Document:

EX-10.28

 

Exhibit 10.28

EXECUTION COPY

SEPARATION AGREEMENT

     This Separation Agreement (the “Agreement”) is entered into by and between BKF Capital
Inc., a Delaware company (the “Company”), and John C. Siciliano (the “Executive”)
and dated as of October 31, 2006 (the “Effective Date”).

     In consideration of the promises set forth in the Agreement, which the Executive agrees and
acknowledges constitute adequate consideration, the Executive and the Company (the
“Parties”) hereby agree as follows:

1. Entire Agreement. The Agreement is the entire agreement between the Parties with respect
to the subject matter hereof and contains all agreements, whether written, oral, express or
implied, between the Parties relating thereto and supersedes and extinguishes any other agreement
relating thereto, whether written, oral, express or implied, between the Parties, including,
without limitation, the employment agreement between the Parties, dated September 28, 2005 (the
“Employment Agreement”); provided that no rights or obligations established under any such
superseded agreement and specifically preserved by the Agreement are extinguished. Other than the
Agreement and as otherwise explicitly stated herein, there are no agreements of any nature
whatsoever between the Executive and the Company that survive the Agreement. The Agreement may not
be modified or amended, nor may any rights under it be waived, except in a writing signed and
agreed to by the Parties.

2. Cessation of Employment. The Company and the Executive hereby acknowledge that the
Executive resigned as Chairman of the Board, effective as of October 31, 2006. The Executive and
the Company hereby agree that the Executive’s employment and appointment as President and Chief
Executive Officer of the Company, and any subsidiary of the Company, shall cease as of January 2,
2007 (the “Termination Date”). Effective as of the Termination Date, the Executive shall
have no authority to act on behalf of the Company and shall not hold himself out as having such
authority or otherwise act in an executive or other decision making capacity.

3. Entitlements. In consideration for the Executive’s entering into the Agreement, the
Company will provide the Executive with the following:

     (a) The Company shall provide the Executive the following post-termination payments and
benefits if he continues working as President and Chief Executive Officer of the Company through
the Termination Date or if the Executive is terminated without “Cause” (as defined in the
Employment Agreement) by the Company prior to the Termination Date; upon any other cessation of
employment the arrangements described below will not apply. If he dies or becomes disabled prior to
January 2, 2007 his entitlements under the Employment Agreement will be preserved.

 

 

          (i) Per Employment Agreement, severance payment of $950,000, payable on the Termination Date.

          (ii) Per Employment Agreement, pro rata vesting of restricted stock totaling 12,500 shares,
reflecting vesting through December 31, 2006.

          (iii) A $700,000 bonus upon the consummation in 2006 or 2007 of a “Change in Control” (as
defined in the BKF Capital Group, Inc. 1998 Incentive Compensation Plan as amended and restated on
March 28, 2001) involving identified parties named in a letter delivered by the Company to the
Executive on the date of the Agreement (“Identified Parties”). A Change in Control which
occurs after 2007 involving any of the Identified Parties also will trigger payment of this bonus
if any Form 8-K relating to such Change in Control transaction is required to be filed by the
Company during 2007. The letter referenced above which lists Identified Parties may be amended
through January 2, 2007 to add additional parties, which shall then be considered Identified
Parties, if mutually agreed by the Company and the Executive.

          (iv) The Company shall pay the Executive’s reasonable attorneys’ fees and disbursements
incurred by him in connection with the documentation and execution of the Agreement, at the
Executive’s counsel’s regular hourly rates, upon submission to the Company of a reasonably detailed
invoice therefor.

          (v) As of and after the Termination Date, the Executive shall no longer participate in, accrue
service credit or have contributions made on his behalf under any employee benefit plan sponsored
by the Company in respect of periods commencing on and following the Termination Date, including
without limitation, any plan which is intended to qualify under Section 401(a) of the Internal
Revenue Code of 1986, as amended. The Executive shall be entitled to all benefits accrued up to
the Termination Date, to the extent vested under all employee benefit plans of the Company, in
accordance with the terms of such plans. Notwithstanding the foregoing, the Executive may timely
elect to continue to participate in the group medical insurance plans of the Company to the extent
allowed by law under COBRA; provided, that the Executive pays the premiums under COBRA.

4. Consulting Services. The executive shall remain available to provide consulting services
to the Company in response to reasonable requests therefor during the period commencing on January
3, 2007 and ending on July 3, 2007. As consideration for such consulting services, the Company
shall pay the Executive a consulting fee of $300,000 on January 15, 2007. The Company acknowledges
and agrees that the Executive shall be allowed to retain the following e-mail address with Company
through July 3, 2007: jsiciliano@bkfcapital.com. In connection with the aforementioned consulting
services the Company shall reimburse the Executive for reasonable out-of-pocket expenses, including
travel and lodging, in each case approved in accordance with the Company’s reasonable policies and
procedures.

5. Return of Company Property. No later than the Termination Date, the Executive shall
return to the Company all originals and copies of papers, notes and documents (in any medium,
including computer disks), whether property of any member of the Company or not, prepared, received
or obtained by the Executive or his counsel during the course of, and in connection

 

 

with, his employment with the Company or any member of the Company, and all equipment and property
of any member of the Company which may be in the Executive’s possession or under his control,
whether at the Company’s offices, the Executive’s home or elsewhere, including all such papers,
work papers, notes, documents and equipment in the possession of the Executive and his counsel.
The Executive agrees that he and his family and counsel shall not retain copies of any such papers,
work papers, notes and documents. Notwithstanding the foregoing, the Executive may retain copies
of any employment, compensation, benefits or shareholders agreements between the Executive and the
Company, the Agreement and any employee benefit plan materials distributed generally to
participants in any such plan by the Company; the Executive may also retain his rolodex, address
book and similar information and any non-proprietary documents he received as a director or
executive of the Company; provided that the Company may retain copies of any such documents. On the
Termination Date, all telephone and other accounts being paid by the Company on the Executive’s
behalf, shall be terminated and all company credit cards shall be returned to the Company and
canceled. To the extent any charges are made by the Executive using company accounts or credit
cards after the Termination Date, such charges will be solely the Executive’s responsibility.

6. Restrictive Covenants. The restrictive covenants in Section 10 of the Employment
Agreement (the “Restrictive Covenants”) shall remain in full force and effect, and are
incorporated by reference herein as if fully set forth herein. 

7. Non-disparagement and Cooperation.

     (a) The Executive hereby agrees not to defame, disparage or criticize any member of the
Company or any of their products, services, finances, financial condition, capabilities or other
aspect of or any of their business, or any former or existing employees, managers, directors,
officers or agents of, or contracting parties with, any member of the Company in any medium to any
person or entity without limitation in time. The Company (on behalf of itself and its directors,
officers and controlled affiliates) hereby agrees not to defame, disparage or criticize the
Executive in any medium to any person or entity without limitation in time. Notwithstanding this
provision, each of the Executive and the Company may confer in confidence with their respective
legal representatives and make truthful statements as required by law. The Company shall have sole
and complete discretion regarding the timing, content and any and all aspects of its internal,
external and media communication concerning the termination of the Executive’s employment by the
Company. The Executive shall not participate in any such communication without the advance written
consent of the Company’s Chief Executive Officer or his designee.

     (b) In addition to Section 4 of the Agreement, the Executive shall continue to make himself
available at reasonable times, so as not to unreasonably interfere with his ongoing business
activities, to the Company and to advise the Company, at its reasonable request, about disputes
with third parties as to which the Executive has knowledge, and the Executive agrees to cooperate
fully with the Company in connection with litigation, arbitration and similar proceedings
(collectively “Dispute Proceedings”) and to provide testimony with respect to the
Executive’s knowledge in any such Dispute Proceedings involving the Company and or any officer or
director of the Company, in all cases without additional compensation or consideration

 

 

from the Company. In the event that the Executive is requested by the Company to cooperate as
required in this Section 7(b), the Company shall reimburse the Executive for his reasonable
out-of-pocket expenses, including travel and lodging.

8. Indemnification. The Executive’s rights to indemnification under Section 23 of the
Employment Agreement and pursuant to that certain indemnification agreement between the Parties,
dated May 16, 2006, shall remain in full force and effect.

9. Availability of Relief.

     (a) In the event that the Executive knowingly and materially fails to abide by any of the
terms of the Agreement, including but not limited to the Restrictive Covenants, after receiving
reasonable notice of such failure in writing from the Company and failing to subsequently remedy
such failure within a reasonable period of time, the Company may, in addition to any other remedies
it may have, terminate any benefits or payments that are subsequently due under the Agreement.

     (b) The Executive acknowledges and agrees that the remedy at law available to the Company for
breach of any of his post-termination obligations under the Agreement, including but not limited to
the Restrictive Covenants, would be inadequate and that damages flowing from such a breach may not
readily be susceptible to being measured in monetary terms. Accordingly, the Executive
acknowledges, consents and agrees that, in addition to any other rights or remedies which the
Company may have at law, in equity or under the Agreement, upon adequate proof of his violation of
any such provision of the Agreement, the Company shall be entitled to immediate injunctive relief
and may obtain a temporary order restraining any threatened or further breach, without the
necessity of proof of actual damage and without the requirement of posting a bond.

10. Miscellaneous.

     (a) Notices. Any notice given pursuant to the Agreement to any party hereto shall be
deemed to have been duly given when mailed by registered or certified mail, return receipt
requested, or when hand delivered or received by overnight courier as follows:

If to the Company:

BFK Capital Inc.

One Rockefeller Plaza

New York, New York. 10020

Attention: Chief Executive Officer and Chairman, Board of Directors

 

 

With a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention: Michael J. Segal

If to the Executive,

John C. Siciliano

955 Avondale Road

San Marino, California 91108

With a copy to:

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022-4834

Attention: Bradd L. Williamson

or at such other address as either party shall from time to time designate by written notice, in
the manner provided herein, to the other party hereto.

     (b) Successors. The Agreement shall be binding upon and inure to the benefit of the
Parties, their respective heirs, successors and assigns.

     (c) Taxes. The Executive shall be responsible for the payment of any and all required
federal, state, local and foreign taxes incurred, or to be incurred, in connection with any amounts
payable to the Executive under the Agreement. Notwithstanding any other provision of the
Agreement, the Company may withhold from amounts payable under the Agreement all federal, state,
local and foreign taxes that are required to be withheld by applicable laws and regulations.

     (d) Severability. In the event that any provision of the Agreement is determined to
be invalid or unenforceable, the remaining terms and conditions of the Agreement shall be
unaffected and shall remain in full force and effect. In addition, if any provision is determined
to be invalid or unenforceable due to its duration and/or scope, the duration and/or scope of such
provision, as the case may be, shall be reduced, such reduction shall be to the smallest extent
necessary to comply with applicable law, and such provision shall be enforceable, in its reduced
form, to the fullest extent permitted by applicable law.

     (e) Non-Admission. Nothing contained in the Agreement shall be deemed or construed as
an admission of wrongdoing or liability on the part of the Executive or on the part of the Company.

     (f) No Mitigation. The Executive shall not be required to mitigate the amount of any
payment provided for pursuant to the Agreement by seeking other employment and, to the extent that
the Executive obtains or undertakes other employment, the payment will not be reduced by the
earnings of the Executive from the other employment.

 

 

     (g) Governing Law/Venue. The Agreement shall be governed by, and construed in
accordance with the internal laws of the State of New York, without regard to principles of
conflicts of laws. Any action, suit, or other legal proceeding arising under or relating to any
provision of this Agreement shall be commenced only in a court of the State of New York. The
Company and the Executive each hereby waive any right to a trial by jury in any action, suit or
other legal proceeding arising under or relating to any provision of this Agreement. The Company
and the Executive each hereby waive any right to arbitrate any provision of this Agreement. For
the avoidance of doubt, the Company and the Executive hereby waive any right to arbitrate the
Employment Agreement.

     (h) Counterparts. The Agreement may be executed by one or more of the Parties hereto
on any number of separate counterparts and all such counterparts shall be deemed to be one and the
same instrument. Each party hereto confirms that any facsimile copy of such party’s executed
counterpart of the Agreement (or its signature page thereof) shall be deemed to be an executed
original thereof.

 

 

     IN WITNESS WHEREOF, the undersigned have executed the Agreement on the date first written
above.

	 	 	 	 	 
	 	BKF CAPITAL GROUP INC.

 	 
	 	By:  	/s/ Marvin Olshan	 
	 	 	Name:  	Marvin Olshan 	 
	 	 	Title:  	Chairman, Board of Directors 	 
	 
	 	
/s/ John C. Siciliano	 
	 	John C. Siciliano 	 
	 	 	 

 

 

	 	 	 	 	 

BKF CAPITAL, INC.

October 31, 2006

John C. Siciliano

955 Avondale Road

San Marino, California 91108

Re: Identified Parties

Dear Mr. Siciliano:

          The “Identified Parties” as defined in Section 3(a)(iii) of the Separation Agreement between
you and BKF Capital, Inc. (the “Company”), dated as of October 31, 2006 (the
“Separation Agreement”), are as follows: (i) Clinton Group, (ii) Leerink Swann, (iii)
Alternative Asset Management, (iv) Ironwood Partners and (v) Pacesetter (in each case including any
of their respective controlled affiliates or subsidiaries).

          As described in the Separation Agreement, this letter may be amended through January 2, 2007,
if mutually agreed by you and the Company.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	
/s/ Marvin Olshan	 
	 	Name:  	Marvin Olshan 	 
	 	Title:  	Chairman, Board of Directors 	 
	 

	 	 	 	 	 
	Accepted and Agreed to:

 	 	 
	By:  	/s/ John C. Siciliano	 	 
	 	John SicilianoEX-10.29

 

Exhibit 10.29

EXECUTION COPY

SEPARATION AGREEMENT

     This Separation Agreement (the “Agreement”) is entered into by and between BKF Capital
Inc., a Delaware company (the “Company”) and Clarke Gray (the “Executive”) and
dated as of October 31, 2006 (the “Effective Date”).

     In consideration of the promises set forth in the Agreement, which the Executive agrees and
acknowledges constitute adequate consideration, the Executive and the Company (the
“Parties”) hereby agree as follows:

1. Entire Agreement.The Agreement is the entire agreement between the Parties with respect
to the subject matter hereof and contains all agreements, whether written, oral, express or
implied, between the Parties relating thereto and supersedes and extinguishes any other agreement
relating thereto, whether written, oral, express or implied, between the Parties, including,
without limitation, the employment agreement between the Parties, dated January 4, 2006 (the
“Employment Agreement”); provided that no rights or obligations established under any such
superseded agreement and specifically preserved by the Agreement are extinguished. Other than the
Agreement and as otherwise explicitly stated herein, there are no agreements of any nature
whatsoever between the Executive and the Company that survive the Agreement. The Agreement may not
be modified or amended, nor may any rights under it be waived, except in a writing signed and
agreed to by the Parties.

2. Cessation of Employment.The Executive and the Company hereby agree that the Executive’s
employment and appointment as Chief Financial Officer of the Company, shall cease as of June 30,
2007 (the “Termination Date”). Effective as of the Termination Date, the Executive shall
have no authority to act on behalf of the Company and shall not hold himself out as having such
authority or otherwise act in an executive or other decision making capacity.

3. Entitlements. In consideration for the Executive’s entering into the Agreement, the
Company will provide the Executive with the following:

     (a) The Company shall provide the Executive the following post-termination payments and
benefits if he continues working as Chief Financial Officer of the Company through the Termination
Date or if the Executive is terminated without “Cause” (as defined in the Employment Agreement) by
the Company or resigns for “Good Reason” (within the meaning of Section 7(d)(ii) of the Employment
Agreement, but excluding clauses (A), (E) and (G) thereof) prior to the Termination Date; upon any
other cessation of employment the arrangements described below will not apply. If he dies or
becomes disabled prior to June 30, 2007 his entitlements under the Employment Agreement will be
preserved.

          (i) Per Employment Agreement, guaranteed 2006 bonus of $125,000.

 

 

          (ii) 2007 bonus of $62,500 for the period January 1, 2007 through June 30, 2007, 50% payable
on March 31, 2007 and 50% payable on June 30, 2007.

          (iii) Per Employment Agreement, severance payment of $400,000, 50% payable on March 1, 2007
and 50% payable on June 30, 2007.

          (iv) Per Employment Agreement, pro rata vesting of restricted stock totaling 3,125 shares,
reflecting vesting through June 30, 2007 (in addition to any shares otherwise vesting in the
ordinary course through that date).

          (v) A $316,677 bonus upon the consummation in 2006 or 2007 of a “Change in Control” (as
defined in the BKF Capital Group, Inc. 1998 Incentive Compensation Plan as amended and restated on
March 28, 2001) involving identified parties named in a letter delivered by the Company to the
Executive on the date of the Agreement (“Identified Parties”). A Change in Control which
occurs after 2007 involving any of the Identified Parties also will trigger payment of this bonus
if any Form 8-K relating to such Change in Control transaction is required to be filed by the
Company during 2007. The letter referenced above which lists Identified Parties may be amended
through June 30, 2007 to add additional parties, which shall then be considered Identified Parties,
if mutually agreed by the Company and the Executive.

          (vi) The Company shall pay the Executive’s reasonable attorneys’ fees and disbursements
incurred by him in connection with the documentation and execution of the Agreement, at the
Executive’s counsel’s regular hourly rates, upon submission to the Company of a reasonably detailed
invoice therefor.

          (vii) As of and after the Termination Date, the Executive shall no longer participate in,
accrue service credit or have contributions made on his behalf under any employee benefit plan
sponsored by the Company in respect of periods commencing on and following the Termination Date,
including without limitation, any plan which is intended to qualify under Section 401(a) of the
Internal Revenue Code of 1986, as amended. The Executive shall be entitled to all benefits accrued
up to the Termination Date, to the extent vested under all employee benefit plans of the Company,
in accordance with the terms of such plans. Notwithstanding the foregoing, the Executive may
timely elect to continue to participate in the group medical insurance plans of the Company to the
extent allowed by law under COBRA; provided, that the Executive pays the premiums under
COBRA.

 

 

4. Consulting Services. The executive shall remain available to provide consulting services
to the Company in response to reasonable requests therefor during the period commencing on July 1,
2007 and ending on September 30, 2007. As consideration for such consulting services, the Company
shall pay the Executive a consulting fee of $183,330, payable in three monthly installments on the
1st of each month commencing July 1, 2007. In connection with the aforementioned consulting
services the Company shall reimburse the Executive for reasonable out-of-pocket expenses, including
travel and lodging, in each case approved in accordance with the Company’s reasonable policies and
procedures.

5. Return of Company Property. No later than the Termination Date, the Executive shall
return to the Company all originals and copies of papers, notes and documents (in any medium,
including computer disks), whether property of any member of the Company or not, prepared, received
or obtained by the Executive or his counsel during the course of, and in connection with, his
employment with the Company or any member of the Company, and all equipment and property of any
member of the Company which may be in the Executive’s possession or under his control, whether at
the Company’s offices, the Executive’s home or elsewhere, including all such papers, work papers,
notes, documents and equipment in the possession of the Executive and his counsel. The Executive
agrees that he and his family and counsel shall not retain copies of any such papers, work papers,
notes and documents. Notwithstanding the foregoing, the Executive may retain copies of any
employment, compensation, benefits or shareholders agreements between the Executive and the
Company, the Agreement and any employee benefit plan materials distributed generally to
participants in any such plan by the Company; the Executive may also retain his rolodex, address
book and similar information and any non-proprietary documents he received as a director or
executive of the Company; provided that the Company may retain copies of any such documents. On
the Termination Date, all telephone and other accounts being paid by the Company on the Executive’s
behalf, shall be terminated and all company credit cards shall be returned to the Company and
canceled. To the extent any charges are made by the Executive using company accounts or credit
cards after the Termination Date, such charges will be solely the Executive’s responsibility.

6. Restrictive Covenants. The restrictive covenants in Section 10 of the Employment
Agreement (the “Restrictive Covenants”) shall remain in full force and effect, and are
incorporated by reference herein as if fully set forth herein. 

7. Non-disparagement and Cooperation.

     (a) The Executive hereby agrees not to defame, disparage or criticize any member of the
Company or any of their products, services, finances, financial condition, capabilities or other
aspect of or any of their business, or any former or existing employees, managers, directors,
officers or agents of, or contracting parties with, any member of the Company in any medium to any
person or entity without limitation in time. The Company (on behalf of itself and its directors,
officers and controlled affiliates) hereby agrees not to defame, disparage or criticize the
Executive in any medium to any person or entity without limitation in time. Notwithstanding this
provision, each of the Executive and the Company may confer in confidence with their

 

 

respective legal representatives and make truthful statements as required by law. The Company
shall have sole and complete discretion regarding the timing, content and any and all aspects of
its internal, external and media communication concerning the termination of the Executive’s
employment by the Company. The Executive shall not participate in any such communication without
the advance written consent of the Company’s Chief Executive Officer or his designee.

     (b) In addition to Section 4 of the Agreement, the Executive shall continue to make himself
available at reasonable times, so as not to unreasonably interfere with his ongoing business
activities, to the Company and to advise the Company, at its reasonable request, about disputes
with third parties as to which the Executive has knowledge, and the Executive agrees to cooperate
fully with the Company in connection with litigation, arbitration and similar proceedings
(collectively “Dispute Proceedings”) and to provide testimony with respect to the
Executive’s knowledge in any such Dispute Proceedings involving the Company and or any officer or
director of the Company, in all cases without additional compensation or consideration from the
Company. In the event that the Executive is requested by the Company to cooperate as required in
this Section 7(b), the Company shall reimburse the Executive for his reasonable out-of-pocket
expenses, including travel and lodging.

8. Indemnification. The Executive’s rights to indemnification under Section 23 of the
Employment Agreement and any other contractual indemnification to which the Executive may be
entitled, shall remain in full force and effect.

9. Availability of Relief.

     (a) In the event that the Executive knowingly and materially fails to abide by any of the
terms of the Agreement, including but not limited to the Restrictive Covenants, after receiving
reasonable notice of such failure in writing from the Company and failing to subsequently remedy
such failure within a reasonable period of time, the Company may, in addition to any other remedies
it may have, terminate any benefits or payments that are subsequently due under the Agreement.

     (b) The Executive acknowledges and agrees that the remedy at law available to the Company for
breach of any of his post-termination obligations under the Agreement, including but not limited to
the Restrictive Covenants, would be inadequate and that damages flowing from such a breach may not
readily be susceptible to being measured in monetary terms. Accordingly, the Executive
acknowledges, consents and agrees that, in addition to any other rights or remedies which the
Company may have at law, in equity or under the Agreement, upon adequate proof of his violation of
any such provision of the Agreement, the Company shall be entitled to immediate injunctive relief
and may obtain a temporary order restraining any threatened or further breach, without the
necessity of proof of actual damage and without the requirement of posting a bond.

 

 

10. Miscellaneous.

     (a) Notices. Any notice given pursuant to the Agreement to any party hereto shall be
deemed to have been duly given when mailed by registered or certified mail, return receipt
requested, or when hand delivered or received by overnight courier as follows:

If to the Company:

BFK Capital Inc.

One Rockefeller Plaza

New York, New York. 10020

Attention: Chief Executive Officer and Chairman, Board of Directors

With a copy to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Attention: Michael J. Segal

If to the Executive:

Clarke Gray

805 Ramopo Way

Westfield, New Jersey, 07090

With a copy to:

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022-4834

Attention: Bradd L. Williamson

or at such other address as either party shall from time to time designate by written notice, in
the manner provided herein, to the other party hereto.

     (b) Successors. The Agreement shall be binding upon and inure to the benefit of the
Parties, their respective heirs, successors and assigns.

     (c) Taxes. The Executive shall be responsible for the payment of any and all required
federal, state, local and foreign taxes incurred, or to be incurred, in connection with any amounts
payable to the Executive under the Agreement. Notwithstanding any other provision of the
Agreement, the Company may withhold from amounts payable under the Agreement all federal, state,
local and foreign taxes that are required to be withheld by applicable laws and regulations.

     (d) Severability. In the event that any provision of the Agreement is determined to
be invalid or unenforceable, the remaining terms and conditions of the Agreement shall be

 

 

unaffected and shall remain in full force and effect. In addition, if any provision is
determined to be invalid or unenforceable due to its duration and/or scope, the duration and/or
scope of such provision, as the case may be, shall be reduced, such reduction shall be to the
smallest extent necessary to comply with applicable law, and such provision shall be enforceable,
in its reduced form, to the fullest extent permitted by applicable law.

     (e) Non-Admission. Nothing contained in the Agreement shall be deemed or construed as
an admission of wrongdoing or liability on the part of the Executive or on the part of the Company.

     (f) No Mitigation. The Executive shall not be required to mitigate the amount of any
payment provided for pursuant to the Agreement by seeking other employment and, to the extent that
the Executive obtains or undertakes other employment, the payment will not be reduced by the
earnings of the Executive from the other employment.

     (g) Governing Law/Venue. The Agreement shall be governed by, and construed in
accordance with the internal laws of the State of New York, without regard to principles of
conflicts of laws. Any action, suit, or other legal proceeding arising under or relating to any
provision of this Agreement shall be commenced only in a court of the State of New York. The
Company and the Executive each hereby waive any right to a trial by jury in any action, suit or
other legal proceeding arising under or relating to any provision of this Agreement. The Company
and the Executive each hereby waive any right to arbitrate any provision of this Agreement. For
the avoidance of doubt, the Company and the Executive hereby waive any right to arbitrate the
Employment Agreement.

     (h) Counterparts. The Agreement may be executed by one or more of the Parties hereto
on any number of separate counterparts and all such counterparts shall be deemed to be one and the
same instrument. Each party hereto confirms that any facsimile copy of such party’s executed
counterpart of the Agreement (or its signature page thereof) shall be deemed to be an executed
original thereof.

 

 

     IN WITNESS WHEREOF, the undersigned have executed the Agreement on the date first written
above.

	 	 	 	 	 
	 	BKF CAPITAL GROUP INC.

 	 
	 	By:  	/s/ Marvin Olshan	 
	 	 	Name:  	Marvin Olshan 	 
	 	 	Title:  	Chairman, Board of Directors 	 
	 
	 	
/s/ Clarke Gray	 
	 	Clarke Gray 	 
	 	 	 

 

 

	 	 	 	 	 

BKF CAPITAL, INC.

October 31, 2006

Clarke Gray

805 Ramopo Way

Westfield, New Jersey, 07090

Re: Identified Parties

Dear Mr. Gray:

          The “Identified Parties” as defined in Section 3(a)(iii) of the Separation Agreement between
you and BKF Capital, Inc. (the “Company”), dated as of October 31, 2006 (the
“Separation Agreement”), are as follows: (i) Clinton Group, (ii) Leerink Swann, (iii)
Alternative Asset Management, (iv) Ironwood Partners and (v) Pacesetter (in each case including any
of their respective controlled affiliates or subsidiaries).

          As described in the Separation Agreement, this letter may be amended through June 30, 2007, if
mutually agreed by you and the Company.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	
/s/ Marvin Olshan	 
	 	Name:  	Marvin Olshan 	 
	 	Title:  	Chairman, Board of Directors 	 
	 

	 	 	 	 	 
	Accepted and Agreed to:

 	 	 
	By:  	/s/ Clarke Gray	 	 
	 	Clarke Gray

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