Document:

Exhibit 10.1

SECURITIES PURCHASE AGREEMENT

          THIS
SECURITIES PURCHASE AGREEMENT, dated as of November 23, 2011 (this “Agreement”) is by and among Ark Restaurants
Corp., a New York corporation (the “Company”),
and the Estate of Irving Hershkowitz (the “Seller”).
The Company and the Seller are collectively referred to herein as the
“Parties,” and each is a “Party.” 

          WHEREAS,
Seller owns approximately 293,000 shares of common stock, par value $0.01 per
share (the “Common Stock”), of the
Company; and 

          WHEREAS,
the Company desires to purchase from the Seller, and the Seller desires to sell
to the Company, 250,000 shares of Common Stock (the “Shares”) upon the terms and subject to the conditions
hereinafter set forth.

          NOW, THEREFORE,
in consideration of the foregoing and the representations, warranties,
covenants and agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Parties hereby agree as follows:

ARTICLE I

Purchase and Sale of the Shares

          SECTION
1.01. Purchase and Sale of the Shares. At the Closing, upon the terms
and subject to the conditions set forth in this Agreement, the Seller shall
sell to the Company and the Company shall purchase from the Seller, the Shares
at a purchase price of $12.50 per Share (the “Acquisition”). 

          SECTION
1.02. Payments. The total purchase price for the Shares shall be Three
Million One Hundred Twenty Five Thousand Dollars ($3,125,000) (the “Purchase Price”), which amount shall be
paid by the Company to the Seller in accordance with the following schedule:
(a) One Million Dollars ($1,000,000) shall be payable upon the Closing of the
Acquisition and (b) the balance shall be payable in twenty-four (24) equal
monthly installments of $88,541.67 each, commencing on the later to occur of
December 1, 2012 and the Closing, and ending on November 1, 2014, pursuant to a
promissory note, substantially in the form of Exhibit A hereto (the “Note”). This Agreement and the Note are
collectively referred to herein as the “Loan
Documents”). Any
dividend or distribution paid or payable to the Seller in respect of the Shares
on or prior to the Closing shall be credited to the payment of the Purchase
Price due at Closing under Section 1.02(a) above. 

ARTICLE II

Representations and Warranties of the Seller

          The Seller
hereby represents and warrants to the Company, as of the date of this Agreement
and the Closing, as follows:

          SECTION
2.01. Authority; Execution and Delivery. The Seller has full right,
power and authority and has taken all required action necessary to permit the
Seller to execute and deliver this Agreement and to perform all of the
obligations contained herein and therein, and to execute, deliver and perform
all of the obligations contained in all other instruments or agreements
required hereby or incident or collateral hereto. 

          SECTION
2.02. Enforceability. All action required to be taken by the Seller in
order to enter into this Agreement has been taken. This Agreement constitutes
the valid and legally binding obligation of the Seller, enforceable against the
Seller in accordance with its terms.

          SECTION
2.03. No Conflicts; Consents. Except as set forth in Section 4.04, no
consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any federal, state or local
governmental authority is required on the part of the Seller in connection with
the consummation of the transactions contemplated by this Agreement. Neither
the execution, delivery nor performance of this Agreement by the Seller
conflicts with or violates the terms of or constitutes a breach of or a default
under any contract, mortgage, instrument or agreement to which the Seller is a
party or by which it or its properties may be bound.

          SECTION
2.04. Title and Estate Tax Liens. At the Closing, the Company will
acquire, upon payment of the Purchase Price, good and valid title to the Shares
free and clear of any liens, loans and encumbrances, other than the New York
State statutory lien for estate taxes (the “New
York Lien”). The Federal statutory lien for estate taxes (the “Federal Lien”) and the New York Lien are
referred to together as the “Estate Tax Liens”.
All of the Shares have been duly authorized and validly issued, are fully paid
and non-assessable. At the Closing, the Seller shall deliver to the Company the
stock certificates evidencing the Shares, accompanied by duly executed stock
powers. None of the Shares are or will be subject to any voting proxy, voting
trust, voting agreement or right of first offer, right of first refusal, right
of co-sale or similar right. The Estate Tax Returns (as defined below)
constitute all of the tax returns required to be filed by Seller in order to
satisfy and discharge any liability secured by the Estate Tax Liens. The
payment of all amounts reflected in the Estate Tax Returns shall satisfy and
discharge in full any and all liabilities secured by the Estate Tax Liens. 

          SECTION
2.05. Proceedings. No suit, action, arbitration, order, investigation or
other proceeding is pending against the Seller which (a) questions or
challenges the validity of this Agreement or any action taken or to be taken by
the Seller pursuant to the terms hereof, or (b) if adversely adjudicated, would
reasonably be expected to prevent or materially affect the ability of the
Seller to perform its obligations hereunder.

          SECTION
2.06. Information. Seller understands that the Shares may change in
value after the execution of this Agreement and Seller confirms it has received
or has had full access to all the information it considers necessary or
appropriate to make an informed investment 

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decision with respect to the sale of the Shares, including the
Company’s publicly available documents, which are available on the website of
the Securities and Exchange Commission (“SEC”) at www.sec.gov. Seller
has not relied on any other representations or information in making its investment
decision, whether written or oral, relating to the Company, its operations
and/or its prospects.

ARTICLE III

Representations and Warranties of the Company

          The Company
hereby represents and warrants to Seller, as of the date of this Agreement and
the Closing, as follows:

          SECTION
3.01. Authority; Execution and Delivery. The Company is duly
incorporated, validly existing and in good standing under the laws of the State
of New York and has full right, power and authority and has taken all required
action necessary to permit the Company to execute and deliver each of the Loan
Documents and to perform all of the obligations contained therein, and to
execute, deliver and perform all of the obligations contained in all other
instruments or agreements required thereby or incident or collateral thereto. 

          SECTION
3.02. Enforceability. All action required to be taken by the Company in
order to enter into the Loan Documents has been taken. The Loan Documents, when
executed and delivered by the Company, each shall constitute the valid and
legally binding obligation of the Company, enforceable against the Company in
accordance with its terms.

          SECTION
3.03. No Conflicts; Consents. No consent, approval, order or
authorization of, or registration, qualification, designation, declaration or
filing with, any federal, state or local governmental authority is required on
the part of the Company in connection with the consummation of the transactions
contemplated by the Loan Documents, other than filings with the Securities and
Exchange Commission. Neither the execution, delivery nor performance of any of
the Loan Documents by the Seller conflicts with or violates the terms of or
constitutes a breach of or a default under any contract, mortgage, instrument
or agreement to which the Seller is a party or by which it or its properties
may be bound.

          SECTION
3.04. Proceedings. No suit, action, arbitration, order, investigation or
other proceeding is pending against the Company which (a) questions or
challenges the validity of any of the Loan Documents or any action taken or to
be taken by the Company pursuant to the terms thereof, or (b) if adversely
adjudicated, would reasonably be expected to prevent or materially affect the
ability of the Company to perform its obligations thereunder.

ARTICLE IV

Covenants and Other Agreements

          SECTION
4.01 Confidentiality. Any information (except the material terms of the
transactions contemplated hereunder and other publicly available or freely
usable material 

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obtained from another source) respecting either Party or their
respective affiliates will be kept in strict confidence by the receiving Party
and its agents. Except as required by law, the receiving Party will disclose
such information only to its Affiliates, managers, officers, employees or
agents and, to the extent necessary, its attorneys, accountants, consultants
and professional advisors. All such persons shall be advised of the
confidential nature of the information and shall themselves be required by such
party to keep such information confidential.

          SECTION
4.02 Access to Information. Seller acknowledges that the Company may be
in possession of material nonpublic information regarding the Company and,
except in the case of fraud or willful misconduct, irrevocably waives any
claims against the Company and its officers, directors, employees, agents or
representatives that may arise from the Company’s possession of such
information and the Seller’s lack thereof in connection with the transaction
contemplated hereby.

          SECTION
4.03. Fees and Expenses. Except as otherwise set forth in this
Agreement, all expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the Party incurring such
expenses. 

          SECTION
4.04. Estate Taxes. Seller shall file the United
States Estate (and Generation-Skipping Transfer) Tax Return (Form 706) with
the Internal Revenue Service and the New York State Estate Tax Return (Form
ET-706) with the New York State Department of Taxation
and Finance (the “Estate
Tax Returns”) and pay all taxes reflected in the Estate Tax Returns
within the time required by law. Seller shall use its commercially reasonable
efforts to obtain from the Internal Revenue Service a discharge of the Federal
Lien arising under Section 6324(a) of the Internal Revenue
Code as promptly as possible. 

ARTICLE V

Closing

          SECTION
5.01. Time; Place. The closing of the purchase and sale of the Shares
(the “Closing”) will take place
not later than five (5) days following the satisfaction or waiver of the
Closing Conditions. The “Closing Conditions”
shall consist solely of the following: (i) the Internal Revenue Service shall
have discharged the Federal Lien on the Shares arising under Section 6324(a)
of the Internal Revenue Code and a copy of such discharge shall have been
furnished to the Company and (ii) Seller shall have performed in all material
respects the covenants set forth in Section 4.04 hereof. Seller shall use its
best efforts to satisfy the Closing Conditions as promptly as possible. At the
Closing, (i) Seller shall deliver to the Company a certificate dated the
Closing Date duly signed by Seller stating that the Closing Conditions have
been satisfied and the representations and warranties of the Seller contained
in this Agreement are true and correct as of the Closing Date, (ii) Seller
shall transfer to the Company clear and marketable title to the Shares, free
and clear of any and all liens, claims, encumbrances and adverse interests of
any kind other than the New York Lien, by delivering to the Company the
certificates for the Shares in negotiable form, duly endorsed in blank, or with
stock transfer powers executed and attached thereto, and (iii) the Company
shall deliver to Seller (A) the sum of $1,000,000 by wire transfer to an
account designated by Seller and (B) the Note, duly 

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executed by an authorized officer of the Company, together with any
payments due under the Note at the time of the Closing, if any.

          SECTION
5.02 Termination. In the event the Internal Revenue Service shall not
have discharged the Federal Lien on the Shares arising under Section 6324(a) of
the Internal Revenue Code by the third anniversary of this Agreement, either
the Company or the Seller may elect to terminate this Agreement by providing
written notice of termination to the other party.

ARTICLE VI

Indemnification and Release

          SECTION
6.01. Indemnification. The Seller and the Company each shall hold harmless
and indemnify the other Party from and against, and shall compensate and
reimburse the other Party for, any loss, damage, injury, liability, claim,
demand, settlement, judgment, award, fine, penalty or charge which is suffered
or incurred by the other Party or to which the other Party may otherwise become
subject and which arises from or as a result of, or is connected with any
breach of any representation, warranty, covenant or other agreement made by the
indemnifying Party in this Agreement, provided that (i) the aggregate liability
of the Seller hereunder shall in no event exceed the amount of the Purchase
Price actually received by the Seller (provided that this limitation shall not
apply to any liability for taxes), (ii) except in the case of indemnification
for claims of third parties, neither Party shall be liable for any special,
indirect, consequential, punitive, exemplary or incidental damages, and (iii)
the Company shall not have the right of offset, deduction or recoupment with
respect to the Note for any claims or damages arising hereunder unless and
until its right to same shall have been established by the final determination
of a court of competent jurisdiction, not subject to further appellate review.
In addition, and without limiting the foregoing, the Seller shall hold harmless
and indemnify the Company from and against, and shall compensate and reimburse
the Company for, any loss, damage, injury, liability, claim, demand,
settlement, judgment, award, fine, penalty or charge which is suffered or
incurred by the Company or to which the Company may otherwise become subject
and which arises from or as a result of, or is connected with any liability or
obligation of the Seller for any federal, state or local estate tax imposed by
any court, administrative agency, or governmental or regulatory authority or
instrumentality. 

ARTICLE VII

General Provisions

          SECTION
7.01. Assignment. This Agreement and the rights and obligations
hereunder shall not be assignable or transferable by any Party (including by
operation of law or otherwise) without the prior written consent of the other
Party, except that this Agreement and the Note and any rights hereunder and
thereunder may be assigned or transferred by the Seller to the beneficiaries of
the estate. Any attempted assignment in violation of this Section 7.01 shall be
void.

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          SECTION
7.02. No Third-Party Beneficiaries. The terms and provisions of this
Agreement are intended solely for the benefit of the Parties and their
permitted assigns and nothing herein expressed or implied shall give or be
construed to give to any person, other than the Parties and such assigns, any
legal or equitable rights hereunder.

          SECTION
7.03. Specific Performance. The Parties agree that irreparable damage
would occur if any provision of this Agreement were not performed in accordance
with the terms hereof and that the Parties shall be entitled to an injunction
or injunctions to prevent breaches of this Agreement or to enforce specifically
the performance of the terms and provisions hereof in the courts of the State
of New York and of the United States in the State of New York, sitting in New
York County, in addition to any other remedy to which they are entitled in
accordance herewith.

          SECTION
7.04. Notices. All notices, requests and other communications required
or permitted to be given hereunder shall be in writing and shall be deemed
given (i) when delivered personally, (ii) on the second business day after
being mailed by certified or registered mail, return receipt requested, (iii)
the next business day after delivery to a recognized overnight carrier, or (iv)
upon transmission and confirmation of receipt by a facsimile operator if sent
by facsimile, to the Parties at the following addresses or facsimile numbers
(or to such other address or facsimile number as such party may have specified
by notice given to the other Party pursuant to this provision):

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i) if to
 the Seller,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Estate of
 Irving Hershkowitz

 
	
  

 	
  

 	
 c/o Big
 Geyser Inc.

 
	
  

 	
  

 	
 57-65 48th
 Street

 
	
  

 	
  

 	
 Maspeth, New
 York 11378

 
	
  

 	
  

 	
 Attn: Lewis
 Hershkowitz, Executor

 
	
  

 	
  

 	
 Telecopy:
 (718) 821-7676 

 
	
  

 	
  

 	
  

 
	
  

 	
 with a copy
 to:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Meltzer,
 Lippe, Goldstein & Breitstone, LLP

 
	
  

 	
  

 	
 190 Willis
 Avenue

 
	
  

 	
  

 	
 Mineola, New
 York 11501

 
	
  

 	
  

 	
 Attn: Ira R.
 Halperin, Esq.

 
	
  

 	
  

 	
 Telecopy:
 (516) 747-0653

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii) if to
 the Company,

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Ark Restaurants Corp. 

 
	
  

 	
  

 	
 85 Fifth Avenue

 
	
  

 	
  

 	
 New York, New York 10003

 
	
  

 	
  

 	
 Attn: Chief Financial Officer

 
	
  

 	
  

 	
 Telecopy: (212) 206-8814

 

6

	
  

 	
  

 	
  

 
	
  

 	
 with a copy
 to:

 
	
  

 	
  

 
	
  

 	
  

 	
 Ellenoff Grossman & Schole LLP

 
	
  

 	
  

 	
 150 East 42nd Street, 11th Floor

 
	
  

 	
  

 	
 New York, New York 10017

 
	
  

 	
  

 	
 Attn: Geoffrey W. Parnass, Esq.

 
	
  

 	
  

 	
 Telecopy: (212) 370-7889

 

          SECTION
7.05. Interpretation; Exhibits and Schedules; Certain Definitions. This
Agreement will be construed without regard to any presumption or rule requiring
construction or interpretation against the party drafting or causing any
instrument to be drafted. The headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. All Exhibits annexed hereto or referred to
herein are hereby incorporated in and made a part of this Agreement as if set
forth in full herein. Any capitalized terms used in any Exhibit but not
otherwise defined therein shall have the meaning as defined in this Agreement. 

          SECTION
7.06. Counterparts. This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more such counterparts have been signed, by
PDF, facsimile or original signatures, by each of the Parties and delivered to
the other Party.

          SECTION
7.07. Entire Agreement. This Agreement and the Note along with the
Exhibits thereto, contains the entire agreement and understanding among the
Parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings relating to such subject matter. None of the
Parties shall be liable or bound to any other Party in any manner by any
representations, warranties or covenants relating to such subject matter except
as specifically set forth herein. 

          SECTION
7.08. Severability. If any provision of this Agreement (or any portion
thereof) or the application of any such provision (or any portion thereof) to
any person or circumstance shall be held invalid, illegal or unenforceable in
any respect by a court of competent jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other provision hereof (or the
remaining portion thereof) or the application of such provision to any other
persons or circumstances. Upon such a determination, the Parties shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the Parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

          SECTION
7.09. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof. 

          SECTION
7.10. WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR

7

INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREBY. 

          SECTION
7.11. Further Assurances; Cooperation. At any time or from time to time
after the date hereof, the Parties will execute and deliver to the other Party
such other documents and instruments, provide such materials and information
and take such other actions as the other Party may reasonably request to
consummate the transactions contemplated by this Agreement and otherwise to
cause the other Party to fulfill its obligations under this Agreement and the
transactions contemplated hereby. Each Party agrees to use commercially
reasonable efforts to cause the conditions to its obligations to consummate the
transactions contemplated hereby to be satisfied.

          SECTION
7.12. Representation by Counsel. Each Party represents and agrees with
each other that it has been represented by or had the opportunity to be
represented by independent counsel of its own choosing, and that it has had the
full right and opportunity to consult with its respective attorney(s) to the
extent, if any, that it desired, it availed itself of this right and
opportunity, that it or its authorized officers (as the case may be) have
carefully read and fully understand this Agreement in its entirety and have had
it fully explained to them by such Party’s respective counsel, that each is
fully aware of the contents thereof and its meaning, intent and legal effect,
and that it or its authorized officer (as the case may be) is competent to
execute this Agreement and has executed this Agreement free from coercion,
duress or undue influence. 

[Signature page
follows]

8

          IN WITNESS
WHEREOF, the Company and the Seller have duly executed this Agreement as of the
date first written above.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARK RESTAURANTS CORP.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Michael
 Weinstein

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Michael
 Weinstein

 
	
  

 	
  

 	
 Title:

 	
 Chief
 Executive Officer

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ESTATE OF IRVING HERSHKOWITZ

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 /s/ Lewis
 Hershkowitz

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Lewis
 Hershkowitz, Executor

 

EXHIBIT A

FORM OF PROMISSORY NOTEExhibit 10.2

PROMISSORY NOTE

	
  

 	
  

 
	
 $2,125,000

 	
 _____________, 201_

 

          FOR VALUE RECEIVED, Ark Restaurants Corp., a New
York corporation (“Company”), hereby promises to pay to the order of the Estate of
Irving Hershkowitz (“Payee”), having an address at c/o Big
Geyser Inc., 57-65 48th Street, Maspeth, New York 11378, or at such
other address as may be designated from time to time hereafter by the Payee,
the principal sum of Two Million One Hundred Twenty Five
Thousand Dollars ($2,125,000) (the “Principal Amount”)
together with interest on the outstanding principal balance hereof from the
date hereof until payment in full of this Note, at the Interest Rate shown
below, payable in lawful money of the United States of America and in
immediately available funds, as set forth herein. This Note is being issued by
the Company in connection with its purchase of 250,000 shares of the Company’s
common stock held by the Payee pursuant to that certain Securities Purchase
Agreement of even date herewith (the “Purchase Agreement”).  

	
  

 	
  

 	
  

 
	
  

 	
 1.

 	
 Payment. The Principal Amount outstanding
 under this promissory note (this “Note”) shall be due and payable in
 installments as set forth in Exhibit A herein (the date of the last payment
 hereunder being the “Maturity Date”). Notwithstanding the foregoing,
 in the event that the Closing (as defined in the Purchase Agreement) occurs
 after December 1, 2012, then the initial installment of this Note set forth
 in Exhibit A, together with any other installment due and payable prior to
 the date of the Closing, shall be due and payable on the date of the Closing.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.

 	
 Interest Rate. The interest rate on the
 outstanding Principal Amount shall be Nineteen One-Hundredths Percent (0.19%)
 per annum, payable on each installment payment date as set forth in Exhibit
 A. 

 
	
  

 	
  

 	
  

 
	
  

 	
 3.

 	
 Prepayment. This Note may be prepaid in
 whole or in part at any time without penalty or premium but with accrued
 interest to the date of payment on the principal amount prepaid. Partial
 prepayments shall be applied to the installments hereunder in the inverse
 order of their maturities.

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 Omitted.

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Events of Default. In the event that any of
the following (each, an “Event of Default”) shall occur:  

 

	
  

 	
  

 	
  

 
	
  

 	
 a.

 	
 Non-Payment. The Company shall fail to make
 a payment of the Principal Amount or interest on this Note when due and such
 failure shall continue unremedied for a period of ten (10) days after written
 notice from Payee; or 

 

1

	
  

 	
  

 	
  

 
	
  

 	
 b.

 	
 Obligations. The Company fails to comply
 with any of its other obligations under this Note and such default shall
 continue unremedied for a period of thirty (30) days after written notice
 from Payee; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 c.

 	
 Bankruptcy. The Company, pursuant to or
 within the meaning of any Bankruptcy Law (as hereinafter defined): (i)
 commences a voluntary case; (ii) becomes subject to an involuntary case which
 is not withdrawn, discharged or stayed within sixty (60) days after the
 commencement thereof; (iii) consents to the appointment of a Custodian (as
 hereinafter defined) for Company or for all or substantially all of Company’s
 property; (iv) becomes subject to the appointment of a Custodian for Company
 or for all or substantially all of Company’s property which appointment is
 not withdrawn, discharged or stayed within sixty (60) days after the
 appointment thereof; or (v) makes a general assignment for the benefit of
 Company’s creditors. As used in this Note, the term “Bankruptcy Law” means
 Title 7, Title 11 or Title 13 of the United States Code or any similar
 federal or state law for the relief of debtors, and the term “Custodian”
 means any receiver, trustee, assignee, liquidator or similar official under
 any Bankruptcy Law;

 

then, and so long as such Event of Default is continuing, by written
notice to the Company, except that no notice or declaration shall be required
upon the occurrence of an event set forth in Section 5c above: Payee may
declare that all obligations of the Company under this Note be immediately due
and payable, in which case all obligations of the Company under this Note shall
automatically become immediately due and payable (without the necessity of any
notice or other demand to the Company) without presentment, demand, protest or
any other action nor obligation of the Payee of any kind, all of which are
hereby expressly waived, and Payee may exercise any other remedies the Payee
may have at law or in equity.

	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 Affirmative
 Covenants of the Company. The Company hereby agrees
 that, so long as the Note remains outstanding and unpaid, or any other amount
 is owing to the Payee hereunder, the Company will:

 

	
  

 	
  

 	
  

 
	
  

 	
 a.

 	
 Corporate
 Existence and Qualification. Take the necessary
 steps to preserve its corporate existence and its right to conduct business
 in all states in which the nature of its business requires qualification to
 do business. 

 
	
  

 	
  

 	
  

 
	
  

 	
 b.

 	
 SEC Filings.
 Prepare and file all periodic reports required to be filed with the
 Securities and Exchange Commission pursuant to the Securities Exchange Act of
 1934, as amended. 

 
	
  

 	
  

 	
  

 
	
  

 	
 c.

 	
 Compliance
 with Law. Comply with the charter and bylaws or
 other organizational or governing documents of the Company, and any law,
 treaty, rule or regulation, or determination of an arbitrator or a court or
 other governmental authority, in each case applicable to or binding 

 

2

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 upon the
 Company or any of its property or to which each the Company or any of its
 property is subject.

 
	
  

 	
  

 	
  

 
	
  

 	
 d.

 	
 Taxes.
 Duly pay and discharge all taxes or other claims, which might become a lien
 upon any of its property except to the extent that any thereof are being in good
 faith appropriately contested with adequate reserves provided therefor.

 

	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 Amendments and Waivers. Any provision of
 this Note, including, without limitation, the due date hereof, and the
 observance of any term hereof, may be amended, waived or modified (either
 generally or in a particular instance and either retroactively or
 prospectively) only with the written consent of the Company and the Payee.

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 No Waiver; Remedies. No failure on the part
 of Payee to exercise, and no delay in exercising, any right hereunder shall
 operate as a waiver thereof, nor shall any single or partial exercise of any
 right hereunder preclude any other or further exercise thereof or the
 exercise of any other right. The remedies herein provided are cumulative and
 not exclusive of any remedies provided by law.

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 Partial Invalidity. If any provision hereof
 is, for any reason and to any extent, determined by a court of competent
 jurisdiction to be invalid or unenforceable with respect to any person,
 entity or circumstance, then neither the remainder of this Note, nor the
 application of the provision to other persons, entities, or circumstances,
 shall be affected thereby, but instead shall be enforceable to the maximum
 extent permitted by law. 

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 Binding Effect; Assignability. This Note
 shall be binding upon Company and its successors and shall inure to the
 benefit of Payee and its successors and assigns. The term “Payee” as used
 herein, shall also include any endorsee, assignee or other Payee of this
 Note. 

 
	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 Governing Law; Choice of Forum. This Note
 and the rights and obligations of Company and Payee hereunder shall be
 governed by and construed in accordance with the laws of the State of New
 York without giving effect to the conflicts of law principles thereof.
 Company hereby consents to the exclusive jurisdiction of any state or federal
 court located within the County of New York, State of New York. Company
 waives any objection of forum non conveniens and venue.

 
	
  

 	
  

 	
  

 
	
  

 	
 12.

 	
 Waiver of Jury Trial. COMPANY KNOWINGLY,
 IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A
 TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON
 THIS NOTE, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, OR ANY
 COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN)
 OR ACTIONS OF ANY PARTY THERETO. 

 

3

	
  

 	
  

 	
  

 
	
  

 	
 13.

 	
 Lost or Stolen Promissory Note. If this Note
 is lost, stolen, mutilated or otherwise destroyed, Company shall execute and
 deliver to Payee a new promissory note containing the same terms, and in the
 same form, as this Note. In such event, Company may require Payee to deliver
 to Company an affidavit of lost instrument and customary indemnity in respect
 thereof as a condition to the delivery of any such new promissory note.

 
	
  

 	
  

 	
  

 
	
  

 	
 14.

 	
 Notice. All notices under this Note shall be
 in writing and shall be deemed given (i) when delivered personally, (ii) on
 the second business day after being mailed by certified or registered mail,
 return receipt requested, (iii) the next business day after delivery to a
 recognized overnight courier, or (iv) upon transmission and confirmation of
 receipt by a facsimile operator if sent by facsimile, to the parties at the
 following addresses or facsimile numbers (or to such other address or
 facsimile number as such party may have specified by notice given to the
 other party pursuant to this provision): 

 

	
  
 	
 If to
 Company:
 
	
  
 	
  
 
	
  
 	
 Ark
 Restaurants Corp. 
 
	
  
 	
 85 Fifth
 Avenue
 
	
  
 	
 New York,
 New York 10003
 
	
  
 	
 Attn: Chief
 Financial Officer
 
	
  
 	
 Telecopy:
 (212) 206-8814
 
	
  
 	
  
 
	
  
 	
 With a copy
 to:
 
	
  
 	
  
 
	
  
 	
 Ellenoff
 Grossman & Schole LLP
 
	
  
 	
 150 East
 42nd Street, 11th Floor
 
	
  
 	
 New York,
 New York 10017
 
	
  
 	
 Attn:
 Geoffrey W. Parnass, Esq.
 
	
  
 	
 Telecopy:
 (212) 370-7889
 
	
  
 	
  
 
	
  
 	
 If to Payee:
 
	
  
 	
  
 
	
  
 	
 Estate of
 Irving Hershkowitz
 
	
  
 	
 c/o Big
 Geyser Inc.
 
	
  
 	
 57-65 48th
 Street
 
	
  
 	
 Maspeth, New
 York 11378
 
	
  
 	
 Attn: Lewis
 Hershkowitz, Executor
 
	
  
 	
 Telecopy:
 (718) 821-7676
 
	
  
 	
  
 
	
  
 	
 With a copy
 to:
 
	
  
 	
  
 
	
  
 	
 Meltzer,
 Lippe, Goldstein & Breitstone, LLP
 
	
  
 	
 190 Willis
 Avenue
 
	
  
 	
 Mineola, New
 York 11501
 
	
  
 	
 Attn: Ira R.
 Halperin, Esq.
 
	 
	Telecopy: (516) 747-0653

	 	 

4

	
  
 	
  
 
	
 15.
 	
 Headings. Section headings in this Note are
 for convenience only, and shall not be used in the construction of this Note.
 
 

[SIGNATURE PAGE FOLLOWS]

5

                    IN
WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered
in favor of Payee as of the date first set forth above.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ARK RESTAURANTS CORP.

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	
  

 	

 

 

6

EXHIBIT A

Payment Schedule

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Payment
 Date

 	
  

 	
 Payment Amount

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 12/1/2012

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 1/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 2/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 3/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 4/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 5/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 6/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 7/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 8/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 9/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 10/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 11/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 12/1/2013

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 1/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 2/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 3/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 4/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 5/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 6/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 7/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 8/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 9/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 10/1/2014

 	
  

 	
 $

 	
 88,541.67

 	
  

 
	
 11/1/2014

 	
  

 	
 $

 	
 88,541.59

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Total:

 	
  

 	
 $

 	
 2,125,000.00

 	
  

 
	
  

 	
  

 	

 

 	

 

 	
  

 

7

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