Form of Subscription Agreement



 Exhibit 4.15 
 Subscription Agreement 
 JMP Group Inc. 
 600 Montgomery Street, Suite 1100 
 San Francisco, California 94111 
 Ladies and Gentlemen: 
 The undersigned (the “Investor”)
hereby confirms and agrees with JMP Group Inc., a Delaware corporation (the “Company”), as follows: 
  

	1.	As of the Closing (as defined below) and subject to the terms and conditions hereof, the Investor will purchase from the Company and the Company will issue and sell to the Investor
(i) such number of shares (the “Shares”) of common stock of the Company, par value $0.001 per share (the “Common Stock”), and (ii) such number of warrants (the “Warrants”) to purchase
shares of Common Stock, in such number of units (the “Units”), with each Unit consisting of (a) one share of Common Stock and (b) one Warrant to purchase of a share of Common Stock, as is set forth on the signature page
hereto (the “Signature Page”) for a purchase price of $ per Unit. 

  

	2.	The closing is expected to occur on or about (the “Closing”), subject to the satisfaction of certain closing conditions set forth in the Placement Agency
Agreement dated as of (the “Placement Agency Agreement”) entered into by and between the Company and the placement agent for the Offering (as defined below). 

  

	3.	The offering and sale of the Units (the “Offering”) is being made pursuant to (i) an effective registration statement (the “Registration
Statement”) on Form S-3 (File No. 333-            ), including the prospectus contained therein (the “Base Prospectus”), filed with the Securities and
Exchange Commission (the “Commission”) on , (ii) if applicable, a preliminary prospectus related to the Offering (together with the Base Prospectus, the “Statutory Prospectus”), (iii) oral communications
by the placement agent of offering information of the type reflected on Schedule I of the Placement Agency Agreement and (iv) a final prospectus supplement (the “Prospectus Supplement”) containing certain supplemental
information regarding the Units and terms of the Offering. The Statutory Prospectus has been delivered to the Investor on or prior to the date hereof and will be filed with the Commission in accordance with applicable securities laws. The Statutory
Prospectus, together with the documents incorporated by reference therein and the pricing information contained in this Subscription Agreement are collectively referred to herein as the “General Disclosure Package.”


  

	4.	The Company’s obligation to issue and sell the Units to the Investor shall be subject to the receipt by the Company of the purchase price for the Units being purchased
hereunder as set forth on the Signature Page and the accuracy of the representations and warranties made by the Investor herein and the fulfillment of those undertakings herein of the Investor to be fulfilled prior to the Closing Date. The
Investor’s obligation to purchase the Units shall be subject to the condition that the placement agent shall not have (i) terminated the Placement Agency Agreement pursuant to the terms thereof or (ii) determined that the conditions
to closing in the Placement Agency Agreement have not been satisfied. 

  

	5.	The Company shall before the opening of trading on the New York Stock Exchange on the next trading day after the date hereof, issue a press release and file a Current Report
on Form 8-K, together disclosing all material aspects of the transactions contemplated hereby. The Company shall not identify the Investor by name in any press release or public filing, or otherwise publicly disclose the Investor’s name,
without the Investor’s prior written consent, unless required by applicable laws, rules and regulations. 

  

	6.	The Investor represents that (i) it has had full access to the General Disclosure Package prior to or in connection with its receipt of this Subscription Agreement and
is relying only on such information and documents in making its decision to purchase the Units, and (ii) it is acquiring the Units for its own account, or an account over which it has investment discretion, and does not have any agreement or
understanding, directly or indirectly, with any person or entity to distribute any of the Units. 









	7.	The Investor has full right, power, authority and capacity to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and has taken all
necessary action to authorize the execution, delivery and performance of this Subscription Agreement, and (b) this Subscription Agreement constitutes a valid and binding obligation of the Investor enforceable against the Investor in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be
subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and except as to the enforceability of any rights to indemnification or contribution that may be violative of the
public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation). 

  

	8.	The Investor represents that neither the Investor nor any person acting on behalf of, or pursuant to any understanding with or based upon any information received from, the
Investor has, directly or indirectly, as of the date on which the Placement Agent first contacted such Investor about the Offering, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as
defined below) involving the Company’s securities) or has violated its obligations of confidentiality with respect to the Offering since the time that the Investor was first contacted by the Company or its agents with respect to the
transactions contemplated hereby. The Investor covenants that neither it, nor any person acting on behalf of, or pursuant to any understanding with or based upon any information received from, the Investor will engage in any transactions in the
securities of the Company (including Short Sales) prior to the time that the transactions contemplated by this Subscription Agreement are publicly disclosed. The Investor agrees that it will not use any of the Units acquired pursuant to this
Agreement to cover any short position in the Common Stock if doing so would be in violation of applicable securities laws. Notwithstanding the foregoing, in the case of an Investor and/or its affiliates that is, individually or collectively, a
multi-managed investment bank or vehicle whereby separate portfolio managers manage separate portions of such Investor’s or affiliates assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Investor’s or affiliates assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio managers that have knowledge about the financing
transaction contemplated by this Subscription Agreement. For purposes hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act of 1934, as
amended (the “Exchange Act”), whether or not against the box, and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in
Rule 16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers. 

  

	9.	The Investor represents that, except as set forth on the signature page, (i) it has had no position, office or other material relationship within the past three years
with the Company or persons known to it to be affiliates of the Company, (ii) it is not a, and it has no direct or indirect affiliation or association with any, FINRA member or an Associated Person (as such term is defined under FINRA
Membership and Registration Rules Section 1011(b)) as of the date hereof, and (iii) neither it nor any group of investors (as identified in a public filing made with the Commission) of which it is a member, acquired, or obtained the right
to acquire, 20% or more of the Common Stock (or securities convertible or exercisable for Common Stock) or the voting power of the Company on a post-transaction basis. 

  

	10.	The Placement Agency Agreement contains representations and warranties of the Company, all of which may be relied upon by the Investor, which shall be a third party
beneficiary thereof. 

  

	11.	This Subscription Agreement will involve no obligation or commitment of any kind until this Subscription Agreement is accepted and countersigned by or on behalf of the
Company. The Investor acknowledges and agrees that the Investor’s receipt of the Company’s counterpart to this Subscription Agreement shall constitute written confirmation of the Company’s sale of Units to such Investor.


  

	12.	All covenants, agreements, representations and warranties herein will survive the execution of this Subscription Agreement, the delivery of the Units being purchased and the
payment therefor. 

  

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	13.	This Subscription Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Investor. This Subscription Agreement
will be governed by the internal laws of the State of New York, without giving effect to the principles of conflicts of law. This Subscription Agreement may be executed in one or more counterparts, each of which will constitute an original, but all
of which, when taken together, will constitute but one instrument, and signatures may be delivered by facsimile or by e-mail delivery of a “.pdf” format data file. Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Placement Agency Agreement. 

 [Signature page follows] 
  

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 INVESTOR SIGNATURE PAGE 
 Number of Units:
                                        

 (each consisting of one Share and one Warrant to purchase 0.         of a share of Common Stock) 

Purchase Price Per Unit:
$                                 
 Aggregate Purchase Price:
$                                 
 Please confirm that the foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose. 
 Dated as of:                      
 NAME OF INVESTOR:
                                         
            
 By:
                                         
        
 Name: 
 Title:

 Exact name which Shares and Warrants are to be registered:
                                         
    
 Taxpayer Identification Number:
                                     
  

					
	 Mailing Address for Warrants:
	 	 	 	
		 	 	 	
		 	 	 	
		 	 	 	

 DWAC Instructions for the Shares: 
  

					
	Name of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained)	 		 	 
			
	 DTC Participant Number
	 		 	 
			
	 Name of Account at DTC Participant being credited with the Shares
	 		 	 
			
	 Account Number at DTC Participant being credited with the Shares
	 		 	 

 Person to contact to initiate DWAC at closing: 
  

					
	 Name:
	  	 	  	
	 Tel:
	  	 	  	
	 Email:
	  	 	  	

 EXCEPTIONS TO SECTION 9:
                                         
                                         
                                       
 (If no exceptions, write “none.” If left blank, response will be deemed to be “none.”) 







 Agreed and Accepted this              day of
                    : 
  

			
	JMP GROUP INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

 Sales of the Units purchased hereunder were made pursuant to a registration statement or in a transaction in
which a final prospectus would have been required to have been delivered in the absence of Rule 172 promulgated under the Securities Act of 1933, as amended.