Document:

EX-10.1

 

Exhibit 10.1

JAG Media Holdings, Inc.

6865 S.W. 18th Street, Suite B13

Boca Raton, FL 33433

March 11, 2008

YA Global Investments, L.P.

101 Hudson Street

Suite 3700

Jersey City, NJ 07302

	Re:	 	Letter Agreement between YA Global Investments, L.P. and JAG Media 
Holdings, Inc. dated
January 31, 2008 (“YA Global Agreement”).

Gentlemen:

This will confirm our understanding that the terms and conditions of the YA Global Agreement are
hereby amended as set forth below.

1. Warrant No. CCP-1 shall no longer be subject to the revised “Warrant Exercise Price” set forth
in paragraph 4 (a) of the YA Global Agreement, notwithstanding anything to the contrary in the YA
Global Agreement. All other Warrants shall remain subject to the revised “Warrant Exercise Price”
set forth in such paragraph 4 (a).

2. Warrant No. CCP-1 shall no longer be subject to the “Exercise Restriction Date” set forth in
paragraph 4 (d) of the YA Global Agreement, notwithstanding anything to the contrary in the YA
Global Agreement. All other Warrants shall remain subject to their respective “Exercise Restriction
Dates” set forth in such paragraph 4 (d).

3. The automatic termination date set forth in paragraph 8 of the YA Global Agreement is hereby
changed from February 27, 2008 to March 31, 2008.

[SIGNATURES APPEAR ON NEXT PAGE]

 

YA Global Investments, L.P.

March 11, 2008

Page — 2 -

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,

	 	AGREED AND ACCEPTED:
	JAG Media Holdings, Inc.

	 	YA Global Investments, L.P.

(formerly, Cornell Capital Partners, L.P.)
	 
	By: /s/ Thomas J. Mazzarisi

Name: Thomas J. Mazzarisi

Title: Chairman & CEO

Date: March 11, 2008

	 	By: Yorkville Advisors, LLC

Its: Investment Manager
	 

	 	By: /s/ Mark Angelo

Name: Mark Angelo

Date: March 11, 2008EX-10.33

 

Exhibit 10.33

BKF CAPITAL GROUP, INC.

One Rockefeller Plaza

New York, New York 10020

March 7, 2008

Mr. J. Clarke Gray

805 Ramapo Way

Westfield, New Jersey 07090

Dear Clarke:

     On behalf of BKF Capital Group, Inc. (“Company”), I am pleased to extend you a formal offer to
continue 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 annual salary of $150,000 paid semi-monthly in accordance with the
Company’s normal payroll.

     3. You shall be paid a “project bonus” for additional significant projects which are in
addition to your day-to-day responsibilities. The amount of the bonus will be based on your time
incurred at a rate of $250 per hour and paid in two installments: 50% during the month when 50% of
the project is completed and the other 50% in the month during which the project is completed. Mr.
Olshan or myself will approve an estimate of costs prior to the work commencing. Currently, there
are only two known such projects: the general ledger conversion related to the bookkeeping
outsourcing to JH Cohn and the relocation related to the termination of the third floor lease of
One Rockefeller. Other potential projects are any form of acquisition or corporate finance action,
new litigations, investigations, atypical audits, or any other significant work effort not
currently contemplated.

     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. Any project bonus paid related
to the successful acquisition will be treated as a draw against the acquisition success bonus.

 

 

CONFIDENTIAL

     5. Your term of employment hereunder shall commence as of the date hereof; 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 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, 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.

2

 

CONFIDENTIAL

     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
	 	 

3EX-10.D

 

Exhibit 10(d)

DESCRIPTION OF LIZ CLAIBORNE, INC.

2007 SALARIED EMPLOYEE INCENTIVE PLAN

     For the 2007 fiscal year, Liz Claiborne, Inc. maintained a bonus plan
for full time salaried employees under which bonuses were earned based upon a
combination of return on invested operating capital and earnings per share,
as measured against pre-established targets, and, as applicable, achievement
of targeted levels of divisional direct operating profit and/or departmental
performance considerations and the achievement of individual goals, subject
to certain terms and conditions. A similar bonus plan is anticipated for
2008.exv10w9

 

Exhibit 10.9

RESTRICTED STOCK AGREEMENT

     This RESTRICTED STOCK AGREEMENT (the “Agreement”) is by and between AGREE REALTY
CORPORATION, a Maryland corporation (the “Company”), and                     , an employee of the
Company (the “Grantee”).

     This Agreement certifies that, effective on                      (the “Grant Date”), the
Company’s Board of Directors or Compensation Committee granted to Grantee                     shares (the
“Restricted Shares”) of Common Stock of the Company, par value $0.0001 per share (the
“Common Stock”), pursuant to the Agree Realty Corporation 2005 Equity Incentive Plan (the
“2005 Equity Incentive Plan”) and further subject to the restrictions set forth in this
Agreement. Any defined terms not defined herein shall have the meanings assigned to such terms in
the 2005 Equity Incentive Plan.

     The Grantee delivers herewith a stock power duly endorsed in blank. The stock power will be
returned to the Grantee when all restrictions on the Restricted Shares have expired as provided in
Section 2 hereof.

     In consideration of the foregoing and of the mutual undertakings set forth in this Agreement,
the Company and the Grantee hereby agree as follows:

     SECTION 1. Issuance of Restricted Shares.

     1.1 As soon as practicable after receipt from the Grantee of this executed Agreement,
the Company shall issue in the name of the Grantee five stock certificates each representing
one-fifth of the total number of Restricted Shares, each of which certificates shall remain in the
possession of the Company until the Restricted Shares represented thereby are free of the
restrictions set forth in Section 2 hereof. Upon the execution of this Agreement, Grantee
shall be deemed to have all the rights of a holder of Common Stock with respect to the Restricted
Shares (including, without limitation, dividend and voting rights) as of the Grant Date.

     1.2 In accordance with Sections 3(b), (c) and (d) of the 2005 Equity Incentive Plan,
the number of Restricted Shares shall be proportionately adjusted by the Administrator in the event
of any reorganization, recapitalization, reclassification, stock dividend, stock split, combination
of shares, merger, consolidation or any other change in the corporate structure or shares of the
Company. The restrictions set forth in Section 2.1 hereof shall apply to any shares of
common stock or other securities of the Company which may be acquired by the Grantee in respect of
the Restricted Shares.

 

 

     SECTION 2. Restrictions.

     2.1 The Restricted Shares may not be sold, assigned, transferred, pledged or otherwise
encumbered or disposed of prior to the applicable Expiration Date as provided in Section
2.2 hereof.

     2.2 Unless terminated earlier pursuant to Section 2.3 hereof, the restrictions
set forth in Section 2.1 hereof shall expire with respect to one-fifth of the total number
of Restricted Shares on each of the first, second, third, fourth and fifth anniversaries of
                                         (the “Expiration Dates”). As soon as practicable after each Expiration
Date (but no later than 21/2 months after the end of the Grantee’s tax year in which the vesting date
occurs), the Company shall deliver to the Grantee, subject to the provisions of Section 4
hereof, the stock certificate representing the shares of Common Stock which became free of
restrictions on the applicable Expiration Date.

     2.3 The restrictions set forth in Section 2.1 hereof shall lapse immediately
upon (1) a Change of Control, or (2) upon the consummation of the events specified in Section
3(c)(i)-(iv) of the 2005 Equity Incentive Plan. Further, the Committee may, in its sole
discretion, when it finds that a waiver would be in the best interests of the Company, waive in
whole or in part any or all remaining restrictions with respect to such Grantee’s restricted
shares.

     SECTION 3. Termination. Except as determined by the Compensation Committee of
the Company’s Board of Directors (the “Committee”) at any time, upon the failure of the
Grantee to be employed by the Company or any of its affiliates for any reason, all unvested
restricted shares shall be forfeited by the Grantee to the Company without the payment of any
consideration by the Company. Upon forfeiture, the Company shall cancel, or cause the transfer
agent to cancel, the stock certificate or book-entry relating to the unvested restricted shares.
Notwithstanding the foregoing, all unvested restricted shares shall vest immediately upon the
occurrence of Grantee’s death.

2

 

     SECTION 4. Registration and Transfer. The Company currently has an effective
registration statement on file with the Securities and Exchange Commission with respect to the
shares of Common Stock subject to this Agreement. The Company intends to maintain this
registration but has no obligation to do so. If the registration ceases to be effective, the
Grantee will not be able to transfer or sell shares issued pursuant to this Agreement unless
exemptions from registration under applicable securities laws are available. Such exemptions from
registration are very limited and might be unavailable. The Grantee agrees that any resale by him
or her of the shares of Common Stock issued pursuant to this Agreement will comply in all respects
with the requirements of all applicable securities laws, rules, and regulations (including, without
limitation, the provisions of the Securities Act of 1933, as amended, the Securities Exchange Act
of 1934, as amended, and the respective rules and regulations promulgated thereunder) and any other
law, rule, or regulation applicable thereto, as such laws, rules, and regulations may be amended
from time to time. The Company will not be obligated to either issue the shares or permit the
resale of any shares if such issuance or resale would violate any such requirements. Grantee
further agrees that the Company may place a legend upon each certificate representing the
Restricted Shares acquired hereunder, which legend will refer to the restrictions on
transferability contained or referred to herein.

     SECTION 5. Right of Discharge Reserved. Nothing in the 2005 Equity Incentive
Plan or in this Agreement shall confer upon the Grantee the right to continue in the employ or
service of the Company or affect any right which the Company may have to terminate the employment
or service of the Grantee.

     SECTION 6. 2005 Equity Incentive Plan. The grant of Restricted Shares and the
other terms and conditions set forth herein are subject in all respects to the terms and conditions
set forth in the 2005 Equity Incentive Plan. All interpretations or determinations of the
Administrator shall be binding and conclusive upon the Grantee for any question arising hereunder
or under the 2005 Equity Incentive Plan. Grantee hereby acknowledges that he or she has received a
copy of the 2005 Equity Incentive Plan.

     Notwithstanding the foregoing, to the extent not prohibited by applicable law or the 2005
Equity Incentive Plan, the terms of any employment, severance or change in control agreement
between the Grantee and the Company shall supersede the terms and definitions under the 2005 Equity
Incentive Plan and this Agreement with respect to the Restricted Shares granted hereunder.

     SECTION 7. Section Headings. The Section headings contained herein are for
purposes of convenience only and are not intended to define or limit the contents of said Sections.

     SECTION 8. Notices. Any notice to be given to the Company hereunder shall be
in writing and shall be addressed to the Company at 31850 Northwestern Highway, Farmington Hills,
MI 48334, attention: President, or at such other address as the Company may hereafter designate to
the Grantee by written notice as provided herein. Any notice to be given to the Grantee hereunder
shall be addressed to the Grantee at the address set forth beneath his signature hereto, or at such
other address as he may hereafter designate to the Company by written notice as provided herein.
Notices hereunder shall be deemed to have been duly given:

3

 

(i) when personally delivered, (ii) three (3) days after having been mailed by registered or
certified mail to the party entitled to receive the same, or (iii) one (1) day after having been
mailed by a nationally recognized overnight courier.

     SECTION 9. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and the successors and assigns of the Company and the
Grantee’s heirs and representatives of his estate.

     SECTION 10. Other Payments or Awards. Nothing contained in this Agreement
shall be deemed in any way to limit or restrict the Company from making any award or payment to the
Grantee under any other plan, arrangement or understanding, whether now existing or hereafter in
effect.

     SECTION 11. Governing Law. This Agreement shall be deemed to be a contract
made under the laws of the State of Maryland and for all purposes shall be governed by, construed
and enforced in accordance with the internal laws of said State, without giving effect to any
choice of law or conflict of law provisions or rules that would cause the application of the laws
of any jurisdiction other than the State of Maryland.

4

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of                     .

	 	 	 	 	 	 	 
	 	 	AGREE REALTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Richard Agree	 	 
	 	 	Title President	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Grantee	 	 
	 
	 	 	 	 	 	 
	 	 	Address:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

DETROIT.2772354.5

Restricted Stock Agreement

5

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