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 <P><FONT SIZE=2>As filed
 with the Securities and Exchange Commission on March 9, 2010</FONT></P>
 </TD>
 </TR>
 <TR>
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 <P ALIGN=RIGHT><FONT SIZE=2>Registration No. 333-_____</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=3><B>WASHINGTON, D.C. 20549</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=5><B>FORM S-8</B></FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=3><B>REGISTRATION STATEMENT</B></FONT></P>
 </TD>
 </TR>
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 <P ALIGN=CENTER><FONT SIZE=3><B>UNDER THE SECURITIES ACT OF 1933</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=6><B>ARK RESTAURANTS CORP.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Exact name of registrant as
 specified in its charter)</FONT></P>
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 </TR>
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 <P ALIGN=CENTER><FONT SIZE=2><B>New York</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2><B>13-3156768</B></FONT></P>
 </TD>
 </TR>
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 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(State or other jurisdiction of incorporation or <BR>
 organization)</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=2>(I.R.S. Employer Identification No.)</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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<BR>

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 <TD WIDTH="60%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
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 <P>&nbsp;</P>
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 <P ALIGN=CENTER><FONT SIZE=2><B>85 Fifth Avenue, New York, New York</B></FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT SIZE=2><B>10003</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Address of Principal Executive Offices)</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Zip Code)</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
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</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>2010 Stock Option
Plan<BR></B>(Full title of the plan)</FONT></P>

<HR SIZE=1 WIDTH=120 NOSHADE COLOR=GRAY ALIGN=CENTER>
<P ALIGN=CENTER><FONT SIZE=2><B>Michael P. Buck, Esq.<BR>
Secretary and General Counsel<BR>
Ark Restaurants Corp.<BR>
85 Fifth Avenue, New York, NY 10003<BR></B>(Name and address of agent for service)</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>212-206-8800<BR></B>(Telephone number, including area code, of agent for
service)</FONT></P>

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 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
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 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
 by check mark whether the registrant is a large accelerated filer, an
 accelerated filer, a non-accelerated filer, or a smaller reporting company.
 See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and
 &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. <BR>
 (Check one):</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Large
 accelerated filer <FONT FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Accelerated
 filer <FONT FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
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 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Non-accelerated
 filer <FONT FACE=WINGDINGS>o</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Smaller
 reporting company <FONT FACE=WINGDINGS>x</FONT></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>(Do not
 check if a smaller reporting company)</FONT></P>
 </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>A copy of all communications, including<BR>
communications sent to the agent for service <BR>
should be sent to: </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Elliot
H. Lutzker, Esq.<BR>
Phillips Nizer LLP<BR>
666 Fifth Avenue, 28th Floor<BR>
New York, New York 10103-0084<BR>
(212) 841-0707</B></FONT></P>

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<P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>CALCULATION
OF REGISTRATION FEE</B></FONT></P>

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 <P>&nbsp;</P>
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 <TD WIDTH="5%" VALIGN=BOTTOM>
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 <P>&nbsp;</P>
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 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
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 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
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 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>T<small>ITLE</small> O<small>F</small> E<small>ACH</small> <BR>
 C<small>LASS</small> O<small>F</small> <BR>
 S<small>ECURITIES</small> T<small>O</small> <BR>
 B<small>E</small> R<small>EGISTERED</small></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>A<small>MOUNT</small> T<small>O</small> B<small>E</small><BR>
 R<small>EGISTERED</small></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>P<small>ROPOSED</small><BR>
 M<small>AXIMUM</small> <BR>
 O<small>FFERING</small> <BR>
 P<small>RICE</small> P<small>ER</small> <BR>
 S<small>HARES</small></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>P<small>ROPOSED</small> <BR>
 M<small>AXIMUM</small><BR>
 A<small>GGREGATE</small><BR>
 O<small>FFERING</small><BR>
 P<small>RICE</small></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>A<small>MOUNT</small> O<small>F</small> <BR>
 R<small>EGISTRATION</small> <BR>
 F<small>EE</small></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>

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 </TD>
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 </TD>
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 </TD>
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 </TD>
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 </TD>
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 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Common
 Stock, $.01 par value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>&nbsp;(1)(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>&nbsp;(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>6,625,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>472.36</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

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 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <TD VALIGN=TOP>

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<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Represents
 an aggregate of 500,000 stock options to be granted pursuant to the Ark
 Restaurants Corp. 2010 Stock Option Plan (the &#147;2010 Plan&#148;).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Pursuant to
 Rule 416, includes an indeterminable number of shares of Common Stock which
 may become issuable pursuant to changes in capital structure provisions of the
     2010 Plan. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Any shares
 of Common Stock covered by an option granted under the Plan that is
 forfeited, canceled or expires (whether voluntarily or involuntarily) will be
 deemed not to have been issued for purposes of determining the maximum
 aggregate number of shares of Common Stock that may be issued under the Plan.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Estimated
 solely for the purpose of calculating the registration fee pursuant to Rule
 457(h)(1) and Rule 457(c) based upon the last sale price of the Registrant&#146;s
 Common Stock, as reported on the Nasdaq Global Market on March 3, 2010.</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>EXPLANATORY NOTE</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
registration statement on Form S-8 is being filed by Ark Restaurants Corp. (the
&#147;Company&#148;) to register 500,000 shares of common stock under the Company&#146;s 2010
Plan.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Registration Statement contains two parts. The first part contains information
required in the registration statement pursuant to Part I of Form S-8 with
respect to shares of our </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-ii-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>common stock
issuable upon the exercise of stock options made under the Plan subsequent to
the date hereof. The second part contains a &#147;reoffer&#148; prospectus prepared in
accordance with the requirements of Part I of Form S-3, which, pursuant to
General Instruction C of Form S-8, may be used by certain persons, including
officers and directors of the Company who are deemed to be affiliates of the
Company, as that term is defined in Rule 405 under the Securities Act, as well
as by non-affiliate assignees holding restricted securities, as that term is
defined in Rule 144 under the Securities Act, in connection with the reoffer
and resale of shares of common stock of the Company received by such persons
pursuant to the exercise of options granted under the 2010 Plan, which 500,000
shares are being registered herein. No options have been granted to date under
the Plan.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Prospectus omits certain of the information contained in the Registration
Statement in accordance with the rules and regulations of the SEC. Reference is
hereby made to the Registration Statement and related exhibits for further
information with respect to the Company and the Shares. Statements contained
herein concerning the provisions of any documents are not necessarily complete
and, in each instance, reference is made to the copy of such document filed as
an exhibit to the Registration Statement or otherwise filed with the SEC. Each
such statement is qualified in its entirety by such reference.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
prepared this Registration Statement in accordance with the requirements of
Form S-8 under the Securities Act. We are registering 500,000 Shares pursuant
to our 2010 Plan. The purpose of our 2010 Plan is to advance the interests of
the Company and its stockholders by providing a means of attracting and
retaining employees, corporate officers and directors employed or retained by
the Company and its subsidiaries and affiliates. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>PART I</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 1.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Plan Information</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
document containing the information specified in this Part I of this Form S-8
registration statement has been or will be sent or given to participants in the
2010 Stock Option Plan (the &#147;2010 Plan&#148;), as specified by Rule 428(b)(1)
promulgated by the Securities and Exchange Commission (the &#147;SEC&#148;) under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;). Such document(s) are
not being filed with the SEC, but constitute (along with the documents
incorporated by reference into the registration statement pursuant to Item 3 of
Part II hereof) a prospectus that meets the requirements of Section 10(a) of
the Securities Act.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
registration statement relates to a maximum of 500,000 shares of our common
stock issuable pursuant to our 2010 Plan (the &#147;Shares&#148;).</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 2.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Registrant Information and Employee Plan
 Annual Information</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents incorporated by
reference into this prospectus pursuant to Item 3 of Part II hereof are
available without charge, upon written or oral request. The documents
containing the information specified in this Item 2 will be sent or given to
employees, officers or directors </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-iii-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>upon written or oral request,
as specified by Rule 428(b) under the Securities Act. All requests shall be
directed to Corporate Secretary, Ark Restaurants Corp., 85 Fifth Avenue, New
York, NY 10003; (tel) 212-206-8800. In accordance with the rules and
regulations of the SEC and the instructions to Form S-8, such documents are not
being filed either as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule 424 under the Securities Act.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-iv-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>REOFFER PROSPECTUS</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>ARK RESTAURANTS CORP.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>500,000 SHARES OF COMMON STOCK</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus relates to the reoffer and resale of 500,000 shares of common stock,
par value $0.01 per share, of Ark Restaurants Corp., a New York corporation
(&#147;Ark,&#148; the &#147;Company,&#148; &#147;we,&#148; &#147;us,&#148; or &#147;our&#148;), that have been or will be
acquired by certain persons (collectively referred to as the &#147;selling
securityholders&#148;), including our officers and directors who are deemed to be
our affiliates, as that term is defined in Rule 405 under the Securities Act of
1933, as amended (the &#147;Securities Act&#148;), holding restricted securities, as that
term is defined in Rule 144 under the Securities Act, in connection with the
reoffer and resale of shares of common stock of the Company received by such
persons pursuant to the exercise of options to be granted under our 2010 Stock
Option Plan (the &#147;2010 Plan&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares offered herby consist of 500,000 shares issuable under the 2010 Plan.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
common stock is quoted on the Nasdaq Global Market under the symbol &#147;ARKR.&#148; On
March 8, 2010, the last reported sale price of our common stock on the NASDAQ
Global Market was $13.50 per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares covered by this prospectus may be offered and sold from time to time
directly by the selling securityholders of shares issued upon the exercise of
the options granted pursuant to the 2010 Plan or through brokers on the Nasdaq
Global Market, or otherwise, at the prices prevailing at the time of such
sales. The net proceeds to the selling securityholders will be the proceeds
received by them upon such sales, less brokerage commissions, if any. We will
pay all expenses of preparing and reproducing this prospectus, but will not
receive any of the proceeds from sales by any of the selling securityholders,
but we will receive the exercise price upon exercise of the stock options. The
selling securityholders and any broker-dealers, agents, or underwriters through
whom the shares are sold, may be deemed &#147;underwriters&#148; within the meaning of
the Securities Act with respect to securities offered by them, and any profits
realized or commissions received by them may be deemed underwriting
compensation. See &#147;Plan of Distribution.&#148;</FONT></P>

<P><FONT SIZE=2>NEITHER THE
SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR
ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.</FONT></P>

<P><FONT SIZE=2>THE SHARES
OFFERED HEREBY INVOLVE A SUBSTANTIAL DEGREE OF RISK. SEE &#147;RISK FACTORS&#148;
beginning on page 6 of this prospectus.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>The date of this prospectus is March 9, 2010</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person is authorized to give any information or to make any representations
other than those contained in this prospectus in connection with any offer to
sell or sale of the securities to which this prospectus relates, and if given
or made, such information or representations must not be relied upon as having
been authorized. Neither the deliver of this prospectus nor any sale made
hereunder shall, under any circumstances, imply that there has been no change
in the facts herein set forth since the date hereof. This prospectus is not an
offer to sell these securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>TABLE OF CONTENTS</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>Page</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A001_v1">AVAILABLE INFORMATION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A002_v1">INCORPORATION OF DOCUMENTS BY REFERENCE</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>3</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A003_v1">FORWARD-LOOKING STATEMENTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A004_v1">SUMMARY INFORMATION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>4</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A005_v1">THE OFFERING</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>5</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A006_v1">RISK FACTORS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>6</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A007_v1">USE OF PROCEEDS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A008_v1">SELLING SECURITYHOLDERS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A009_v1">PLAN OF DISTRIBUTION</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A010_v1">DESCRIPTION OF SECURITIES TO BE REGISTERED</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A011_v1">INTEREST OF NAMED EXPERTS AND COUNSEL</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A012_v1">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES
 ACT LIABILITIES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>18</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A013_v1">EXEMPTION FROM REGISTRATION CLAIMED</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A014_v1">MATERIAL CHANGES</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A015_v1">LEGAL MATTERS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><A HREF="#c60606A016_v1">EXPERTS</A></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>19</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>You should
rely only on the information contained or incorporated by reference in this
prospectus. We have not authorized any other person to provide you with
different information. If anyone provides you with different or inconsistent
information, you should not rely on it.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-2-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>This
prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any jurisdiction where the offer or sale is
not permitted. You should assume that the information appearing in this
Prospectus, as well as information we have previously filed with the SEC and
incorporated by reference, is accurate only as of the date on the front of
those documents.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>A<A NAME="C60606A001_V1"></A>VAILABLE
INFORMATION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
file annual, quarterly and current reports and proxy statements and other
information with the Securities and Exchange Commission (&#147;SEC&#148;). You may read
and copy any such reports, statements or other information that we file with
the SEC at the SEC&#146;s Public Reference Room located at 100 F Street, N.W.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information about the operation of the Public Reference Room. Our public
filings are also available from commercial document retrieval services and the
Internet web site maintained by the SEC at http://www.sec.gov. In addition, our
common stock is quoted on the Nasdaq Global Market. Accordingly, our reports,
statements and other information may be inspected at the offices of the
Financial Industry Regulatory Authority, Inc. (&#147;FINRA), 1735 K Street, N.W.,
Washington, D.C. 20006.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows us to &#147;incorporate by reference&#148; information into this prospectus,
which means that we can disclose important information to investors by
referring them to another document filed separately with the SEC. The
information incorporated by reference is deemed to be part of this prospectus,
except for any information superseded by information contained directly in this
document. This prospectus incorporates by reference the documents set forth
below that we have previously filed with the SEC. These documents contain
important information about us and our financial condition.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>I<A NAME="C60606A002_V1"></A>NCORPORATION OF DOCUMENTS BY REFERENCE</B></FONT></P>

<P><FONT SIZE=2>The following
documents filed with the SEC are incorporated by reference in this prospectus:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ark&#146;s Proxy
 Statement filed with the SEC on February 1, 2010.</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ark&#146;s Annual
 Report on Form 10-K for the year ended October 3, 2009, filed with the SEC on
 January 4, 2010.</FONT></P> </TD>
 </TR>
 <TR>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=2>(3)</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=2>Ark&#146;s Quarterly Report on Form 10-Q for the
    quarterly period ended January 2, 2010, filed with the SEC on February 16,
    2010.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(4)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 description of our common stock contained in Ark&#146;s Registration Statement on
 Form S-18 (No. 33-00964).</FONT></P> </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold shall be deemed to be
incorporated by reference in this prospectus and to be a part of this
prospectus from the date of filing of such documents. Any statement contained
in a previously filed document incorporated by reference in this prospectus
shall be deemed to be modified or superseded for purposes of this prospectus to
the extent that a statement in this</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-3-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>prospectus
modifies or supersedes such previous statement and any statement contained in
this prospectus shall be deemed to be modified or superseded to the extent that
a statement in any document subsequently filed, which is incorporated by
reference in this prospectus, modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of any and all of the information included in the documents that have been
incorporated by reference in this prospectus (excluding exhibits thereto,
unless such exhibits have been specifically incorporated by reference into the
information which this prospectus incorporates) but which are not delivered with
this prospectus will be provided by us without charge to any person to whom
this prospectus is delivered, upon the oral or written request of such person.
Written requests should be directed to Ark Restaurants Corp., 85 Fifth Avenue,
New York, New York 10003-3019, Attention: Corporate Secretary. Oral requests
may be directed to the Secretary at 212-206-8800.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this prospectus shall be deemed to incorporate information furnished to, but
not filed with the SEC pursuant to Item 2.02 or Item 7.01 of Form 8-K.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>F<A NAME="C60606A003_V1"></A>ORWARD-LOOKING
STATEMENTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
statements included or incorporated by reference into this prospectus
constitute &#147;forward-looking statements&#148; within the meaning of such term in
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause our actual financial or
operating results to be materially different from the historical results or from
any future results expressed or implied by such forward-looking statements.
Such forward looking statements are based on our best estimates of future
results, performance or achievements, based on current conditions and our most
recent results. In addition to statements which explicitly describe such risks
and uncertainties, readers are urged to consider statements labeled with the
terms &#147;may&#148;, &#147;will&#148;, potential&#148;, &#147;opportunity&#148;, &#147;believes&#148;, &#147;belief&#148;,
&#147;expects&#148;, &#147;intends&#148;, &#147;estimates&#148;, &#147;anticipates&#148; or &#147;plans&#148; to be uncertain and
forward-looking. The forward-looking statements contained herein are also
subject generally to other risks and uncertainties that are described from time
to time in our reports and registration statements filed with the SEC.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>S<A NAME="C60606A004_V1"></A>UMMARY
INFORMATION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary is qualified in its entirety by reference to the more
detailed information appearing elsewhere in this prospectus or incorporated
herein by reference. Each prospective investor is urged to read this prospectus
and the documents incorporated herein by reference in their entirety.
Investment in the securities offered hereby involves a high degree of risk. See
&#147;Risk Factors.&#148;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a New York corporation formed in 1983. As of the fiscal year ended October
3, 2009, we owned and/or operated 20 restaurants and bars, 30 fast food
concepts and catering operations through our subsidiaries. Initially our
facilities were located only in New York City. As of the fiscal year ended
October 3, 2009, seven of our restaurant and bar facilities are located in New
York City, four are located in Washington, D.C., five are located in Las Vegas,
Nevada, two are located in Atlantic City, New Jersey, one is located at the
Foxwoods Resort Casino in </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-4-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>Ledyard,
Connecticut and one is located in the Faneuil Hall Marketplace in Boston,
Massachusetts.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the shift from a Manhattan-based operation to a multi-city
operation, the nature of the facilities operated by us has shifted from
smaller, neighborhood restaurants to larger, destination restaurants intended
to benefit from high patron traffic attributable to the uniqueness of the
restaurant&#146;s location. Most of our restaurants which are in operation and which
have been opened in recent years are of the latter description. As of the
fiscal year ended October 3, 2009, these include the restaurant operations at
the 12 fast food facilities in Tampa, Florida and Hollywood, Florida,
respectively (2004); the Gallagher&#146;s Steakhouse and Gallagher&#146;s Burger Bar in the
Resorts Atlantic City Hotel and Casino in Atlantic City, New Jersey (2005); The
Grill at Two Trees at the Foxwoods Resort Casino in Ledyard, Connecticut
(2006); Durgin Park Restaurant and the Black Horse Tavern in the Faneuil Hall
Marketplace in Boston, Massachusetts (2007); Yolos, at the Planet Hollywood
Resort and Casino (formerly known as the Aladdin Resort and Casino) in Las
Vegas, Nevada (2007); five fast food facilities at MGM Grand Casino at the
Foxwoods Resort Casino in Ledyard, Connecticut (2008); and Robert at the Museum
of Arts &amp; Design at Columbus Circle in Manhattan (2009).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
names and themes of each of our restaurants are different except for our two
America restaurants, two Sequoia restaurants, two Gonzalez y Gonzalez
restaurants and two Gallagher&#146;s Steakhouse restaurants. The menus in our
restaurants are extensive, offering a wide variety of high quality foods at
generally moderate prices. The atmosphere at many of the restaurants is lively
and extremely casual. Most of the restaurants have separate bar areas. A
majority of our net sales are derived from dinner as opposed to lunch service.
Most of the restaurants are open seven days a week and most serve lunch as well
as dinner.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
decor differs from restaurant to restaurant, interiors are marked by
distinctive architectural and design elements which often incorporate dramatic
interior open spaces and extensive glass exteriors. The wall treatments,
lighting and decorations are typically vivid, unusual and, in some cases,
highly theatrical.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this prospectus we refer to Ark Restaurants Corp. as &#147;Ark&#148;, the &#147;Company&#148;,
&#147;we&#148;, &#147;us&#148; or &#147;our&#148;. Our executive offices are located at 85 Fifth Avenue, New
York, New York 10003 and our telephone number is (212)-206-8800. The
information on our website does not constitute part of this prospectus.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN BOLD"><B>T<A NAME="C60606A005_V1"></A>HE OFFERING</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
reoffer prospectus relates to the reoffer and resale of an aggregate of 500,000
shares of our common stock, par value $0.01 per share, by certain selling
securityholders, including our officers and directors, who are deemed to be
affiliates of the Company, that are issuable upon the exercise of options to be
granted pursuant to our 2010 Plan. We will not receive any proceeds from the
sale of the shares sold by the selling securityholders, but we will receive the
exercise price upon exercise of the stock options.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
subsequent to the date of this reoffer prospectus, we grant any awards under
the 2010 Plan to any persons who are affiliates of the Company, we would
supplement this reoffer </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-5-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>prospectus
with the names of such affiliates and the amount(s) of shares to be reoffered
by them as selling securityholders.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>R<A NAME="C60606A006_V1"></A>ISK FACTORS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
prospectus contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Actual results could
differ materially from those projected in the forward-looking statements as a
result of certain uncertainties set forth below and elsewhere in this
prospectus. An investment in the shares is highly speculative and involves a
high degree of risk. Prospective investors, prior to making an investment
decision, should carefully consider the following risk factors, in addition to
the other information set forth in this prospectus, in connection with an
investment in the shares offered hereby. </FONT></P>

<P><FONT SIZE=2><B>Risks Related To Our Business</B></FONT></P>

<P><FONT SIZE=2><B>The recent
disruptions in the overall economy and the financial markets may adversely
impact our business.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restaurant industry has been affected by current economic factors, including
the deterioration of national, regional and local economic conditions, declines
in employment levels, and shifts in consumer spending patterns. The recent
disruptions in the overall economy and volatility in the financial markets have
reduced, and may continue to reduce, consumer confidence in the economy,
negatively affecting consumer restaurant spending, which could be harmful to
our financial position and results of operations. As a result, decreased cash
flow generated from our business may adversely affect our financial position
and our ability to fund our operations. In addition, macro economic
disruptions, as well as the restructuring of various commercial and investment
banking organizations, could adversely affect our ability to access the credit
markets. The disruption in the credit markets may also adversely affect the
availability of financing for our expansions and operations, and could impact
our vendors&#146; ability to meet supply requirements. There can be no assurance
that government responses to the disruptions in the financial markets will
restore consumer confidence, stabilize the markets, or increase liquidity and
the availability of credit.</FONT></P>

<P><FONT SIZE=2><B>Failure of our restaurants to achieve
expected results could have a negative impact on our revenues and performance
results.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance
results currently achieved by our restaurants may not be indicative of longer
term performance or the potential market acceptance of restaurants in new
locations. We cannot be assured that new restaurants that we open will have
similar operating results as existing restaurants. New restaurants take several
months to reach expected operating levels due to inefficiencies typically
associated with new restaurants, including lack of market awareness, inability
to hire sufficient staff and other factors. The failure of our existing or new
restaurants to perform as predicted could negatively impact our revenues and
results of operations.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-6-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><B>Our unfamiliarity with new markets may
present risks, which could have a material adverse effect on our future growth
and profitability. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to higher operating costs caused by temporary inefficiencies typically
associated with expanding into new regions and opening new restaurants, such as
lack of market awareness and acceptance and limited availability of experienced
staff, continued expansion may result in an increase in our operating costs.
New markets may have different competitive conditions, consumer tastes and
discretionary spending patterns than our existing markets, which may cause our
restaurants in these new markets to be less successful than our restaurants in
our existing markets. We cannot assure you that restaurants in new markets will
be successful. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability to open new restaurants efficiently is subject to a number of factors
beyond our control, including: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Selection
 and availability of suitable restaurant sites; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Negotiation
 of acceptable lease or purchase terms for such sites; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Negotiation
 of reasonable construction contracts and adequate supervision of
 construction; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Our ability
 to secure required governmental permits and approvals for both construction
 and operation; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Availability
 of adequate capital; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>General
 economic conditions; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Adverse
 weather conditions. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may not be successful in addressing these factors, which could adversely affect
our ability to open new restaurants on a timely basis, or at all. Delays in
opening or failures to open new restaurants could cause our business, results
of operations and financial condition to suffer. </FONT></P>

<P><FONT SIZE=2><B>Terrorism and war may have material adverse
effect on our business. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terrorist
attacks, such as the attacks that occurred in New York and Washington, D.C. on
September 11, 2001, and other acts of violence or war in the United States or
abroad, may affect the markets in which we operate and our business, results of
operations and financial conditions. The potential near-term and long-term
effects these events may have on our business operations, our customers, the
markets in which we operate and the economy is uncertain. Because the
consequences of any terrorist attacks, or any armed conflicts, are unpredictable,
we may not be able to foresee events that could have an adverse effect on our
markets or our business. </FONT></P>

<P><FONT SIZE=2><B>Increases in the minimum wage may have a
material adverse effect on our business and financial results. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of our employees are subject to various minimum wage requirements. Many of our
restaurants are located in states where the minimum wage was recently
increased. There likely will be additional increases implemented in
jurisdictions in which we operate or seek to operate. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-7-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>These minimum
wage increases may have a material adverse effect on our business, financial
condition, results of operations or cash flows. </FONT></P>

<P><FONT SIZE=2><B>Future changes in financial accounting
standards may cause adverse unexpected operating results and affect our reported
results of operations. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in accounting standards can have a significant effect on our reported results
and may affect our reporting of transactions completed before the change is
effective. New pronouncements and varying interpretations of pronouncements
have occurred and may occur in the future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
to existing rules or differing interpretations with respect to our current
practices may adversely affect our reported financial results. </FONT></P>

<P><FONT SIZE=2><B>Rising insurance costs could negatively
impact profitability. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
cost of insurance (workers compensation insurance, general liability insurance,
property insurance, health insurance and directors and officers liability
insurance) has risen significantly over the past few years and is expected to
continue to increase. These increases, as well as potential state legislation
requirements for employers to provide health insurance to employees, could have
a negative impact on our profitability if we are not able to negate the effect of
such increases with plan modifications and cost control measures or by
continuing to improve our operating efficiencies. </FONT></P>

<P><FONT SIZE=2><B>Compliance with existing and new regulations
of corporate governance and public disclosure may result in additional
expenses. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with changing laws, regulations and standards relating to corporate governance
and public disclosure, including The Sarbanes-Oxley Act of 2002, new SEC
regulations and NASDAQ Stock Market rules, has required an increased amount of
management attention and external resources. We are committed to maintaining
high standards of corporate governance and public disclosure. This investment
required to comply with these changing regulations may result in increased
general and administrative expenses and a diversion of management time and
attention from revenue-generating activities to compliance activities. </FONT></P>

<P><FONT SIZE=2><B>Intense competition in the restaurant
industry could prevent us from increasing or sustaining our revenues and
profitability. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
restaurant industry is intensely competitive with respect to food quality,
price-value relationships, ambiance, service and location, and many restaurants
compete with us at each of our locations. There are a number of
well-established competitors with substantially greater financial, marketing,
personnel and other resources than ours, and many of our competitors are well
established in the markets where we have restaurants, or in which we intend to
locate restaurants. Additionally, other companies may develop restaurants that
operate with similar concepts. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
inability to successfully compete with the other restaurants in our markets
will prevent us from increasing or sustaining our revenues and profitability
and result in a material </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-8-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>adverse effect
on our business, financial condition, results of operations or cash flows. We
may also need to modify or refine elements of our restaurant system to evolve
our concepts in order to compete with popular new restaurant formats or
concepts that may develop in the future. We cannot assure you that we will be
successful in implementing these modifications or that these modifications will
not reduce our profitability. </FONT></P>

<P><FONT SIZE=2><B>Our profitability is dependent in large
measure on food, beverage and supply costs which are not within our control. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
profitability is dependent in large measure on our ability to anticipate and
react to changes in food, beverage and supply costs. Various factors beyond our
control, including climatic changes and government regulations, may affect food
and beverage costs. Specifically, our dependence on frequent, timely deliveries
of fresh beef, poultry, seafood and produce subjects us to the risks of
possible shortages or interruptions in supply caused by adverse weather or other
conditions, which could adversely affect the availability and cost of any such
items. We cannot assure you that we will be able to anticipate or react to
increasing food and supply costs in the future. The failure to react to these
increases could materially and adversely affect our business, results of
operations and financial condition. </FONT></P>

<P><FONT SIZE=2><B>The restaurant industry is affected by
changes in consumer preferences and discretionary spending patterns that could
result in a reduction in our revenues. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer
preferences could be affected by health concerns or by specific events such as
the outbreak of or scare caused by &#147;mad cow disease&#148;, the popularity of the
Atkins diet and the South Beach diet and changes in consumer preferences, such
as &#147;carb consciousness&#148;. If we were to have to modify our restaurants&#146; menus,
we may lose customers who would be less satisfied with a modified menu, and we
may not be able to attract a new customer base to generate the necessary
revenues to maintain our income from restaurant operations. A change in our
menus may also result in us having different competitors. We may not be able to
successfully compete against established competitors in the general restaurant
market. Our success also depends on various factors affecting discretionary
consumer spending, including economic conditions, disposable consumer income,
consumer confidence and the United States participation in military activities.
Adverse changes in these factors could reduce our customer base and spending patterns,
either of which could reduce our revenues and results of operations. </FONT></P>

<P><FONT SIZE=2><B>Our geographic concentrations could have a
material adverse effect on our business, results of operations and financial
condition. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently operate in seven regions, New York City, Washington, D.C., Las Vegas,
Nevada, Tampa and Hollywood, Florida, Atlantic City, New Jersey, Ledyard,
Connecticut, and Boston, Massachusetts. Our Las Vegas, Florida, Atlantic City,
and Connecticut operations are all located in casinos. As a result, we are
particularly susceptible to adverse trends and economic conditions in these
markets, including its labor market, and the casino market in general, which
could have a negative impact on our profitability as a whole. In addition,
given our geographic concentration, negative publicity regarding any of our
restaurants could have a material adverse effect on our business, results of
operations and financial condition, as could other regional </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-9-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>occurrences
such as acts of terrorism, local strikes, natural disasters or changes in laws
or regulations. </FONT></P>

<P><FONT SIZE=2><B>Our operating results may fluctuate
significantly due to seasonality and other factors beyond our control. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business is subject to seasonal fluctuations, which may vary greatly depending
upon the region of the United States in which a particular restaurant is
located. In addition to seasonality, our quarterly and annual operating results
and comparable unit sales may fluctuate significantly as a result of a variety
of factors, including: </FONT></P>

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 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The amount
 of sales contributed by new and existing restaurants; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The timing
 of new openings; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Increases in
 the cost of key food or beverage products; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Labor costs
 for our personnel; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Our ability
 to achieve and sustain profitability on a quarterly or annual basis; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Adverse
 weather; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Consumer
 confidence and changes in consumer preferences; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Health
 concerns, including adverse publicity concerning food-related illness; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The level of
 competition from existing or new competitors; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Economic
 conditions generally and in each of the market in which we are located; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Acceptance
 of a new or modified concept in each of the new markets in which we could be
 located. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
fluctuations make it difficult for us to predict and address in a timely manner
factors that may have a negative impact on our business, results of operations
and financial condition. </FONT></P>

<P><FONT SIZE=2><B>Any expansion may strain our infrastructure,
which could slow restaurant development. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
expansion may place a strain on our management systems, financial controls, and
information systems. To manage growth effectively, we must maintain the high
level of quality and service at our existing and future restaurants. We must
also continue to enhance our operational, information, financial and management
systems and locate, hire, train and retain qualified personnel, particularly
restaurant managers. We cannot predict whether we will be able to respond on a
timely basis to all of the changing demands that any expansion will impose on
management and those systems and controls. If we are not able to effectively
manage any one or more of these or other aspects of expansion, our business,
results of operations and financial condition could be materially adversely
affected. </FONT></P>

<P><FONT SIZE=2><B>Our inability to retain key personnel could
negatively impact our business. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
success will continue to be highly dependent on our key operating officers and
employees. We must continue to attract, retain and motivate a sufficient number
of qualified </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-10-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>management and
operating personnel, including general managers and chefs. The ability of these
key personnel to maintain consistency in the quality and atmosphere of our
restaurants is a critical factor in our success. Any failure to do so may harm
our reputation and result in a loss of business. </FONT></P>

<P><FONT SIZE=2><B>We could face labor shortages, increased
labor costs and other adverse effects of varying labor conditions. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
development and success of our restaurants depend, in large part, on the
efforts, abilities, experience and reputations of the general managers and
chefs at such restaurants. In addition, our success depends in part upon our
ability to attract, motivate and retain a sufficient number of qualified
employees, including restaurant managers, kitchen staff and wait staff.
Qualified individuals needed to fill these positions are in short supply and
the inability to recruit and retain such individuals may delay the planned openings
of new restaurants or result in high employee turnover in existing restaurants.
A significant delay in finding qualified employees or high turnover of existing
employees could materially and adversely affect our business, results of
operations and financial condition. Also, competition for qualified employees
could require us to pay higher wages to attract sufficient qualified employees,
which could result in higher, labor costs. In addition, increases in the
minimum hourly wage, employment tax rates and levies, related benefits costs,
including health insurance, and similar matters over which we have no control
may increase our operating costs. </FONT></P>

<P><FONT SIZE=2><B>Unanticipated costs or delays in the
development or construction of future restaurants could prevent our timely and
cost-effective opening of new restaurants. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
depend on contractors and real estate developers to construct our restaurants
on a timely and cost effective basis. Many factors may adversely affect the
cost and time associated with the development and construction of our
restaurants, including: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Labor
 disputes; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Shortages of
 materials or skilled labor; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Adverse
 weather conditions; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Unforeseen
 engineering problems; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Environmental
 problems; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Construction
 or zoning problems; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Local
 government regulations; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Modifications
 in design; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Other
 unanticipated increases in costs. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of these factors could give rise to delays or cost overruns, which may prevent
us from developing additional restaurants within our anticipated budgets or
time periods or at all. Any such failure could cause our business, results of
operations and financial condition to suffer. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-11-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>We may not be able to obtain and maintain
necessary federal, state and local permits which could delay or prevent the
opening of future restaurants. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business is subject to extensive federal, state and local government
regulations, including regulations relating to: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Alcoholic
 beverage control; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 purchase, preparation and sale of food; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Public
 health and safety; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sanitation,
 building, zoning and fire codes; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Employment
 and related tax matters. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of these regulations impact not only our current operations but also our
ability to open future restaurants. We will be required to comply with
applicable state and local regulations in new locations into which we expand.
Any difficulties, delays or failures in obtaining licenses, permits or approvals
in such new locations could delay or prevent the opening of a restaurant in a
particular area or reduce operations at an existing location, either of which
would materially and adversely affect our business, results of operations and
financial condition. </FONT></P>

<P><FONT SIZE=2><B>The restaurant industry is affected by
litigation and publicity concerning food quality, health and other issues,
which can cause guests to avoid our restaurants and result in liabilities. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health
concerns, including adverse publicity concerning food-related illness, although
not specifically related to our restaurants, could cause guests to avoid our
restaurants, which would have a negative impact on our sales. We may also be
the subject of complaints or litigation from guests alleging food-related
illness, injuries suffered on the premises or other food quality, health or
operational concerns. A lawsuit or claim could result in an adverse decision
against us that could have a material adverse effect on our business and
results of operations. We may also be subject to litigation which, regardless
of the outcome, could result in adverse publicity. Adverse publicity resulting
from such allegations may materially adversely affect us and our restaurants,
regardless of whether such allegations are true or whether we are ultimately
held liable. Such litigation, adverse publicity or damages could have a
material adverse effect on our competitive position, business, results of
operations and financial condition and results of operations. </FONT></P>

<P><FONT SIZE=2><B>Many of our operations are located in casinos
and much of our success will be dependent on the success of those casinos. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
success of the business of our restaurants located in Las Vegas, Nevada,
Atlantic City, New Jersey, Tampa and Hollywood, Florida, and Ledyard,
Connecticut will be substantially dependent on the success of the casinos in
which the company operates in these locations to attract customers for
themselves and for our restaurants. The successful operation of the casinos in
these locations is subject to various risks and uncertainties including: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The risk
 associated with governmental approvals of gaming; </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>-12-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The risk of
 a change in laws regulating gaming operations; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Operating in
 a limited market; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Competitive
 risks relating to casino operations; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Risks of
 terrorism and war. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>Risks Related To Our Common Stock </B></FONT></P>

<P><FONT SIZE=2><B>The fact that a relatively small number of
investors hold our publicly traded common stock could cause our stock price to
fluctuate. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market price of our common stock could fluctuate as a result of sales by our
existing stockholders of a large number of shares of our common stock in the
market or the perception that such sales could occur. A large number of shares
of our common stock is concentrated in the hands of a small number of
individual and institutional investors and is thinly traded. An attempt to sell
by a large holder could adversely affect the price of our stock. </FONT></P>

<P><FONT SIZE=2><B>Ownership of a substantial majority of our
outstanding common stock by a limited number of stockholders will limit your
ability to influence corporate matters. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
substantial majority of our capital stock is held by a limited number of
stockholders. Accordingly, such stockholders will likely have a strong
influence on major decisions of corporate policy, and the outcome of any major
transaction or other matters submitted to our stockholders or board of
directors, including potential mergers or acquisitions, and amendments to our
Amended and Restated Certificate of Incorporation. Stockholders other than
these principal stockholders are therefore likely to have little influence on
decisions regarding such matters. </FONT></P>

<P><FONT SIZE=2><B>The price of our common stock may fluctuate
significantly. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
price at which our common stock will trade may fluctuate significantly. The
stock market has from time to time experienced significant price and volume
fluctuations. The trading price of our common stock could be subject to wide
fluctuations in response to a number of factors, including: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Fluctuations
 in quarterly or annual results of operations; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Changes in
 published earnings estimates by analysts and whether our actual earnings meet
 or exceed such estimates; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Additions or
 departures of key personnel; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Changes in
 overall stock market conditions, including the stock prices of other
 restaurant companies. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the past, companies that have experienced extreme fluctuations in the market
price of their stock have been the subject of securities class action
litigation. If we were to be subject to </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-13-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>such
litigation, it could result in substantial costs and a diversion of our
management&#146;s attention and resources, which may have a material adverse effect
on our business, results of operations, and financial condition. </FONT></P>

<P><FONT SIZE=2><B>We are subject to critical accounting
policies, and we may interpret or implement required policies incorrectly. </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
follow generally accepted accounting principles for the United States in
preparing our financial statements. As part of this work, we must make many
estimates and judgments about future events. These affect the value of the
assets and liabilities, contingent assets and liabilities, and revenue and
expenses that we report in our financial statements. We believe these estimates
and judgments are reasonable, and we make them in accordance with our
accounting policies based on information available at the time. However, actual
results could differ from our estimates, and this could require us to record
adjustments to expenses or revenues that could be material to our financial
position and results of operations in future periods. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>U<A NAME="C60606A007_V1"></A>SE OF PROCEEDS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will not receive any proceeds from the sale of the shares of common stock by
the selling securityholders. All such proceeds will be received by the selling
securityholders. However, we expect to use the proceeds from the exercise of
the options for working capital and other general corporate purposes. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>S<A NAME="C60606A008_V1"></A>ELLING
SECURITYHOLDERS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares offered by this prospectus are being registered for reoffers and resales
by the selling securityholders, who may acquire such shares pursuant to the
exercise of options granted under the 2010 Plan. All of the shares of our
common stock registered for sale under this reoffer prospectus will be owned,
prior to the offer and sale of such shares, by certain of our employees,
directors, and executive officers listed below (the &#147; selling
securityholders&#148;). We are registering the shares of our common stock covered by
this reoffer prospectus for the selling securityholders. As used in this
reoffer prospectus, &#147;selling securityholders&#148; includes the pledges, donees,
transferees or others who may later hold the selling securityholders&#146;
interests. The selling securityholders named below may resell all, a portion or
none of such shares from time to time. In addition, certain non-affiliates of
the Company, not named in the following table, who hold less than the lesser of
1,000 shares or 1% of the shares issuable under a Plan may also use this
prospectus to sell up to that amount of shares acquired by them pursuant to the
exercise of options or other stock awards granted to them under the Plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth, with respect to each selling securityholder, based
upon information available to us as of March 4, 2010, the number of shares of
common stock beneficially owned before and after the sale of the shares offered
by this prospectus; the maximum number of shares to be sold; and the percent of
the outstanding shares of common stock owned before and after the sale of the
common stock offered by this prospectus. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-14-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>S<small>ELLING</small> S<small>ECURITYHOLDER</small></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>S<small>HARES</small> O<small>WNED</small><BR>
 P<small>RIOR</small> <small>TO</small> <small>THE</small><BR>
 S<small>ALE</small> (1)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE="1"><B>P<SMALL>ERCENTAGE</SMALL><BR>
<SMALL>OF</SMALL> S<SMALL>HARES</SMALL><BR>
O<SMALL>WNED</SMALL> P<SMALL>RIOR</SMALL><BR>
<SMALL>TO THE</SMALL> S<SMALL>ALE</SMALL></B> </FONT> </P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1><B>S<small>HARES</small><BR>
 R<small>EGISTERED</small></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Michael Weinstein,
 Chairman of the Board and CEO</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,095,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>31.38</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Bruce R. Lewin, Director</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>287,931</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(3)(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Vincent Pascal, Senior
 Vice President</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>59,608</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Robert Towers, President,
 COO and Treasurer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>34,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(4)(5)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>Less
 than 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Paul Gordon, Senior Vice
 President</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>31,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>Less
 than 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Steven Shulman, Director</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>Less
 than 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Marcia Allen, Director</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>Less
 than 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Robert Stewart, CFO</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>26,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(4)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>Less
 than 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Arthur Stainman, Director</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>56,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(6)(7)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>Less
 than 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Steven Novick, Director</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>3,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(6)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>Less
 than 1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>All directors and officers
 as a group (nine persons)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,612,859</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>(8)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>46.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2>-0-</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Based on 3,489,845 shares
 of common stock issued and outstanding as of March 4, 2010. Except to the
 extent otherwise indicated, to the best of the Company&#146;s knowledge, each of
 the indicated persons exercises sole voting and investment power with respect
 to all shares beneficially owned by him.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes 15,371 shares
 owned by The Weinstein Foundation, a private foundation of which Mr.
 Weinstein acts as trustee and as to which shares Mr. Weinstein has shared
 investment and shared voting power, an aggregate of 2,400 shares owned by Mr.
 Weinstein&#146;s minor children and 31,250 shares issuable pursuant to stock
 options exercisable within 60 days after the date of this Proxy Statement.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(3)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes 1,500 shares
 owned by Mr. Lewin in his Individual Retirement Account (&#147;IRA&#148;).</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(4)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes 25,000 shares
 issuable pursuant to stock options exercisable within 60 days after the date
 of this Prospectus.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(5)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes 900 shares owned
 by Mr. Tower&#146;s spouse in his IRA.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(6)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes 3,750 shares
 issuable pursuant to stock options exercisable within 60 days after the date
 of this Prospectus. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2>(footnotes continued on following page) </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-15-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(7)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes 26,150 shares
 owned by Mr. Stainman&#146;s spouse and 8,400 shares held by investment advisory
 clients of First Manhattan Co. (&#147;FMC&#148;), as to which FMC and Mr. Stainman, in
 his capacity as Managing Member of First Manhattan LLC, the sole general
 partner of FMC, share dispositive and voting power.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(8)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Includes 150,000 shares
 issuable pursuant to stock options exercisable within 60 days after the date
 of this Proxy Statement. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2><B>P<A NAME="C60606A009_V1"></A>LAN OF
DISTRIBUTION</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are registering the shares on behalf of the selling securityholders to permit
the resale of these shares by these stockholders from time to time after the
date of this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling securityholders and any of their pledges, donees, transferees,
assignees and successors-in-interest may, from time to time, sell any or all of
their shares of common stock on any stock exchange, market or trading facility
on which the shares are traded or quoted or in private transactions. These
sales may be at fixed or negotiated prices. The selling securityholders may use
any one or more of the following methods when selling shares: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ordinary
 brokerage transactions and transactions in which the broker-dealer solicits
 investors; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Block trades
 in which the broker-dealer will attempt to sell the shares as agent but may
 position and resell a portion of the block as principal to facilitate the
 transaction; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Purchases by
 a broker-dealer as principal and resale by the broker-dealer for its account;
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>An exchange
 distribution in accordance with the rules of the applicable exchange; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Privately
 negotiated transactions; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>To cover
 short sales made after the date that this registration statement is declared
 effective by the SEC; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Broker-dealers
 may agree with the selling stockholders to sell a specified number of such
 shares at a stipulated price per share; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>A
 combination of any such methods of sale; and </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&#149;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Any other method
 permitted pursuant to applicable law. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealers
engaged by the selling securityholders may arrange for other brokers-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from
the selling securityholders (or, if any broker-dealer acts as agent for the
purchaser of shares, from the purchaser) in amounts to be negotiated. The
selling securityholders do not expect these commissions and discounts to exceed
what is customary in the types of transactions involved. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-16-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling securityholders may from time to time pledge or grant a security
interest in some or all of the shares owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may
offer and sell shares of common stock from time to time under this prospectus,
or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provisions of the Securities Act amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest
as selling securityholders under this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
our being notified by a selling securityholder that any material arrangement
has been entered into with a broker or dealer for the sale of shares through a
secondary distribution, or a purchase by a broker or dealer, we will file a
prospectus supplement, if required, pursuant to Rule 424(b) under the
Securities Act, disclosing (a) the name of each of such selling securityholder
and the participating broker-dealers, (b) the number of shares involved, (c)
the price at which such shares are being sold, (d) the commissions paid or the
discounts or concessions allowed to such broker-dealers, (e) where applicable,
that such broker-dealers did not conduct any investigation to verify the
information set out or incorporated by reference in the prospectus, as
supplemented, and (f) other facts material to the transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to any such number of shares sold hereunder, a selling stockholder
may, at the same time, sell any share of common stock, including the shares
offered by this prospectus, owned by such person in compliance with all of the
requirements of Rule 144 under the Securities Act, regardless of whether such
shares are covered by this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no assurance that any of the selling stockholders will sell any or all of
the shares offered by this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, upon us being notified in writing by a selling securityholders that a
donee or pledgee intends to sell more than 500 shares of common stock, a
supplement to this prospectus will be filed if then required in accordance with
applicable securities law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling securityholders also may transfer the shares of common stock in other
circumstances, in which case the transferees, pledgees or other successors in
interest will be the selling beneficial owners for purposes of this prospectus.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
selling securityholders and any broker-dealers or agents that are involved in
selling the shares may be deemed to be &#147;underwriters&#148; within the meaning of the
Securities Act in connection with such sales. In such event any commissions
received by such broker-dealers or agents and any profit on the resale of the
shares purchased by them may be deemed to be underwriting commissions or
discounts under the Securities Act. Discounts, concessions, commissions and
similar selling expenses, if any, that can be attributed to the sale of
securities will be paid by the selling stockholder and/or the purchasers. Each
selling securityholder has represented and warranted to us that it acquired the
securities subject to this registration statement in the ordinary course of
such selling securityholder&#146;s business and, at the time of its purchase of such
securities such selling securityholder had no agreements or understandings,
directly or indirectly, with any person to distribute any such securities. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-17-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have advised each selling securityholder that it may not use shares registered
on this registration statement to cover short sales of common stock made prior
to the date on which this registration statement shall have been declared
effective by the SEC. If a selling securityholder uses this prospectus for any
sale of the common stock, it will be subject to the prospectus delivery
requirements of the Securities Act. The selling securityholders will be
responsible to comply with the applicable provisions of the Securities Act and
Exchange Act, and the rules and regulations thereunder promulgated, including,
without limitation, Regulation M, as applicable to such selling securityholders
in connection with resales of their respective shares under this registration
statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are required to pay all fees and expenses incident to the registration of the
shares, other than commissions and discounts of underwriters, dealers or
agents, but we will not receive any proceeds from the sale of the common stock.
We have agreed to indemnify the selling securityholders against certain losses,
claims, damages and liabilities, including liabilities under the Securities
Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no assurance that any of the selling securityholders will sell any or all of
the shares offered by this prospectus. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="C60606A010_V1"></A>ESCRIPTION OF
SECURITIES TO BE REGISTERED</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary of the terms of our capital stock does not purport to be
complete and is qualified in its entirety by reference to the applicable
provisions of New York law, our Certificate of Incorporation and our By-Laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
set forth in our Certificate of Incorporation, as amended, our authorized
capital stock consists of 10,000,000 shares of common stock, par value $0.01
per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of our common stock are entitled to one vote for each share held of
record on all matters submitted to a vote of stockholders. The holders of our
common stock are entitled to receive ratably such dividends as are declared by
our board of directors out of funds legally available therefor. In the event of
our liquidation, dissolution or winding up, holders of our common stock have
the right to a ratable portion of assets remaining after payment of
liabilities. The holders of our common stock have no preemptive rights or
rights to convert their common stock into any other securities and are not
subject to future calls or assessments by Ark. All issued and outstanding
shares of our common stock are fully paid and non-assessable. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>I<A NAME="C60606A011_V1"></A>NTEREST OF
NAMED EXPERTS AND COUNSEL.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no interests of named experts and counsel. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>D<A NAME="C60606A012_V1"></A>ISCLOSURE OF
COMMISSION POSITION ON INDEMNIFICATION<BR>
FOR SECURITIES ACT LIABILITIES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company, the
SEC has expressed its opinion </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-18-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>that such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Company of expenses
incurred or paid by a director, officer or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the shares being
registered, the Company will, unless in the opinion of our counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by us is against public
policy as expressed in the Securities Act and we will be governed by the final
adjudication of such issue. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>E<A NAME="C60606A013_V1"></A>XEMPTION FROM
REGISTRATION CLAIMED</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
options or shares of Common Stock have been issued under the 2010 Plan. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>M<A NAME="C60606A014_V1"></A>ATERIAL CHANGES</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
have been no material changes in the Company&#146;s affairs since the end of the
latest fiscal year that have not been disclosed in a previously filed report. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>L<A NAME="C60606A015_V1"></A>EGAL MATTERS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the shares of our common stock being offered for sale pursuant to
this Prospectus has been passed upon for us by Phillips Nizer LLP, 666 Fifth
Avenue, New York, NY 10103. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>E<A NAME="C60606A016_V1"></A>XPERTS</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    consolidated financial statements incorporated in this Prospectus and in
    this Registration Statement by reference to the Annual Report on Form 10-K
    for the year ended October 3, 2009 have been so incorporated in reliance
    on the report of J.H. Cohn LLP, an independent registered public accounting
firm, given on the authority of said firm as experts in auditing and accounting.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROSPECTIVE
INVESTORS MAY RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROSPECTUS. WE
HAVE NOT AUTHORIZED ANYONE TO PROVIDE PROSPECTIVE INVESTORS WITH DIFFERENT OR
ADDITIONAL INFORMATION. THIS PROSPECTUS IS NOT AN OFFER TO SELL NOR IS IT
SEEKING AN OFFER TO BUY IN ANY JURISDICTION WHERE SUCH OFFER, OR SALE IS NOT
PERMITTED. THE INFORMATION CONTAINED IN THIS PROSPECTUS IS CORRECT ONLY AS OF
THE DATE OF THIS PROSPECTUS, REGARDLESS OF THE TIME OF DELIVERY OF THIS
PROSPECTUS OR ANY SALE OF THESE SHARES. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>-19-</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>PART II</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INFORMATION REQUIRED IN THE<BR>
REGISTRATION STATEMENT</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 3.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Incorporation of Documents by Reference </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents filed with the Securities and Exchange Commission (the
&#147;SEC&#148;) by Ark Restaurants Corp., a New York corporation (the &#147;Registrant&#148;),
pursuant to the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), are incorporated by reference in this registration statement: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(1)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Registrant&#146;s
 Proxy Statement filed with the SEC on February 1, 2010. </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(2)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Registrant&#146;s
 Annual Report on Form 10-K for the year ended October 3, 2009, filed with the
 SEC on January 4, 2010. </FONT></P> </TD>
 </TR>
 <TR>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
   <TD VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=2>(3)</FONT></P></TD>
   <TD VALIGN=TOP><P><FONT SIZE=2>Registrant&#146;s Quarterly Report on Form 10-Q
         for the quarterly period ended January 2, 2010, filed with the SEC on
    February 16, 2010.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(4)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 description of our Common Stock contained in Registrant&#146;s Registration
 Statement on Form S-18 (No. 33-00964).</FONT></P> </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents subsequently filed by the Registrant after the date of this
prospectus pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act
shall be deemed to be incorporated by reference in this prospectus and to be a
part of this prospectus from the date of filing of such documents. Any
statement contained in a previously filed document incorporated by reference in
this prospectus shall be deemed to be modified or superseded for purposes of
this prospectus to the extent that a statement in this prospectus modifies or
supersedes such previous statement and any statement contained in this
prospectus shall be deemed to be modified or superseded to the extent that a
statement in any document subsequently filed, which is incorporated by
reference in this prospectus, modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may read and copy any reports, statements or other information we have filed at
the SEC&#146;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.
Please call the SEC at 1-800-SEC-0330 for further information on the Public
Reference Rooms. Our filings are also available on the Internet at the SEC&#146;s
website at http:\\www.sec.gov. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 4.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Description of Securities. </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Not
applicable. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 5.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Interests of Named Experts and Counsel. </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Not
applicable. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 6.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Indemnification of Directors and Officers. </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>(A) The
registrant&#146;s authority to indemnify its officers and directors is governed by
the provisions of Sections 721 through 726 of the Business Corporation Law of
the State of New York (the &#147;BCL&#148;), by the Certificate of Incorporation of the
registrant, and by the registrant&#146;s By-laws. </FONT></P>

<P><FONT SIZE=2>(B) The
Certificate of Incorporation of the registrant provides as follows: </FONT></P>

<P><FONT SIZE=2>The personal
liability of the directors of the Corporation to the Corporation or its
shareholders for damages for any breach of duty as a director is hereby
eliminated to the fullest extent permitted by the Business Corporation Law of
the State of New York as the same may be amended and supplemented. The
Corporation shall, to the fullest extent permitted by the New York Business
Corporation Law, as the same may be amended and supplemented, indemnify any and
all persons whom it shall have power to indemnify under said law from and
against any and all of the expenses, liabilities or other matters referred to
in or covered by said law, and the indemnification provided for herein shall
not be deemed exclusive of any other rights to which any indemnified person may
be entitled under any by-laws, agreement, vote of shareholders or directors or
otherwise, both as to action in his official capacity and as to action in
another capacity while holding such office, and shall continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to
the benefit of heirs, executors and administrators of such person. </FONT></P>

<P><FONT SIZE=2>(C) Article V,
Section 4 of the registrant&#146;s By-Laws provides as follows: </FONT></P>

<P><FONT SIZE=2>The
Corporation shall, to the fullest extent permitted by the New York Business
Corporation Law as amended or supplemented, indemnify any and all persons whom
it shall have power to indemnify under said law from and against any and all of
the expenses, liabilities or other matters referred to in or covered by said
law. </FONT></P>

<P><FONT SIZE=2>The
Corporation may enter into indemnification agreements with any officers,
directors or other persons whom it shall have power to indemnify, when and as
determined by the Board of Directors. </FONT></P>

<P><FONT SIZE=2>(D) The Board
of Directors of the registrant authorized the registrant to enter into
indemnity agreements with officers and directors of the registrant when and as
determined by the Board of Directors. Pursuant to the foregoing authority, the
registrant has entered into indemnity agreements with each of its directors and
certain of its officers. </FONT></P>

<P><FONT SIZE=2>The indemnity
agreements obligate the registrant to provide the maximum protection allowed
under the BCL. The indemnity agreements supplement and increase the protection
afforded to officers and directors under the Certificate of Incorporation in
the following respects: </FONT></P>

<P><FONT SIZE=2>1. The
indemnity agreements establish the presumption that the officer or director has
met the standard of conduct required for indemnification, as prescribed under
the BCL. Indemnification will be made unless the Board of Directors,
independent legal counsel or the </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>stockholders
of the registrant determines that the applicable standard of conduct has not
been met. </FONT></P>

<P><FONT SIZE=2>2. The
indemnity agreements provide that litigation expenses shall be paid promptly by
the registrant as they are incurred or shall be advanced on behalf of the
officer or director as may be appropriate against delivery of invoices therefor
in advance of indemnification, provided that if it is ultimately determined
that such officer or director is not entitled to indemnification for such
expenses he or she shall promptly repay such amounts to the registrant. </FONT></P>

<P><FONT SIZE=2>3. In the
event of a determination by the Board of Directors, independent legal counsel
or the stockholders of the registrant that an officer or director did not meet
the standard of conduct required for indemnification, the indemnity agreements
allow such officer or director to contest this determination by petitioning a
court to make an independent determination of whether such officer or director
is entitled to indemnification under the indemnity agreements. </FONT></P>

<P><FONT SIZE=2>4. The
indemnity agreements explicitly provide for partial indemnification of costs and
expenses in the event that an officer or director is not entitled to full
indemnification under the terms of the indemnity agreements. </FONT></P>

<P><FONT SIZE=2>5. The
indemnity agreements cannot be unilaterally modified or amended by the
registrant, the Board of Directors or the stockholders of the registrant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to officers and directors pursuant to the provisions described above
or otherwise, we have been advised that, in the opinion of the SEC, such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 7.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Exemption from Registration Claimed. </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 8.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Exhibits </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="67%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP nowrap>
 <P ALIGN=CENTER><FONT SIZE="1"><B>Exhibit Number</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP nowrap>
 <P ALIGN=CENTER><FONT SIZE="1"><B>Description</B> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>


 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>2010 Stock
 Option Plan </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Incentive Stock Option Agreement</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Non-statutory Stock Option Agreement</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Phillips Nizer LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>Consent of
 Phillips Nizer LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>Consent of
 J.H. Cohn, LLP </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>II - 3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="83%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>24.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Power of
 attorney of officers and directors of the Registrant (included in page II-6) </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 9.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Undertakings </B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="88%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>The
 undersigned registrant hereby undertakes: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>(1) To file,
 during any period in which offers or sales are being made, a post-effective
 amendment to this registration statement: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(i)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>To include
 any prospectus required by Section 10(a)(3) of the Securities Act of 1933; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(ii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>To reflect
 in the prospectus any facts or events arising after the effective date of the
 registration statement (or the most recent post-effective amendment thereof)
 which, individually or in the aggregate, represent a fundamental change in
 the information set forth in the registration statement. Notwithstanding the
 foregoing, any increase or decrease in volume of securities offered (if the
 total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated
 maximum offering range may be reflected in the form of prospectus filed with
 the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume
 and price represent no more than 20% change in the maximum aggregate offering
 price set forth in the &#147;Calculation of Registration Fee&#148; table in the
 effective registration statement; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(iii)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>To include
 any material information with respect to the plan of distribution not
 previously disclosed in the registration statement or any material change to
 such information in the registration statement; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2><I>provided, however,</I> that paragraphs (a)1(i)
 and (a)(1)(ii) of above do not apply if the registration statement is on Form
 S-3, Form S-8 or Form F-3, and the information required to be included in a
 post-effective amendment by those paragraphs is contained in periodic reports
 filed with or furnished to the Commission by the registrant pursuant to
 Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
 incorporated by reference in the registration statement.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>(2) That,
 for the purpose of determining liability under the Securities Act of 1933,
 each such post-effective amendment shall be deemed to be a new registration
 statement relating to the securities offered therein, and the offering of
 such securities at that time shall be deemed to be the initial bona fide
 offering thereof. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>(3) To
 remove from registration by means of a post-effective amendment any of the
 securities being registered which remain unsold at the termination of the
 offering. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT SIZE=2>(4) For
 determining liability of the undersigned registrant under the Securities Act
 to any purchaser in the initial distribution of the securities, the
 undersigned registrant undertakes that in </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>II - 4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>a primary
offering of securities of the undersigned registrant pursuant to this
registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating
to the offering required to be file( pursuant to Rule 424 (&sect;230.424 of this
chapter); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
Any free writing prospectus relating to the offering prepared by or on behalf
of the undersigned registrant or used or referred to by the undersigned
registrant; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or its
securities provided by or on behalf of the undersigned registrant; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser. </FONT></P>

<P><FONT SIZE=2>(b) The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. </FONT></P>

<P><FONT SIZE=2>(c) Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>II - 5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT SIZE=2>Pursuant to
the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in New York, New
York, on March 8, 2010. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="47%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=TOP>
 <P><FONT SIZE=2>ARK
 RESTAURANTS CORP.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP nowrap>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Michael
 Weinstein</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Michael
 Weinstein</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title: </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chairman of
 the Board and Chief</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Executive Officer</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>KNOW ALL MEN BY THESE PRESENTS</B>,
that each person whose signature appears below constitutes and appoints Michael
Weinstein and Michael P. Buck, and each of them, his true and lawful
attorney-in-fact and agent, with full power of substitution and revocation, for
him and in his name, place and stead, in any and all capacities (until revoked
in writing), to sign any and all amendments (including post-effective
amendments) to this registration statement and to file the same with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done as fully for all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof. This power-of-attorney does not revoke
any earlier powers-of-attorney. </FONT></P>

<P><FONT SIZE=2>Pursuant to
the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date
indicated. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>SIGNATURE</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>TITLE</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1><B>DATE</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Michael
 Weinstein</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Chairman of the Board and Chief</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Executive Officer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Michael
 Weinstein</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Robert
 Towers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>President, Treasurer, Chief Operating</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Officer and Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Robert
 Towers</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Vincent
 Pascal</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Senior Vice President and Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vincent
 Pascal</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>II - 6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Paul
 Gordon</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Senior Vice President and Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Paul Gordon</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Robert
 Stewart</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Chief Financial Officer</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8, 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Robert
 Stewart</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Marcia
 Allen</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Marcia Allen</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Steven
 Shulman</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Steven
 Shulman</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Bruce R.
 Lewin</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Bruce R.
 Lewin</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Arthur
 Stainman</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Arthur
 Stainman</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Stephen
 Novick</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Director</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>March 8,
 2010</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Stephen
 Novick</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>II - 7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ARK RESTAURANTS CORP.</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>REGISTRATION STATEMENT ON FORM S-8,</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>EXHIBIT INDEX</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="7%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="21%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="59%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>Exhibit Number</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1><B>Description</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="70%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="40%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>2010 Stock
 Option Plan </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Incentive Stock Option Agreement </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>4.3</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Form of
 Non-statutory Stock Option Agreement </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>5.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Opinion of
 Phillips Nizer LLP</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Consent of
 Phillips Nizer LLP </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Consent of
 J.H. Cohn, LLP </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>24.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Power of
 attorney of officers and directors of the Registrant (included in signature
 page II-6) </FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

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{"company-data": {"conformed-name": "ARK RESTAURANTS CORP", "cik": "0000779544", "assigned-sic": "5812", "irs-number": "133156768", "state-of-incorporation": "NY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-165369", "film-number": "10667286"}, "business-address": {"street1": "85 FIFTH AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10003-3019", "phone": "2122068800"}, "mail-address": {"street1": "85 FIFTH AVENUE", "city": "NEW YORK", "state": "NY", "zip": "10003-3019"}}
As filed
 with the Securities and Exchange Commission on March 9, 2010
Registration No. 333-_____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
ARK RESTAURANTS CORP.
(Exact name of registrant as
 specified in its charter)
New York
13-3156768
(State or other jurisdiction of incorporation or
organization)
(I.R.S. Employer Identification No.)
85 Fifth Avenue, New York, New York
10003
(Address of Principal Executive Offices)
(Zip Code)
2010 Stock Option
Plan
(Full title of the plan)
Michael P. Buck, Esq.
Secretary and General Counsel
Ark Restaurants Corp.
85 Fifth Avenue, New York, NY 10003
(Name and address of agent for service)
212-206-8800
(Telephone number, including area code, of agent for
service)
Indicate
 by check mark whether the registrant is a large accelerated filer, an
 accelerated filer, a non-accelerated filer, or a smaller reporting company.
 See the definitions of "large accelerated filer," "accelerated filer" and
 "smaller reporting company" in Rule 12b-2 of the Exchange Act.
(Check one):
Large
 accelerated filer
o
Accelerated
 filer
o
Non-accelerated
 filer
o
Smaller
 reporting company
x
(Do not
 check if a smaller reporting company)
A copy of all communications, including
communications sent to the agent for service
should be sent to:
Elliot
H. Lutzker, Esq.
Phillips Nizer LLP
666 Fifth Avenue, 28th Floor
New York, New York 10103-0084
(212) 841-0707
CALCULATION
OF REGISTRATION FEE
T
ITLE
O
F
E
ACH
C
LASS
O
F
S
ECURITIES
T
O
B
E
R
EGISTERED
A
MOUNT
T
O
B
E
R
EGISTERED
P
ROPOSED
M
AXIMUM
O
FFERING
P
RICE
P
ER
S
HARES
P
ROPOSED
M
AXIMUM
A
GGREGATE
O
FFERING
P
RICE
A
MOUNT
O
F
R
EGISTRATION
F
EE
Common
 Stock, $.01 par value
500,000
(1)(2)
$
13.25
(4)
$
6,625,000
$
472.36
(1)
Represents
 an aggregate of 500,000 stock options to be granted pursuant to the Ark
 Restaurants Corp. 2010 Stock Option Plan (the "2010 Plan").
(2)
Pursuant to
 Rule 416, includes an indeterminable number of shares of Common Stock which
 may become issuable pursuant to changes in capital structure provisions of the
     2010 Plan.
(3)
Any shares
 of Common Stock covered by an option granted under the Plan that is
 forfeited, canceled or expires (whether voluntarily or involuntarily) will be
 deemed not to have been issued for purposes of determining the maximum
 aggregate number of shares of Common Stock that may be issued under the Plan.
(4)
Estimated
 solely for the purpose of calculating the registration fee pursuant to Rule
 457(h)(1) and Rule 457(c) based upon the last sale price of the Registrant's
 Common Stock, as reported on the Nasdaq Global Market on March 3, 2010.
EXPLANATORY NOTE
This
registration statement on Form S-8 is being filed by Ark Restaurants Corp. (the
"Company") to register 500,000 shares of common stock under the Company's 2010
Plan.
This
Registration Statement contains two parts. The first part contains information
required in the registration statement pursuant to Part I of Form S-8 with
respect to shares of our
-ii-
common stock
issuable upon the exercise of stock options made under the Plan subsequent to
the date hereof. The second part contains a "reoffer" prospectus prepared in
accordance with the requirements of Part I of Form S-3, which, pursuant to
General Instruction C of Form S-8, may be used by certain persons, including
officers and directors of the Company who are deemed to be affiliates of the
Company, as that term is defined in Rule 405 under the Securities Act, as well
as by non-affiliate assignees holding restricted securities, as that term is
defined in Rule 144 under the Securities Act, in connection with the reoffer
and resale of shares of common stock of the Company received by such persons
pursuant to the exercise of options granted under the 2010 Plan, which 500,000
shares are being registered herein. No options have been granted to date under
the Plan.
This
Prospectus omits certain of the information contained in the Registration
Statement in accordance with the rules and regulations of the SEC. Reference is
hereby made to the Registration Statement and related exhibits for further
information with respect to the Company and the Shares. Statements contained
herein concerning the provisions of any documents are not necessarily complete
and, in each instance, reference is made to the copy of such document filed as
an exhibit to the Registration Statement or otherwise filed with the SEC. Each
such statement is qualified in its entirety by such reference.
We
prepared this Registration Statement in accordance with the requirements of
Form S-8 under the Securities Act. We are registering 500,000 Shares pursuant
to our 2010 Plan. The purpose of our 2010 Plan is to advance the interests of
the Company and its stockholders by providing a means of attracting and
retaining employees, corporate officers and directors employed or retained by
the Company and its subsidiaries and affiliates.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Item 1.
Plan Information
The
document containing the information specified in this Part I of this Form S-8
registration statement has been or will be sent or given to participants in the
2010 Stock Option Plan (the "2010 Plan"), as specified by Rule 428(b)(1)
promulgated by the Securities and Exchange Commission (the "SEC") under the
Securities Act of 1933, as amended (the "Securities Act"). Such document(s) are
not being filed with the SEC, but constitute (along with the documents
incorporated by reference into the registration statement pursuant to Item 3 of
Part II hereof) a prospectus that meets the requirements of Section 10(a) of
the Securities Act.
This
registration statement relates to a maximum of 500,000 shares of our common
stock issuable pursuant to our 2010 Plan (the "Shares").
Item 2.
Registrant Information and Employee Plan
 Annual Information
The documents incorporated by
reference into this prospectus pursuant to Item 3 of Part II hereof are
available without charge, upon written or oral request. The documents
containing the information specified in this Item 2 will be sent or given to
employees, officers or directors
-iii-
upon written or oral request,
as specified by Rule 428(b) under the Securities Act. All requests shall be
directed to Corporate Secretary, Ark Restaurants Corp., 85 Fifth Avenue, New
York, NY 10003; (tel) 212-206-8800. In accordance with the rules and
regulations of the SEC and the instructions to Form S-8, such documents are not
being filed either as part of this registration statement or as prospectuses or
prospectus supplements pursuant to Rule 424 under the Securities Act.
-iv-
REOFFER PROSPECTUS
ARK RESTAURANTS CORP.
500,000 SHARES OF COMMON STOCK
This
prospectus relates to the reoffer and resale of 500,000 shares of common stock,
par value $0.01 per share, of Ark Restaurants Corp., a New York corporation
("Ark," the "Company," "we," "us," or "our"), that have been or will be
acquired by certain persons (collectively referred to as the "selling
securityholders"), including our officers and directors who are deemed to be
our affiliates, as that term is defined in Rule 405 under the Securities Act of
1933, as amended (the "Securities Act"), holding restricted securities, as that
term is defined in Rule 144 under the Securities Act, in connection with the
reoffer and resale of shares of common stock of the Company received by such
persons pursuant to the exercise of options to be granted under our 2010 Stock
Option Plan (the "2010 Plan").
The
shares offered herby consist of 500,000 shares issuable under the 2010 Plan.
Our
common stock is quoted on the Nasdaq Global Market under the symbol "ARKR." On
March 8, 2010, the last reported sale price of our common stock on the NASDAQ
Global Market was $13.50 per share.
The
shares covered by this prospectus may be offered and sold from time to time
directly by the selling securityholders of shares issued upon the exercise of
the options granted pursuant to the 2010 Plan or through brokers on the Nasdaq
Global Market, or otherwise, at the prices prevailing at the time of such
sales. The net proceeds to the selling securityholders will be the proceeds
received by them upon such sales, less brokerage commissions, if any. We will
pay all expenses of preparing and reproducing this prospectus, but will not
receive any of the proceeds from sales by any of the selling securityholders,
but we will receive the exercise price upon exercise of the stock options. The
selling securityholders and any broker-dealers, agents, or underwriters through
whom the shares are sold, may be deemed "underwriters" within the meaning of
the Securities Act with respect to securities offered by them, and any profits
realized or commissions received by them may be deemed underwriting
compensation. See "Plan of Distribution."
NEITHER THE
SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR
ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
THE SHARES
OFFERED HEREBY INVOLVE A SUBSTANTIAL DEGREE OF RISK. SEE "RISK FACTORS"
beginning on page 6 of this prospectus.
The date of this prospectus is March 9, 2010
No
person is authorized to give any information or to make any representations
other than those contained in this prospectus in connection with any offer to
sell or sale of the securities to which this prospectus relates, and if given
or made, such information or representations must not be relied upon as having
been authorized. Neither the deliver of this prospectus nor any sale made
hereunder shall, under any circumstances, imply that there has been no change
in the facts herein set forth since the date hereof. This prospectus is not an
offer to sell these securities and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted.
TABLE OF CONTENTS
Page
AVAILABLE INFORMATION
3
INCORPORATION OF DOCUMENTS BY REFERENCE
3
FORWARD-LOOKING STATEMENTS
4
SUMMARY INFORMATION
4
THE OFFERING
5
RISK FACTORS
6
USE OF PROCEEDS
14
SELLING SECURITYHOLDERS
14
PLAN OF DISTRIBUTION
16
DESCRIPTION OF SECURITIES TO BE REGISTERED
18
INTEREST OF NAMED EXPERTS AND COUNSEL
18
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES
 ACT LIABILITIES
18
EXEMPTION FROM REGISTRATION CLAIMED
19
MATERIAL CHANGES
19
LEGAL MATTERS
19
EXPERTS
19
You should
rely only on the information contained or incorporated by reference in this
prospectus. We have not authorized any other person to provide you with
different information. If anyone provides you with different or inconsistent
information, you should not rely on it.
-2-
This
prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any jurisdiction where the offer or sale is
not permitted. You should assume that the information appearing in this
Prospectus, as well as information we have previously filed with the SEC and
incorporated by reference, is accurate only as of the date on the front of
those documents.
A
VAILABLE
INFORMATION
We
file annual, quarterly and current reports and proxy statements and other
information with the Securities and Exchange Commission ("SEC"). You may read
and copy any such reports, statements or other information that we file with
the SEC at the SEC's Public Reference Room located at 100 F Street, N.W.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information about the operation of the Public Reference Room. Our public
filings are also available from commercial document retrieval services and the
Internet web site maintained by the SEC at http://www.sec.gov. In addition, our
common stock is quoted on the Nasdaq Global Market. Accordingly, our reports,
statements and other information may be inspected at the offices of the
Financial Industry Regulatory Authority, Inc. ("FINRA), 1735 K Street, N.W.,
Washington, D.C. 20006.
The
SEC allows us to "incorporate by reference" information into this prospectus,
which means that we can disclose important information to investors by
referring them to another document filed separately with the SEC. The
information incorporated by reference is deemed to be part of this prospectus,
except for any information superseded by information contained directly in this
document. This prospectus incorporates by reference the documents set forth
below that we have previously filed with the SEC. These documents contain
important information about us and our financial condition.
I
NCORPORATION OF DOCUMENTS BY REFERENCE
The following
documents filed with the SEC are incorporated by reference in this prospectus:
(1)
Ark's Proxy
 Statement filed with the SEC on February 1, 2010.
(2)
Ark's Annual
 Report on Form 10-K for the year ended October 3, 2009, filed with the SEC on
 January 4, 2010.
(3)
Ark's Quarterly Report on Form 10-Q for the
    quarterly period ended January 2, 2010, filed with the SEC on February 16,
    2010.
(4)
The
 description of our common stock contained in Ark's Registration Statement on
 Form S-18 (No. 33-00964).
All
documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Securities Exchange Act of 1934 prior to the filing of a post-effective
amendment which indicates that all securities offered have been sold or which
deregisters all securities then remaining unsold shall be deemed to be
incorporated by reference in this prospectus and to be a part of this
prospectus from the date of filing of such documents. Any statement contained
in a previously filed document incorporated by reference in this prospectus
shall be deemed to be modified or superseded for purposes of this prospectus to
the extent that a statement in this
-3-
prospectus
modifies or supersedes such previous statement and any statement contained in
this prospectus shall be deemed to be modified or superseded to the extent that
a statement in any document subsequently filed, which is incorporated by
reference in this prospectus, modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.
A
copy of any and all of the information included in the documents that have been
incorporated by reference in this prospectus (excluding exhibits thereto,
unless such exhibits have been specifically incorporated by reference into the
information which this prospectus incorporates) but which are not delivered with
this prospectus will be provided by us without charge to any person to whom
this prospectus is delivered, upon the oral or written request of such person.
Written requests should be directed to Ark Restaurants Corp., 85 Fifth Avenue,
New York, New York 10003-3019, Attention: Corporate Secretary. Oral requests
may be directed to the Secretary at 212-206-8800.
Nothing
in this prospectus shall be deemed to incorporate information furnished to, but
not filed with the SEC pursuant to Item 2.02 or Item 7.01 of Form 8-K.
F
ORWARD-LOOKING
STATEMENTS
Certain
statements included or incorporated by reference into this prospectus
constitute "forward-looking statements" within the meaning of such term in
Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause our actual financial or
operating results to be materially different from the historical results or from
any future results expressed or implied by such forward-looking statements.
Such forward looking statements are based on our best estimates of future
results, performance or achievements, based on current conditions and our most
recent results. In addition to statements which explicitly describe such risks
and uncertainties, readers are urged to consider statements labeled with the
terms "may", "will", potential", "opportunity", "believes", "belief",
"expects", "intends", "estimates", "anticipates" or "plans" to be uncertain and
forward-looking. The forward-looking statements contained herein are also
subject generally to other risks and uncertainties that are described from time
to time in our reports and registration statements filed with the SEC.
S
UMMARY
INFORMATION
The
following summary is qualified in its entirety by reference to the more
detailed information appearing elsewhere in this prospectus or incorporated
herein by reference. Each prospective investor is urged to read this prospectus
and the documents incorporated herein by reference in their entirety.
Investment in the securities offered hereby involves a high degree of risk. See
"Risk Factors."
We
are a New York corporation formed in 1983. As of the fiscal year ended October
3, 2009, we owned and/or operated 20 restaurants and bars, 30 fast food
concepts and catering operations through our subsidiaries. Initially our
facilities were located only in New York City. As of the fiscal year ended
October 3, 2009, seven of our restaurant and bar facilities are located in New
York City, four are located in Washington, D.C., five are located in Las Vegas,
Nevada, two are located in Atlantic City, New Jersey, one is located at the
Foxwoods Resort Casino in
-4-
Ledyard,
Connecticut and one is located in the Faneuil Hall Marketplace in Boston,
Massachusetts.
In
addition to the shift from a Manhattan-based operation to a multi-city
operation, the nature of the facilities operated by us has shifted from
smaller, neighborhood restaurants to larger, destination restaurants intended
to benefit from high patron traffic attributable to the uniqueness of the
restaurant's location. Most of our restaurants which are in operation and which
have been opened in recent years are of the latter description. As of the
fiscal year ended October 3, 2009, these include the restaurant operations at
the 12 fast food facilities in Tampa, Florida and Hollywood, Florida,
respectively (2004); the Gallagher's Steakhouse and Gallagher's Burger Bar in the
Resorts Atlantic City Hotel and Casino in Atlantic City, New Jersey (2005); The
Grill at Two Trees at the Foxwoods Resort Casino in Ledyard, Connecticut
(2006); Durgin Park Restaurant and the Black Horse Tavern in the Faneuil Hall
Marketplace in Boston, Massachusetts (2007); Yolos, at the Planet Hollywood
Resort and Casino (formerly known as the Aladdin Resort and Casino) in Las
Vegas, Nevada (2007); five fast food facilities at MGM Grand Casino at the
Foxwoods Resort Casino in Ledyard, Connecticut (2008); and Robert at the Museum
of Arts & Design at Columbus Circle in Manhattan (2009).
The
names and themes of each of our restaurants are different except for our two
America restaurants, two Sequoia restaurants, two Gonzalez y Gonzalez
restaurants and two Gallagher's Steakhouse restaurants. The menus in our
restaurants are extensive, offering a wide variety of high quality foods at
generally moderate prices. The atmosphere at many of the restaurants is lively
and extremely casual. Most of the restaurants have separate bar areas. A
majority of our net sales are derived from dinner as opposed to lunch service.
Most of the restaurants are open seven days a week and most serve lunch as well
as dinner.
While
decor differs from restaurant to restaurant, interiors are marked by
distinctive architectural and design elements which often incorporate dramatic
interior open spaces and extensive glass exteriors. The wall treatments,
lighting and decorations are typically vivid, unusual and, in some cases,
highly theatrical.
In
this prospectus we refer to Ark Restaurants Corp. as "Ark", the "Company",
"we", "us" or "our". Our executive offices are located at 85 Fifth Avenue, New
York, New York 10003 and our telephone number is (212)-206-8800. The
information on our website does not constitute part of this prospectus.
T
HE OFFERING
This
reoffer prospectus relates to the reoffer and resale of an aggregate of 500,000
shares of our common stock, par value $0.01 per share, by certain selling
securityholders, including our officers and directors, who are deemed to be
affiliates of the Company, that are issuable upon the exercise of options to be
granted pursuant to our 2010 Plan. We will not receive any proceeds from the
sale of the shares sold by the selling securityholders, but we will receive the
exercise price upon exercise of the stock options.
If
subsequent to the date of this reoffer prospectus, we grant any awards under
the 2010 Plan to any persons who are affiliates of the Company, we would
supplement this reoffer
-5-
prospectus
with the names of such affiliates and the amount(s) of shares to be reoffered
by them as selling securityholders.
R
ISK FACTORS
This
prospectus contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Actual results could
differ materially from those projected in the forward-looking statements as a
result of certain uncertainties set forth below and elsewhere in this
prospectus. An investment in the shares is highly speculative and involves a
high degree of risk. Prospective investors, prior to making an investment
decision, should carefully consider the following risk factors, in addition to
the other information set forth in this prospectus, in connection with an
investment in the shares offered hereby.
Risks Related To Our Business
The recent
disruptions in the overall economy and the financial markets may adversely
impact our business.
The
restaurant industry has been affected by current economic factors, including
the deterioration of national, regional and local economic conditions, declines
in employment levels, and shifts in consumer spending patterns. The recent
disruptions in the overall economy and volatility in the financial markets have
reduced, and may continue to reduce, consumer confidence in the economy,
negatively affecting consumer restaurant spending, which could be harmful to
our financial position and results of operations. As a result, decreased cash
flow generated from our business may adversely affect our financial position
and our ability to fund our operations. In addition, macro economic
disruptions, as well as the restructuring of various commercial and investment
banking organizations, could adversely affect our ability to access the credit
markets. The disruption in the credit markets may also adversely affect the
availability of financing for our expansions and operations, and could impact
our vendors' ability to meet supply requirements. There can be no assurance
that government responses to the disruptions in the financial markets will
restore consumer confidence, stabilize the markets, or increase liquidity and
the availability of credit.
Failure of our restaurants to achieve
expected results could have a negative impact on our revenues and performance
results.
Performance
results currently achieved by our restaurants may not be indicative of longer
term performance or the potential market acceptance of restaurants in new
locations. We cannot be assured that new restaurants that we open will have
similar operating results as existing restaurants. New restaurants take several
months to reach expected operating levels due to inefficiencies typically
associated with new restaurants, including lack of market awareness, inability
to hire sufficient staff and other factors. The failure of our existing or new
restaurants to perform as predicted could negatively impact our revenues and
results of operations.
-6-
Our unfamiliarity with new markets may
present risks, which could have a material adverse effect on our future growth
and profitability.
Due
to higher operating costs caused by temporary inefficiencies typically
associated with expanding into new regions and opening new restaurants, such as
lack of market awareness and acceptance and limited availability of experienced
staff, continued expansion may result in an increase in our operating costs.
New markets may have different competitive conditions, consumer tastes and
discretionary spending patterns than our existing markets, which may cause our
restaurants in these new markets to be less successful than our restaurants in
our existing markets. We cannot assure you that restaurants in new markets will
be successful.
Our
ability to open new restaurants efficiently is subject to a number of factors
beyond our control, including:
—
Selection
 and availability of suitable restaurant sites;
—
Negotiation
 of acceptable lease or purchase terms for such sites;
—
Negotiation
 of reasonable construction contracts and adequate supervision of
 construction;
—
Our ability
 to secure required governmental permits and approvals for both construction
 and operation;
—
Availability
 of adequate capital;
—
General
 economic conditions; and
—
Adverse
 weather conditions.
We
may not be successful in addressing these factors, which could adversely affect
our ability to open new restaurants on a timely basis, or at all. Delays in
opening or failures to open new restaurants could cause our business, results
of operations and financial condition to suffer.
Terrorism and war may have material adverse
effect on our business.
Terrorist
attacks, such as the attacks that occurred in New York and Washington, D.C. on
September 11, 2001, and other acts of violence or war in the United States or
abroad, may affect the markets in which we operate and our business, results of
operations and financial conditions. The potential near-term and long-term
effects these events may have on our business operations, our customers, the
markets in which we operate and the economy is uncertain. Because the
consequences of any terrorist attacks, or any armed conflicts, are unpredictable,
we may not be able to foresee events that could have an adverse effect on our
markets or our business.
Increases in the minimum wage may have a
material adverse effect on our business and financial results.
Many
of our employees are subject to various minimum wage requirements. Many of our
restaurants are located in states where the minimum wage was recently
increased. There likely will be additional increases implemented in
jurisdictions in which we operate or seek to operate.
-7-
These minimum
wage increases may have a material adverse effect on our business, financial
condition, results of operations or cash flows.
Future changes in financial accounting
standards may cause adverse unexpected operating results and affect our reported
results of operations.
Changes
in accounting standards can have a significant effect on our reported results
and may affect our reporting of transactions completed before the change is
effective. New pronouncements and varying interpretations of pronouncements
have occurred and may occur in the future.
Changes
to existing rules or differing interpretations with respect to our current
practices may adversely affect our reported financial results.
Rising insurance costs could negatively
impact profitability.
The
cost of insurance (workers compensation insurance, general liability insurance,
property insurance, health insurance and directors and officers liability
insurance) has risen significantly over the past few years and is expected to
continue to increase. These increases, as well as potential state legislation
requirements for employers to provide health insurance to employees, could have
a negative impact on our profitability if we are not able to negate the effect of
such increases with plan modifications and cost control measures or by
continuing to improve our operating efficiencies.
Compliance with existing and new regulations
of corporate governance and public disclosure may result in additional
expenses.
Compliance
with changing laws, regulations and standards relating to corporate governance
and public disclosure, including The Sarbanes-Oxley Act of 2002, new SEC
regulations and NASDAQ Stock Market rules, has required an increased amount of
management attention and external resources. We are committed to maintaining
high standards of corporate governance and public disclosure. This investment
required to comply with these changing regulations may result in increased
general and administrative expenses and a diversion of management time and
attention from revenue-generating activities to compliance activities.
Intense competition in the restaurant
industry could prevent us from increasing or sustaining our revenues and
profitability.
The
restaurant industry is intensely competitive with respect to food quality,
price-value relationships, ambiance, service and location, and many restaurants
compete with us at each of our locations. There are a number of
well-established competitors with substantially greater financial, marketing,
personnel and other resources than ours, and many of our competitors are well
established in the markets where we have restaurants, or in which we intend to
locate restaurants. Additionally, other companies may develop restaurants that
operate with similar concepts.
Any
inability to successfully compete with the other restaurants in our markets
will prevent us from increasing or sustaining our revenues and profitability
and result in a material
-8-
adverse effect
on our business, financial condition, results of operations or cash flows. We
may also need to modify or refine elements of our restaurant system to evolve
our concepts in order to compete with popular new restaurant formats or
concepts that may develop in the future. We cannot assure you that we will be
successful in implementing these modifications or that these modifications will
not reduce our profitability.
Our profitability is dependent in large
measure on food, beverage and supply costs which are not within our control.
Our
profitability is dependent in large measure on our ability to anticipate and
react to changes in food, beverage and supply costs. Various factors beyond our
control, including climatic changes and government regulations, may affect food
and beverage costs. Specifically, our dependence on frequent, timely deliveries
of fresh beef, poultry, seafood and produce subjects us to the risks of
possible shortages or interruptions in supply caused by adverse weather or other
conditions, which could adversely affect the availability and cost of any such
items. We cannot assure you that we will be able to anticipate or react to
increasing food and supply costs in the future. The failure to react to these
increases could materially and adversely affect our business, results of
operations and financial condition.
The restaurant industry is affected by
changes in consumer preferences and discretionary spending patterns that could
result in a reduction in our revenues.
Consumer
preferences could be affected by health concerns or by specific events such as
the outbreak of or scare caused by "mad cow disease", the popularity of the
Atkins diet and the South Beach diet and changes in consumer preferences, such
as "carb consciousness". If we were to have to modify our restaurants' menus,
we may lose customers who would be less satisfied with a modified menu, and we
may not be able to attract a new customer base to generate the necessary
revenues to maintain our income from restaurant operations. A change in our
menus may also result in us having different competitors. We may not be able to
successfully compete against established competitors in the general restaurant
market. Our success also depends on various factors affecting discretionary
consumer spending, including economic conditions, disposable consumer income,
consumer confidence and the United States participation in military activities.
Adverse changes in these factors could reduce our customer base and spending patterns,
either of which could reduce our revenues and results of operations.
Our geographic concentrations could have a
material adverse effect on our business, results of operations and financial
condition.
We
currently operate in seven regions, New York City, Washington, D.C., Las Vegas,
Nevada, Tampa and Hollywood, Florida, Atlantic City, New Jersey, Ledyard,
Connecticut, and Boston, Massachusetts. Our Las Vegas, Florida, Atlantic City,
and Connecticut operations are all located in casinos. As a result, we are
particularly susceptible to adverse trends and economic conditions in these
markets, including its labor market, and the casino market in general, which
could have a negative impact on our profitability as a whole. In addition,
given our geographic concentration, negative publicity regarding any of our
restaurants could have a material adverse effect on our business, results of
operations and financial condition, as could other regional
-9-
occurrences
such as acts of terrorism, local strikes, natural disasters or changes in laws
or regulations.
Our operating results may fluctuate
significantly due to seasonality and other factors beyond our control.
Our
business is subject to seasonal fluctuations, which may vary greatly depending
upon the region of the United States in which a particular restaurant is
located. In addition to seasonality, our quarterly and annual operating results
and comparable unit sales may fluctuate significantly as a result of a variety
of factors, including:
—
The amount
 of sales contributed by new and existing restaurants;
—
The timing
 of new openings;
—
Increases in
 the cost of key food or beverage products;
—
Labor costs
 for our personnel;
—
Our ability
 to achieve and sustain profitability on a quarterly or annual basis;
—
Adverse
 weather;
—
Consumer
 confidence and changes in consumer preferences;
—
Health
 concerns, including adverse publicity concerning food-related illness;
—
The level of
 competition from existing or new competitors;
—
Economic
 conditions generally and in each of the market in which we are located; and
—
Acceptance
 of a new or modified concept in each of the new markets in which we could be
 located.
These
fluctuations make it difficult for us to predict and address in a timely manner
factors that may have a negative impact on our business, results of operations
and financial condition.
Any expansion may strain our infrastructure,
which could slow restaurant development.
Any
expansion may place a strain on our management systems, financial controls, and
information systems. To manage growth effectively, we must maintain the high
level of quality and service at our existing and future restaurants. We must
also continue to enhance our operational, information, financial and management
systems and locate, hire, train and retain qualified personnel, particularly
restaurant managers. We cannot predict whether we will be able to respond on a
timely basis to all of the changing demands that any expansion will impose on
management and those systems and controls. If we are not able to effectively
manage any one or more of these or other aspects of expansion, our business,
results of operations and financial condition could be materially adversely
affected.
Our inability to retain key personnel could
negatively impact our business.
Our
success will continue to be highly dependent on our key operating officers and
employees. We must continue to attract, retain and motivate a sufficient number
of qualified
-10-
management and
operating personnel, including general managers and chefs. The ability of these
key personnel to maintain consistency in the quality and atmosphere of our
restaurants is a critical factor in our success. Any failure to do so may harm
our reputation and result in a loss of business.
We could face labor shortages, increased
labor costs and other adverse effects of varying labor conditions.
The
development and success of our restaurants depend, in large part, on the
efforts, abilities, experience and reputations of the general managers and
chefs at such restaurants. In addition, our success depends in part upon our
ability to attract, motivate and retain a sufficient number of qualified
employees, including restaurant managers, kitchen staff and wait staff.
Qualified individuals needed to fill these positions are in short supply and
the inability to recruit and retain such individuals may delay the planned openings
of new restaurants or result in high employee turnover in existing restaurants.
A significant delay in finding qualified employees or high turnover of existing
employees could materially and adversely affect our business, results of
operations and financial condition. Also, competition for qualified employees
could require us to pay higher wages to attract sufficient qualified employees,
which could result in higher, labor costs. In addition, increases in the
minimum hourly wage, employment tax rates and levies, related benefits costs,
including health insurance, and similar matters over which we have no control
may increase our operating costs.
Unanticipated costs or delays in the
development or construction of future restaurants could prevent our timely and
cost-effective opening of new restaurants.
We
depend on contractors and real estate developers to construct our restaurants
on a timely and cost effective basis. Many factors may adversely affect the
cost and time associated with the development and construction of our
restaurants, including:
—
Labor
 disputes;
—
Shortages of
 materials or skilled labor;
—
Adverse
 weather conditions;
—
Unforeseen
 engineering problems;
—
Environmental
 problems;
—
Construction
 or zoning problems;
—
Local
 government regulations;
—
Modifications
 in design; and
—
Other
 unanticipated increases in costs.
Any
of these factors could give rise to delays or cost overruns, which may prevent
us from developing additional restaurants within our anticipated budgets or
time periods or at all. Any such failure could cause our business, results of
operations and financial condition to suffer.
-11-
We may not be able to obtain and maintain
necessary federal, state and local permits which could delay or prevent the
opening of future restaurants.
Our
business is subject to extensive federal, state and local government
regulations, including regulations relating to:
—
Alcoholic
 beverage control;
—
The
 purchase, preparation and sale of food;
—
Public
 health and safety;
—
Sanitation,
 building, zoning and fire codes; and
—
Employment
 and related tax matters.
All
of these regulations impact not only our current operations but also our
ability to open future restaurants. We will be required to comply with
applicable state and local regulations in new locations into which we expand.
Any difficulties, delays or failures in obtaining licenses, permits or approvals
in such new locations could delay or prevent the opening of a restaurant in a
particular area or reduce operations at an existing location, either of which
would materially and adversely affect our business, results of operations and
financial condition.
The restaurant industry is affected by
litigation and publicity concerning food quality, health and other issues,
which can cause guests to avoid our restaurants and result in liabilities.
Health
concerns, including adverse publicity concerning food-related illness, although
not specifically related to our restaurants, could cause guests to avoid our
restaurants, which would have a negative impact on our sales. We may also be
the subject of complaints or litigation from guests alleging food-related
illness, injuries suffered on the premises or other food quality, health or
operational concerns. A lawsuit or claim could result in an adverse decision
against us that could have a material adverse effect on our business and
results of operations. We may also be subject to litigation which, regardless
of the outcome, could result in adverse publicity. Adverse publicity resulting
from such allegations may materially adversely affect us and our restaurants,
regardless of whether such allegations are true or whether we are ultimately
held liable. Such litigation, adverse publicity or damages could have a
material adverse effect on our competitive position, business, results of
operations and financial condition and results of operations.
Many of our operations are located in casinos
and much of our success will be dependent on the success of those casinos.
The
success of the business of our restaurants located in Las Vegas, Nevada,
Atlantic City, New Jersey, Tampa and Hollywood, Florida, and Ledyard,
Connecticut will be substantially dependent on the success of the casinos in
which the company operates in these locations to attract customers for
themselves and for our restaurants. The successful operation of the casinos in
these locations is subject to various risks and uncertainties including:
—
The risk
 associated with governmental approvals of gaming;
-12-
—
The risk of
 a change in laws regulating gaming operations;
—
Operating in
 a limited market;
—
Competitive
 risks relating to casino operations; and
—
Risks of
 terrorism and war.
Risks Related To Our Common Stock
The fact that a relatively small number of
investors hold our publicly traded common stock could cause our stock price to
fluctuate.
The
market price of our common stock could fluctuate as a result of sales by our
existing stockholders of a large number of shares of our common stock in the
market or the perception that such sales could occur. A large number of shares
of our common stock is concentrated in the hands of a small number of
individual and institutional investors and is thinly traded. An attempt to sell
by a large holder could adversely affect the price of our stock.
Ownership of a substantial majority of our
outstanding common stock by a limited number of stockholders will limit your
ability to influence corporate matters.
A
substantial majority of our capital stock is held by a limited number of
stockholders. Accordingly, such stockholders will likely have a strong
influence on major decisions of corporate policy, and the outcome of any major
transaction or other matters submitted to our stockholders or board of
directors, including potential mergers or acquisitions, and amendments to our
Amended and Restated Certificate of Incorporation. Stockholders other than
these principal stockholders are therefore likely to have little influence on
decisions regarding such matters.
The price of our common stock may fluctuate
significantly.
The
price at which our common stock will trade may fluctuate significantly. The
stock market has from time to time experienced significant price and volume
fluctuations. The trading price of our common stock could be subject to wide
fluctuations in response to a number of factors, including:
—
Fluctuations
 in quarterly or annual results of operations;
—
Changes in
 published earnings estimates by analysts and whether our actual earnings meet
 or exceed such estimates;
—
Additions or
 departures of key personnel; and
—
Changes in
 overall stock market conditions, including the stock prices of other
 restaurant companies.
In
the past, companies that have experienced extreme fluctuations in the market
price of their stock have been the subject of securities class action
litigation. If we were to be subject to
-13-
such
litigation, it could result in substantial costs and a diversion of our
management's attention and resources, which may have a material adverse effect
on our business, results of operations, and financial condition.
We are subject to critical accounting
policies, and we may interpret or implement required policies incorrectly.
We
follow generally accepted accounting principles for the United States in
preparing our financial statements. As part of this work, we must make many
estimates and judgments about future events. These affect the value of the
assets and liabilities, contingent assets and liabilities, and revenue and
expenses that we report in our financial statements. We believe these estimates
and judgments are reasonable, and we make them in accordance with our
accounting policies based on information available at the time. However, actual
results could differ from our estimates, and this could require us to record
adjustments to expenses or revenues that could be material to our financial
position and results of operations in future periods.
U
SE OF PROCEEDS
We
will not receive any proceeds from the sale of the shares of common stock by
the selling securityholders. All such proceeds will be received by the selling
securityholders. However, we expect to use the proceeds from the exercise of
the options for working capital and other general corporate purposes.
S
ELLING
SECURITYHOLDERS
The
shares offered by this prospectus are being registered for reoffers and resales
by the selling securityholders, who may acquire such shares pursuant to the
exercise of options granted under the 2010 Plan. All of the shares of our
common stock registered for sale under this reoffer prospectus will be owned,
prior to the offer and sale of such shares, by certain of our employees,
directors, and executive officers listed below (the " selling
securityholders"). We are registering the shares of our common stock covered by
this reoffer prospectus for the selling securityholders. As used in this
reoffer prospectus, "selling securityholders" includes the pledges, donees,
transferees or others who may later hold the selling securityholders'
interests. The selling securityholders named below may resell all, a portion or
none of such shares from time to time. In addition, certain non-affiliates of
the Company, not named in the following table, who hold less than the lesser of
1,000 shares or 1% of the shares issuable under a Plan may also use this
prospectus to sell up to that amount of shares acquired by them pursuant to the
exercise of options or other stock awards granted to them under the Plans.
The
following table sets forth, with respect to each selling securityholder, based
upon information available to us as of March 4, 2010, the number of shares of
common stock beneficially owned before and after the sale of the shares offered
by this prospectus; the maximum number of shares to be sold; and the percent of
the outstanding shares of common stock owned before and after the sale of the
common stock offered by this prospectus.
-14-
S
ELLING
S
ECURITYHOLDER
S
HARES
O
WNED
P
RIOR
TO
THE
S
ALE
(1)
P
ERCENTAGE
OF
S
HARES
O
WNED
P
RIOR
TO THE
S
ALE
S
HARES
R
EGISTERED
Michael Weinstein,
 Chairman of the Board and CEO
1,095,270
(2)
31.38
%
-0-
Bruce R. Lewin, Director
287,931
(3)(6)
8.25
%
-0-
Vincent Pascal, Senior
 Vice President
59,608
(4)
1.71
%
-0-
Robert Towers, President,
 COO and Treasurer
34,800
(4)(5)
Less
 than 1
%
-0-
Paul Gordon, Senior Vice
 President
31,500
(4)
Less
 than 1
%
-0-
Steven Shulman, Director
13,050
(6)
Less
 than 1
%
-0-
Marcia Allen, Director
3,750
(6)
Less
 than 1
%
-0-
Robert Stewart, CFO
26,800
(4)
Less
 than 1
%
-0-
Arthur Stainman, Director
56,400
(6)(7)
Less
 than 1
%
-0-
Steven Novick, Director
3,750
(6)
Less
 than 1
%
-0-
All directors and officers
 as a group (nine persons)
1,612,859
(8)
46.22
%
-0-
(1)
Based on 3,489,845 shares
 of common stock issued and outstanding as of March 4, 2010. Except to the
 extent otherwise indicated, to the best of the Company's knowledge, each of
 the indicated persons exercises sole voting and investment power with respect
 to all shares beneficially owned by him.
(2)
Includes 15,371 shares
 owned by The Weinstein Foundation, a private foundation of which Mr.
 Weinstein acts as trustee and as to which shares Mr. Weinstein has shared
 investment and shared voting power, an aggregate of 2,400 shares owned by Mr.
 Weinstein's minor children and 31,250 shares issuable pursuant to stock
 options exercisable within 60 days after the date of this Proxy Statement.
(3)
Includes 1,500 shares
 owned by Mr. Lewin in his Individual Retirement Account ("IRA").
(4)
Includes 25,000 shares
 issuable pursuant to stock options exercisable within 60 days after the date
 of this Prospectus.
(5)
Includes 900 shares owned
 by Mr. Tower's spouse in his IRA.
(6)
Includes 3,750 shares
 issuable pursuant to stock options exercisable within 60 days after the date
 of this Prospectus.
(footnotes continued on following page)
-15-
(7)
Includes 26,150 shares
 owned by Mr. Stainman's spouse and 8,400 shares held by investment advisory
 clients of First Manhattan Co. ("FMC"), as to which FMC and Mr. Stainman, in
 his capacity as Managing Member of First Manhattan LLC, the sole general
 partner of FMC, share dispositive and voting power.
(8)
Includes 150,000 shares
 issuable pursuant to stock options exercisable within 60 days after the date
 of this Proxy Statement.
P
LAN OF
DISTRIBUTION
We
are registering the shares on behalf of the selling securityholders to permit
the resale of these shares by these stockholders from time to time after the
date of this prospectus.
The
selling securityholders and any of their pledges, donees, transferees,
assignees and successors-in-interest may, from time to time, sell any or all of
their shares of common stock on any stock exchange, market or trading facility
on which the shares are traded or quoted or in private transactions. These
sales may be at fixed or negotiated prices. The selling securityholders may use
any one or more of the following methods when selling shares:
•
Ordinary
 brokerage transactions and transactions in which the broker-dealer solicits
 investors;
•
Block trades
 in which the broker-dealer will attempt to sell the shares as agent but may
 position and resell a portion of the block as principal to facilitate the
 transaction;
•
Purchases by
 a broker-dealer as principal and resale by the broker-dealer for its account;
•
An exchange
 distribution in accordance with the rules of the applicable exchange;
•
Privately
 negotiated transactions;
•
To cover
 short sales made after the date that this registration statement is declared
 effective by the SEC;
•
Broker-dealers
 may agree with the selling stockholders to sell a specified number of such
 shares at a stipulated price per share;
•
A
 combination of any such methods of sale; and
•
Any other method
 permitted pursuant to applicable law.
Broker-dealers
engaged by the selling securityholders may arrange for other brokers-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from
the selling securityholders (or, if any broker-dealer acts as agent for the
purchaser of shares, from the purchaser) in amounts to be negotiated. The
selling securityholders do not expect these commissions and discounts to exceed
what is customary in the types of transactions involved.
-16-
The
selling securityholders may from time to time pledge or grant a security
interest in some or all of the shares owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may
offer and sell shares of common stock from time to time under this prospectus,
or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provisions of the Securities Act amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest
as selling securityholders under this prospectus.
Upon
our being notified by a selling securityholder that any material arrangement
has been entered into with a broker or dealer for the sale of shares through a
secondary distribution, or a purchase by a broker or dealer, we will file a
prospectus supplement, if required, pursuant to Rule 424(b) under the
Securities Act, disclosing (a) the name of each of such selling securityholder
and the participating broker-dealers, (b) the number of shares involved, (c)
the price at which such shares are being sold, (d) the commissions paid or the
discounts or concessions allowed to such broker-dealers, (e) where applicable,
that such broker-dealers did not conduct any investigation to verify the
information set out or incorporated by reference in the prospectus, as
supplemented, and (f) other facts material to the transaction.
In
addition to any such number of shares sold hereunder, a selling stockholder
may, at the same time, sell any share of common stock, including the shares
offered by this prospectus, owned by such person in compliance with all of the
requirements of Rule 144 under the Securities Act, regardless of whether such
shares are covered by this prospectus.
There
is no assurance that any of the selling stockholders will sell any or all of
the shares offered by this prospectus.
In
addition, upon us being notified in writing by a selling securityholders that a
donee or pledgee intends to sell more than 500 shares of common stock, a
supplement to this prospectus will be filed if then required in accordance with
applicable securities law.
The
selling securityholders also may transfer the shares of common stock in other
circumstances, in which case the transferees, pledgees or other successors in
interest will be the selling beneficial owners for purposes of this prospectus.
The
selling securityholders and any broker-dealers or agents that are involved in
selling the shares may be deemed to be "underwriters" within the meaning of the
Securities Act in connection with such sales. In such event any commissions
received by such broker-dealers or agents and any profit on the resale of the
shares purchased by them may be deemed to be underwriting commissions or
discounts under the Securities Act. Discounts, concessions, commissions and
similar selling expenses, if any, that can be attributed to the sale of
securities will be paid by the selling stockholder and/or the purchasers. Each
selling securityholder has represented and warranted to us that it acquired the
securities subject to this registration statement in the ordinary course of
such selling securityholder's business and, at the time of its purchase of such
securities such selling securityholder had no agreements or understandings,
directly or indirectly, with any person to distribute any such securities.
-17-
We
have advised each selling securityholder that it may not use shares registered
on this registration statement to cover short sales of common stock made prior
to the date on which this registration statement shall have been declared
effective by the SEC. If a selling securityholder uses this prospectus for any
sale of the common stock, it will be subject to the prospectus delivery
requirements of the Securities Act. The selling securityholders will be
responsible to comply with the applicable provisions of the Securities Act and
Exchange Act, and the rules and regulations thereunder promulgated, including,
without limitation, Regulation M, as applicable to such selling securityholders
in connection with resales of their respective shares under this registration
statement.
We
are required to pay all fees and expenses incident to the registration of the
shares, other than commissions and discounts of underwriters, dealers or
agents, but we will not receive any proceeds from the sale of the common stock.
We have agreed to indemnify the selling securityholders against certain losses,
claims, damages and liabilities, including liabilities under the Securities
Act.
There
is no assurance that any of the selling securityholders will sell any or all of
the shares offered by this prospectus.
D
ESCRIPTION OF
SECURITIES TO BE REGISTERED
The
following summary of the terms of our capital stock does not purport to be
complete and is qualified in its entirety by reference to the applicable
provisions of New York law, our Certificate of Incorporation and our By-Laws.
As
set forth in our Certificate of Incorporation, as amended, our authorized
capital stock consists of 10,000,000 shares of common stock, par value $0.01
per share.
The
holders of our common stock are entitled to one vote for each share held of
record on all matters submitted to a vote of stockholders. The holders of our
common stock are entitled to receive ratably such dividends as are declared by
our board of directors out of funds legally available therefor. In the event of
our liquidation, dissolution or winding up, holders of our common stock have
the right to a ratable portion of assets remaining after payment of
liabilities. The holders of our common stock have no preemptive rights or
rights to convert their common stock into any other securities and are not
subject to future calls or assessments by Ark. All issued and outstanding
shares of our common stock are fully paid and non-assessable.
I
NTEREST OF
NAMED EXPERTS AND COUNSEL.
There
are no interests of named experts and counsel.
D
ISCLOSURE OF
COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company, the
SEC has expressed its opinion
-18-
that such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Company of expenses
incurred or paid by a director, officer or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the shares being
registered, the Company will, unless in the opinion of our counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by us is against public
policy as expressed in the Securities Act and we will be governed by the final
adjudication of such issue.
E
XEMPTION FROM
REGISTRATION CLAIMED
No
options or shares of Common Stock have been issued under the 2010 Plan.
M
ATERIAL CHANGES
There
have been no material changes in the Company's affairs since the end of the
latest fiscal year that have not been disclosed in a previously filed report.
L
EGAL MATTERS
The
validity of the shares of our common stock being offered for sale pursuant to
this Prospectus has been passed upon for us by Phillips Nizer LLP, 666 Fifth
Avenue, New York, NY 10103.
E
XPERTS
The
    consolidated financial statements incorporated in this Prospectus and in
    this Registration Statement by reference to the Annual Report on Form 10-K
    for the year ended October 3, 2009 have been so incorporated in reliance
    on the report of J.H. Cohn LLP, an independent registered public accounting
firm, given on the authority of said firm as experts in auditing and accounting.
PROSPECTIVE
INVESTORS MAY RELY ONLY ON THE INFORMATION CONTAINED IN THIS PROSPECTUS. WE
HAVE NOT AUTHORIZED ANYONE TO PROVIDE PROSPECTIVE INVESTORS WITH DIFFERENT OR
ADDITIONAL INFORMATION. THIS PROSPECTUS IS NOT AN OFFER TO SELL NOR IS IT
SEEKING AN OFFER TO BUY IN ANY JURISDICTION WHERE SUCH OFFER, OR SALE IS NOT
PERMITTED. THE INFORMATION CONTAINED IN THIS PROSPECTUS IS CORRECT ONLY AS OF
THE DATE OF THIS PROSPECTUS, REGARDLESS OF THE TIME OF DELIVERY OF THIS
PROSPECTUS OR ANY SALE OF THESE SHARES.
-19-
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
The
following documents filed with the Securities and Exchange Commission (the
"SEC") by Ark Restaurants Corp., a New York corporation (the "Registrant"),
pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), are incorporated by reference in this registration statement:
(1)
Registrant's
 Proxy Statement filed with the SEC on February 1, 2010.
(2)
Registrant's
 Annual Report on Form 10-K for the year ended October 3, 2009, filed with the
 SEC on January 4, 2010.
(3)
Registrant's Quarterly Report on Form 10-Q
         for the quarterly period ended January 2, 2010, filed with the SEC on
    February 16, 2010.
(4)
The
 description of our Common Stock contained in Registrant's Registration
 Statement on Form S-18 (No. 33-00964).
All
documents subsequently filed by the Registrant after the date of this
prospectus pursuant to Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act
shall be deemed to be incorporated by reference in this prospectus and to be a
part of this prospectus from the date of filing of such documents. Any
statement contained in a previously filed document incorporated by reference in
this prospectus shall be deemed to be modified or superseded for purposes of
this prospectus to the extent that a statement in this prospectus modifies or
supersedes such previous statement and any statement contained in this
prospectus shall be deemed to be modified or superseded to the extent that a
statement in any document subsequently filed, which is incorporated by
reference in this prospectus, modifies or supersedes such statement. Any
statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus.
You
may read and copy any reports, statements or other information we have filed at
the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.
Please call the SEC at 1-800-SEC-0330 for further information on the Public
Reference Rooms. Our filings are also available on the Internet at the SEC's
website at http:\\www.sec.gov.
Item 4.
Description of Securities.
Not
applicable.
Item 5.
Interests of Named Experts and Counsel.
Not
applicable.
II - 1
Item 6.
Indemnification of Directors and Officers.
(A) The
registrant's authority to indemnify its officers and directors is governed by
the provisions of Sections 721 through 726 of the Business Corporation Law of
the State of New York (the "BCL"), by the Certificate of Incorporation of the
registrant, and by the registrant's By-laws.
(B) The
Certificate of Incorporation of the registrant provides as follows:
The personal
liability of the directors of the Corporation to the Corporation or its
shareholders for damages for any breach of duty as a director is hereby
eliminated to the fullest extent permitted by the Business Corporation Law of
the State of New York as the same may be amended and supplemented. The
Corporation shall, to the fullest extent permitted by the New York Business
Corporation Law, as the same may be amended and supplemented, indemnify any and
all persons whom it shall have power to indemnify under said law from and
against any and all of the expenses, liabilities or other matters referred to
in or covered by said law, and the indemnification provided for herein shall
not be deemed exclusive of any other rights to which any indemnified person may
be entitled under any by-laws, agreement, vote of shareholders or directors or
otherwise, both as to action in his official capacity and as to action in
another capacity while holding such office, and shall continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to
the benefit of heirs, executors and administrators of such person.
(C) Article V,
Section 4 of the registrant's By-Laws provides as follows:
The
Corporation shall, to the fullest extent permitted by the New York Business
Corporation Law as amended or supplemented, indemnify any and all persons whom
it shall have power to indemnify under said law from and against any and all of
the expenses, liabilities or other matters referred to in or covered by said
law.
The
Corporation may enter into indemnification agreements with any officers,
directors or other persons whom it shall have power to indemnify, when and as
determined by the Board of Directors.
(D) The Board
of Directors of the registrant authorized the registrant to enter into
indemnity agreements with officers and directors of the registrant when and as
determined by the Board of Directors. Pursuant to the foregoing authority, the
registrant has entered into indemnity agreements with each of its directors and
certain of its officers.
The indemnity
agreements obligate the registrant to provide the maximum protection allowed
under the BCL. The indemnity agreements supplement and increase the protection
afforded to officers and directors under the Certificate of Incorporation in
the following respects:
1. The
indemnity agreements establish the presumption that the officer or director has
met the standard of conduct required for indemnification, as prescribed under
the BCL. Indemnification will be made unless the Board of Directors,
independent legal counsel or the
II - 2
stockholders
of the registrant determines that the applicable standard of conduct has not
been met.
2. The
indemnity agreements provide that litigation expenses shall be paid promptly by
the registrant as they are incurred or shall be advanced on behalf of the
officer or director as may be appropriate against delivery of invoices therefor
in advance of indemnification, provided that if it is ultimately determined
that such officer or director is not entitled to indemnification for such
expenses he or she shall promptly repay such amounts to the registrant.
3. In the
event of a determination by the Board of Directors, independent legal counsel
or the stockholders of the registrant that an officer or director did not meet
the standard of conduct required for indemnification, the indemnity agreements
allow such officer or director to contest this determination by petitioning a
court to make an independent determination of whether such officer or director
is entitled to indemnification under the indemnity agreements.
4. The
indemnity agreements explicitly provide for partial indemnification of costs and
expenses in the event that an officer or director is not entitled to full
indemnification under the terms of the indemnity agreements.
5. The
indemnity agreements cannot be unilaterally modified or amended by the
registrant, the Board of Directors or the stockholders of the registrant.
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to officers and directors pursuant to the provisions described above
or otherwise, we have been advised that, in the opinion of the SEC, such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable.
Item 7.
Exemption from Registration Claimed.
Not
applicable.
Item 8.
Exhibits
Exhibit Number
Description
4.1
2010 Stock
 Option Plan
4.2
Form of
 Incentive Stock Option Agreement
4.3
Form of
 Non-statutory Stock Option Agreement
5.1
Opinion of
 Phillips Nizer LLP
23.1
Consent of
 Phillips Nizer LLP
23.2
Consent of
 J.H. Cohn, LLP
II - 3
24.1
Power of
 attorney of officers and directors of the Registrant (included in page II-6)
Item 9.
Undertakings
(a)
The
 undersigned registrant hereby undertakes:
(1) To file,
 during any period in which offers or sales are being made, a post-effective
 amendment to this registration statement:
(i)
To include
 any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect
 in the prospectus any facts or events arising after the effective date of the
 registration statement (or the most recent post-effective amendment thereof)
 which, individually or in the aggregate, represent a fundamental change in
 the information set forth in the registration statement. Notwithstanding the
 foregoing, any increase or decrease in volume of securities offered (if the
 total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated
 maximum offering range may be reflected in the form of prospectus filed with
 the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume
 and price represent no more than 20% change in the maximum aggregate offering
 price set forth in the "Calculation of Registration Fee" table in the
 effective registration statement;
(iii)
To include
 any material information with respect to the plan of distribution not
 previously disclosed in the registration statement or any material change to
 such information in the registration statement;
provided, however,
that paragraphs (a)1(i)
 and (a)(1)(ii) of above do not apply if the registration statement is on Form
 S-3, Form S-8 or Form F-3, and the information required to be included in a
 post-effective amendment by those paragraphs is contained in periodic reports
 filed with or furnished to the Commission by the registrant pursuant to
 Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are
 incorporated by reference in the registration statement.
(2) That,
 for the purpose of determining liability under the Securities Act of 1933,
 each such post-effective amendment shall be deemed to be a new registration
 statement relating to the securities offered therein, and the offering of
 such securities at that time shall be deemed to be the initial bona fide
 offering thereof.
(3) To
 remove from registration by means of a post-effective amendment any of the
 securities being registered which remain unsold at the termination of the
 offering.
(4) For
 determining liability of the undersigned registrant under the Securities Act
 to any purchaser in the initial distribution of the securities, the
 undersigned registrant undertakes that in
II - 4
a primary
offering of securities of the undersigned registrant pursuant to this
registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or
sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating
to the offering required to be file( pursuant to Rule 424 (§230.424 of this
chapter);
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf
of the undersigned registrant or used or referred to by the undersigned
registrant;
(iii)
The portion of any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or its
securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by the
undersigned registrant to the purchaser.
(b) The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's
annual report pursuant to Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
II - 5
SIGNATURES
Pursuant to
the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in New York, New
York, on March 8, 2010.
ARK
 RESTAURANTS CORP.
By:
/s/ Michael
 Weinstein
By:
Michael
 Weinstein
Title:
Chairman of
 the Board and Chief
Executive Officer
KNOW ALL MEN BY THESE PRESENTS
,
that each person whose signature appears below constitutes and appoints Michael
Weinstein and Michael P. Buck, and each of them, his true and lawful
attorney-in-fact and agent, with full power of substitution and revocation, for
him and in his name, place and stead, in any and all capacities (until revoked
in writing), to sign any and all amendments (including post-effective
amendments) to this registration statement and to file the same with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite and necessary to be done as fully for all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his substitute or substitutes, may lawfully do
or cause to be done by virtue hereof. This power-of-attorney does not revoke
any earlier powers-of-attorney.
Pursuant to
the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date
indicated.
SIGNATURE
TITLE
DATE
/s/ Michael
 Weinstein
Chairman of the Board and Chief
Executive Officer
March 8,
 2010
Michael
 Weinstein
/s/ Robert
 Towers
President, Treasurer, Chief Operating
Officer and Director
March 8,
 2010
Robert
 Towers
/s/ Vincent
 Pascal
Senior Vice President and Director
March 8,
 2010
Vincent
 Pascal
II - 6
/s/ Paul
 Gordon
Senior Vice President and Director
March 8,
 2010
Paul Gordon
/s/ Robert
 Stewart
Chief Financial Officer
March 8, 2010
Robert
 Stewart
/s/ Marcia
 Allen
Director
March 8,
 2010
Marcia Allen
/s/ Steven
 Shulman
Director
March 8,
 2010
Steven
 Shulman
/s/ Bruce R.
 Lewin
Director
March 8,
 2010
Bruce R.
 Lewin
/s/ Arthur
 Stainman
Director
March 8,
 2010
Arthur
 Stainman
/s/ Stephen
 Novick
Director
March 8,
 2010
Stephen
 Novick
II - 7
ARK RESTAURANTS CORP.
REGISTRATION STATEMENT ON FORM S-8,
EXHIBIT INDEX
Exhibit Number
Description
4.1
2010 Stock
 Option Plan
4.2
Form of
 Incentive Stock Option Agreement
4.3
Form of
 Non-statutory Stock Option Agreement
5.1
Opinion of
 Phillips Nizer LLP
23.1
Consent of
 Phillips Nizer LLP
23.2
Consent of
 J.H. Cohn, LLP
24.1
Power of
 attorney of officers and directors of the Registrant (included in signature
 page II-6)