UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): February 22, 2007
FIRST MONTAUK FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER: 0-6729
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NEW JERSEY 22-1737915
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Parkway 109 Office Center
328 Newman Springs Road
Red Bank, NJ 07701
(Address and zip code of principal executive offices)
(732) 842-4700
(Registrant's telephone number, including area code)
CHECK THE APPROPRIATE BOX BELOW IF THE FORM 8-K FILING IS INTENDED TO
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FOLLOWING PROVISIONS:
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(17 CFR 230.425)
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|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers
(d)
On February 22, 2007, First Montauk Financial Corp. ("First
Montauk" or "Registrant") appointed Ms. Celeste Leonard
to its board of directors to serve as a Class I director.
Since November 9, 2006 there have been two vacancies in the
Class I directorships. Since August 2006, Ms. Leonard has
been an Executive Vice President and the Chief Compliance
Officer of First Montauk Securities Corp. ("FMSC"), the
Registrant's principal subsidiary. Ms. Leonard will
continue to serve as Chief Compliance Officer of FMSC in
addition to the appointment disclosed in this Form 8-K.
Ms. Leonard has over 28 years of compliance and supervision
experience in the financial services industry. Before joining
the Registrant in August 2006, Ms. Leonard had been the Sales
Practice Director for Smith Barney Citigroup in New York City,
a position she had held since November 2004. She previously
worked as a Senior Vice President for Business Control
Management for Neuberger Berman, LLC in New York from
March 2004 through November, 2004. From February 1996 through
March 2004, Ms. Leonard was an Executive Director/National
Director of Branch Supervision for CIBC Oppenheimer Corp. and
oversaw supervision and risk management for the private client
division's 19 branch locations. From October 1994 through
February 1996, she worked as Compliance Director for the
Financial Services Division of Lehman Brothers, and held
various other positions at that firm and its predecessors
since 1978.
FMSC and Ms. Leonard have executed a formal written employment
agreement which provides for the terms of her employment as
follows: The term of the agreement is through December 31,
2008 during which period Ms. Leonard will be paid an annual
salary of $200,000. Ms. Leonard will also be eligible for
customary fringe benefits and participation in FMSC's
executive bonus pool as follows: For 2006, the annual bonus
was $200,000 payable in two installments - $100,000 on
October 1, 2006 and $100,000 on or before January 15, 2007.
For 2007 and 2008, respectively, the annual bonus will be
$100,000. Ms. Leonard is also entitled to an automobile
allowance of $500 per month.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
The following exhibit is filed or furnished herewith:
10.1 Employment Agreement dated as of August 7, 2006
between First Montauk Securities Corp. and Celeste
Leonard.
99.1 Press Release dated February 26, 2007.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
FIRST MONTAUK FINANCIAL CORP.
By: /s/ Victor K. Kurylak
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Name: Victor K. Kurylak
Title: Chief Executive Officer
Date: February 26, 2007
EXHIBIT INDEX
Exhibit
Number Description
10.1 Employment Agreement dated as of August 7, 2006 between
First Montauk Securities Corp. and Celeste Leonard.
99.1 Press Release dated February 26, 2007.