Document:

AXION POWER INTERNATIONAL, INC.

AMENDED AND RESTATED INDEPENDENT DIRECTORS'
STOCK OPTION PLAN

 

PREAMBLE

 

This Independent Directors
Stock Option is intended to promote the interests of Axion Power International, a Delaware corporation (the "Company"),
by providing the Company's independent directors with a proprietary interest in the Company. This Plan was first adopted by the
Company's board of directors on January 8, 2004 and approved by the shareholders at the Company's 2004 Annual Meeting. On April
8, 2005, the board of directors voted to amend the Plan, subject to shareholder ratification at the Company's 2005 Annual Meeting,
to increase the number of shares subject to the Plan from 125,000 to 500,000, and better accommodate the needs of a company with
directors who serve for staggered three-year terms.

 

ARTICLE I

DEFINITIONS

 

As used herein, the
following terms have the meanings hereinafter set forth unless the context clearly indicates to the contrary:

 

		(a)	"Board" shall mean the Board of Directors of
the Company.

 

		(b)	"Company" shall mean Axion Power International,
Inc.

 

		(c)	"Date of Grant" shall mean each date after
the Effective Date of the Plan on which Eligible directors are appointed to fill a vacancy on the Board or elected to serve a
regular term by the stockholders of the company.

 

		(d)	"Fair Market Value" shall mean the closing
sales price, or the mean between the closing high "bid" and low "asked" prices, as the case may be, of the
Stock in the over-the-counter market on the day on which such value is to be determined, as reported by the National Association
of Securities Dealers Automated Quotation System or successor national quotation service. If the Stock is listed on a national
securities exchange, "Fair Market Value" shall mean the closing price of the Stock on such national securities exchange
on the day on which such value is to be determined, as reported in the composite quotations for securities traded on such exchange
provided by the National Association of Securities Dealers or successor national quotation service. In the event no such quotations
are available for the day in question, "Fair Market Value" shall be determined by reference to the appropriate prices
on the next preceding day for which such prices are reported. In all other events, the Board of Directors in good faith shall
determine "Fair Market Value".

 

		(e)	"Eligible Director" shall mean any director
of the Company who meets the eligibility requirements for an 'independent director' under Securities and Exchange Commission Rule
10A-3 and the applicable listing standards of any national securities exchange or other market where the Company's shares are
quoted or listed for trading.

 

		(f)	"Option"
shall mean an Eligible Director's stock option to purchase stock granted pursuant to the provisions of Article V hereof.

 

		(g)	"Optionee" shall mean an Eligible Director
to whom an Option has been granted hereunder.

 

		(h)	"Option Price" shall mean the price at which
an Optionee may purchase a share of Stock under a Stock Option Agreement.

 

		(i)	"Plan" shall mean the Ax ion Power International,
Inc. Amended and Restated Independent Directors' Stock Option Plan, as it may be further amended from time to time.

  

    	 

    	 

    

 

		(j)	"Stock" shall mean the common stock, par value
$.0001 per share, of the Company or, in the event that the outstanding shares of Stock are hereafter changed into or exchanged for different stock or securities of the Company
or some other corporation, such other stock or securities.

 

		(k)	"Stock Option Agreement" shall mean an agreement
between the Company and the Optionee under which the Optionee may purchase Stock in accordance with the Plan.

 

ARTICLE II

THE PLAN

 

		2.1	Name.
                                                                                 This Plan shall be known as the "Axion Power
                                                                                 International, Inc. Amended Directors' Stock
                                                                                 Option Plan."

 

		2.2	Purpose.
                                                                                 The purpose of the Plan is to advance the interests
                                                                                 of the Company and its stockholders by affording
                                                                                 Eligible Directors of the Company an opportunity
                                                                                 to acquire or increase their proprietary interests
                                                                                 in the Company, and thereby to encourage their
                                                                                 continued service as directors and to provide
                                                                                 them additional incentives to achieve the growth
                                                                                 objectives of the Company.

 

		2.3	Effective
                                                                                        Date. The effective date of the Original
                                                                                        Plan was February 2, 2004. The shareholders
                                                                                        of the Company subsequently approved the
                                                                                        Plan on June 4, 2004. The Plan was amended
                                                                                        by the board of directors on April 8,
                                                                                        2005 and will be submitted for the approval
                                                                                        of the Company's stockholders at the Company's
                                                                                        2005 Annual Meeting. Options may be granted
                                                                                        under the Plan prior to the receipt of
                                                                                        such shareholder approval provided, however,
                                                                                        that all such Option grants shall be subject
                                                                                        to stockholder approval. If the Company's
                                                                                        shareholders do not approve the Plan,
                                                                                        then the Plan and all Options then outstanding
                                                                                        hereunder shall forthwith automatically
                                                                                        terminate and be of no force and effect.

 

		2.4	Termination
                                                                                        Date. The Plan shall terminate and
                                                                                        no further Options shall be granted hereunder
                                                                                        upon the tenth anniversary of the Effective
                                                                                        Date of the Plan.

 

ARTICLE III

PARTICIPANTS

 

Each Eligible Director
who has been or is subsequently appointed to fill a vacancy on the Board or elected to serve as a member of the Board shall participate
in the Plan.

 

ARTICLE IV

SHARES OF STOCK SUBJECT TO PLAN

 

		4.1	Limitations.
                                                                                 Subject to any anti-dilution adjustment pursuant
                                                                                 to the provisions of Section 4.2 hereof, the
                                                                                 maximum number of shares of Stock that may be
                                                                                 issued and sold hereunder shall not exceed 500,000
                                                                                 shares of Stock. Shares of Stock subject to an
                                                                                 Option may be either authorized and unissued
                                                                                 shares or shares issued and later acquired by
                                                                                 the Company; provided however, the shares of
                                                                                 Stock with respect to which an Option has been
                                                                                 exercised shall not again be available for Option
                                                                                 hereunder. If outstanding Options granted hereunder
                                                                                 shall terminate or expire for any reason without
                                                                                 being wholly exercised prior to the end of the
                                                                                 period during which Options may be granted hereunder,
                                                                                 new Options may be granted hereunder covering
                                                                                 such unexercised shares.

 

		4.2	Anti-dilution.
                                                                                 In the event that the outstanding shares
                                                                                 of Stock are changed into or exchanged for a
                                                                                 different number or kind of shares or other securities
                                                                                 of the Company or of another corporation by reason
                                                                                 of merger, consolidation, reorganization, recapitalization,
                                                                                 reclassification, combination of shares, stock
                                                                                 split or stock dividend:

 

		(a)	The aggregate number and kind of shares of Stock for
which Options may be granted hereunder shall be adjusted appropriately;

 

		(b)	The rights under outstanding Options granted hereunder,
both as to the number of subject shares and the Option price, shall be adjusted appropriately; and

  

    	 

    	 

    

 

		(c)	Where dissolution
or liquidation of the Company or any merger or combination in which the · 
Company is not a surviving corporation is involved, each outstanding Option granted hereunder shall terminate, but the
Optionee shall have the right, immediately prior to such dissolution, liquidation, merger or combination, to exercise his Option,
in whole or in part, to the extent that it shall not have been exercised, without regard to the date on which such Option would
otherwise have become exercisable pursuant to Sections 5.4 and 5.5.

 

The Board shall have
the sole authority to determine the manner in which any of the foregoing adjustments are made and any such adjustment may provide
for the elimination of fractional share interests. The adjustments required under this Article shall apply to any successor or
successors of the Company and shall be made regardless of the number or type of successive events requiring adjustments hereunder.

 

ARTICLE V

OPTIONS

 

		5.1	Option Grant,
                                                                                 Number of Shares and Agreement.

 

		(a)	In connection with the 2004 Annual Meeting of Stockholders,
three Eligible Directors were elected to serve for terms of more than one year and the provisions of the original Plan were unclear
with respect to the Options issuable to those Eligible Directors. To resolve certain ambiguities arising from the adoption of
the Original Plan, which contemplated the annual election of directors, and the subsequent adoption of bylaws that provide for
the election of directors for staggered three-year terms, the Company has previously treated the three Eligible Directors as holders
of multiple grants under the Original plan. In connection with the amendment of the Plan, the multiple grants are hereby rescinded
and Eligible Directors who have been elected for term of more than one-year are granted the options specified in the following
table:

 

	Eligible Director	New Option Grants	Vesting Dates
	Robert Averill	16,000 shares at $2.50	8,000 shares at 2006 and 2007 Annual Meetings
	Glenn Patterson	8,000 shares at $2.50	2006 Annual Meeting
	Joseph Souccar	8,000 shares at $2.50	2006 Annual Meeting

 

		(b)	Each Eligible Director who is appointed by the board
of directors to fill a vacancy arising from the resignation of a director or an increase in the number of directors shall automatically
receive on the date of his appointment an option to purchase $20,000 worth of the Corporation's common stock as partial compensation
for serving as a director during the period between the date of such appointment and the next annual meeting of stockholders.

 

		(c)	Each Eligible Director who is elected for a regular term
as a director of the Company at an annual meeting of stockholders (or any adjournment thereof) shall automatically receive on
the date of his election an option to purchase $20,000 worth of the Company's common stock for each year of contemplated service.
Each Option granted under the Plan shall be evidenced by a written Stock Option Agreement, dated as of the Date of Grant and executed
by the Company and the Optionee, stating the Option's duration, time of exercise, and exercise price. The terms and conditions
of the Option shall be consistent with the Plan.

 

		5.2	Option Price.
                                                                                 The Option price of the Stock subject to
                                                                                 each Option shall be the Fair Market Value of
                                                                                 the Stock on its Date of Grant.

 

		5.3	Vesting
                                                                                        of Options and Exercise Period. Options
                                                                                        shall vest on the first anniversary of
                                                                                        the date of grant, provided that in the
                                                                                        event Options for more than $20,000 worth
                                                                                        of the Company's common stock are granted
                                                                                        to Eligible Directors who have been elected
                                                                                        to serve for terms of more than one year,
                                                                                        such Options shall vest ratably over the
                                                                                        period of appointment. All Options granted
                                                                                        pursuant to the plan shall be exercisable
                                                                                        for a period of four years after the applicable
                                                                                        vesting date.

 

    	 

    	 

    

 

		5.4	Option Exercise.

 

		(a)	Any Option granted under the Plan shall become exercisable
in full on the first anniversary of the Date of Grant, provided that the Eligible Director has not voluntarily resigned or been
removed "for cause" as a member of the Board of Directors on or prior to the first anniversary of the Date of Grant.
An Option shall remain exercisable after its exercise date at all times during the exercise period, regardless of whether the
Optionee continues to serve as a member of the Board.

 

		(b)	An Option may be exercised at any time or from time to
time during the term of the Option as to any or all full shares which have become exercisable in accordance with this Section,
but not as to less than 25 shares of Stock unless the remaining shares of Stock that ate so exercisable are less than 25 shares
of Stock. The Option price is to be paid in full in cash upon the exercise of the Option. The holder of an Option shall not have
any of the rights of a Stockholder with respect to the shares of Stock subject to the Option until such shares of Stock have been
issued or transferred to him upon the exercise of his Option.

 

		(c)	An Option shall be exercised by written notice of exercise
of the Option, with respect to a specified number of shares of Stock, delivered to the Company at its principal office, and by
cash payment to the Company at said office of the full amount of the Option price for such number of shares.

 

		5.5	Nontransferability of Option. Options may not
be transferred by an Optionee otherwise than by will or the laws of descent and distribution. During his lifetime, an Optionee
shall be the only person entitled to exercise his Options. An Option held by a deceased Optionee may be exercised by his personal
representative or heirs.

 

ARTICLE VI

STOCK CERTIFICATES

 

The Company shall not be required
to issue or deliver any certificate for shares of Stock purchased upon the exercise of any Option granted hereunder or any portion
thereof unless, in the opinion of counsel to the Company, there has been compliance with all applicable legal requirements. An
Option granted under the Plan may provide that the Company's obligation to deliver shares of Stock upon the exercise thereof may
be conditioned upon the receipt by the Company of a representation as to the investment intention of the holder thereof in such
form as the Company shall determine to be necessary or advisable solely to comply with the provisions of the Securities Act of
1933, as amended, or any other federal, state or local securities laws.

 

ARTICLE VII

TERMINATION, AMENDMENT AND MODIFICATION
OF PLAN

 

The Board may at any
time terminate the Plan, and may at any time and from time to time and, in any respect amend or modify the Plan, No suspension,
termination, modification or amendment of the Plan may, without the consent of the person to whom an Option shall theretofore have
been granted, affect the rights of such person under such Option.

 

ARTICLE VII

RELATIONSHIP TO OTHER COMPENSATION PLANS

 

The adoption of the
Plan shall neither affect any other stock option, incentive or other compensation plans in effect for the Company or any of its
subsidiaries, nor shall the adoption of the Plan preclude the Company from establishing any other forms of incentive or
other compensation plan for directors of the Company.

 

ARTICLE VIII

MISCELLANEOUS

 

		8.1	Plan
                                                                                        Binding on Successors. The Plan shall
                                                                                        be binding upon the successor and assigns
                                                                                        of the Company.

 

    	 

    	 

    

 

		8.2	Singular,
                                                                                 Plural; Gender. Whenever used herein, nouns
                                                                                 in the singular shall include the plural, and
                                                                                 the masculine pronoun shall include the feminine
                                                                                 gender.

 

		8.3	Headings,
                                                                                 etc., No Part of Plan. Headings of articles
                                                                                 and paragraphs hereof are inserted for convenience
                                                                                 and reference, and do not constitute a part of
                                                                                 the Plan.

 

IN WITNESS WHEREOF,
this Independent Directors' Stock Option Plan of Axion Power International, Inc. has been executed this 8th day of April 2005.

 

	/s/ Thomas
Granville
	Thomas
Granville, chief executive officer

    	 

    	 

    
 

AMENDMENT NO. 1 TO AXION POWER INTERNATIONAL,
INC. AMENDED AND RESTATED INDEPENDENT DIRECTORS’ STOCK OPTION PLAN

 

 

 

This Amendment No. 1 (“Amendment”) to the Axion
Power International, Inc. Amended and Restated Independent Directors’ Stock Option Plan (“Plan”) amends Section
4.1 of the Plan as set forth below. Except as amended below, the entirety of the Plan remains in full force and effect as set forth
in the original Plan. The Amendment was approved by Axion Power International, Inc.’s Board of Directors on October 17, 2012,
pursuant to Article VII of the Plan which provides that the Board may amend the Plan.

 

1. Section 4.1 of the Plan is hereby amended by replacing “500,000”
in the second line thereof with “1,000,000”. Except as amended by this paragraph 1., the Plan remains in full force
and effect as originally stated.

 

IN WITNESS WHEREOF, this Amendment
No. 1 to Independent Directors’ Stock Option Plan of Axion Power International, Inc. has been executed this 1st
day of November, 2012.

  

	/s/ Charles R. Trego
	Charles R. Trego

Chief Financial OfficerExhibit 10.42

 

EMPLOYMENT AGREEMENT

 

 

This EMPLOYMENT AGREEMENT (the “Agreement”),
dated as of August 1, 2012, 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 Maria Fregosi, an
individual, who resides at 541 N.E. Spanish Trial, Boca Raton, Florida 33432 (“Executive”). BKF Capital and Executive
are each referred to herein as a “Party” and collectively, the “Parties”).

 

W I
T N E S S E T H :

 

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
Chief Operating Officer, 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 positions of Chief Operating Officer 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 her best efforts,
energies and skill to the discharge of the duties and responsibilities attributable to her position, and to this end, she will
devote a majority of her time and attention to the business and affairs of the Company, its subsidiaries and its affiliates. The
Executive also agrees that she shall not take personal advantage of any business opportunities which arise during her 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 her time and efforts to charitable causes, educational and other similar activities, so long as such endeavors do not affect
her ability to perform her duties under this Agreement. If requested by the Company, and provided Executive deems she 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.        
Term. The term of this Agreement shall commence on August 1, 2012, and shall continue until terminated by
either Party (the “Term”) (the “Term”). Executive understands and agrees that her 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. Executive
shall be paid an annual salary of $60,000.00 per year, payable on a bi-weekly basis, less all customary withholdings and
deductions.

 

4.2       Restricted
Stock Grant. Executive shall receive 100,000 shares of the Company’s restricted common stock, subject to the
following vesting schedule: 25% of the shares shall vest on July 31, 2013, 25% of the shares shall vest on July 31, 2014, 25%
of the shares shall vest on July 31, 2015 and the last 25% of the shares shall vest on July 31, 2016. In the event the
Executive’s employment with the company is terminated for any reason prior to a vesting date, then all remaining shares
of unvested restricted common stock shall be forfeited.

 

4.3       Bonus
Compensation. The Executive shall also be entitled to receive and annual bonus determined solely at the discretions of the
Board.

 

4.4       Vacation
and Sick Leave. During the Term, the Executive shall be entitled to an aggregate of four (4) 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.

 

4.5        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 or the Board.

 

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 she 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 she 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-competition
and Non-solicitation. The Executive represents and acknowledges that she has executed the Company’s Covenant
Not to Compete and Non-Solicitation Agreement which provides for, among other things, non-competition and non-solicitation of
customers and employees of the Company. A copy of the Company’s form Covenant Not to Compete and 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 she is bound by the terms of the Company’s Covenant Not to Compete and
Non-Solicitation Agreement and that any breach of the Company’s Covenant Not to Compete and 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 Board shall select a duly licensed medical doctor to make such a determination, and the decision of such doctor
will be binding on the parties.

 

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 her 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 or the CEO, 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 her 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 her 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 her 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 of Executive by BKF Capital Without Cause. If Executive’s employment 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:	Maria Fregosi
		541 N.E. Spanish Trail
		Boca Raton, Florida  33432
	 	Email: mfregosi@bkfcapital.com 

 

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.	Maria Fregosi
	 	 
	            /s/	              /s/
	By:__________________________	_____________________ 
	      Steven N. Brosnon, Chairman & CEO	              Signature

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