EXHIBIT 10.1
AMENDMENT TO EMPLOYMENT AGREEMENT DATED DECEMBER 31, 1999 BETWEEN XXXXXXX
X. XXXXXX, BKF CAPITAL GROUP, INC. AND XXXXX MANAGEMENT CO., INC.
WHEREAS, Xxxxxxx X. Xxxxxx ("Xxxxxx"), BKF Capital Group, Inc. ("BKF") and
Xxxxx Management Co., Inc. ("Management") are parties to an Employment Agreement
dated December 31, 1999 (the "Agreement");
WHEREAS, the Agreement provides for an initial term expiring December 31,
2002 (the "Expiration Date"), which term shall automatically extend for
successive one year periods absent six months prior written notice from any
party of its intention not to extend the term;
WHEREAS, Xx. Xxxxxx intends to continue as Chief Operating Officer and
Executive Vice President of Strategy and Marketing of BKF following the
Expiration Date;
WHEREAS, the parties wish to amend the Agreement so that it shall
terminate on the Expiration Date and so that Xx. Xxxxxx, as an employee-at-will
following such date, shall be subject only to such restrictions as apply to
other executive officers of BKF; and
WHEREAS, as required by the Agreement, the Board of Directors of BKF has
approved the amendments to the Agreement contained herein;
NOW, THEREFORE, in mutual consideration for the continued employment of
Xxxxxx by BKF and Management after the Expiration Date, the parties to the
Agreement hereby amend the Agreement as of the date hereof as follows:
1. The Agreement shall terminate as of the Expiration Date.
2. Sections VIII.A, VIII.C and VIII.D of the Agreement shall not
survive the Expiration Date.
In all other respects, the Agreement is hereby ratified and affirmed.
Dated: September 27, 2002
/s/ Xxxxxxx X. Xxxxxx
______________________________________
Xxxxxxx X. Xxxxxx
BKF CAPITAL GROUP, INC.
By: /s/ Xxxx X. Xxxxx
________________________________
Xxxx X. Xxxxx
Chairman and Chief Executive Officer
XXXXX MANAGEMENT CO., INC.
By: /s/ Xxxx X. Xxxxx
________________________________
Xxxx X. Xxxxx
Chairman and Chief Executive Officer
