Document:

BKF CAPITAL GROUP, INC.
                         DEFERRED STOCK AWARD AGREEMENT

         THIS DEFERRED STOCK AWARD AGREEMENT (the "Agreement") is made and
entered into as of __________, 2000, between BKF Capital Group, Inc., a
Delaware corporation (the "Company") and _______________ (the "Employee")
pursuant to the terms and conditions of the BKF Capital Group, Inc. 1998
Incentive Compensation Plan (the "Plan"). Capitalized terms not defined in this
Agreement shall have the meanings set forth in the Plan.

         1.       AWARD OF DEFERRED STOCK. Pursuant to the Plan, the Company
hereby awards to Employee __________ shares of Deferred Stock (the "Deferred
Stock") corresponding to ________ shares of Company common stock (the "Stock"),
subject to the terms and conditions set forth in this Agreement and the Plan. A
copy of the Plan has been delivered to the Employee. By signing below, the
Employee agrees to be bound by all the provisions of the Plan. Each share of
Deferred Stock constitutes an unsecured promise of the Company to pay the
amounts contemplated herein, and Employee as a holder of any Deferred Stock has
only the rights of a general unsecured creditor of the Company.

         [2.      VESTING SCHEDULE. Subject to Sections 5 and 6 hereof, the
Deferred Stock shall vest 50% on __________ and the remaining 50% on __________,
with any fractional share included in the last installment (each such date and
any other date on which shares of Deferred Stock vest pursuant to this
Agreement, the Plan or Committee action, a "Vesting Date").]

         3.       PAYMENT OR CONVERSION OF DEFERRED STOCK.

         (a)      On each Vesting Date, the shares of Deferred Stock that vest
on such date shall be canceled and the Company shall deliver to Employee, except
to the extent Employee has otherwise elected to defer receipt in accordance with
Committee authorization pursuant to the Plan, as soon as practicable thereafter,
the number of shares of Stock corresponding to such vested Deferred Stock.

         (b)      For so long as Employee holds shares of Deferred Stock, at the
time any dividend is paid with respect to a share of Stock, the Company shall
pay to Employee in respect of each share of Deferred Stock an amount in cash, in
Stock, in other property or Awards, or in a combination thereof, in each case
having a value equal to the Fair Market Value of such dividend (hereinafter
"Dividend Equivalents"), subject to any deferral election by Employee in
accordance with Committee authorization pursuant to the Plan and/or any
determination by the Committee to subject such Dividend Equivalent payment in
respect of stock dividends, dividends in kind or extraordinary dividends to the
vesting provisions applicable to such Deferred Stock.

         4.       NON-TRANSFERABILITY. Except to the extent otherwise determined
by the Committee, no shares of Deferred Stock shall be assignable or otherwise
transferable by Employee other than by will or by the laws of descent and
distribution and, unless otherwise provided by the Committee, during the life of
Employee any elections with respect to Deferred Stock may be made only by
Employee or Employee's guardian or legal representative.

         [5.      TERMINATION OF EMPLOYMENT.

<PAGE>

         (a)      Except to the extent provided in Section 6 hereof or any
employment agreement or severance agreement between Employee and the Company,
the provisions of this Section 5 shall apply to the unvested shares of Deferred
Stock upon Employee's termination of employment with the Company and all
subsidiaries or affiliates of the Company ("Termination") for any reason.

         (b)      In the event of Employee's Termination by reason of death,
Disability (as defined) or Retirement (as defined), all shares of Deferred Stock
shall become immediately vested.

         (c)      Unless the Committee provides otherwise, in the event of
Employee's Termination for any reason other than as provided in Section 5(b),
all unvested shares of Deferred Stock shall be canceled.]

         [6.      CHANGE IN CONTROL.

         In the event of a Change in Control (as defined) on or prior to
Termination, any shares of Deferred Stock not previously vested shall become
fully vested at the time of the Change in Control, except to the extent of any
waiver by Employee and subject to the applicable restrictions contained in any
employment agreement or severance agreement between Employee and the Company.]

         7.       DEFINITIONS. For purposes of this Agreement:

         (a)      "Change in Control" means the occurrence of any of the
following:

                  (i)      any "person" as such term is currently used in
Section 13(d) of the Exchange Act, other than John A. Levin or any entity
directly or indirectly controlled by him, becomes a "beneficial owner", as such
term is currently used in Rule 13d-3 promulgated under that Act, of 50% or more
of the Company's Voting Stock (as defined);

                  (ii)     a majority of the Company's board of directors (the
"Board") consists of individuals other than Incumbent Directors, which term
means the members of the Board on the date of this Agreement; PROVIDED THAT any
individual becoming a director subsequent to such date whose election or
nomination for election was supported by a majority of the directors who then
comprised the Incumbent Directors shall be considered an Incumbent Director;

                  (iii)    all or substantially all of the assets or business of
the Company are disposed of pursuant to a merger, consolidation, or other
transaction (other than the asset distribution transactions contemplated in the
Company's proxy statement dated July 22, 1999) unless (A) the shareholders of
the Company immediately prior to such merger, consolidation or other transaction
beneficially own, directly or indirectly, in substantially the same proportion
as they owned the Company's Voting Stock, all of the Voting Stock or other
ownership interests of the entity or entities, if any, that succeed to the
business of the Company, or (B) a majority of the board of directors of the
surviving corporation in such a transaction consists of Incumbent Directors or
directors appointed by Levin Management Co., Inc. but excluding directors who
were members of the other entity's board of directors; (iv) the Board adopts any
plan of liquidation providing for the distribution of all or substantially all
of the Company's assets; or

                  (v)      the Company combines with another company and is the
surviving corporation but, immediately after the combination, the shareholders
of the Company

<PAGE>

immediately prior to the combination hold, directly or indirectly, 50% or less
of the Voting Stock of the combined company (there being excluded from the
number of shares held by such shareholders, but not from the Voting Stock of the
combined company, any shares received by affiliates of such other company in
exchange for securities of such other company).

         (b)      "Disability" means the Employee's inability, due to physical
or mental incapacity, to substantially perform his duties and responsibilities
of employment for a period of 180 days in any consecutive nine-month period.

         (c)      "Retirement" means Employee's Termination after reaching 65
years of age, or after reaching 55 years of age and completing at least 10 years
of service with the Company or any of its subsidiaries or affiliates.

         (d)      "Voting Stock" means the issued and outstanding capital stock
or other securities of any class or classes having general voting power, under
ordinary circumstances in the absence of contingencies, to elect the directors
of a corporation.

         8.       WITHHOLDING TAX. Employee may be subject to withholding taxes
as a result of the settlement of Deferred Stock. Unless the Committee permits
otherwise, Employee shall pay to the Company in cash, promptly when the amount
of such obligations become determinable, all applicable federal, state, local
and foreign withholding taxes that the Company in its discretion determines
result from such settlement. Unless the Committee otherwise determines and
subject to such rules and procedures as the Committee may establish, Employee
may make an election to have shares of Stock withheld by the Company or to
tender any such securities to the Company to pay the amount of tax that the
Company in its discretion determines to be required so to be withheld by the
Company upon settlement of Deferred Stock, subject to satisfying any applicable
requirements for compliance with Section 16(b) of the Exchange Act. Any shares
of Stock or other securities so withheld or tendered will be valued as of the
date they are withheld or tendered, provided that Stock shall be valued at Fair
Market Value on such date. Unless otherwise permitted by the Committee, the
value of shares withheld or tendered may not exceed the required federal, state,
local and foreign withholding tax obligations as computed by the Company.

         9.       COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

<PAGE>

         10.      GOVERNING LAW. This Agreement shall be governed by the laws of
the State of New York, without regard to conflict of law principles.

                                        BKF CAPITAL GROUP, INC.

                                        By:  __________________________________
                                             Name:     John A. Levin
                                             Title:    Chief Executive Officer

                                             __________________________________
                                                     [Name of Employee]<PAGE>   1
                                                                     EXHIBIT 4.6

                           CERTIFICATE OF DESIGNATION
                                       OF
                            SERIES CC PREFERRED STOCK
                            PAR VALUE $.01 PER SHARE
                                       OF
                              CROWN NORTHCORP, INC.

         A. DESIGNATION. There shall be a series of Preferred Stock to be known
as Series CC Non-Voting, Convertible Preferred Stock, par value $0.01 per share
(hereinafter referred to as "Series CC Convertible Preferred Stock") consisting
of one authorized share. After the issuance of the Series CC Convertible
Preferred Stock and until the redemption of the outstanding share thereof, the
Corporation shall not authorize or issue any shares of common or preferred stock
having rights or preferences with respect to payment of dividends, liquidation
or redemption that are senior to the rights and preferences of the Series CC
Convertible Preferred Stock with respect to such matters without having obtained
the prior written consent of two-thirds of the holders.

         B. LIQUIDATION IN GENERAL. In the event of a Liquidation (defined
below), the holders of record of Series CC Convertible Preferred Stock (to the
extent that such stock has not been redeemed or converted) shall be entitled to
be paid in full the sum of $500,000 per share, plus an interest amount,
expressed in dollars, equal to a six percent (6%) cumulative dividend on the sum
of $500,000 from the date that the Series CC Preferred Stock is issued until the
date on which the Liquidation occurs (the "Liquidation Preference") before
assets of the Corporation shall be distributed among or paid over to the holders
of Common Stock or other shares ranking junior to Series CC Convertible
Preferred Stock (the "Junior Securities") in the distribution of assets or upon
the Liquidation of the Corporation. Written notice of a Liquidation, stating a
payment date and the place where such payments shall be made, shall be given to
the holders of record of Series CC Convertible Preferred Stock, such notice to
be addressed to each such holder at such holder's address as shown on the
records of the Corporation. The liquidation, dissolution or winding up of the
Corporation, whether voluntary or involuntary, the Corporation's consolidation
or merger with any other entity or group of entities, in which the stockholders
of the Corporation prior to such transaction do not own at least a majority of
the voting capital stock of the surviving entity after the merger or
consolidation, or the Corporation's sale or transfer of all or substantially all
of the Corporation's assets, shall be deemed a "Liquidation" within the meaning
of the provisions of this Section B.

         The Series CC Convertible Preferred Stock shall rank in respect of the
distribution of assets or upon the Liquidation of the Corporation, subject to
the last sentence of this paragraph, on a parity with any other Senior
Securities (as defined below). If upon any Liquidation, the net assets available
for distribution to the holders of shares of the Series CC Convertible Preferred
Stock and subsequent series of Preferred Stock issued with rights

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<PAGE>   2

equivalent to the Series CC Convertible Preferred Stock (collectively referred
to herein as the "Senior Securities") shall be insufficient to pay the holders
of all of the outstanding shares of the Senior Securities the full amounts to
which they respectively shall be entitled, the holders of such shares, without
regard to classes or series, shall share in any distribution of assets in
proportion to the amounts respectively due to them on payment in full. In the
event of a Liquidation resulting from the Corporation's consolidation or merger
with any other entity or group of entities in which the stockholders of the
Corporation prior to such transaction do not own at least a majority of the
voting capital stock of the surviving entity after the merger or consolidation
or the sale or transfer of all or substantially all of the Corporation's assets,
the Series CC Convertible Preferred Stock shall rank in respect of the
distribution of assets prior to any other Senior Securities whose terms do not
specifically include within the definition of "Liquidation" such consolidations,
mergers or asset transfers.

         C. CUMULATIVE DIVIDENDS. The holders of record of Series CC Convertible
Preferred Stock shall be entitled to quarterly cash dividends at the annual rate
of six percent (6%) per share of Series CC Convertible Preferred Stock on the
Liquidation Preference (the "Dividend Rate"). The dividends provided for in this
Section C shall begin to accrue and be cumulative on outstanding shares of
Series CC Convertible Preferred Stock from the date of original issuance of the
shares of Series CC Convertible Preferred Stock by the Corporation. Such
dividends shall accrue from day to day, whether or not earned or declared. Such
dividends shall be paid solely and only to the extent that corporate funds are
legally available for the payment thereof and only to the extent that such
dividends are declared payable by the Corporation's Board of Directors, which
declarations the Corporation shall not be obligated to make.

         In the event of a Liquidation, the holders of record of Series CC
Convertible Preferred Stock shall be entitled to be paid in full all dividends
declared payable by the Corporation's Board of Directors before assets of the
Corporation shall be distributed among or paid over to the holders of Junior
Securities. Before the Liquidation, the full amount of all unpaid dividends
declared payable by the Corporation's Board of Directors on Series CC
Convertible Preferred Stock shall be paid before the declaration or setting
apart for payment of any dividend or other distribution on Junior Securities. No
dividend shall be paid, declared or set apart for payment on any Junior
Securities unless the Corporation has paid all dividends on or in respect of all
outstanding shares of Series CC Convertible Preferred Stock which have been
declared and are unpaid.

         With respect to the payment of dividends, the Series CC Convertible
Preferred Stock shall rank on parity with other Senior Securities (to the extent
that dividends are due on such other Senior Securities), and senior in priority
to all shares of Junior Securities.

         D.       CONVERSION RIGHTS.

                  (i) VOLUNTARY CONVERSION. All, and not less than all, of the
Series CC Preferred Stock will be convertible at the option of the holders of
record thereof at any time on or before September 1, 2005 into 5,000,000 shares
of fully paid and nonassessable shares of Common Stock, reflecting a conversion
ration of one share of the Services CC Preferred Stock

                                       2
<PAGE>   3

for 5,000,000 shares of the Common Stock (the "Conversion Ratio"). Upon the
conversion of Series CC Convertible Preferred Stock, dividends relating to the
shares of Series CC Convertible Preferred Stock converted shall cease to
cumulate and all preferences upon Liquidation shall cease.

                  (ii) METHOD OF CONVERSION. To exercise the voluntary
conversion privilege provided in paragraph (i) above, each holder of Series CC
Convertible Preferred Stock, on or before September 1, 2005, shall surrender
such holder's certificates representing Series CC Convertible Preferred Stock at
the Corporation's office or at such other place as shall be designated by the
Corporation, duly endorsed to the Corporation. Upon the Corporation's receipt of
such certificates, the Corporation shall issue certificates representing the
appropriate number of shares of Common Stock in the respective names of the
holders of Series CC Convertible Preferred Stock or in the names of the holders'
designees.

                  (iii)    ADJUSTMENT OF NUMBER OF SHARES OF COMMON STOCK.

                           (a) STOCK DIVIDENDS; STOCK SPLITS. If the number of
                  shares of Common Stock outstanding at any time after the date
                  of issuance of the shares of Series CC Convertible Preferred
                  Stock is increased by a stock dividend payable in shares of
                  Common Stock or by a subdivision or split-up of shares of
                  Common Stock, then immediately after the record date fixed for
                  the determination of holders of shares of Common Stock
                  entitled to receive such stock dividend or the effective date
                  of such subdivision or split-up, as the case may be, the
                  Conversion Ratio shall be appropriately reduced so that the
                  holder of any shares of Series CC Convertible Preferred Stock
                  thereafter converted shall be entitled to receive the number
                  of shares of Common Stock of the Corporation which such holder
                  would have owned immediately following such action had such
                  shares of Series CC Convertible Preferred Stock been converted
                  immediately prior thereto.

                           (b) COMBINATION OF SHARES. If the number of shares of
                  Common Stock outstanding at any time after the date of
                  issuance of the shares of Series CC Convertible Preferred
                  Stock is decreased by a combination of the outstanding shares
                  of Common Stock, then immediately after the effective date of
                  such combination, the Conversion Ratio shall be appropriately
                  increased so that the holder of any shares of Series CC
                  Convertible Preferred Stock thereafter converted shall be
                  entitled to receive the number of shares of Common Stock of
                  the Corporation which such holder would have owned immediately
                  following such action had such shares of Series CC Convertible
                  Preferred Stock been converted immediately prior thereto.

                  (iv) CANCELLATION. All shares of Series CC Convertible
Preferred Stock which shall have been surrendered for conversion as herein
provided in this Section D - Conversion Rights shall no longer be deemed to be
outstanding and all rights with respect to such shares of Series CC Convertible
Preferred Stock, shall forthwith cease and terminate, except only the rights of
the holders thereof to receive shares of Common Stock or other assets

                                       3
<PAGE>   4

or property in exchange therefor and to receive the payment of accrued unpaid
dividends thereon from the Corporation as funds become legally available for the
payment thereof.

                  (v) RESERVATION OF SHARES. The Corporation shall at all times
reserve and keep available, free from preemptive rights, out of its treasury
shares or its authorized but unissued shares of Common Stock, for the purpose of
effecting the conversion of the shares of Series CC Convertible Preferred Stock,
the full number of shares of Common Stock then deliverable upon the conversion
of all shares of Series CC Convertible Preferred Stock then outstanding.

         E. REDEMPTION RIGHTS.. The Corporation will have the right, but not the
obligation, to redeem the Series CC Convertible Preferred Stock, in compliance
with applicable law and all agreements and instruments by which it is bound, at
any time upon 30 days' (such 30 days being referred to herein as the "Redemption
Period") prior written notice to the holders of record of the Series CC
Convertible Preferred Stock (the date for which such redemption is so noticed
being referred to herein as the "Redemption Date") at their address on the
records of the Corporation, for a redemption price equal to the sum of (a)
$500,000, plus (b) an amount, expressed in dollars, equal to a six percent (6%)
cumulative dividend on the sum of $500,000 from the date that the Series CC
Convertible Preferred Stock is issued until the day that it is so redeemed (the
"Redemption Price"). Such holders will have the right, but not the obligation,
to convert all, but not less than all, of the Series CC Convertible Preferred
Stock during the Redemption Period pursuant to Section D above. On the
applicable redemption date, the holders of the Series CC Convertible Preferred
Stock will deliver certificates representing the shares of Series CC Convertible
Preferred Stock to be redeemed to the Corporation, duly endorsed for transfer in
blank, along with such other documents and instruments as the Corporation may
reasonably request, and the Corporation will pay to such holders the Redemption
Price. In the event that any Redemption Date is not a business day, then the
related redemption shall occur on the next following business day. The
Redemption Price shall be payable in cash, by certified check or by wire
transfer of immediately available funds to an account designated in writing by
the holders. No shares of Series CC Convertible Preferred Stock which have been
so redeemed after the original issuance thereof shall be outstanding or shall
ever again be reissued, sold or transferred.

         E. VOTING RIGHTS.

         Prior to conversion of the shares of Series CC Convertible Preferred
Stock to shares of Common Stock, the shares of the Series CC Convertible
Preferred Stock shall have no voting rights with respect to directors of the
Corporation or any other matter requiring stockholder approval except with
respect to those matters requiring separate class votes as mandated by the laws
of the State of Delaware.

         F. ISSUE TAX. The issuance of certificates representing shares of
Common Stock upon the conversion of Series CC Convertible Preferred Stock shall
be made without charge to the holders thereof for any issuance, stock transfer
or documentary stamp tax in respect thereof, PROVIDED that the Corporation shall
not be required to pay any tax that may be payable in respect of any transfer
involved in the issuance and delivery of any certificate in the name

                                       4
<PAGE>   5

other than that of the record holder of the Series CC Convertible Preferred
Stock that is being converted.

         G. PREEMPTIVE RIGHTS. The holders of the shares of Series CC
Convertible Preferred Stock shall have no preemptive rights.

         IN WITNESS WHEREOF, this Certificate of Designation has been executed
as of September 1, 2000.

                                                  /s/ Douglas A. Payne
                                            ---------------------------------
                                            Douglas A. Payne, Vice President

     /s/ Stephen W. Brown
----------------------------------
Stephen W. Brown, Secretary

                                       5

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