Document:

EX-10.3

 

    EXHIBIT 10.3

BKF CAPITAL GROUP, INC.

One Rockefeller Plaza

New York, New York 10020

November 12, 2007

Mr. J. Clarke Gray

805 Ramapo Way

Westfield, N.J. 07090

Dear Clarke:

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

     1. You shall serve as the Company’s Chief Financial Officer and will be responsible for the
Company’s principal accounting activities, statutory reporting obligations and assisting the
Company’s Chairman of the Board and Chief Executive Officer in the Company’s general operations as
they or the Company’s board of directors may reasonably request. You will devote a reasonable
portion of your business time to the Company and shall diligently address your obligations
hereunder and shall not engage in any other business that is competitive with the Company. You
shall report directly to the Company’s Chairman of the Board and Chief Executive Officer and the
Company’s board.

     2. You shall be paid a base monthly salary of $20,000 paid semi-monthly in accordance with the
Company’s normal payroll.

     3. On November 12, 2007, the board of directors of the Company has granted you options to
purchase an aggregate of 50,000 shares of its common stock. The options will be evidenced by a
stock option agreement to be executed by you and the Company as soon as practicable after the date
hereof. The options shall be immediately vested and exercisable and shall remain exercisable
through the tenth anniversary of the date hereof. The exercise price per share of the options
shall be equal to the market price of a share of the Company’s common stock as of the close of
trading on November 12, 2007.

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

     5. Your term of employment hereunder shall be for six months years commencing as of October 1,
2007 provided however, that such employment may be terminated earlier as follows:

     (i) by the Company for “Cause.” “Cause” shall mean (i) your failure to diligently
carry out any duty reasonably requested by the board of directors that is commensurate with
your title as Chairman of the Board, (ii) your breach of this

 

 

CONFIDENTIAL

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

     (ii) by either you or the Company after one year, with 60 days written notice.

     6. You represent and warrant to the Company that

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

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

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

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

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

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

	 	/s/  Harvey Bazaar
	 	 	 	 	 	/s/  J. Clarke Gray
	 
	 
	 	 	 	 	 	 	 	 	 
	 

	 	Harvey Bazaar
	 	 	 	 
	 	J. Clarke Gray
	 	 
	 

	 	Chief Executive Officer	 	 	 	 	 	 	 	 

2EX-10.6

 

EXHIBIT 10.6

JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

November 12, 2007

Thomas J. Mazzarisi

c/o JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

     Re:      Extension of Amended and Restated Employment Agreement

Dear Tom:

     This letter sets forth an agreement amending your current Amended and Restated Employment
Agreement with JAG Media Holdings, Inc. (the “Company”) dated August 31, 2001, as amended November
3, 2005 (the “Agreement”). Except as specifically agreed hereby, the Agreement, even though it has
by its terms expired, shall continue in full force and effect through August 31, 2008. Section
references below refer to sections in the Agreement.

     Section 1 shall read in full as follows:

     “1. Term. This Agreement will govern the principal terms and conditions of your employment
from August 31, 2004 until August 31, 2008 (the “Term”), and the termination thereof that occurs
during, and in certain as specified below, upon or following the expiration of the Term.”

     The term “Year 3” as used in Section 3 shall mean the year ending August 31, 2008.

     To indicate your agreement to the foregoing, please sign and return the enclosed copy of this
letter.

	 	 	 	 	 
	 	Sincerely yours,

JAG MEDIA HOLDINGS, INC.

 	 
	 	By:  	/s/ Stephen J. Schoepfer
 	 
	 	 	Name:  	Stephen J. Schoepfer 	 
	 	 	Title:  	President and Chief Operating Officer, 	 
	 

Agreed to and accepted as of the

date first above written

	 	 	 
	/s/ Thomas J. Mazzarisi

	 	 
	 	 	 
	THOMAS J. MAZZARISIEX-10.7

 

EXHIBIT 10.7

JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

November 12, 2007

Stephen J. Schoepfer

c/o JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

     Re:      Extension of Amended and Restated Employment Agreement

Dear Steve:

     This letter sets forth an agreement amending your current Amended and Restated Employment
Agreement with JAG Media Holdings, Inc. (the “Company”) dated August 31, 2001, as amended November
3, 2005 (the “Agreement”). Except as specifically agreed hereby, the Agreement, even though it has
by its terms expired, shall continue in full force and effect through August 31, 2008. Section
references below refer to sections in the Agreement.

     Section 1 shall read in full as follows:

     “1. Term. This Agreement will govern the principal terms and conditions of your employment
from August 31, 2004 until August 31, 2008 (the “Term”), and the termination thereof that occurs
during, and in certain as specified below, upon or following the expiration of the Term.”

     The term “Year 3” as used in Section 3 shall mean the year ending August 31, 2008.

     To indicate your agreement to the foregoing, please sign and return the enclosed copy of this
letter.

	 	 	 	 	 
	 	Sincerely yours,

JAG MEDIA HOLDINGS, INC.

 	 
	 	By:  	/s/ Thomas J. Mazzarisi
 	 
	 	 	Name:  	Thomas J. Mazzarisi 	 
	 	 	Title:  	Chairman and Chief Executive Officer 	 
	 

Agreed to and accepted as of the

date first above written

	 	 	 
	/s/ Stephen J. Schoepfer

	 	 
	 	 	 
	STEPHEN J. SCHOEPFEREX-10.37

 

JAG Media Holdings, Inc.

6865 S.W.
18th
Street, Suite B13

Boca Raton, FL 33433

November 7, 2007

YA Global Investments, L.P.

101 Hudson Street

Suite 3700

Jersey City, NJ 07302

-and-

Cryptometrics, Inc.

73 Main Street

Tuckahoe, NY 10707

	Re: 	 	Agreement dated as of January 24, 2007 Among JAG Media Holdings, Inc. (“JAG Media”),
YA Global Investments, L.P. (formerly, Cornell Capital Partners,
L.P.) (“YA Global”), Cryptometrics, Inc., Robert Barra and Michael Vitale, as amended
(“Cornell Agreement”) / Convertible Debentures Nos. CCP-1 and CCP-2 in the original principal amounts of $1,900,000
and $1,250,000 respectively, each dated May 24, 2006 and Convertible Debenture No. CCP-3 in
the original principal amount of $1,000,000, dated May 30, 2006 with JAG Media, as Obligor and
YA Global, as Holder thereunder (collectively, the
“Original Debentures”)

Gentlemen:

This will confirm our understanding that the Cornell Agreement is amended as follows:

	 	1.	 	The automatic termination date of November 7, 2007, set forth in the last
sentence of paragraph 1 of the Cornell Agreement, is hereby changed to December 15,
2007.
	 
	 	2.	 	Upon the Effective Date, the “Conversion Shares
Reservation” as set forth in
paragraph 7 (G) of the Cornell Agreement is hereby reduced from 10 million shares to
8.75 million shares (which amount shall not include any shares issued prior to the
Effective Date). References to the “Conversion Shares
Reservation” in Section 8 of
the Cornell Agreement shall hereinafter refer to 8.75 million shares.
	 
	 	3.	 	In addition to the conversions previously permitted under paragraph 11 of the
Cornell Agreement, from and after the effective date of this amendment, YA Global may
convert such additional amounts of the Debentures in accordance with their terms;
provided, however, that in no event shall such conversions result in
the issuance of more than 750,000 additional shares of Common Stock in the aggregate.

 

 

YA Global Investments, L.P.

November 7, 2007

Page -2-

	 	4.	 	Subject to the terms and conditions of the Merger Agreement, JAG Media and
Cryptometrics acknowledge that it is their present intention to consummate the Merger and,
if so, agree that upon the S-4 registration statement originally filed on March 12, 2007
being declared effective by the SEC they will take all steps in their control required to
consummate the Merger within 30 days of such effective date and further acknowledge and
agree that YA Global is relying on this statement as a material inducement to agreeing to
the extension of the automatic termination date as set forth herein.

Except as otherwise expressly set forth in this agreement, the Cornell Agreement and the
Transaction Documents shall remain unchanged and in full force and effect.

If the foregoing accurately reflects your understanding of our agreement regarding the above
matter, please indicate your agreement and acceptance by signing in the appropriate space below and
returning a fully executed and dated copy of this agreement to the undersigned.

Sincerely yours,

JAG Media Holdings, Inc.

	 	 	 	 	 
	 	 	 
	By:  	/s/ Thomas J. Mazzarisi
 	 	 
	 	Name:  	Thomas J. Mazzarisi 	 	 
	 	Title:  	Chairman & CEO 	 	 
	 	Date:  	November 7, 2007 	 	 
	 

AGREED AND ACCEPTED:

YA Global Investments, L.P. (formerly,

Cornell Capital Partners, L.P.)

By: Yorkville Advisors, LLC

Its: Investment Manager

	 	 	 	 	 
	 	 	 
	By:  	/s/ Mark Angelo
 	 	 
	 	Name:  	Mark Angelo                                             	 	 
	 	Date:	November 9, 2007 	 	 
	 

	 	 	 	 	 
	Cryptometrics, Inc. 

 	 	 
	By:  	/s/ Robert Bara
 	 	 
	 	Name:  	Robert Barra                                                                	 	 
	 	Title:  	Co-CEO	 	 
	 	Date:  	November 10, 2007 	 	 
	 

The undersigned parties are signing

this agreement only with respect to

the obligations in Paragraph 5 of the Cornell

Agreement

	 	 	 	 	 
	 	 	 
	/s/ Robert Barra
 	 	 
	          Robert Barra 	 	 
	Date: November 10, 2007 	 	 
	 

	 	 	 	 	 
	 	 	 
	/s/ Michael Vitale
 	 	 
	          Michael Vitale                                       	 	 
	Date: November 10, 2007

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