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First Montauk to Separate from Chairman

The Red Bank-based financial services company is prepared to pay out severance and continue other benefits.First Montauk Financial announced that it has entered into a separation agreement with Herbert Kurinsky, the company’s chairman. The agreement calls for Kurinsky to end his employment agreement with First Montauk in exchange for a severance payment, issuance of a promissory note and the continuation of certain benefits.

Kurinsky will remain on the company’s board of directors as nonexecutive chairman. Headquartered in Red Bank, First Montauk Financial (Nasdaq OTC: FMFK) is the parent company of First Montauk Securities, a registered securities broker-dealer. Shares lost a penny to $1.05 in noon trading.

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