Document:

Exhibit 10.45

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this
“Agreement”), is made and entered
into as of March 21, 2012, by and among Zoo Entertainment, Inc., a Delaware corporation (the “Company”),
and MMB Holdings LLC, a Delaware limited liability company (“Investor”).

 

WHEREAS, the Company, along with certain
of its subsidiaries, and the Investor, are parties to a Loan and Security Agreement dated as of March 9, 2012 (the “Loan
Agreement”), pursuant to which the Investor may acquire Conversion Shares (as defined in the Loan Agreement); and

 

WHEREAS, in connection with the Loan Agreement,
the Company issued to Investor a warrant (the “Lender Warrant” ) to purchase 10,952,775
shares of Company Common Stock (the shares issuable under the Lender Warrant, the “Warrant Shares”) at $.40
per share 

 

WHEREAS, in connection with the consummation
of the transactions contemplated by the Loan Agreement and Warrant, and pursuant to the terms of the Loan Agreement and Warrant,
the parties desire to enter into this Agreement in order to grant certain registration rights to the Investor as set forth below.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual and dependent covenants hereinafter set forth, the parties agree as follows:

 

		1.	Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. The term “control” (including the terms “controlled by” and
“under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Board”
means the board of directors of the Company (and any successor governing body of the Company or any successor of the Company).

 

“Commission”
means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act
at the time.

 

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“Common
Stock” means the common stock, par value $0.001 per share, of the Company and any other common equity securities
issued by the Company, and any other shares of stock issued or issuable with respect thereto (whether by way of a stock dividend
or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution,
recapitalization, merger, consolidation or other corporate reorganization).

 

“Company”
has the meaning set forth in the preamble.

 

“Demand
Registration” has the meaning set forth in Section 2(b).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and
regulations thereunder, which shall be in effect from time to time.

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency
or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory
authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Investor”
has the meaning set forth in the preamble.

 

“Loan
Agreement” has the meaning set forth in the recitals.

 

“Long
Form Registration” has the meaning set forth in Section 2(a).

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association or other entity.

 

“Piggyback
Registration” has the meaning set forth in Section 3(a).

 

“Prospectus”
means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and
by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus or prospectuses.

 

“Registrable
Securities” means (a) the Conversion Shares and the Warrant Shares, and (b) any shares of Common Stock issued
or issuable with respect to any shares described in subsection (a) above by way of a stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other reorganization (it being understood that for purposes
of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to then
acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has actually been effected). As
to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a Registration Statement
covering such securities has been declared effective by the Commission and such securities have been disposed of pursuant to such
effective Registration Statement, (ii) such securities are sold under circumstances in which all of the applicable conditions of
Rule 144 (or any similar provisions then in force) under the Securities Act are met, (iii) such securities are otherwise transferred
and such securities may be resold without subsequent registration under the Securities Act, or (iv) such securities shall have
ceased to be outstanding.

 

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“Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

“Rule
144” means Rule 144 promulgated under the Securities Act or any successor rule thereto or any complementary rule
thereto (such as Rule 144A).

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations
thereunder, which shall be in effect from time to time.

 

“Selling
Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale
of Registrable Securities, and fees and disbursements of counsel for any holder of Registrable Securities, except for the reasonable
fees and disbursements of counsel for the holders of Registrable Securities required to be paid by the Company pursuant to Section
6.

 

“Short-Form
Registrations” has the meaning set forth in Section 2(b).

 

		2.	Demand Registration.

 

		(a)	At any time Investor may request registration under the Securities Act of all or any portion of its Registrable Securities
on Form S-1 or any successor form thereto (each a “Long-Form
Registration”). Each request for a Long-Form Registration shall specify the approximate number of Registrable
Securities required to be registered. The Company shall cause a Registration Statement on Form S-1 (or any successor form) to be
filed within ninety (90) days after the date on which the initial request is given and shall use its reasonable best efforts to
cause such Registration Statement to be declared effective by the Commission as soon as practicable thereafter.

 

		(b)	At such time as the Company shall have qualified for the use of a Registration Statement on Form S-3, Investor shall have the
right to request an unlimited number of registrations of their Registrable Securities on Form S-3 or any similar short-form registration
(each a “Short-Form Registration”
and, together with each Long-Form Registration, a “Demand
Registration”). The Company shall cause a Registration Statement on Form S-3 (or any successor form) to be filed
within ninety (90) days after the date on which the initial request is given and shall use its reasonable best efforts to cause
such Registration Statement to be declared effective by the Commission as soon as practicable thereafter.

 

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		(c)	The Company shall not be obligated to effect any Demand Registration within ninety (90) days after the effective date of a
previous Demand Registration or a previous Piggyback Registration in which holders of Registrable Securities were permitted to
register, and actually sold, at least 50% of the shares of Registrable Securities requested to be included therein. The Company
may postpone for up to ninety (90) days the filing or effectiveness of a Registration Statement for a Demand Registration if the
Company's Board determines in its reasonable good faith judgment that such Demand Registration would (i) materially interfere with
a significant acquisition, corporate organization or other similar transaction involving the Company; (ii) require premature disclosure
of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company
unable to comply with requirements under the Securities Act or Exchange Act; provided, that in such event the holders of
a majority of the Registrable Securities initiating such Demand Registration shall be entitled to withdraw such request and, if
such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations hereunder and
the Company shall pay all registration expenses in connection with such registration. The Company may delay a Demand Registration
hereunder only twice in any period of twelve consecutive months.

 

		(d)	If the holders of the Registrable Securities initially requesting a Demand Registration elect to distribute the Registrable
Securities covered by their request in an underwritten offering, they shall so advise the Company as a part of their request made
pursuant to Section 2(a) or Section 2(b), and the Company shall include such information in its notice to the other
holders of Registrable Securities. The holders of a majority of the Registrable Securities initially requesting the Demand Registration
shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering;
provided, that such selection shall be subject to the consent of the Company, which consent shall not be unreasonably withheld
or delayed.

 

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		(e)	The Company shall not include in any Demand Registration any securities which are not Registrable Securities without the prior
written consent of the holders of a majority of the Registrable Securities initially requesting such registration, which consent
shall not be unreasonably withheld or delayed. If a Demand Registration involves an underwritten offering and the managing underwriter
of the requested Demand Registration advises the Company and the holders of Registrable Securities in writing that in its opinion
the number of shares of Common Stock proposed to be included in the Demand Registration, including all Registrable Securities and
all other shares of Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Common
Stock which can be sold in such underwritten offering and/or the number of shares of Common Stock proposed to be included in such
registration would adversely affect the price per share of the Registrable Securities proposed to be sold in such underwritten
offering, the Company shall include in such Demand Registration (i) first, the number of shares of Common Stock that the holders
of Registrable Securities propose to sell, and (ii) second, the number of shares of Common Stock proposed to be included therein
by any other Persons (including shares of Common Stock to be sold for the account of the Company and/or other holders of Common
Stock) allocated among such Persons in such manner as they may agree. If the managing underwriter determines that less than all
of the Registrable Securities proposed to be sold can be included in such offering, then the Registrable Securities that are included
in such offering shall be allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities
owned by each such holder.

 

		3.	Piggyback Registration.

 

		(a)	Whenever the Company proposes to register any shares of its Common Stock under the Securities Act (other than a registration
effected solely to implement an employee benefit plan or a transaction to which Rule 145 of the Securities Act is applicable, or
a Registration Statement on Form S-4, S-8 or any successor form thereto or another form not available for registering the Registrable
Securities for sale to the public), whether for its own account or for the account of one or more stockholders of the Company and
the form of Registration Statement to be used may be used for any registration of Registrable Securities (a “Piggyback
Registration”), the Company shall give prompt written notice (in any event no later than twenty (20) business
days prior to the filing of such Registration Statement) to the holders of Registrable Securities of its intention to effect such
a registration and, subject to Section 3(b) and Section 3(c), shall include in such registration all Registrable
Securities with respect to which the Company has received written requests for inclusion from the holders of Registrable Securities
within ten (10) business days after the Company's notice has been given to each such holder. The Company may postpone or withdraw
the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. A Piggyback Registration shall
not be considered a Demand Registration for purposes of Section 2 of this Agreement.

 

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		(b)	If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company and the managing underwriter
advises the Company and the holders of Registrable Securities (if any holders of Registrable Securities have elected to include
Registrable Securities in such Piggyback Registration) in writing that in its opinion the number of shares of Common Stock proposed
to be included in such registration, including all Registrable Securities and all other shares of Common Stock proposed to be included
in such underwritten offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or that the
number of shares of Common Stock proposed to be included in any such registration would adversely affect the price per share of
the Common Stock to be sold in such offering, the Company shall include in such registration (i) first, the number of shares of
Common Stock that the Company proposes to sell; (ii) second, the number of shares of Common Stock requested to be included therein
by holders of Registrable Securities, allocated pro rata among all such holders on the basis of the number of Registrable Securities
owned by each such holder or in such manner as they may otherwise agree; and (iii) third, the number of shares of Common Stock
requested to be included therein by holders of Common Stock (other than holders of Registrable Securities), allocated among such
holders in such manner as they may agree.

 

		(c)	If a Piggyback Registration is initiated as an underwritten offering on behalf of a holder of Common Stock other than Registrable
Securities, and the managing underwriter advises the Company in writing that in its opinion the number of shares of Common Stock
proposed to be included in such registration, including all Registrable Securities and all other shares of Common Stock proposed
to be included in such underwritten offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or
that the number of shares of Common Stock proposed to be included in any such registration would adversely affect the price per
share of the Common Stock to be sold in such offering, the Company shall include in such registration (i) first, the number of
shares of Common Stock requested to be included therein by the holder(s) requesting such registration and by the holders of Registrable
Securities, allocated pro rata among such holders on the basis of the number of shares of Common Stock (on a fully diluted, as
converted basis) and the number of Registrable Securities, as applicable, owned by all such holders or in such manner as they may
otherwise agree; and (ii) second, the number of shares of Common Stock requested to be included therein by other holders of Common
Stock, allocated among such holders in such manner as they may agree.

 

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		(d)	If any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company shall select
the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering.

 

		4.	Lock-up Agreement. Each holder of Registrable Securities agrees that in connection with any public offering of the Company's
Common Stock or other equity securities, and upon the request of the managing underwriter in such offering, such holder shall not,
without the prior written consent of such managing underwriter, during the 180 day period prior to the effective date of such registration
and until the date specified by such managing underwriter (such period not to exceed 360 days), (a) offer, pledge, sell, contract
to sell, grant any option or contract to purchase, purchase any option or contract to sell, hedge the beneficial ownership of or
otherwise dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into, exercisable for or
exchangeable for shares of Common Stock (whether such shares or any such securities are then owned by the Holder or are thereafter
acquired), or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of such securities, whether any such transaction described in clause (a) or (b) above is to be settled
by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing provisions of this Section 4 shall
not apply to sales of Registrable Securities to be included in such offering pursuant to Section 2(a), Section 2(b)
or Section 3(a), and shall be applicable to the holders of Registrable Securities only if all officers and directors of
the Company and all stockholders owning more than 5% of the Company's outstanding Common Stock are subject to the same restrictions.
Each holder of Registrable Securities agrees to execute and deliver such other agreements as may be reasonably requested by the
Company or the managing underwriter which are consistent with the foregoing or which are necessary to give further effect thereto.
Notwithstanding anything to the contrary contained in this Section 4, each holder of Registrable Securities shall be released,
pro rata, from any lock-up agreement entered into pursuant to this Section 4 in the event and to the extent that the managing
underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining
to any officer, director or holder of greater than 5% of the outstanding Common Stock.

 

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		5.	Registration Procedures. If and whenever the holders of Registrable Securities request that any Registrable Securities
be registered pursuant to the provisions of this Agreement, the Company shall use its reasonable best efforts to effect the registration
and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto
the Company shall as soon as reasonably practicable:

 

		(a)	subject to Section 2(c), prepare and file with the Commission a Registration Statement with respect to such Registrable
Securities and use its reasonable best efforts to cause such Registration Statement to become effective;

 

		(b)	prepare and file with the Commission such amendments, post-effective amendments and supplements to such Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for a period
of not less than 180 days, or if earlier, until all of such Registrable Securities have been disposed of and to comply with the
provisions of the Securities Act with respect to the disposition of such Registrable Securities in accordance with the intended
methods of disposition set forth in such Registration Statement;

 

		(c)	within a reasonable time before filing such Registration Statement, Prospectus or amendments or supplements thereto, furnish
to one counsel selected by holders of a majority of such Registrable Securities copies of such documents proposed to be filed,
which documents shall be subject to the review, comment and approval of such counsel;

 

		(d)	notify each selling holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when
such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement
has been filed;

 

		(e)	furnish to each selling holder of Registrable Securities such number of copies of the Prospectus included in such Registration
Statement (including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits and documents
incorporated by reference therein) and such other documents as such seller may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such seller;

 

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		(f)	use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or “blue
sky” laws of such jurisdictions as any selling holder reasonably requests and do any and all other acts and things which
may be reasonably necessary or advisable to enable such holders to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such holders; provided, that the Company shall not be required to qualify generally to do business,
subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be
required to do so but for this Section 5(f);

 

		(g)	notify each selling holder of such Registrable Securities, at any time when a Prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration
Statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading,
and, at the request of any such holder, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material
fact or omit to state any fact necessary to make the statements therein not misleading;

 

		(h)	make available for inspection by any selling holder of Registrable Securities, any underwriter participating in any disposition
pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such holder or underwriter
(collectively, the “Inspectors”),
all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”),
and cause the Company's officers, directors and employees to supply all information reasonably requested by any such Inspector
in connection with such Registration Statement;

 

		(i)	provide a transfer agent and registrar (which may be the same entity) for all such Registrable Securities not later than the
effective date of such registration;

 

		(j)	use its reasonable best efforts to cause such Registrable Securities to be listed on each securities exchange on which the
Common Stock is then listed or, if the Common Stock is not then listed, on a national securities exchange selected by the holders
of a majority of such Registrable Securities;

 

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		(k)	in connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements
in customary form) and take all such other customary actions as the holders of such Registrable Securities or the managing underwriter
of such offering reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including,
without limitation, making appropriate officers of the Company available to participate in “road show” and other customary
marketing activities (including one-on-one meetings with prospective purchasers of the Registrable Securities);

 

		(l)	otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission and make available
to its stockholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder) no later than ninety (90) days after the end of the 12-month period beginning with the first day of the Company's
first full fiscal quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month
period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms
10-Q, 10-K and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

		(m)	furnish to each selling holder of Registrable Securities and each underwriter, if any, with (i) a legal opinion of the Company's
outside counsel, dated the effective date of such Registration Statement (and, if such registration includes an underwritten public
offering, dated the date of the closing under the underwriting agreement), in form and substance as is customarily given in opinions
of the Company's counsel to underwriters in underwritten public offerings; and (ii) a “comfort” letter signed by the
Company's independent certified public accountants in form and substance as is customarily given in accountants' letters to underwriters
in underwritten public offerings;

 

		(n)	without limiting Section 5(f) above, use its reasonable best efforts to cause such Registrable Securities to be registered
with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations
of the Company to enable the holders of such Registrable Securities to consummate the disposition of such Registrable Securities
in accordance with their intended method of distribution thereof;

 

		(o)	notify the holders of Registrable Securities promptly of any request by the Commission for the amending or supplementing of
such Registration Statement or Prospectus or for additional information;

 

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		(p)	advise the holders of Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to
obtain its withdrawal at the earliest possible moment if such stop order should be issued; and

 

		(q)	otherwise use its reasonable best efforts to take all other steps necessary to effect the registration of such Registrable
Securities contemplated hereby.

 

		6.	Expenses. All expenses (other than Selling Expenses) incurred by the Company in complying with its obligations pursuant
to this Agreement and in connection with the registration and disposition of Registrable Securities, including, without limitation,
all registration and filing fees, underwriting expenses (other than fees, commissions or discounts), expenses of any audits incident
to or required by any such registration, fees and expenses of complying with securities and “blue sky” laws, printing
expenses, fees and expenses of the Company's counsel and accountants and reasonable fees and expenses of one counsel for the holders
of Registrable Securities participating in such registration as a group (selected by, in the case of a registration under Section
2(a), the holders of a majority of the Registrable Securities initially requesting such registration, and, in the case of all
other registrations hereunder, the holders of a majority of the Registrable Securities included in the registration), shall be
paid by the Company. All Selling Expenses relating to Registrable Securities registered pursuant to this Agreement shall be borne
and paid by the holders of such Registrable Securities, in proportion to the number of Registrable Securities registered for each
such holder.

 

		7.	Indemnification.

 

		(a)	The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities,
such holder's officers, directors, managers, members, partners, stockholders and Affiliates, each underwriter, broker or any other
Person acting on behalf of such holder of Registrable Securities and each other Person, if any, who controls any of the foregoing
Persons within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against all losses, claims, actions,
damages, liabilities and expenses, joint or several, to which any of the foregoing Persons may become subject under the Securities
Act or otherwise, insofar as such losses, claims, actions, damages, liabilities or expenses arise out of or are based upon any
untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus, preliminary Prospectus,
free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, or any violation or alleged violation by the Company of the Securities Act or any other similar federal or state
securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration, qualification or compliance; and shall reimburse such Persons for any
legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim,
action, damage or liability, except insofar as the same are caused by or contained in any information furnished in writing to the
Company by such holder expressly for use therein or by such holder's failure to deliver a copy of the Registration Statement, Prospectus,
free-writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendments or supplements thereto
(if the same was required by applicable law to be so delivered) after the Company has furnished such holder with a sufficient number
of copies of the same prior to any written confirmation of the sale of Registrable Securities.

 

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		(b)	In connection with any registration in which a holder of Registrable Securities is participating, each such holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify and hold harmless, the Company, each
director of the Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other
Person acting on behalf of the holders of Registrable Securities and each Person who controls any of the foregoing Persons within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, actions, damages,
liabilities or expenses resulting from any untrue or alleged untrue statement of material fact contained in the Registration Statement,
Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any
amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained
in any information or affidavit so furnished in writing by such holder for inclusion in such Statement, Prospectus, preliminary
Prospectus, free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or amendment thereof or supplement
thereto, as applicable; provided, that the obligation to indemnify shall be several, not joint and several, for each holder
and shall be limited to the net proceeds (after underwriting fees, commissions or discounts and such holder’s share of all
Selling Expenses) actually received by such holder from the sale of Registrable Securities pursuant to such Registration Statement.

 

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		(c)	Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in
this Section 7, such indemnified party shall, if a claim in respect thereof is made against an indemnifying party, give
written notice to the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying
party of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve
the indemnifying party from any liability in respect of such action that it may have to such indemnified party hereunder. In case
any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume
the defense of the claims in any such action that are subject or potentially subject to indemnification hereunder, jointly with
any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified
party, and after written notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified
party in connection with the defense thereof; provided, that if (i) any indemnified party shall have reasonably concluded
that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict
with those available to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters
beyond the scope of the indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against any indemnified
party or involves actual or alleged criminal activity, the indemnifying party shall not have the right to assume the defense of
such action on behalf of such indemnified party without such indemnified party's prior written consent (but, without such consent,
shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified
party and any Person controlling such indemnified party for that portion of the fees and expenses of any counsel retained by the
indemnified party which is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying party
is not entitled to, or elects not to, assume the defense of a claim, it shall not be obligated to pay the fees and expenses of
more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate
counsel, chosen by the holders of a majority of the Registrable Securities included in the registration, at the expense of the
indemnifying party.

 

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		(d)	If the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result
of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in
such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided, that the
maximum amount of liability in respect of such contribution shall be limited, in the case of each holder of Registrable Securities,
to an amount equal to the net proceeds (after underwriting fees, commissions or discounts and such holder’s share of all
Selling Expenses) actually received by such seller from the sale of Registrable Securities effected pursuant to such registration.
The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The parties agree that it would not be
just and equitable if contribution pursuant hereto were determined by pro rata allocation or by any other method or allocation
which does not take account of the equitable considerations referred to herein. No Person guilty or liable of fraudulent misrepresentation
with respect to any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact
shall be entitled to contribution from any Person with respect to any loss, claim, damage, liability or action caused by such untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact.

 

		8.	Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten
unless such Person (a) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved
by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.

 

    	14

    	 

    

 

 

		9.	Rule 144 Compliance. With a view to making available to the holders of Registrable Securities the benefits of Rule 144
under the Securities Act and any other rule or regulation of the Commission that may at any time permit a holder to sell securities
of the Company to the public without registration or pursuant to a registration on Form S-3 (or any successor form), the Company
shall:

 

		(a)	make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act,
at all times after the Registration Date;

 

		(b)	use reasonable best efforts to file with the Commission in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act, at any time after the Company has become subject to such reporting requirements;
and

 

		(c)	furnish to any holder so long as the holder owns Registrable Securities, promptly upon request, a written statement by the
Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act and of the Securities Act and
the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so
filed or furnished by the Company as such holder may reasonably request in connection with the sale of Registrable Securities without
registration.

 

		10.	Preservation of Rights. The Company shall not (a) grant any registration rights to third parties which are more favorable
than or inconsistent with the rights granted hereunder, or (b) enter into any agreement, take any action, or permit any change
to occur, with respect to its securities that violates or subordinates the rights expressly granted to the holders of Registrable
Securities in this Agreement.

 

		11.	Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable
Securities outstanding; provided, that the provisions of Section 6 and Section 7 shall survive any such termination.

 

		12.	Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail
of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business
Day if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated
below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 12).

 

    	15

    	 

    

 

 

 

 

	If to the Company:	
        ZOO ENTERTAINMENT, INC. 

        11258 Cornell Park Drive, Suite 608 

        Blue Ash, Ohio 45242 

        Facsimile: [FAX NUMBER] 

        E-mail: [E-MAIL ADDRESS] 

        Attention: CEO

         

         

	with a copy to:	
        KEATING MUETHING & KLEKAMP PLL 

        One East Fourth Street, Suite 1400 

        Cincinnati, Ohio 45202 

        Facsimile: 513-579-6457 

        E-mail: mreuter@kmklaw.com 

        Attention: F. Mark Reuter

          

         

	If to any Investor, to such Investor's address as set forth [on Schedule A hereto/in the register of stockholders maintained by the Company].
	 

		13.	Entire Agreement. This Agreement, together with any related exhibits and schedules thereto, constitutes the sole and
entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior
and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.

 

		14.	Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Each Investor may assign its rights hereunder to any purchaser or transferee
of Registrable Securities; provided, that such purchaser or transferee shall, as a condition to the effectiveness of such
assignment, be required to execute a counterpart to this Agreement agreeing to be treated as an Investor whereupon such purchaser
or transferee shall have the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such purchaser
or transferee was originally included in the definition of an Investor herein and had originally been a party hereto.

 

    	16

    	 

    

 

 

		15.	No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

 

		16.	Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

		17.	Amendment, Modification and Waiver. Except as otherwise provided herein, the provisions of this Agreement may only be
amended, modified, supplemented or waived with the prior written consent of the Company and the holders of a majority of the Registrable
Securities. No waiver by any party or parties shall operate or be construed as a waiver in respect of any failure, breach or default
not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after
that waiver. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any right, remedy,
power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege.

 

		18.	Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

		19.	Remedies. Each holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges
that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would
be adequate.

 

		20.	Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the
State of Delaware or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the
State of Delaware. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby may be instituted in the federal courts of the United States or the courts of the State of California in each case located
in the city of Los Angeles, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action
or proceeding. Service of process, summons, notice or other document by mail to such party's address set forth herein shall be
effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally
waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree
not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.

 

    	17

    	 

    

 

 

		21.	Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is
likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right
it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions
contemplated hereby. Each party to this Agreement certifies and acknowledges that (a) no representative of any other party has
represented, expressly or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal
action, (b) such party has considered the implications of this waiver, (c) such party makes this waiver voluntarily, and (d) such
party has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section
21.

 

		22.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy
of this Agreement.

 

 

 

 

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

    	18

    	 

    

 

 

IN WITNESS WHEREOF, the parties hereto have
executed this Registration Rights Agreement on the date first written above.

 

 

	 	ZOO ENTERTAINMENT, INC.
	 	 
	 	By: 	 
	 	Name:	  
	 	Title:	 
	 	 
	 	 
	 	MMB HOLDINGS LLC
	 	 
	 	By: 	 
	 	Name:	  
	 	Title:	 

 

 

    	19EXHIBIT 10.41

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”),
dated as of November 15, 2011, is entered into between BKF Capital Group, Inc., a Delaware corporation, with offices located at
225 N.E. Mizner Boulevard, Boca Raton, Florida 33432 (“BKF Capital” or the “Company”) and Greg S. Heller,
an individual, who resides at __________REDACTED__________ (“Executive”). BKF Capital and Executive are each referred
to herein as a “Party” and collectively, the “Parties”).

 

WITNESSETH

 

WHEREAS, BKF Capital desires to employ Executive,
and Executive is willing to accept such employment on the terms and conditions set forth below.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth in this Agreement, BKF Capital and Executive agree as follows:

 

1.            Employment.
BKF Capital hereby employs Executive as its Senior Vice President, reporting to Company’s Chief Executive Officer,
Steven N. Bronson (the “CEO”) and the Board of Directors (the “Board”), subject to the conditions set
forth in this Agreement.

 

2.            Duties.
The Executive shall perform all reasonable duties incident to the Position of Senior Vice President as well as any other
duties as may from time to time be assigned by the CEO and/or the Board, and agrees to abide by all policies, practices,
procedures or rules of the Company, provided same are consistent with the scope and dignity of Executive’s position.
The Executive agrees to devote his best efforts, energies and skill to the discharge of the duties and responsibilities
attributable to his position, and to this end, he will devote a majority of his time and attention to the business and
affairs of the Company, its subsidiaries and its affiliates. The Executive also agrees that he shall not take personal
advantage of any business opportunities which arise during his employment and which may benefit the Company or its
affiliates. All material facts regarding such opportunities must be promptly reported to the CEO and the Board for
consideration by the Company or its affiliates. Notwithstanding the foregoing, the Executive may donate his time and efforts
to charitable causes, educational and other similar activities, so long as such endeavors do not affect his ability to
perform his duties under this Agreement. If requested by the Company, and provided Executive deems he has reasonable
availability, the Executive shall serve on the board of directors of any affiliate of the Company or any committee thereof
without additional compensation. Company shall have the right, but not the obligation, to use Executive’s name,
photograph, likeness and approved biographical data for the purpose of advertising, marketing, promoting, publicizing
and exploiting any matter related to the duties performed hereunder.

 

3.1           Term. The term of this Agreement
shall commence on November 15, 2011 (the “Effective Date”) and shall continue until terminated by either Party
(the “Term”). Executive understands and agrees that his employment with the Company is at will, which means that
either the Executive or the Company may terminate this Agreement at any time, with or without cause, and with or without
prior notice. Any modification of the “at will” nature of the employment must be in writing and executed by the
Executive and by the Company, after approval by the Board.

 

4.             Compensation
and Benefits.

 

4.1           Salary.
In exchange for the services to be rendered by Executive to BKF Capital commencing on the Effective Date, BKF Capital will
pay to Executive an annual salary of $60,000 per year or $5,000 per month (the “Salary”), payable on the
15th day of the following month.  Once a new BKF Capital subsidiary has been formed, organized and fully
registered as a business development company (the “BDC”) and the BDC has been funded with working capital of at
least $35,000,000, then Executive Salary shall automatically increase to an annual salary of $130,000 per year or $10,833 per
month, payable on the 15th day of the following month, payable on a retroactive basis from the Effective Date.

 

4.2           Bonus
Compensation. Once the BDC has been: (1) formed, organized and fully registered as a business development company and (2) funded
with working capital of at least $35,000,000, then Executive shall be eligible to earn an annual bonus (the “Bonus”)
to be established by BKF Capital.

 

4.3           Vacation
and Sick Leave. During the Term, the Executive shall be entitled to an aggregate of three (3) weeks of paid vacation, and
five (5) days of paid sick leave, prorated for any portion of a year to the date of termination. The timing and duration of
any vacation shall be subject to the prior written approval of the Company, in its discretion.

 

4.4           Executive
Benefit Plans. At all times during the term of this Agreement the Executive shall be provided the opportunity to participate in
all health, pension and welfare plans, life insurance, programs and benefits (the “Plans”) as approved by the Company’s
Compensation Committee/Board of Directors.

 

    	 

    	 

    

 

5.             Reimbursement
of Business Expenses. During the term of this Agreement, upon submission of proper invoices, receipts or other supporting documentation
satisfactory to BKF Capital and in specific accordance with such guidelines as may be established from time to time, Executive
shall be reimbursed by BKF Capital for all reasonable business expenses actually and necessarily incurred by Executive on behalf
of BKF Capital in connection with Executive’s performance of services under this Agreement.

 

6.             Representations
as to Employability.

 

6.1           Absence
of prior restrictions. Executive represents and warrants that Executive is not party to, or bound by, any agreement or commitment,
or subject to any restriction, including, but not limited to agreements related to previous employment containing confidentiality,
non-solicitation, non-poaching or non-compete covenants, which would adversely affect the business of BKF Capital or Executive’s
performance of duties under this Agreement.

 

6.2           Absence
of third party proprietary information. Executive represents and warrants that Executive is not in possession of and will not bring
onto the Company’s premises or access or utilize any proprietary information of any prior employer or other third-party that
Executive is not permitted to have. Executive represents, further, that Executive will be able to fulfill Executive’s duties
hereunder without such proprietary information by utilizing only information that is generally available in the public domain or
the rightful property of Executive or the Company.

 

7.             Confidentiality
and Proprietary Information.

 

7.1           Non-Disclosure.
During the course of Executive’s employment with BKF Capital, Executive will learn of Confidential Information (as defined
below) and Executive may develop Confidential Information on behalf of BKF Capital. Executive agrees that Executive will not use
or disclose to any Person (except as required by applicable law or for the proper performance of Executive’s duties and responsibilities
for BKF Capital) any Confidential Information obtained or created by Executive incident to Executive’s employment or any
other association with BKF Capital. Executive understand that this restriction shall continue to apply after Executive’s
employment terminates, regardless of the reason for such termination.         

 

7.2           Protection
of Information. All information, data, documents, records and files, in any kind of media, relating to the business (whether past,
present or future) of BKF Capital (“Confidential Information”), whether or not prepared by Executive, shall be the
sole and exclusive property of BKF Capital. Executive agree to safeguard all Confidential Information and to surrender to BKF Capital,
at the time Executive’s employment terminates or at such earlier time as requested, all tangible forms of Confidential Information
of BKF Capital then in Executive’s possession or control, and to destroy or retrieve any copies, such that no Confidential
Information which was at any time in Executive’s possession or control will exist in tangible form other than what Executive
have turned over to BKF Capital or destroyed.

 

7.3           Proprietary
Information and Inventions Agreement. The Executive represents and acknowledges that he has executed the Company’s Proprietary
Information and Inventions Agreement which provides for, among other things, non-disclosure of confidential and proprietary information.
A copy of the Company’s form Proprietary Information and Inventions Agreement is attached hereto as Appendix A, and is expressly
made a part of this Agreement. The Executive, further, represents and acknowledges that he is bound by the terms of the Executive
Proprietary Information and Inventions Agreement and that any breach of the Executive Proprietary Information and Inventions Agreement
shall constitute a material breach of this Agreement.

 

8.            Non-solicitation.
The Executive represents and acknowledges that he has executed the Company’s Non-Solicitation Agreement which provides for,
among other things, non-solicitation of customers and employees of the Company. A copy of the Company’s Non-Solicitation
Agreement is attached hereto as Appendix B, and is expressly made a part of this Agreement. The Executive, further, represents
and acknowledges that he is bound by the terms of the Company’s Non-Solicitation Agreement and that any breach of the Company’s
Non-Solicitation Agreement shall constitute a material breach of this Agreement.

 

9.            Termination.
This Agreement may be terminated prior to the expiration of the Term set forth in Section 3 upon the occurrence of any of the events
set forth in, and subject to the terms of, this Section 9.

 

9.1           Voluntarily.
The Company and/or the Executive may terminate this Agreement at any time by written notice to the other Party. Either Party may
waive such notice from the other Party.

 

9.2           Death.
This Agreement will terminate immediately and automatically upon Executive’s death.

 

9.3           Disability.
This Agreement may be terminated at BKF Capital’s option, immediately upon notice to the Executive, if Executive shall suffer
a permanent disability. For the purposes of this Agreement, the term "permanent disability" shall mean Executive’s
inability to perform Executive’s duties under this Agreement for a period of ninety (90) consecutive days due to illness,
accident or any other physical or mental incapacity, as determined by the Board. In the event that a dispute arises with respect
to Executive’s disability, the parties shall each select a duly licensed medical doctor to make such a determination. If
the two doctors so selected cannot agree on a determination, they will mutually select a third duly licensed medical doctor and
the decision of the majority of the three doctors will be binding.

 

    	 

    	 

    

 

9.4           Termination
by BKF Capital for Cause. Notwithstanding anything contained herein to the contrary, Company may terminate the employment of the
Executive and all of the Company’s obligations under this Agreement at any time for Cause (as hereinafter defined) by giving
the Executive written notice of such termination, with reasonable specificity of the details thereof. “Cause” shall
include, without limitation, the following: (i) conviction (including conviction on a NOLO CONTENDERE plea) of a felony, or a misdemeanor
where imprisonment is imposed and served,; (ii) commission of any act of theft, fraud, dishonesty, unethical business conduct,
or intentional falsification of any employment or Company’s records; (iii) improper disclosure of the Company’s confidential
or proprietary information; (iv) any action by the Executive which has a detrimental effect on the Company’s reputation or
business; (v) failure or neglect or inability by the Executive to devote his full time and best efforts to the Company’s
business and affairs; (vi) failure or neglect by the Executive to perform the duties of the Executive’s position which failure
or neglect has an adverse effect of the Company or its prospects, other than for reasons of Disability; (vii) failure of the Executive
to obey reasonable orders given by the Board of Directors or the Chief Executive Officer, provided such orders are consistent with
the scope of Executive’s position; (viii) any material breach of this Agreement or Company rules, of which Executive has
or should have prior notice; (ix) chronic and unexcused absenteeism; (x) misconduct by the Executive in connection with the performance
of any of his material duties, including, without limitation, misappropriation of funds or property of the Company, securing or
attempting to secure personally any profit in connection with any transaction entered into on behalf of the Company, misrepresentation
to the Company, or any violation of law or regulations on Company premises or to which the Company is subject; (xi) disloyalty
by the Executive; (xii) failure to fully cooperate in any investigation by the Company; (xiii) a course of conduct amounting to
gross incompetence; (xiv) any other act of misconduct by the Executive; (xv) the Executive’s abuse of alcohol or other drugs
or controlled substances which abuse interferes with the Executive’s performance of his duties or obligations to the Company;
or (xvi) the Executive’s resignation hereunder.

 

A termination pursuant to this
Section 9.4 shall take effect ten (10)days after the giving of written notice to the Executive, specifying the nature of such
breach, unless the Executive shall, during such ten (10) day period, remedy to the reasonable satisfaction of the Board the misconduct,
disregard, failure, abuse or breach specified in such notice; provided, however, that such termination shall take
effect immediately upon the giving of such notice if the Board shall, in its reasonable discretion, have determined that such
misconduct, disregard, failure, abuse or breach is not remediable (which determination shall be stated in such notice).

 

9.5           Compensation
in Event of Termination.

 

a.           Voluntary
Termination. Upon Executive’s voluntary termination of this Agreement pursuant to Section 9.1, Executive shall be entitled
to receive the compensation, as set forth in paragraph 4 above, up to the date of termination, and after such date shall not be
entitled to any Compensation under this Agreement, and Executive will no longer continue any vesting but will retain any equity
that has vested as of the date of termination.

 

b.           Termination
for Death or Disability. If Executive’s employment is terminated due to the Executive’s Death or Disability pursuant
to Sections 9.2 or 9.3, then Executive or his beneficiaries will be entitled to receive: (i) Executive’s Compensation, as
set forth in Section 4, above, to the end of the monthly pay period immediately following Executive’s date of termination,
(ii) accrued Bonus Payments payable to the Executive under the Management Bonus Plan and (iii) all equity and/or options issued
to Executive by BKF Capital but not yet vested shall immediately fully vest.

 

c.           Termination
for Cause. Upon the termination of this Agreement pursuant to Section 9.4, the Executive shall receive no severance package
and shall not be entitled to any Compensation, benefits or other rights granted herein to the Executive.

 

d.           Termination
by BKF Capital Without Cause. If Executive’semployment is terminated by BKF Capital without cause, then Executive shall
be entitled to receive the compensation, as set forth in paragraph 4 above, up to the date of termination, and after such date
shall not be entitled to any Compensation under this Agreement, and Executive will no longer continue any vesting but will retain
any equity that has vested as of the date of termination.

 

9.6           Release.
In no event shall the Executive be entitled to receive any payments, amounts, rights, or benefits under this Section 9 unless
Executive executes a release concerning any claims Executive may have against BKF Capital in a form reasonably acceptable to
BKF Capital.

 

10.           Miscellaneous.

 

10.1         Survival.
The provisions of Sections 7 and 8 shall survive the termination of this Agreement.

 

    	 

    	 

    

 

10.2         Entire
Agreement. This Agreement sets forth the entire understanding of the Parties relating to the Executive’s employment
with BKF Capital and merges and supersedes any prior or contemporaneous agreements between the Parties pertaining to the
subject matter hereof.

 

10.3         Modification.
This Agreement may not be modified unless in writing and signed by the Party against whom the same is sought to be
enforced.

 

10.4         Waiver.
Failure of a Party to enforce one or more of the provisions of this Agreement or to require at any time performance of any of
the obligations hereof shall not be construed to be a waiver of such provisions by such Party nor to in any way affect the
validity of this Agreement or such Party's right thereafter to enforce any provision of this Agreement, nor to preclude such
Party from taking any other action at any time which it would legally be entitled to take.

 

10.5         Assignment.
This Agreement and all any rights or obligations hereunder are not assignable by Executive, but may be assigned by BKF
Capital upon the sale of substantially all of its assets.

 

10.6         Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and transmitted via email, and
shall be deemed to have been given at the time of transmittal, as follows:

 

		To BKF Capital:	BKF Capital, Inc.

225
N.E. Mizner Boulevard, Suite 400

Boca Raton, Florida  33432

Attn.:   Steven N.
Bronson, Chairman and CEO

Email: sbronson@catalystfinancial.com

 

		To Executive:	Greg S. Heller

 

REDACTED

 

10.7         Severability.
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such
invalidity or unenforceability shall not affect the validity and enforceability of the other provisions of this Agreement,
and the provision held to be invalid or unenforceable shall be modified so as to be enforced as nearly as possible according
to its original terms and intent but only to the extent necessary to eliminate such invalidity or unenforceability.

 

10.8         Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida.

 

10.9         Counterparts.
This Agreement may be executed in any number of counterparts, including facsimile and email pdf signatures which shall be
deemed as original signatures. All executed counterparts shall constitute one agreement, notwithstanding that all signatories
are not signatories to the original or the same counterpart.

 

IN WITNESS WHEREOF, each Party hereto has
duly executed this Agreement as of the date set forth above.

 

	BKF Capital Group, Inc.	 	Greg S. Heller	 
	 	 	 	 
	 	 	 	 
	Signature	 	Signature	 
	 	 	 	 
	 	 	 	 
	Name	 	 	 
	 	 	 	 
	 	 	 	 
	Title

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