Document:

EX-10.1

 

    EXHIBIT 10.1

BKF CAPITAL GROUP, INC.

One Rockefeller Plaza

New York, New York 10020

November 12, 2007

Mr. Marvin Olshan

Park Avenue Tower

65 East 55th Street, 3rd Floor

New York, NY 10022

Dear Marvin:

     On behalf of BKF Capital Group, Inc. (“Company”), I am pleased to extend you a formal offer to
serve as our Chairman of the Board on the following terms:

     1. You shall serve as the Company’s Chairman of the Board and will be responsible for working
with the board of directors of the Company in formulating and updating from time to time the
Company’s business plan and strategies, assisting the Company in capital raising activities,
providing general guidance with respect to the Company’s operations and participating in key
meetings with sources of capital, strategic partners and distributors. You will not be required to
devote your full business time to the Company, but you shall diligently address your obligations
hereunder and shall not engage in any other business that is competitive with the Company. As
Chairman of the Board, you shall be nominated to the board of directors of the Company. You shall
work cooperatively with the Company’s Chief Executive Officer and the Company’s board.

     2. You shall be paid a base annual salary of $150,000 paid in equal installments in accordance
with the Company’s normal payroll.

     3. On November 12, 2007, the board of directors of the Company has granted you options to
purchase an aggregate of 100,000 shares of its common stock. The options will be evidenced by a
stock option agreement to be executed by you and the Company as soon as practicable after the date
hereof. The options shall be immediately vested and exercisable and shall remain exercisable
through the tenth anniversary of the date hereof. The exercise price per share of the options
shall be equal to the market price of a share of the Company’s common stock as of the close of
trading on November 12, 2007. In addition, existing options held by you to purchase 100,000 shares
of Company common stock shall be immediately vested and exercisable for the same ten year period as
those options granted on the date hereof.

     4. Upon the consummation of a material acquisition or other strategic transaction by the
Company, you shall be eligible for a bonus and in an amount in accordance with parameters to be
reasonably determined by the compensation committee of the Company.

     5. Your term of employment hereunder shall be two years commencing January 1, 2008; provided
however, that such employment may be terminated earlier as follows:

 

 

CONFIDENTIAL

     (i) by the Company for “Cause.” “Cause” shall mean (i) your failure to diligently
carry out any duty reasonably requested by the board of directors that is commensurate with
your title as Chairman of the Board, (ii) your breach of this Agreement, (iii) your breach
of the Confidentiality and Assignment of Creative Works Agreement (defined below), (iii)
any indictment for any (a) felony or (b) misdemeanor involving a question of moral
turpitude, (iv) your engagement with any activity that is competitive with the interests of
the Company or (v) any act of gross negligence or willful misconduct that would reasonable
be likely to cause harm to the Company; provided, however, that in the cases of clauses (i)
and (ii), above, no “cause” shall be deemed to exist until the board of directors has given
you written notice of such failure or breach and you have failed to cure same within 10 days
of your receipt of such notice; and

     (ii) by either you or the Company after one year, with 90 days written notice.

     6. You represent and warrant to the Company that

     (i) you have the right to provide services to the Company and you are not subject to
any contract, commitment, agreement, arrangement or restriction of any kind which would
prevent you from performing you duties and obligations hereunder; and

     (ii) you have not retained and will not retain original records or copies thereof of
any proprietary information of your former employer.

You agree to indemnify the Company against any loss, liability, claim, damage and expense
(including but not limited to reasonable attorney’s fees) to which the Company may be subject in
any action brought by any present or former employer arising out of or relating to a breach or
alleged breach by you of any of your representations or warranties set forth above by your present
employer.

     7. You shall be entitled to participate in all of the employee benefit plans provided by the
Company, if any.

     Please indicate by your signature below your agreement with the terms set forth above. In
closing, I want to reiterate how excited we are to have you join us at such a significant time in
the development of the Company and look forward to your important contributions to our success.

	 	 	 	 	 	 	 	 	 	 	 
	Sincerely,	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BKF CAPITAL GROUP, INC.	 	 	 	AGREED AND ACCEPTED
	 	 	 	 	 	 	AS OF THE DATE WRITTEN ABOVE:
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/  Harvey Bazaar
	 	 
	 	 	 	/s/  Marvin Olshan
	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Harvey Bazaar
	 	 	 	 
	 	Marvin Olshan
	 	 
	 

	 	Chief Executive Officer	 	 	 	 	 	 	 	 

2EX-10.2

 

    EXHIBIT 10.2

BKF CAPITAL GROUP, INC.

One Rockefeller Plaza

New York, New York 10020

November 12, 2007

Mr. Harvey Bazaar

13 Skyline Drive

North Caldwell, New Jersey 07006

Dear Harvey:

     On behalf of BKF Capital Group, Inc. (“Company”), I am pleased to extend you a formal offer to
serve as our Chief Executive Officer on the following terms:

     1. You shall serve as the Company’s Chief Executive Officer and President and will be
responsible for working with the board of directors of the Company in formulating and updating from
time to time the Company’s business plan and strategies, assisting the Company in capital raising
activities, providing general guidance with respect to the Company’s operations and participating
in key meetings with sources of capital, strategic partners and distributors. You will not be
required to devote your full business time to the Company, but you shall diligently address your
obligations hereunder and shall not engage in any other business that is competitive with the
Company. As Chief Executive Officer and President, you shall be nominated to the board of
directors of the Company. You shall work cooperatively with the Company’s Chairman of the Board
and the Company’s board.

     2. You shall be paid a base annual salary of $150,000 paid in equal installments in accordance
with the Company’s normal payroll.

     3. On November 12, 2007, the board of directors of the Company has granted you options to
purchase an aggregate of 100,000 shares of its common stock. The options will be evidenced by a
stock option agreement to be executed by you and the Company as soon as practicable after the date
hereof. The options shall be immediately vested and exercisable and shall remain exercisable
through the tenth anniversary of the date hereof. The exercise price per share of the options
shall be equal to the market price of a share of the Company’s common stock as of the close of
trading on November 12, 2007. In addition, existing options held by you to purchase 100,000 shares
of Company common stock shall be immediately vested and exercisable for the same ten year period as
those options granted on the date hereof.

     4. Upon the consummation of a material acquisition or other strategic transaction by the
Company, you shall be eligible for a bonus and in an amount in accordance with parameters to be
reasonably determined by the compensation committee of the Company.

     5. Your term of employment hereunder shall be two years commencing January 1, 2008; provided
however, that such employment may be terminated earlier as follows:

 

 

CONFIDENTIAL

     (i) by the Company for “Cause.” “Cause” shall mean (i) your failure to diligently
carry out any duty reasonably requested by the board of directors that is commensurate with
your title as Chairman of the Board, (ii) your breach of this Agreement, (iii) your breach
of the Confidentiality and Assignment of Creative Works Agreement (defined below), (iii)
any indictment for any (a) felony or (b) misdemeanor involving a question of moral
turpitude, (iv) your engagement with any activity that is competitive with the interests of
the Company or (v) any act of gross negligence or willful misconduct that would reasonable
be likely to cause harm to the Company; provided, however, that in the cases of clauses (i)
and (ii), above, no “cause” shall be deemed to exist until the board of directors has given
you written notice of such failure or breach and you have failed to cure same within 10 days
of your receipt of such notice; and

     (ii) by either you or the Company after one year, with 90 days written notice.

     6. You represent and warrant to the Company that

     (i) you have the right to provide services to the Company and you are not subject to
any contract, commitment, agreement, arrangement or restriction of any kind which would
prevent you from performing you duties and obligations hereunder; and

     (ii) you have not retained and will not retain original records or copies thereof of
any proprietary information of your former employer.

You agree to indemnify the Company against any loss, liability, claim, damage and expense
(including but not limited to reasonable attorney’s fees) to which the Company may be subject in
any action brought by any present or former employer arising out of or relating to a breach or
alleged breach by you of any of your representations or warranties set forth above by your present
employer.

     7. You shall be entitled to participate in all of the employee benefit plans provided by the
Company, if any.

     Please indicate by your signature below your agreement with the terms set forth above. In
closing, I want to reiterate how excited we are to have you join us at such a significant time in
the development of the Company and look forward to your important contributions to our success.

	 	 	 	 	 	 	 	 	 	 	 
	Sincerely,	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BKF CAPITAL GROUP, INC.	 	 	 	AGREED AND ACCEPTED
	 	 	 	 	 	 	AS OF THE DATE WRITTEN ABOVE:
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/  Marvin Olshan
	 	 
	 	 
	 	/s/  Harvey Bazaar	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	Marvin Olshan
	 	 	 	 
	 	Harvey Bazaar
	 	 
	 

	 	Chairman of the Board	 	 	 	 	 	 	 	 

2

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