 unless terminated as provided in Paragraph 10 of this Agreement.
          Provided that Employee is still employed by Employer, then on the first day of
          April of each calendar during Term, the Term shall be deemed automatically
          extended for an additional year.


     3.     
          Compensation.


     (a)       
          Salary. As compensation for Employees services during the Term,
          Employer shall pay Employee a salary at the rate Seven Hundred Thousand
          ($700,000) per year. The Compensation Committee of the Board of Directors of
          4Kids (Compensation Committee) shall have the right, but not the
          obligation, to provide Employee with salary increases, from time to time, in the
          sole discretion of the Compensation Committee.


     (b)       
          Withholding. All payments of compensation shall be made in appropriate
          installments to conform with the regular payroll dates for salaried personnel of
          Employer. Employer shall be entitled to deduct from each salary payment, all
          deductions as may be required by law, including, without limitation, deductions
          for federal, state and local income taxes and FICA.


     (c)       
          Fringe Benefits. During the Term, Employee shall be entitled to
          participate in all insurance and other benefits as are now, or hereafter may be,
          established by Employer and affiliates for the benefit of all employees of
          Employer and affiliates, subject, however, to the provisions of the various
          benefit plans and programs in effect from time to time. Employee shall also be
          entitled to such additional benefits as may be made available to the senior
          executives of Employer and affiliates. The benefits described herein are
          hereinafter referred to as Fringe Benefits.


     (d)       
          Vacation. Employee shall be entitled to accrued vacation at the rate of
          four (4) weeks per calendar year during the Term.


     (e)       
          Expenses. (i) Employer shall reimburse Employee, in conformity with the
          expense reimbursement practices of Employer, for the reasonable, ordinary and
          necessary business expenses incurred by Employee in the performance of
          Employees duties hereunder. Employee shall submit all receipts, invoices
          and other such documents evidencing such expenses as may be required by the
          policy of Employer.


     (ii)       
          Employee shall be entitled to receive the sum of Two Thousand Forty Dollars ($2,240.00)



per month as an automobile allowance during the Term. In addition, Employer shall also pay
all expenses related to automobile insurance. All such payments to, or for the benefit of
Employee pursuant to this Paragraph 3 (e) (ii) shall be reflected as income to Employee on
Employees W-2 statement.


     4.       
          Bonus.


     (a)       
          Employee shall receive an annual bonus (Bonus) equal to ten (10%) of
          4Kids Income Before Income Tax Provision but before deduction of the
          bonuses payable to Employees of Employer and affiliates (4Kids PBT).
          The 4Kids Income Before Income Tax Provision shall be the amount set forth in
          the 4Kids financial statements included in its annual report on Form 10K for the
          applicable calendar year.


     (b)       
          Employer shall pay Employee the Bonus in quarterly installments within ten (10)
          days after completion of the computation of the 4Kids PBT for the applicable
          quarter. The Bonus for the first three calendar quarters of the year shall be
          calculated based upon an amount equal to eighty-five (85%) of the PBT for such
          quarter. Within thirty (30) days after completion of the audited annual
          financial statements for Employer for each calendar year during the Term,
          Employer shall deliver to Employee a statement setting forth a computation of
          the Bonus for such full calendar year, the quarterly Bonus payments that have
          previously been made to Employee for such calendar year and any additional
          amounts of Bonus due Employer for such calendar year. Such Bonus statement shall
          be accompanied by a check in the amount of any additional Bonus payment that is
          due Employee.


     5.       
          Stock Options.


     (a)       
          4Kids hereby grants to Employee options under the terms and conditions of the
          2001 Stock Option Plan of 4Kids (SOP) to acquire one hundred forty
          thousand (140,000) shares of the common stock of 4Kids. The date of grant shall
          be January 2, 2002. The exercise price of such stock options shall be determined
          in accordance with the SOP. One Hundred percent (100%) of such stock options
          shall be vested as of the date of grant. The rights and obligations of the
          Employer and Employee with respect to any grant of stock options shall be set
          forth in the form Stock Option Agreement to be entered into by Employee and
          4Kids.


     (b)       
          Employee shall also be eligible to receive additional grants of stock options as
          determined in the sole discretion of the Compensation Committee.


     6.       
          Place of Employment. During the Term, Employee shall be required to
          perform Employees duties at the principal office of Employer in the New
          York City Metropolitan Area. Employee shall undertake all reasonable travel
          required by Employer and affiliates in connection with the performance of
          Employees duties hereunder.


     7.       
          Non-Competition and Protection of Confidential Information.



(a)       
          Employee agrees that his position with Employer places him in a position of
          confidence and trust with the clients and employees of Employer. Employee
          acknowledges that inasmuch as the business of Employer is carried on in several
          states of the United States and that it is the intention of Employer to continue
          to expand the geographic area in which Employer engages in its business and
          marketing efforts and accordingly, it is reasonable that the restrictive
          covenants set forth below are not limited by specific geographic area but by the
          location of Employers clients and potential clients. Employee further
          acknowledges that the rendering of services to the clients of Employer
          necessarily requires the disclosure to Employee of confidential information and
          trade secrets of Employer and its clients (such as without limitation, marketing
          and licensing plans and business strategies). Employee consequently agrees that
          it is reasonable and necessary for the protection of the goodwill and business
          of Employer that Employee make the covenants contained herein.


Accordingly,
Employee agrees that while he is in Employers employ and for a period of six (6)
months thereafter, Employee shall not directly or indirectly:


     (i)       
          attempt in any manner to solicit from any client (except on behalf of Employer)
          business of the type performed by Employer or to persuade any client of Employer
          to cease to do business or to reduce the amount of business which any such
          client has customarily done or contemplates doing with Employer, whether or not
          the relationship between Employer and such client was originally established in
          whole or in part through Employees efforts;


     (ii)       
          employ or attempt to employ or assist anyone else to employ any person who is
          then or at any time during the preceding year was in Employers employ:,


     (iii)       
          render any services of the type rendered by Employer to its clients to or for
          any client of Employer unless such services are rendered as an employee or
          consultant of Employer.


Notwithstanding
anything herein to the contrary, the term Employer, as used in this Paragraph
7, shall mean Employer and affiliates. The term client shall mean (i) anyone
who was then a client of Employer; (ii) anyone who was a client of Employer at any time
during the one (1) year period immediately preceding the date of termination of
employment; and (iii) any prospective client to whom Employer has made a formal
presentation (i.e., the actual presentation of a marketing plan, licensing strategy and/or
media plan) within a one (1) year period immediately preceding the date of such
termination.



(b)       
          Employee also agrees that either during the Term or at any other time
          thereafter, Employee shall not divulge to anyone (other than Employer or any
          persons designated by Employer) any confidential information relating to the
          business of Employer or its clients including, without limitation, all types of
          trade secrets, business strategies or marketing, licensing, advertising and/or
          promotional plans. Employee further agrees not to disclose, publish or make use
          of any such knowledge or information of a confidential nature other than in the
          performance of Employees duties hereunder without the prior written
          consent of Employer. For purposes of this Paragraph, the term confidential
          information shall not include information which becomes public knowledge
          other than through a breach of this covenant by Employee or any confidential
          information that Employee is required to disclose in any judicial or
          administrative proceeding pursuant to any subpoena or court order.


     (c)       
          If Employee commits a breach or is about to commit a breach of any of the
          provisions of Paragraph 7(a)and/or (b) above, Employer shall have the right to
          have the provisions of this Agreement specifically enforced by any court having
          equity jurisdiction without being required to post bond or other security and
          without having to prove the inadequacy of the available remedies at law, it
          being acknowledged and agreed that any such breach will cause irreparable injury
          to Employer and that money damages will not provide an adequate remedy to
          Employer. In addition, Employer may take all such other actions and remedies
          available to it under law or in equity and shall be entitled to such damages as
          it can show it has sustained by reason of such breach.


     (d)       
          The parties acknowledge that the type and period of restriction imposed in the
          provisions of Paragraph 7(a) are fair and are reasonably required for the
          protection of Employer and the goodwill associated with the business of
          Employer. If any of the covenants in Paragraph 7(a) or any part thereof, is
          hereafter construed to be invalid or unenforceable the same shall not affect the
          remainder of the covenant or covenants, which shall be given full effect,
          without regard to the invalid portions.


     8.       
          Intellectual Property. Employee agrees that all ideas, proposals and
          plans invented or developed by Employee during the Term which relate to the
          business of Employer and affiliates or any of its clients including, without
          limitation, any ideas, proposals and plans which may be copyrighted,
          trademarked, patented or otherwise protected, will be the property of Employer
          and affiliates. Employee further agrees, at Employers and/or
          affiliates request and expense, to do whatever is necessary or desirable
          to secure the rights to said ideas, proposals and plans, whether by copyright,
          trademark, patent or otherwise. If requested by Employer and/or affiliates,
          Employee shall execute and deliver such documents of assignment as shall be
          necessary in Employers and/or affiliates sole judgement, to assign,
          transfer and convey all rights thereto to Employer and affiliates.


     9.       
          Employees Representations. (a) Employee represents and warrants
          that:


     (i)       
          Employee has the right to enter into this Agreement and is not subject to any
          contract, commitment, agreement, arrangement or restriction of any kind which
          would prevent Employee from performing Employees duties and obligations
          hereunder;



(ii)       
          Employee is currently in good health and to the best of Employees
          knowledge, Employee is not subject to any undisclosed medical condition which
          might have a material effect on Employees ability to perform
          satisfactorily Employees services hereunder.


     10.       
          Termination.


     (a)       
          This Agreement may be terminated immediately on the death of Employee. In the
          event that Employer terminates this Agreement due to Employees death,
          Employee shall be paid Employees salary and shall continue to receive all
          Fringe Benefits hereunder through the end of the month in which Employees
          death has occurred. Employees estate shall also receive any Bonus that has
          been earned but has not been paid as of the date of Employees death and a
          proportionate share of any Bonus payable with respect to the calendar year in
          which Employees death occurs (such proportionate share to be calculated
          based on the number of days in the calendar year prior to Employees death
          as compared with 365).


     (b)       
          This Agreement may be terminated immediately on written notice in the event of
          the physical or mental disability of Employee to such an extent that Employee
          has been unable to render services to Employer and affiliates for a period of
          one hundred fifty (150) consecutive days in any consecutive twelve (12) month
          period or for non-consecutive periods aggregating two hundred ten (210) days in
          any consecutive twelve (12) month period. In the event that Employer terminates
          this Agreement due to Employees disability, Employee shall be paid
          Employees salary and shall continue to receive all Fringe Benefits
          hereunder until the date in which the termination for disability occurred.
          Employee shall also receive any Bonus that has been earned but has not been paid
          as of the date of Employees termination due to disability and a
          proportionate share of any Bonus payable with respect to the calendar year in
          which Employees termination due to disability occurs (such proportionate
          share to be calculated based on the number of days worked in the calendar year
          prior to Employees death as compared with 365). Any payments to Employee
          under any disability insurance or plan maintained by Employer shall be applied
          against and shall reduce the amount of the salary payable by Employer under this
          Agreement.


     (c)       
          Employer shall have the right at any time, by written notice to Employee, to
          immediately terminate this Agreement for cause, which for purposes
          of this Agreement shall be defined as:


     (i)       
          Employees conviction of any act which constitutes a felony under federal,
          state or local laws;



(ii)       
          Employees repeated refusal (other than any failure to perform arising from
          a physical or mental disability) to act in accordance with the reasonable
          directions of the Board of Directors of 4Kids directing Employee to perform
          services consistent with Employees status as an officer of Employer, which
          refusal is not cured by Employee within twenty (20) days of Employees
          receipt of written notice thereof from Employer (provided, however, that if such
          breach cannot be cured within twenty (20) days and Employee commences the cure
          thereof and diligently pursues the same, such failure shall not constitute
          cause unless such breach is not cured in its entirety within thirty
          (30) days of Employees receipt of the written notice of breach).


     (iii)       
          Employees dishonesty, including embezzlement or misappropriation of funds;


     (iv)       
          Employees use of illegal drugs that impairs his ability to perform his
          duties hereunder;


     (v)       
          Employees use of alcohol that impairs his ability to perform his duties
          hereunder;


     (vi)       
          Employees material breach of any obligations of Employee which remains
          uncured for more than twenty (20) days after written notice thereof by Employer
          to Employee.


In
the event that Employer terminates this Agreement for cause, Employee shall be
paid Employees salary and shall continue to receive all Fringe Benefits through the
date of termination. Thereafter, Employer shall have no further obligation to Employee and
Employee shall not receive any Bonus payments except for any Bonus earned but not yet paid
with respect to the prior calendar year.


     (d)       
          Notwithstanding anything in this Agreement to the contrary, Employer shall have
          the right to terminate Employee for reasons other than those set forth in
          Paragraphs 10(a) and 10(c) (Termination Without Cause) by delivering
          a written notice of such termination to Employee. In the event such written
          notice of termination is delivered, Employee shall receive a payment equal to
          2.99 times his average annual compensation (including Bonuses) paid by Employer
          to Employee during the five (5) calendar years prior to the Termination Without
          Cause. Such payment shall be made to Employee in a lump sum as of the date of
          the Termination Without Cause pursuant to this Paragraph 10 (d).


     (e)       
          In the event that Employee resigns or voluntarily terminates his employment by
          Employer, Employee shall not receive any further salary, Fringe Benefits or
          Bonuses hereunder other than as required by COBRA or any similar state law or
          subsequently enacted law replacing COBRA. Employee shall provide at least thirty
          (30) days written notice of such resignation or voluntary termination.



(f)       
          (i) If during the Term, there shall occur a Change of Control (as defined
          below), Employee may, within six (6) months after the occurrence of the Change
          of Control, voluntarily terminate his employment in which case Employee shall be
          entitled to receive a payment equal to 2.99 times his average annual
          compensation (including Bonuses) paid by Employer during the five (5) calendar
          years prior to the Change of Control. Such payment shall be made to Employee in
          a lump sum as of the date that Employee voluntarily terminates his employment as
          provided in this Paragraph 10 (f).


     (ii)       
          For purposes of this Agreement, a Change in Control shall be deemed to have
          occurred on the first day on which a majority of Directors of Company do not
          consist of Continuing Directors (as defined below). For purposes of this
          Agreement, Continuing Directors shall mean individuals who
          constitute the Board of Directors of Company as of April 1, 2002 and any new
          director(s) whose election by the Board of Directors of Company or nomination
          for election by 4Kids shareholders was approved by a vote of a least
          two-thirds of the directors then in office who are Continuing Directors.


     (g)       
          Employee shall have the right to terminate this Agreement by delivering a
          written notice of termination to Employer in the event that Employer breaches
          any of its duties and obligations hereunder and fails to cure such breach within
          twenty (20) days after receipt of a written notice of breach from Employee. In
          the event Employee terminates this Agreement as provided in this subparagraph,
          Employee shall receive Employees full salary, Fringe Benefits and Bonus
          for each year during the remainder of the Term.


     (h)       
          Upon termination of this Agreement, Employee shall promptly return all of
          Employers and affiliates property to Employer.


     (i)       
          Notwithstanding any termination of this Agreement, Employees obligations
          to Employer and affiliates pursuant to Paragraphs 7 and 8 of this Agreement
          shall survive the termination of this Agreement.


     11.       
          Life Insurance. Employer shall have the right to purchase life insurance
          on the life of Employee at Employers sole expense and with Employer and
          affiliates as the sole beneficiary thereof. Employee shall cooperate fully with
          Employer in obtaining such life insurance, sign any necessary consents,
          applications and other related forms or documents and take any required medical
          examinations reasonably required.


     12.       
          Assignment. This Agreement is a personal contract and Employee may not
          assign, sell or transfer Employees rights, interests and obligations
          hereunder. Any assignment contrary to this Paragraph shall be null and void of
          no force and effect. In the event of any attempted assignment or transfer of
          rights hereunder contrary to the provisions hereof, Employer shall have no
          further liability for payments hereunder. The rights and obligations of Employer
          and affiliates hereunder shall be binding upon and run in favor of the
          successors and assigns of Employer and affiliates.



13.       
          Entire Understanding; Governing Law. This Agreement represents the entire
          agreement and understanding between the parties with respect to the subject
          matter hereof and supersedes all prior agreements and understandings relating to
          the employment of Employee, which prior agreements and understandings are null
          and void and of no further force and effect. This Agreement shall be governed
          by, and construed in accordance with, the laws of the State of New York
          applicable to agreements made and to be performed entirely within New York.


     14.       
          Modification. This Agreement may not be amended, modified, canceled,
          discharged, extended or changed except by an agreement in writing signed by the
          party against whom enforcement of any such amendment, modification,
          cancellation, discharge, extension or change is sought.


     15.       
          Headings. Paragraph headings contained in this Agreement are for
          convenience of reference only and shall not be considered a part of this
          Agreement.


     16.       
          Severability. If any provision or if any part of any provision of this
          Agreement is found to be unenforceable, illegal or contrary to public policy by
          a court of competent jurisdiction, the parties agree that this Agreement shall
          remain in full force and effect except for such provision or part of any such
          provision held to be unenforceable.


     17.       
          Notices. Any notices or other communications required or permitted
          hereunder shall be in writing and shall be deemed effective when delivered in
          person, sent by overnight courier (e.g. Federal Express), telefaxed with a
          follow up copy by regular mail or sent by registered or certified mail, return
          receipt requested, in which case the notice shall be deemed effective on the
          date of deposit in the mails, postage prepaid, addressed to Employee at
          Employees then current home address and, in the case of Employer,
          addressed to Employer at its offices located at the address set forth on page 1.
          Any party may change the address to which notices are to be addressed by
          delivering a written notice to the other parties in accordance with the terms
          hereof.


     18.       
          Counterparts. This Agreement may be signed in any number of counterparts,
          each of which shall be an original, and all of which, taken together, shall
          constitute one instrument.

   Signatures to follow
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---

|IN
WITNESS WHEREOF, Employer and 4Kids have, by their appropriate officers signed this
Agreement and Employee has signed this Agreement as of the day and year first above
written.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4Kids Entertainment Licensing, Inc.                     
| | --------------------------------------------------------
| | By:
/s/ Samuel R. Newborn
             Samuel R. Newborn
|
| | /s/ Alfred R. Kahn
             Alfred R. Kahn          

|Agreed to and Accepted              insofar as concerned:               4Kids Entertainment, Inc.



By:/s/ Joseph P. Garrity    
                  Joseph P. Garrity
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------