BKF Asset CEO to get $950,000 severance payment

John Siciliano, president and CEO of BKF Asset Management, will receive a severance payment of $950,000 upon his resignation from the firm at the beginning of 2007, according to an SEC filing today. In addition, if BKF executes a "change of control event" before the end of 2007, Mr. Siciliano will receive another cash payment of $700,000. BKF has liquidated its assets under management as it explores strategic options within the investment management industry. Mr. Siciliano agreed earlier this week to step down from his post at year's end. He will provide consulting services to the company between January 2007 and July 2007, for which he will receive a one-time cash payment of $300,000, according to the filing.