Ark Restaurants (ARKR) Agrees to 250K Buyback from Estate of Irving Hershkowitz

Ark Restaurants Corp. (Nasdaq: ARKR) has entered into an agreement with the Estate of Irving Hershkowitz to purchase 250,000 shares of the Company’s common stock from the seller at a price of $12.50 per share, or a total of $3,125,000. Upon the closing of the acquisition, the Company will pay the seller $1.0 million in cash and will issue an unsecured promissory note to the seller for $2,125,000. The note will bear interest at 0.19% per annum, and will be payable in 24 equal monthly installments of $88,541 each, commencing on December 1, 2012. Any dividend paid or payable to the seller in respect of the purchased shares on or prior to the closing will be credited to the payment of the $1.0 million due at closing.

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