------------------------------ OMB APPROVAL ------------------------------ OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response ....... 0.5 ------------------------------ U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 [_] Check this box if no longer subject of Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses) ================================================================================ 1. Name and Address of Reporting Person* Levin John A. -------------------------------------------------------------------------------- (Last) (First) (Middle) One Rockefeller Plaza -------------------------------------------------------------------------------- (Street) New York New York 10020 -------------------------------------------------------------------------------- (City) (State) (Zip) ================================================================================ 2. Issuer Name AND Ticker or Trading Symbol BKF Capital Group, Inc./BKF ================================================================================ 3. IRS Identification Number of Reporting Person, if any (Voluntary) ================================================================================ 4. Statement for Month/Day/Year January 10, 2003 ================================================================================ 5. If Amendment, Date of Original (Month/Day/Year) ================================================================================ 6. Relationship of Reporting Person to Issuer (Check all applicable) [X] Director [_] 10% Owner [X] Officer (give title below) [_] Other (specify below) CHAIRMAN, CHIEF EXECUTIVE OFFICER AND PRESIDENT ================================================================================ 7. Individual or Joint/Group Filing (Check Applicable Line) [X] Form Filed by One Reporting Person [_] Form Filed by More than One Reporting Person ================================================================================ TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED ================================================================================ 5. Amount of 6. 4. Securities Owner- Securities Acquired (A) or Beneficially ship 2. 2A. 3. Disposed of (D) Owned Follow- Form: 7. Transac- Deemed Transaction (Instr. 3, 4 and 5) ing Reported Direct Nature of tion Execution Code ------------------------------- Transac- (D) or Indirect 1. Date Date, if any Instr. 8) (A) tions(s) Indirect Beneficial Title of Security (Month/ (Month/ ------------ Amount or Price (Instr. 3 (I) Ownership (Instr. 3) Day/Year) Day/Year) Code V (D) and 4) (Instr.4) (Instr. 4) ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one Reporting Person, see Instruction 4(b)(v). PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB NUMBER. (Over) SEC 1474 (9-02) Page 1 FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) ================================================================================ 9. Number 10. of Owner- Deriv- ship ative Form 2. Secur- of Conver- 5. 7. ities Deriv- 11. sion 3A Number of Title and Amount Bene- ative Nature or Deemed Derivative 6. of Underlying 8. ficially Secur- of Exer- Exe- 4. Securities Date Securities Price Owned ity: In- cise 3. cution Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of Follow- Direct direct Price Trans- Date, action or Disposed Expiration Date ---------------- Deriv- ing Re- (D) or Bene- 1. of action if Code of (D) (Month/Day/Year) Amount ative ported In- ficial Title of Deriv- Date any (Instr. (Instr. 3, ---------------- or Secur- Trans- direct Owner- Derivative ative (Month/ (Month/ 8) 4 and 5) Date Expira- Number ity action(s) (I) ship Security Secur- Day/ Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr. (Instr. 3) ity Year) Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4) ----------------------------------------------------------------------------------------------------------------------------------- Options to $28.27 1/10/03 D 45,000 (1) 12/31/11 Common 45,000 (2) 0 D Purchase Stock Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Restricted 1 for 1 1/10/03 A 15,000 (3) Common 15,000 (2) 15,000 D Stock Units Stock ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ Explanation of Responses: (1) These options were granted under the BKF Capital Group, Inc. 1998 Incentive Compensation Plan. 15,000 of these options became exercisable on December 31, 2002, 15,000 will become exercisable on December 31, 2003 and 15,000 will become exercisable on December 31, 2004. (2) On January 10, 2003, the reporting person tendered to the issuer, for cancellation, options granted to the reporting person on December 13, 2001 to purchase 45,000 shares of Common Stock. In exchange, the reporting person received 15,000 restricted stock units. (3) The restricted stock units (RSUs) will vest in two annual installments with 50% vesting on December 31, 2003 and 50% vesting on December 31, 2004, but the shares of Comon Stock underlying the RSUs may not be delivered prior to December 31, 2004, and such delivery may be deferred by the reporting person. /s/ John A. Levin January 13, 2003 ---------------------------------------- ------------------------- **Signature of Reporting Person Date **Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number. Page 2