Document:

Exhibit

Exhibit 10.2
EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective as of April 4, 2016, by and among Calamos Asset Management, Inc., a Delaware corporation (“CAM”), Calamos Advisors LLC, a Delaware limited liability company (“Advisors”) and wholly owned subsidiary of its sole managing member, Calamos Investments LLC (“CILLC”), and CILLC (together with each of their respective successors and assigns permitted under this Agreement sometimes referred to herein as the “Company”), and John S. Koudounis (the “Executive”).
RECITALS
WHEREAS, the Company desires to employ Executive, and Executive desires to serve, as Chief Executive Officer of the Company;
NOW THEREFORE, the parties agree as follows:  
1.Term.  The Executive’s employment under this Agreement shall commence on April 4, 2016 (the “Effective Date”).  The term of this Agreement (the “Term”) shall begin as of the Effective Date and shall continue until the fifth (5th) anniversary of the Effective Date, provided that upon such fifth anniversary and each anniversary thereafter the Term shall automatically renew for successive periods of one (1) year unless the Board of Directors (the “Board”) of CAM, and the Chairman of the Board of the Company (the “Chairman”), gives written notice to Executive or Executive gives written notice to the Company and the Chairman, in accordance with  Section 18(c), below at least sixty (60) days prior to the commencement of any such one (1) year renewal period that the Term shall not be further extended.  The portion of the Term during which Executive is actually employed by the Company shall be hereinafter referred to as the “Employment Period.”
2.Duties.
(a)Executive’s Position and Title.  During the Employment Period, Executive’s position and title shall be Chief Executive Officer of each of CAM, Advisors and CILLC.
(b)Executive’s Duties.  Executive shall have the power and authority to act for and in the name of the Company, shall have general and active management and control of the business and affairs of the Company, subject to the control of the Board and Chairman,  and shall include the performance of such lawful and reasonable duties and responsibilities as the Board and/or the Chairman may from time to time assign to Executive consistent with Executive’s position as Chief Executive Officer.  Executive recognizes that during the period of Executive’s employment hereunder, Executive owes an undivided duty of loyalty to the Company, and Executive will use Executive’s good faith efforts to promote and develop the business of the Company.  The Company recognizes that during the period of Executive’s employment hereunder, Executive may maintain an investment or ownership interest in, and provide certain services to, (i) Calamos Family Partners, Inc., any entity established by Calamos Family Partners, Inc. to facilitate such investment or the provision of such services or any subsidiary of Calamos Family Partners, Inc. (which for purposes of this Agreement shall not include CAM, Advisors, CILLC or any of their subsidiaries) (Calamos Family Partners, Inc. and each such entity and subsidiary as referred to herein as “CFP”), (ii) Calamos Property Holdings LLC, any entity established by Calamos Property Holdings LLC to facilitate such investment or the providing of such services and any subsidiary of Calamos Property Holdings LLC (which for purposes of this Agreement shall not include CAM, Advisors, CILLC or any of their subsidiaries) (Calamos Property Holdings LLC, and each such entity and subsidiary referred to herein as “CPH”) and (iii) Exin Group, 

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including its subsidiaries and affiliates including Exin Re.  The Company acknowledges and agrees that Executive’s provision of such services and maintaining any such investment or ownership interests shall not be in breach of this Agreement so long as the provision of such services and maintaining of such investment (A) do not interfere materially with Executive’s primary duties and responsibilities hereunder and (B) do not breach Executive’s obligations under the CRCA (as defined in Section 12 below) (each such service and investment a “Permitted Activity”).  Recognizing and acknowledging that it is essential for the protection and enhancement of the name and business of the Company and the goodwill pertaining thereto, Executive shall perform his duties under this Agreement in accordance with the applicable laws, rules and regulations. Executive will not perform any duties for any other business, other than a Permitted Activity, without the prior written consent of the Chairman and/or the Board, but may engage in charitable, civic or community activities; provided that such duties or activities do not materially interfere with the proper performance of Executive’s duties under this Agreement.  Executive shall be subject to the Company’s written code of ethics as well as all applicable written Company policies and procedures, copies of which have been provided to Executive.
(c)Board Service.  Executive has been appointed to the Board as a Class B Director, effective as of the Effective Date, to serve as provided in CAM’s Second Amended and Restated Certificate of Incorporation and Third Amended and Restated By-laws.  The Company agrees to propose to the Nominating and Corporate Governance Committee of the Board that, at each annual meeting of stockholders during the Employment Period at which he is up for election, Executive shall be nominated for reelection as a member of the Board.  If so elected, Executive agrees that he will serve as a member of the Board, and, if appointed, serve on the board of directors or managers, as applicable, of any of its subsidiaries and affiliates, in each case without additional compensation.
(d)Resignation from Positions.  On or after the delivery of a Notice of Termination by the Company or the Executive pursuant to Section 5(g) or the last day of the Employment Period, the Executive shall resign, in writing, from the Board and any or all offices, directorships and fiduciary positions of the Company and its affiliates in which Executive is serving, as the Company may request.
(e)No Conflict with Prior Agreements.  The Executive represents and warrants to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to his prior employer or other party.  In the Executive’s work for the Company, the Executive will be expected not to make any unauthorized disclosure or use, and the Executive will not disclose or make use, of any information in violation of any agreements with or rights of such prior employer or other party.  The Executive represents and warrants that the Executive will not possess or bring to the premises of the Company confidential or proprietary information, in tangible or electronic format, arising out of prior employment, consulting, or other third party relationship, which possession is in violation of any agreement with or rights of such prior employer or other party.
3.Compensation and Benefits.
(a)Base Salary.  During the Employment Period, Executive shall receive a base salary (“Base Salary”), paid in accordance with the normal payroll practices (currently bi-monthly) of the Company, at an annual rate of $800,000, less applicable deductions.  The Base Salary shall be reviewed from time to time in accordance with the Company’s policies and practices, but no less frequently than once annually and may be increased (but not decreased), at any time and from time to time by action of the Board and the Chairman or the Compensation Committee.  The term “Base Salary” shall include any such increase to the Base Salary from time to time.
(b)Short Term Incentive (Annual Bonus) Compensation.  In respect of each fiscal year of the Company that ends during the Employment Period, in supplement to the Base Salary, Executive shall 

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participate in such annual discretionary short-term incentive (bonus) plans and programs  as may be in effect from time to time in accordance with the Company’s compensation practices and the terms and provisions of any such plans or programs (“Annual Bonus Program”); provided, however, that the annual bonus paid to Executive with respect to each calendar year ending within the Employment Period shall not be less than $2,600,000.  The annual bonus under this Section 3(b) shall be paid to Executive in cash at such time as annual bonuses are paid to other senior executive officers of the Company under the Annual Bonus Program, but no later than March 15 following the calendar year to which such bonus relates.
(c)Long Term Incentive Program.  In supplement to the Base Salary and participation in the Annual Bonus Program, Executive shall participate during the Employment Period in the Calamos Asset Management Inc. Incentive Compensation Plan, or any similar or successor plan (“Long Term Incentive Program”), as may be in effect from time to time in accordance with the Company’s compensation practices and the terms and provisions of any such plans or programs.  Commencing with the first quarter of 2017, and during the first quarter of each subsequent calendar year ending within the Employment Period, Executive shall receive annual Long Term Incentive Program awards with an aggregate value of $1,600,000, plus such additional awards, if any, as the Compensation Committee may grant in its sole discretion based upon the Company’s and Executive’s performance.  The Long Term Incentive Program awards will be awarded at such time, in such form(s) and subject to such terms and conditions generally applicable to the awards made to other senior executive officers under the Long-Term Incentive Program. 
(d)Retirement and Welfare Benefit Plans.  During the Employment Period, Executive and Executive’s dependents, as the case may be, shall participate in all retirement and similar benefit plans (qualified, non-qualified and supplemental), profit sharing, 401(k), medical and dental, disability, group and executive life, accidental death and travel accident insurance, and other similar welfare benefit plans and programs of the Company, subject to the terms and conditions thereof, as in effect from time to time.
(e)Perquisites.  During the Employment Period, Executive shall be entitled to participate in perquisite programs on a basis no less favorable to Executive than the perquisite programs applicable to the Company’s Chairman or as such are made available to senior executive officers of the Company. 
(f)Expenses.  During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by him in accordance with the policies and practices of the Company as in effect from time to time.
(g)Vacation.  During the Employment Period, Executive shall be entitled to paid vacation in accordance with the policies and practices of the Company as in effect from time to time with respect to senior executive officers employed by the Company, but in no event shall such vacation time be less than twenty-five (25) business days per calendar year.
(h)Certain Amendments.  Nothing herein shall be construed to prevent the Company from amending, altering, eliminating or reducing any plans, benefits or programs so long as Executive continues to receive compensation and benefits consistent with Sections 3(a) through (g) above.
4.Sign-On Award.  In addition to the compensation and benefits described in Section 3 above, on or within thirty (30) days after the Effective Date, Executive shall receive a cash-based incentive award (“Cash-Based Award”) in the amount of $1,250,000.  The terms and conditions applicable to the Cash-Based Award shall be as set forth in the Deferred Bonus Award Statement delivered to Executive with this Agreement.  

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5.Termination.
(a)Permanent Disability.  Either Executive or the Company may terminate Executive’s employment, by giving notice of his or its intention to terminate Executive’s employment, after having established Executive is unable to substantially perform his duties even with a reasonable accommodation as a result of becoming permanently disabled within the definition of the Company’s then current long-term disability plan or program (whether employer or employee paid) (“Permanent Disability”).
(b)Cause.
(i)The Company may terminate Executive’s employment for “Cause” following the occurrence of any of the following events:
(A)Executive is convicted of, or has pled guilty or nolo contendere  to any felony, other than a traffic related felony;
(B)Executive is found to have willfully and wrongfully misappropriated (1) money, assets or other property of the Company or its affiliates, in any such case representing more than a de minimis amount, or (2) any amount of money, assets or other property of a client of the Company or its affiliates;
(C)Executive or the Company or any of its affiliates are censured by the Securities and Exchange Commission (the “SEC”) pursuant to Section 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or Section 9(b) of the Investment Company Act of 1940 (the “Investment Company Act”), as amended, because Executive’s willful action(s) or failure(s) to act was (were) material to the censure by the SEC pursuant to Section 203(e) or 203(f) of the Advisers Act or Section 9(b) of the Investment Company Act;
(D)Executive has acted with gross negligence in the performance of his duties under this Agreement, or has engaged in acts of gross moral turpitude which result in material harm, or can reasonably be expected to result in material harm, to the Company or its affiliates;
(E)Executive’s willful material breach of any term of this Agreement which results in material harm, or can reasonably be expected to result in material harm, to the Company or its affiliates; 
(F)Executive’s continued and willful failure to substantially perform his duties as reasonably directed by the Chairman and/or the Board;
(G)Executive’s failure to maintain such licenses as are required for the performance of his duties;
(H)Executive’s material breach of the CRCA (as defined in Section 12 below); or
(I)Executive’s willful and material breach of his representations or obligations set forth in Section 2(e) above.
(ii)Provided that the applicable conditions in Section 5(b)(iii) are met, if the Company desires to terminate Executive’s employment for Cause, the Company’s cessation of Executive’s employment shall not be deemed to be for Cause by the Company unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the Board (not including 

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Executive) at a meeting of the Board called and held for such purpose in good faith to which Executive and his counsel are invited to attend, finding that Executive’s conduct gives rise to “Cause” as described in Section 5(b)(i) above.
(iii)Cause may not be found under Section 5(b)(i)(C), where Executive has acted or failed to act based on the direction of the Board, the Chairman or legal counsel of the Company or its affiliates, or Executive has acted or failed to act based upon the failure of the Board, Chairman or the legal counsel of the Company or its affiliates to provide direction in response to Executive’s request for direction.  Cause may not be found under  Section 5(b)(i)(E),  (F) or (H), unless Executive has first been provided with written notice specifying the Cause condition in reasonable detail such that Executive can cure such Cause condition, if capable of being cured, and Executive has not substantially cured such Cause condition after being given a reasonable opportunity to cure.  Cause may not be found under  Section 5(b)(i)(G), unless Executive has first been provided with written notice of the Company’s intention to terminate his employment for Cause due to the licensure issue, and a reasonable opportunity to cure the licensure issue and such assistance as is reasonable to provide.  
(iv)For purposes of this Section 5(b), no act or failure to act, on the part of Executive, shall be considered willful if it was done, or omitted to be done, by him in good faith and with a reasonable belief that his action or omission was in the best interests of the Company.
(c)Good Reason.
(i)Executive shall have the right to terminate his employment upon thirty (30) days’ written notice to the Board for “Good Reason” in the event of any of the following Good Reason conditions occurring without his consent and continuing for thirty (30) days after Executive’s written notice to the Board specifying , in reasonable detail, such Good Reason condition such that the Board can cure such Good Reason condition; provided that Executive provides such written notice of the condition constituting Good Reason within ninety (90) days after Executive has actual knowledge of the occurrence of the condition constituting Good Reason, the Company fails to cure such condition within thirty (30) days after receipt of such written notice and Executive terminates his employment within thirty (30) days following end of the thirty (30) day cure period:
(1)any material breach by the Company of this Agreement (including any reduction in Executive’s Base Salary, or failure to pay or provide annual bonus compensation contemplated by Section 3(b) or annual long-term incentive awards contemplated by Section 3(c));
(2)any material adverse change in the status, position or responsibilities of Executive, including a change in Executive’s reporting relationship so that he no longer reports directly to either the Chairman and/or the Board or the removal from or failure to re-elect Executive as a member of the Board; 
(3)assignment of duties to Executive that are materially inconsistent with Executive’s position and responsibilities described in this Agreement;
(4)after a Change in Control (as defined in the Long Term Incentive Program), Executive is not the Chief Executive Officer of the ultimate parent entity, if any, of the Company or its successor;

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(5)the failure of the Company to assign this Agreement to a successor to the Company or failure of a successor to the Company to explicitly assume and agree to be bound by this Agreement; or
(6)requiring Executive to be principally based at any office or location more than forty (40) miles from the current offices of the Company in Naperville, Illinois.
(d)Termination by Executive without Good Reason.  Executive may, at any time without Good Reason, by at least ninety (90) days’ prior written notice, voluntarily terminate his employment without liability.
(e)Termination by the Company without Cause.  The Company may terminate this Agreement and Executive’s employment hereunder at any time without Cause.
(f)Expiration of Agreement.  Upon expiration of the Term, Executive’s employment shall automatically terminate.  For purposes of Section 6, such termination shall be treated as a termination by the Company without Cause if such expiration is by reason of the Company having provided Executive with a notice of non-renewal pursuant to  Section 1, and shall be treated as a termination by Executive without Good Reason if such expiration is by reason of Executive having provided the Company with a notice of non-renewal pursuant to  Section 1.
(g)Notice of Termination.  Any termination of Executive’s employment by the Company for Permanent Disability or with or without Cause, or by Executive for Permanent Disability or with or without Good Reason, shall be communicated by a Notice of Termination to the other party hereto given in accordance with Section 18(c).  For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Agreement relied upon; (ii) in the case of termination by the Company for Permanent Disability or Cause, or by the Executive for Permanent Disability or Good Reason, sets forth in reasonable detail the circumstances claimed to provide a basis for the termination of Executive’s employment under the provision so indicated; and (iii) specifies the Date of Termination (defined below); provided, such Notice of Termination may be conditional if coupled with a notice of the Board’s consideration of “Cause” or Executive’s intention to resign for “Good Reason,” as the case may be, as provided above.  The failure by Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not constitute a waiver of any right of Executive or the Company, respectively, hereunder or preclude Executive or the Company, respectively, from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder.
(h)Date of Termination.  “Date of Termination” means the date Notice of Termination is given pursuant to  Section 18(c) or any later date specified therein; provided, (i) any Notice of Termination by the Company or Executive due to Disability pursuant to Section 5(a) shall be effective not more than ninety (90) days after the date given, (ii) any Notice of Termination by the Company for Cause pursuant to Section 5(b) shall be effective as of the date set forth therein, (iii) any Notice of Termination by Executive for Good Reason pursuant to Section 5(c) shall be effective not less than thirty (30) nor more than sixty (60) days after the date given, (iv) any Notice of Termination by Executive without Good Reason pursuant to Section 5(d) shall be effective not less than ninety (90) days after the date given, or such other date as may be necessary to comply with any required notice period under the CRCA, and (v) any Notice of Termination by the Company without Cause pursuant to Section 5(e) shall be effective not less than ninety (90) days after the date given.   The period from the date of the Notice of Termination given pursuant to Section 5(g) to the Date of Termination as determined under this Section 5(h) is the “Notice Period”.  At any time during the Notice Period, the Company may, in its sole discretion, request resignations pursuant to Section 2(d), elect 

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to reduce or remove Executive from Executive’s duties, place Executive on a leave of absence, or accelerate the Executive’s Date of Termination and such actions shall not be deemed a termination of employment by the Company for any purpose or create a condition constituting Good Reason.  In the event of Executive’s death during the Term, the Date of Termination shall be the date of his death.  In the event of expiration of the Term, the Date of Termination shall be the day following the last day of the Term.
6.Obligations of the Company and Executive upon Termination.  Executive’s entitlements upon termination of employment are set forth below.  Except to the extent otherwise provided in this Agreement, the disposition of Executive’s awards under the Long Term Incentive Program upon the termination of Executive’s employment shall be determined pursuant to the terms and provisions of the plan, arrangement and/or agreement applicable to such awards.  For purposes of this Section 6, the term “Accrued Obligations” shall mean, as of the Date of Termination, (i) Executive’s full Base Salary through the Date of Termination, at the rate in effect at the time Notice of Termination is given (disregarding any reduction constituting Good Reason), to the extent not theretofore paid, (ii) the amount of any bonus, incentive compensation, deferred compensation and other cash compensation earned and vested as of the Date of Termination to the extent not theretofore paid, (iii) any benefits payable under the terms and conditions of the retirement and welfare benefit plans described in Section 3(d) above, and (iv) any accrued vacation pay, expense reimbursements and other cash entitlements to which Executive is entitled as of the Date of Termination to the extent not theretofore paid.  For purposes of determining an Accrued Obligation under this Section 6, no discretionary compensation shall be deemed awarded, earned or vested unless it is specifically approved by the Board or the Compensation Committee in accordance with the applicable plan, program or policy.
(a)Death.  If Executive’s employment is terminated by reason of Executive’s death, then this Agreement shall terminate without further obligations by the Company to Executive’s legal representatives under this Agreement, except as set forth in this  Section 6(a) or as contained in an applicable Company plan or program which takes effect at the date of his death:
(i)Executive’s Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program; and
(ii)A lump sum cash payment equal to the annual bonus that Executive would have been entitled to receive under Section 3(b) for the calendar year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days in the calendar year prior to the Date of Termination, and the denominator of which is 365.  Such pro-rated annual bonus amount shall be paid when annual bonuses are paid to non-terminated employee participants in the applicable Annual Bonus Program, but in no event shall such payment occur later than March 15 of the calendar year following the year in which the Date of Termination occurs).  
(b)Permanent Disability.  If Executive’s employment is terminated by reason of Executive’s Permanent Disability, then this Agreement shall terminate without further obligations by the Company, except that Executive shall be entitled to receive:
(i)Executive’s Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program; and
(ii)A lump sum cash payment equal to the annual bonus that Executive would have been entitled to receive under Section 3(b) for the calendar year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days in the calendar year prior to the Date of Termination, and the denominator of which is 365.  Such pro-rated annual bonus 

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amount shall be paid when annual bonuses are paid to non-terminated employee participants in the applicable Annual Bonus Program, but in no event shall such payment occur later than March 15 of the calendar year following the year in which the Date of Termination occurs).
(c)By the Company for Cause or by Executive Without Good Reason.  If Executive’s employment is terminated for Cause by the Company or if Executive terminates Executive’s employment without Good Reason, then this Agreement shall terminate without any further obligations by the Company, except that Executive shall be entitled to receive the Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program.
(d)By the Company Other than for Cause or by Executive for Good Reason.  If the Company terminates Executive’s employment during the Term other than for Cause, or, if Executive terminates Executive’s employment for Good Reason, then this Agreement shall terminate without further obligations by the Company, except that the Executive shall be entitled to receive:
(i)Executive’s Accrued Obligations not theretofore paid, paid within thirty (30) days following the Date of Termination or such other date as provided in the applicable Company plan or program;
(ii)Cash severance equal to the cash severance amount determined under clause (A) or (B) below, payable in twenty-four (24) equal monthly installments commencing with the month following the Date of Termination (such twenty-four month period, the “Salary Continuation Period”):
(A)If such termination occurs prior to the fourth (4th) anniversary of the Effective Date, a cash severance amount equal to the  difference, if any, between (1) the sum of the Base Salary, minimum payments under the Annual Bonus Program and the minimum value of Long Term Incentive Program awards to be received by Executive during the five-year initial Term of this Agreement pursuant to Sections 3(a), (b) and (c), and (2) the sum of (I) all payments, and the value as of the respective dates of the awards of all awards (other than forfeited Long Term Incentive Program Awards), theretofore actually received by Executive pursuant to such Sections 3(a), (b) and (c), and (II) all amounts payable to Executive by reason of such termination pursuant to Sections 6(d)(i),  (iii), and (iv); or 
(B)If such termination occurs on or after the fourth (4th) anniversary of the Effective Date, a cash severance amount of $6,800,000;
(iii)For a period of up to eighteen (18) months of the Salary Continuation Period, if Executive timely elects continued coverage under COBRA, the Company will reimburse Executive for the monthly COBRA cost of continued health and dental coverage paid by Executive under health and dental plans of the Company pursuant to Section 4980B of the Code, less the amount that Executive would be required to contribute for health and dental coverage if Executive were an active employee of the Company.  These reimbursements will commence within sixty (60) days following the Date of Termination and will be paid on the first payroll date of each month, provided that such payments shall cease if Executive’s applicable COBRA coverage ceases; and
(iv)A lump sum cash payment equal to the annual bonus that Executive would have been entitled to receive under Section 3(b) for the calendar year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days in the calendar year prior to the Date of Termination, and the denominator of which is 365.  Such pro-rated annual bonus amount shall be paid when annual bonuses are paid to non-terminated employee participants in the 

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applicable Annual Bonus Program, but in no event shall such payment occur later than March 15 of the calendar year following the year in which the Date of Termination occurs.
(v)The compensation and benefits described in this Section 6(d) shall be in lieu of compensation and benefits provided under any severance plan or agreement of the Company, and Executive shall not be entitled to any severance benefits upon a termination of employment except as provided for herein.
(e)General Release and Compliance with CRCA.  Executive acknowledges and agrees that Executive’s right to receive severance pay and other benefits pursuant to Section 6(d) of this Agreement (other than his Accrued Obligations) is contingent upon Executive’s compliance with the CRCA and Executive’s execution and acceptance of the terms and conditions of, and the effectiveness of, a general release in a form substantially similar to that attached hereto as Exhibit A with such changes as may be necessary under then-existing law (the “Release”). If Executive fails to comply with the CRCA or if Executive fails to execute the Release or revokes the Release during the seven (7)-day period following his execution of the Release, then Executive shall not be entitled to any severance payments or other benefits to which Executive would otherwise be entitled under Section 6(d).
7.Limitation on Change in Control Payments.  Notwithstanding anything in this Agreement to the contrary, in the event that it is determined by an independent accounting firm chosen by the Company (the “Accounting Firm”) that any economic benefit, payment or distribution by the Company to or for the benefit of Executive, whether paid, payable, distributed or distributable pursuant to the terms of this Agreement, the plans or programs referred to herein, or otherwise (a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Code (such excise tax referred to in this Agreement as the “Excise Tax”), then the value of any such Payments (the “Agreement Payments”) which constitute “parachute payments” under Section 280G(b)(2) of the Code, as determined by the Accounting Firm, will be reduced so that the present value of all Payments (calculated in accordance with Section 280G of the Code and the regulations thereunder), in the aggregate, is equal to 2.99 times Executive’s “base amount,” within the meaning of Section 280G(b)(3) of the Code (the “Reduced Amount”).  Notwithstanding the foregoing, the Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater “Net After-Tax Receipt” of aggregate Payments if the Executive’s Agreement Payments were reduced to the Reduced Amount. If such Accounting Firm determines that the Payments shall be reduced, then such reduction shall be made first by reducing cash payments due under this Agreement, then cash payments under other agreements, plans or programs, and then non-cash benefits, in each case in the reverse order in which they are due, until the present value of the Payments is reduced to the Reduced Amount.  “Net After Tax-Receipt” shall mean the present value (as determined in accordance with Section 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws (and including any employment, social security or Medicare taxes, and other taxes (including any other excise taxes)), determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to the Executive’s taxable income for the tax year in which the change in ownership or control (within the meaning of Section 280G of the Code) giving rise to the Excise Tax occurs, or such other rate(s) as the Accounting Firm determines to be likely to apply to Executive in the relevant tax year(s) in which any Payment is expected to be made.
8.Non-exclusivity of Rights.  Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company and for which Executive may qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any stock option, restricted shares or other agreement with the Company or any of its affiliated companies.  Except as otherwise provided herein, amounts and benefits which are vested 

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benefits or which Executive is otherwise entitled to receive under any plan, program, agreement or arrangement of the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan or program.
9.No Set-Off; No Mitigation.  Except as provided in this Agreement or in any agreement, plan or program referred to herein, the Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including any set-off, counterclaim, recoupment, defense or other right which the Company may have against Executive or others.  In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Executive obtains other employment.
10.Governing Law; Jurisdiction; Waiver of Jury Trial.  This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois (except  Section 15  which shall be governed by the laws of the State of Delaware) in accordance with choice of law provisions thereof, without reference to principles of conflict of laws.  Any suit, action or proceeding arising out of or relating to this Agreement against any of the parties hereto or any of the assets of any of such parties shall be brought in any courts located in DuPage County or in the U.S. District Court for the Northern District, Eastern Division of Illinois, and each of the parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of such courts over the subject matter of any such suit, action or proceeding.  Each of the parties hereto each irrevocably waives and agrees not to raise any objection it might now or hereafter have to any such suit, action or proceeding in any such court including, without limitation, any objection that the place where such court is located is an inconvenient forum or that there is any other suit, action or proceeding in any other place relating in whole or in part to the same subject matter.
EACH PARTY HERETO HEREBY ABSOLUTELY, IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE.  EACH OF THE PARTIES HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.  WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS PARAGRAPH AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF.  THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.
11.Entire Agreement.  Executive acknowledges and agrees that this Agreement (including the CRCA and the plans, programs and other agreements referred to herein) constitutes the entire agreement and understanding between the parties and supersedes any prior agreements, written or oral, with respect to the subject matter hereof, including the termination of Executive’s employment during the Term and all amounts to which Executive shall be entitled whether during the Term or thereafter.
12.Confidentiality and Restrictive Covenants. Contemporaneously with the execution of this Agreement, the Executive shall enter into a Confidentiality and Restrictive Covenant Agreement, in the form delivered to Executive with this Agreement.  The Executive agrees to be subject to and bound by all terms 

10

and conditions of the CRCA, and any similar, successor or supplemental agreement thereto, during the Employment Period and, to the extent provided therein, thereafter, as if such terms and conditions were set forth in full herein and made a part of this Agreement. Such Confidentiality and Restrictive Covenant Agreement and any similar successor or supplemental agreement thereto are collectively referred to herein as the “CRCA.”
13.Section 409A.
(a)This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations, or an exemption, and payments may only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code, to the extent applicable.  Severance benefits under the Agreement are intended to be exempt from Section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable.  Notwithstanding anything in this Agreement to the contrary, if required by Section 409A of the Code, if Executive is considered a “specified employee” for purposes of Section 409A of the Code and if payment of any amounts under this Agreement is required to be delayed for a period of six (6) months after separation from service pursuant to Section 409A of the Code, payment of such amounts shall be delayed as required by Section 409A of the Code, and the accumulated amounts shall be paid in a lump sum payment within ten (10) days after the end of the six (6) month period.  If Executive dies during the postponement period prior to the payment of benefits, the amounts withheld on account of Section 409A of the Code shall be paid to the personal representative of Executive’s estate within sixty (60) days after the date of Executive’s death.
(b)All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under Section 409A of the Code.  For purposes of Section 409A of the Code, each payment shall be treated as a separate payment and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.  In no event may Executive, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
(c)If the sixty (60) day period following the Date of Termination begins in one calendar year and ends in a second calendar year (a “Crossover 60-Day Period”) and if there are any payments due to the Executive that are (i) nonqualified deferred compensation subject to Code Section 409A, (ii) conditioned on the Executive signing and not revoking the Release and (iii) otherwise due to be paid during the portion of the Crossover 60-Day Period that falls within the first calendar year, then such payments will be delayed and such payments shall commence in the second calendar year.
14.Cooperation.   During the Employment Period and thereafter, Executive shall cooperate with the Company and its affiliates, upon the Company’s reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of Executive’s duties and responsibilities to the Company and any of its affiliates during the Employment Period (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant 

11

documents of the Company or any of its affiliates, which are or may come into Executive’s possession during the Employment Period).  The Company agrees that it will promptly advance and, if needed, reimburse the Executive for his reasonable and documented expenses for his rendering assistance and/or cooperation under this Section 14, upon his presentation of documentation for such expenses, provided that the Company’s obligation to advance and  reimburse Executive for the reasonable fees for independent legal advice shall be subject to the Company’s prior approval of such fees with such approval not to be unreasonably withheld.  
15.Indemnification.  The Company agrees that if Executive is made a party to or involved in, or is threatened to be made a party to or otherwise to be involved in, any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer or employee of the Company or any of its subsidiaries, Executive shall be indemnified and held harmless by the Company against any and all liabilities, losses, expenses, judgments, penalties, fines and amounts reasonably paid in settlement in connection therewith, and shall be advanced reasonable expenses (including attorneys’ fees) as and when incurred in connection therewith, to the fullest extent legally permitted or authorized by the Company’s By-laws or, if greater, by the laws of the State of Delaware, as may be in effect from time to time.  The rights conferred on Executive by this  Section 15  shall not be exclusive of any other rights which Executive may have or hereafter acquire under any statute, the By-laws, agreement, vote of stockholders or disinterested directors or otherwise.  The indemnification and advancement of expenses provided for by this  Section 15  shall continue as to Executive after he ceases to be a director, officer or employee, and shall inure to the benefit of his heirs, executors and administrators.
16.Successors.
(a)This Agreement is personal to Executive and, without the prior written consent of the Company, shall not be assignable by Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.
(b)This Agreement shall inure to the benefit of and be binding upon the Company and its successors.  It shall not be assignable by the Company or its successors except in connection with the sale or other disposition of all or substantially all the assets or business of the Company.  The Company shall require any successor to all or substantially all of the business or assets of the Company, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock or otherwise, by an agreement in form and substance reasonably satisfactory to Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had taken place.
17.Amendment; Waiver.  This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and may be amended, modified or changed only by a written instrument executed by Executive and the Company.  No provision of this Agreement may be waived except by a writing executed and delivered by the party sought to be charged.  Any such written waiver will be effective only with respect to the event or circumstance described therein and not with respect to any other event or circumstance, unless such waiver expressly provides to the contrary.
18.Miscellaneous.
(a)The provisions of Section 2(d) (Resignation from Positions), Section 6 (Obligations of the Company and the Executive upon Termination), Section 7 (Limitation on Change in Control Payments), Section 8 (Non-exclusivity of Rights), Section  9 (No Set-Off; No Mitigation),  Section 10 (Governing Law, Jurisdiction Waiver of Jury Trial), Section 12 (Confidentiality and Restrictive Covenants), Section 13 (Section 409A), Section 14 (Cooperation), Section 15 (Indemnification), Section 16 (Successors), Section 17 (Amendment; Waiver) and this Section 18 shall survive the termination of Executive’s 

12

employment with the Company for any reason, or the expiration of the Term of the Agreement pursuant to Section 1, and shall thereafter remain in full force and effect.
(b)In the event of any inconsistency between this Agreement and any other agreement, plan, program, policy or practice (collectively, “Other Provision”) of the Company, the terms of this Agreement shall control unless such Other Provision provides otherwise by a specific reference to this  Section 18(b).
(c)All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been duly given (i) the following business day after deposit from within the United States with a reputable express courier service (charges prepaid), (ii) three (3) days after mailing by certified or registered mail, return receipt requested and postage prepaid, or (iii) upon receipt in all other cases.  Such notices, demands and other communications shall be sent to the addresses indicated below:
If to the Company:
Calamos Asset Management, Inc.
Calamos Investments LLC
Calamos Advisors LLC
2020 E. Calamos Court
Naperville, IL 60563
Attn:  General Counsel
If to Executive:
Address per the Company records
or to such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.
(d)Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.
(e)All compensation payable to Executive from the Company shall be subject to all applicable withholding taxes, normal payroll withholding and any other amounts required by law to be withheld.
(f)Executive acknowledges and agrees that Executive will be subject to any compensation clawback, recoupment and/or anti-hedging policies as may be adopted by the Company, or as may be required by applicable law.
(g)All Company affiliates are intended third party beneficiaries of this Agreement with the authority to enforce the provisions of this Agreement for the benefit of the Company and its affiliates as if they were parties hereto.

13

(h)This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same Agreement.
(i)The descriptive headings in this Agreement are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.  The use of the word “including” in this Agreement shall be by way of example rather than by limitation.
(j)The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto.  Neither Executive nor the Company shall be entitled to any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement.  
[Signature Page Follows]

14

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Executive Employment Agreement as of the date and year first set forth above.    
	
		
	 
	CALAMOS ADVISORS LLC

	 
	 

	 
	By:  Calamos Investments LLC,

	 
	its Manager

	 
	 

	 
	By:  Calamos Asset Management, Inc.,

	 
	its Manager

	 
	 

	 
	 

	 
	/s/ John P. Calamos, Sr.

	 
	By:  John P. Calamos, Sr.

	 
	Chairman and Global Co-Chief Investment Officer

	 
	 

	 
	CALAMOS INVESTMENTS  LLC

	 
	By:  Calamos Asset Management, Inc.,

	 
	its Manager

	 
	 

	 
	 

	 
	/s/ John P. Calamos, Sr.

	 
	By:  John P. Calamos, Sr.

	 
	Chairman and Global Co-Chief Investment Officer

	 
	 

	 
	CALAMOS ASSET MANAGEMENT, INC.

	 
	 

	 
	 

	 
	/s/ John P. Calamos, Sr.

	 
	By:  John P. Calamos, Sr.

	 
	Chairman and Global Co-Chief Investment Officer

	 
	 

	 
	EXECUTIVE

	 
	 

	 
	 

	 
	  /s/ John S. Koudounis

	 
	John S. Koudounis

15

Exhibit A
GENERAL RELEASE OF ALL CLAIMS
1.For valuable consideration, including without limitation the severance pay and other benefits pursuant to Section 6(d) of the Executive Employment Agreement between Calamos Asset Management, Inc., Calamos Investments LLC, and Calamos Advisors, LLC (collectively “Company”), and the undersigned (“Executive”), dated effective as of April 4, 2016, as amended from time to time (the “Employment Agreement”) the adequacy of which is hereby acknowledged, Executive for himself, his spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons claiming through Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge the  Company and its affiliates and its and their Subsidiaries, parents, affiliates, related organizations, employees, officers, directors, attorneys, successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of Releasees to Releasers for, any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence of, arising out of, or in any way relating to Executive’s employment with Company or any of its affiliates and the termination of Executive’s employment.  The foregoing release and discharge, waiver and covenant not to sue includes, but is not limited to, all claims and any obligations or causes of action arising from such claims, under common law including wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under the Employment Agreement and any claims under any long-term or other incentive award agreements between Executive and the Company) and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any federal, state or local statute including Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; 42 U.S.C. §§ 1981, 1983, 1985, 1986; the Age Discrimination in Employment Act (ADEA), as amended, 29 U.S.C. § 621 et seq.; the Americans with Disabilities Act (ADA), as amended, 42 U.S.C. § 12101 et seq.; the Fair Labor Standards Act (FLSA), as amended, 29 U.S.C. § 201 et seq.; the Family Medical Leave Act (FMLA), 29 U.S.C. § 2601 et seq.; the Employee Retirement Income Security Act of 1974 (ERISA), as amended, 29 U.S.C. § 1001 et seq.  This General Release also includes a release by Executive of any claims for breach of contract, wrongful discharge and all claims for alleged physical or personal injury, emotional distress relating to or arising out of Executive’s employment with Company or the termination of that employment; and any claims under the WARN Act or any similar law, which requires, among other things, that advance notice be given of certain work force reductions.  This release and waiver does not apply to any claims or rights that may arise after the date Executive signs this General Release.  This General Release does not apply to (a) any claims or rights for the Accrued Obligations, severance pay, benefits, indemnification and any other surviving rights now existing under the Employment Agreement, the organization documents of the Company or any other agreement providing for indemnification regardless of when any claim is filed, (b) any claims or rights for under directors and officers liability insurance, or (c) any claims against CFP or CPH (each as defined in the Employment Agreement).
2.Excluded from this release and waiver are any claims which cannot be waived by law, including but not limited to the right to participate in an investigation conducted by certain government agencies.  Executive does, however, waive Executive’s right to any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Executive’s behalf.  Executive represents 

16

and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court.
3.Executive agrees never to sue Releasees in any forum for any claim covered by the above waiver and release language, except that Executive may bring a claim under the ADEA to challenge this General Release.  If Executive violates this General Release by suing Releasees, other than under the ADEA or as otherwise set forth in Section 1 hereof, Executive shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit.  Nothing in this General Release is intended to reflect any party’s belief that Executive’s waiver of claims under ADEA is invalid or unenforceable, it being the interest of the parties that such claims are waived.
4.Executive acknowledges and recites that:
(a)Executive has executed this General Release knowingly and voluntarily;
(b)Executive has read and understands this General Release in its entirety;
(c)Executive has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written direction) to seek legal counsel and any other advice he wishes with respect to the terms of this General Release before executing it;
(d)Executive’s execution of this General Release has not been forced by any employee or agent of the Company, and Executive has had an opportunity to negotiate about the terms of this General Release; and
(e)Executive has been offered twenty-one (21) calendar days after receipt of this General Release to consider its terms before executing it.
5.This General Release shall be governed by the internal laws (and not the choice of laws) of the State of Illinois, except for the application of preemptive federal law.
6.Executive shall have seven (7) days from the date hereof to revoke this General Release by providing written notice of the revocation to the Company, as provided in Section 18(c) of the Employment Agreement, in which event this General Release shall be unenforceable and null and void.
PLEASE READ THIS AGREEMENT CAREFULLY.  IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
	
					
	Date:
	 
	 
	Executive:
	 

17Exhibit

Exhibit 10.3
CONFIDENTIALITY AND RESTRICTIVE COVENANTS AGREEMENT
This Agreement is made by and between John S. Koudounis (“Employee”) and Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC, Calamos Investments LLC, and Calamos Asset Management, Inc. (each of the foregoing, together with their respective subsidiaries and affiliates, excluding CFP and CPH (each as defined below), are individually and collectively referred to herein as the “Company”).
As a condition to and in consideration of Employee’s employment or continued employment by the Company and/or receipt of a long-term incentive award under the Calamos Asset Management, Inc. Incentive Compensation Plan or under any successor, replacement or other incentive compensation plan of the Company (collectively, the “Incentive Plan”), the parties agree to the following:
		
	1.
	EMPLOYEE’S AND COMPANY’S ACKNOWLEDGEMENTS

1.1Company’s Interest.  Employee agrees and acknowledges that the Company has a legitimate interest in protecting its goodwill, confidential information and business relationships and the value of the Business and that, to ensure such protection, it is necessary that Employee not utilize special knowledge of the Business and its relationships with clients to compete with the Company.  
1.2Definitions.  For purposes of this Agreement,
a.“Business” means the provision of investment management, investment advisory, portfolio management, financial analysis, research or similar services relating to investments in Funds and the direct and indirect (such as through Intermediaries) sale and/or distribution of equity interests in the Funds.
b.“CFP” and “CPH” each has the meaning ascribed to such term in the Employment Contract.
c.“Company Funds” means Funds offered or managed by the Company.
d.“Competing Activity” or “Competing Activities” means directly or indirectly engaging in the Business.
e.“Employment Contract” means Employee’s Executive Employment Agreement, effective as of April 4, 2016.
f.“Funds” means investments in international or domestic equity, debt or alternative securities or other activities or services of the type provided by the Company to its clients on a worldwide basis including, without limitation, open-end and closed-end, registered and unregistered investment companies, hedge funds, limited partnerships, trusts, master feeder funds, separate accounts or other entities or accounts for collective investment in transferable securities, as well as separate accounts for investment by clients on a non-collective basis and retail wrap accounts.
g.“Intermediaries” means wholesalers, brokers, dealers, registered investment advisors, family offices, consultants, solicitors, marketers, platforms or other providers who engage in the sale and/or distribution of Funds.  
h.“Proprietary Property” means designs, ideas, discoveries, inventions, improvements, trade secrets, techniques, methods, know-how, technical and non-technical data, works of authorship, computer programs, mathematical models, drawings, trademarks and the goodwill symbolized by the 

1

trademarks, copyrights, patents and all other matters that are legally protectable or recognized as forms of protected intellectual property, whether or not reduced to practice or to a writing.
i.“Permitted Activity” has the meaning ascribed to such term in the Employment Contract.
1.3Employee’s Position.  Employee agrees and acknowledges that the Company has a legitimate business interest in protecting the Company’s property, confidential information, client and employee relationships and other protectable interests.  Employee further acknowledges that:
a.the Company has been, is and/or will be engaged in the Business before, during and after Employee’s employment;
b.Employee has and/or will occupy a position of trust and confidence with the Company, and during Employee’s employment, Employee has, had and/or will have access to the Company’s trade secrets and other proprietary and Confidential Information concerning the Company and the Business;
c.the agreements and covenants contained in this Agreement are essential to protect the Company, its investment in near-permanent client relationships and the goodwill of the Business, and compliance with such agreements and covenants will not unduly impair Employee’s ability to procure subsequent and comparable employment;
d.Employee’s employment with the Company has special, unique, and extraordinary value to the Company and the Company would be irreparably damaged if Employee were to provide services to any person or entity in violation of the provisions of this Agreement; and
e.Employee agrees and acknowledges that the investment performance of the Company Funds and the Company’s relationships with its clients and employees are extremely valuable and are the result of the expenditure of substantial time, effort and resources by the Company.
1.4Coordination with Employment Contract.  This Agreement is the Confidentiality and Restrictive Covenants Agreement described in Section 12 of the Employment Contract.  To the extent of any inconsistency between this Agreement and the Employment Contract, the applicable provision in the Employment Contract shall control.
		
	2.
	CONFIDENTIAL INFORMATION

2.1Disclosure or Use.  Employee agrees and acknowledges that by virtue of his or her employment with the Company, he or she has learned or will learn or develop Confidential Information (as that term is defined herein).  Employee further acknowledges that unauthorized disclosure or use of such Confidential Information, other than in discharge of his or her duties for the Company, will cause the Company irreparable harm.  Accordingly, during the term of his or her employment and thereafter, Employee agrees to comply with all Company policies, procedures and practices pertaining to Confidential Information and not to use any Confidential Information except in furtherance of his or her duties for the Company, nor to disclose any Confidential Information except: (i) as required by law; (ii) to officers or other employees of the Company when it is necessary, in the ordinary course of business, to do so; or (iii) as necessary for the Employee to seek legal advice from an attorney at law regarding his duties, rights and responsibilities.  Upon termination of employment with the Company for any reason, Employee shall not, directly or indirectly, disclose, publish, communicate or use on his or her behalf or another’s behalf, any Confidential Information except as required by law or in accordance with the provisions of Section 2.2 below.  Employee acknowledges that the Company operates and competes internationally, and that the Company will be harmed by unauthorized disclosure or use of Confidential Information, regardless of where such disclosure or use occurs, and that therefore this confidentiality obligation is not limited to any single state, country or jurisdiction.  To the extent applicable 

2

law requires a finite duration on the restrictions on disclosure or use set forth in this Section 2.1, the restriction on disclosure or use of Confidential Information that is not a trade secret and is not client or other third party information shall apply at all times during Employee’s employment and for a period of three (3) years following termination of Employee’s employment for any reason.
2.2Preservation of Certain Rights.  Nothing in this Agreement, any prior agreement between Employee and the Company, or any Company policy prohibits or restricts Employee from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by seeking legal advice whether to or by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission, the Equal Employment Opportunity Commission, FINRA, and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.
2.3Confidential Information.  For purposes of this Agreement, “Confidential Information” shall mean trade secrets and other proprietary information concerning the products, processes or services of the Company, which information (a) has not been made generally available to the public, and is useful or of value to the Company’s current or anticipated business activities or those of any client of the Company; or (b) has been identified to Employee as confidential, either orally or in writing.  “Confidential Information” shall include, without limitation, computer programs; research and other statistical data and analyses; marketing, organizational or other research and development, or business plans; personnel information, including the identity of other employees of the Company, their responsibilities, competence, abilities, and compensation; financial, accounting and similar records of the Company and/or any Company Funds (as defined in Section 1.2(c) above); current and prospective client lists and information on clients and their employees; client investment objectives, the nature of their investment portfolios and contractual agreements with the Company; information concerning planned or pending investment products, acquisitions or divestitures; and information concerning the marketing and/or sale or distribution of equity interests in the Company Funds.  Confidential Information shall not include information which: (i) is in or hereafter enters the public domain through no fault of Employee; (ii) is obtained by Employee from a third party having the legal right to use and disclose the same; or (iii) is in the possession of Employee prior to receipt from the Company (as evidenced by Employee’s written records pre-dating the date of employment). 
2.4    Notice of Immunity from Liability for Confidential Disclosure of a Trade Secret to the Government or in a Court Filing.  Notwithstanding anything in this Agreement to the contrary, under the Federal Defend Trade Secrets Act of 2016, an individual may not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.  Nothing herein is intended, or should be construed, to affect the immunities created by the Defend Trade Secrets Act of 2016.
		
	3.
	COMPANY PROPERTY

All notes, reports, plans, published memoranda or other documents created, developed, generated or held by Employee during employment, concerning or related to the Company’s business, and whether containing or relating to Confidential Information or not, and all tangible personal property of the Company 

3

entrusted to Employee or in Employee’s direct or indirect possession or control, are the property of the Company, and will be promptly delivered to the Company and not thereafter used by Employee upon termination of Employee’s employment for any reason whatsoever.  Employee shall satisfy delivery by delivering such Company property to Employee’s supervisor or the Head of Human Resources of the Company.  
		
	4.
	NON-COMPETITION

4.1While Employed.  During the term of Employee’s employment with the Company (including any Notice Period under Section 8.1 below), and other than in connection with performance of his or her duties for the Company or to the extent provided below, a Permitted Activity, Employee shall not, directly or indirectly, engage in the Business, or own or control any interest in, or act as or become an officer, director, employee, consultant, advisor of, to or for any person, firm, corporation, institution, business or entity (each an “Entity”) directly or indirectly engaged in the Business.  A Permitted Activity with an Entity directly or indirectly engaged in the Business will not be a breach of Employee’s obligations under this Section 4.1 so long as the circumstances of such Entity’s engaging in the Business (a) were disclosed to or known by the Board (or an appropriate committee thereof) prior to Employee’s engaging in the Permitted Activity, or (b) arise or first become known to Employee after initiation of the Permitted Activity and such circumstances are promptly disclosed by Employee to the Board (or appropriate committee) and the Board (or committee) consents to continuation of the Permitted Activity, or if requested by the Board (or committee), Employee disengages from the Permitted Activity after being provided a reasonable period to do so.  
4.2After Employment.  Employee agrees that during the Post-Employment Non-Compete Period defined below, Employee shall not, directly or indirectly, engage in the Business or own or control any interest in, or act as or become an officer, director, employee, consultant, or advisor of, to or for any Entity directly or indirectly engaged in the Business anywhere in the world where, at the time Employee’s employment terminates, the Company is engaged in the Business or has plans to engage in the Business, as reflected by the substantial investment of time, effort and resources by the Company in furtherance of such plans.  For purposes of this Section 4.2, the “Post-Employment Non-Compete Period” shall be six (6) months following Employee’s last day of employment with the Company.
4.3Exception for Ownership of Publicly-Traded Stock.  The restrictions set forth in Sections 4.1, 4.2 and 5(e) shall not be construed to prohibit the ownership by Employee of not more than two percent (2%) of any class of equity securities registered pursuant to the Securities Exchange Act of 1934 that are publicly owned and regularly traded on any national securities exchange or over the counter market if such ownership represents a personal investment and Employee does not directly or indirectly in any way manage or exercise control of any such corporation, guarantee any of its financial obligations or otherwise take part in its business.  Any such ownership remains subject to the provisions of the Company’s Code of Ethics and Insider Trading Policy.
		
	5.
	PROTECTION OF THE COMPANY’S NAME, BUSINESS RELATIONSHIPS AND EMPLOYEES

Employee agrees and acknowledges that the Company’s relationships with its clients, prospective clients and employees, the Company’s name, the names of the Company Funds, and the investment performance of any Company Fund are extremely valuable and are the result of the expenditure of substantial time, effort and resources by the Company.  Therefore, during the period of Employee’s employment and the Post-Employment Non-Compete Period, or in the case of clause (c) below, for a one-year period, after termination of such employment, Employee agrees that he or she will not, directly or indirectly, on his or her behalf or on behalf of any Entity: 

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(a)solicit or do business with clients with whom the Company has (or within the prior twelve months had) a business relationship, or prospective clients who have been engaged in the preceding six months in active and substantive communication regarding a possible business relationship with the Company, in either case with respect to services or products of the kind generally offered or provided by the Company, or otherwise cause or encourage any such client to divert, withdraw or take away any funds with respect to which the Company is providing or could provide such services or products; or 
(b)solicit or do business with Intermediaries with whom the Company has (or within the prior twelve months had) a business relationship, or clients or prospective clients introduced through such Intermediaries, in each case to the extent Employee had contact with or learned or developed Confidential Information regarding such Intermediary during the preceding two years in connection with his or her employment by the Company, with respect to services or products of the kind generally offered or provided by the Company, or otherwise cause or encourage any Intermediary to divert, withdraw or take away any funds with respect to which the Company is providing or could provide such services or products, or cause or encourage any Intermediary to cause or encourage such Intermediary’s clients to divert, withdraw or take away such funds; or 
(c)solicit, induce or encourage any person who is or within the preceding six months was an employee of the Company to leave his or her employment, agency or office with the Company, or hire or employ any such person or persons, for the purpose of providing or offering to provide, services or products of the kind generally offered by the Company; or 
(d)refer to any Company Fund or the investment performance thereof in any public filing or statement, including without limitation social media, or in the advertisement or marketing of any service or product which is a Competing Activity, except that Employee may accurately refer in biographical information (such as a resume or social media listing) to the fact that Employee was employed by the Company, to Employee’s title, job responsibilities or duties during such employment, or to the name of a Company Fund for which Employee provided services, provided that no event shall such information include the track record or other information relating to the investment performance of any Company Fund; or
(e)own or control any interest in, or act as an officer, director, employee, consultant, or advisor of, to or for any Entity directly or indirectly engaged in the Business which refers to any Company Fund or the investment performance thereof, in any public filing or statement, including without limitation social media, or in the advertisement or marketing of any service or product which is a Competing Activity, except to the extent such Entity accurately refers in biographical information to the fact that Employee was employed by the Company, to Employee’s title, job responsibilities or duties during such employment, or to the name of a Company Fund for which Employee provided services, provided that no event shall such information include the track record or other information relating to the investment performance of any Company Fund.
		
	6.
	NON-DISPARAGEMENT

Employee and the Company mutually agree and acknowledge that their respective reputations are extremely valuable and are the result of their respective expenditure of substantial time, effort, and resources.  Therefore, during the period of employment and thereafter, except as permitted under Section 2.2 above, each will not, directly or indirectly, criticize, disparage, or otherwise demean in any way, or cause or encourage others to make any critical, disparaging or demeaning comments about the other including any of the Company’s directors, officers, members, employees, products or services, or the Company Funds.

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	7.
	COOPERATION

Employee agrees that, both during and after the termination of his or her employment with the Company, Employee will cooperate with the Company and its counsel in connection with any investigation, administrative proceeding or litigation relating to any matter that occurred during Employee’s employment in which Employee was involved or of which Employee has knowledge, and will cooperate with and assist the Company in effecting a transition of Employee’s responsibilities and to ensure the Company is aware of all matters being handled by Employee.  The Company agrees to advance Employee for reasonable, documented  expenses incurred in connection with such cooperation.
		
	8.
	TERMINATION OF EMPLOYMENT; NOTICE TO FUTURE EMPLOYER

8.1Notice Period for Resignation of Employment by Employee.  In the event Employee resigns from employment for any reason, except for Good Reason as defined in the Employment Contract, in order to permit the Company to safeguard its business and goodwill, including by arranging for transition of duties, responsibilities and relationships in an orderly manner, Employee agrees to give 90 days’ prior written notice (the “Notice Period”) of the effective date of such resignation.  Employee shall provide such notice in writing in accordance with the Employment Contract.  During the Notice Period, the Company may, in its sole discretion, (a) require Employee to perform Employee’s duties in the normal course of business at the Company; (b) require Employee to remain away from the Company’s premises; (c) require Employee not to perform any duties on behalf of the Company; (d) require Employee to perform other duties and/or functions consistent with his position prior to his giving notice; (e) require Employee not to contact individuals or Entities that were clients, prospective clients or Intermediaries of the Company during Employee’s employment at the Company; (f) withdraw any powers vested in, or duties assigned to, Employee; or (g) require Employee to use any untaken vacation entitlement accrued or likely to accrue up to Employee’s termination date; (h) accelerate the effective date of Employee’s resignation from Employment and the termination of the Notice Period.  For the duration of the Notice Period, Employee shall remain an employee of the Company, continue to receive compensation and benefits in accordance with the Employment Contract, and continue to be subject to the Company’s employment policies, code of conduct, code of ethics and other policies and this Agreement.  During the Notice Period, Employee must not directly or indirectly perform any duties for any other person or Entity, whether as an employee, independent contractor or otherwise except for Permitted Activities under the Employment Contract.
8.2Termination by the Company.  The Company may terminate Employee’s employment by giving notice in accordance with the Employment Contract.  Such termination shall be effective as set forth in such notice.
8.3Notice to New Employer.  Prior to commencing a relationship with an Entity engaged in the Business, Employee shall advise such Entity of Employee’s obligations under this Agreement, including without limitation by providing a copy of this Agreement to such Entity.  Employee hereby authorizes the Company to advise any such Entity of Employee’s post-employment obligations set forth in this Agreement and/or in any other agreement between Employee and the Company.
		
	9.
	PROPRIETARY PROPERTY

9.1Assignment of Proprietary Property to the Company.  Employee hereby agrees to assign, transfer and set over, and does hereby assign, transfer and set over, to the Company, without further compensation, all of his or her rights, title and interest in and to any and all Proprietary Property, if any, that he or she, either solely or jointly with others, has conceived, made or suggested or may hereafter conceive, make or suggest, during or in the course of Employee’s employment or other relationship with the Company, except that the provisions of this Section 9 shall not apply to any Proprietary Property for which no equipment, 

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supplies, facilities or Confidential Information of the Company was used and which was developed entirely on Employee’s own time, unless (a) the invention related to the business of the Company or to the Company’s actual or anticipated research or development or (b) the invention resulted from work performed by Employee for the Company.  The assignment of Proprietary Property hereunder includes without limitation all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as moral rights and the like (“Moral Rights”).  To the extent that such Moral Rights cannot be assigned under applicable law and to the extent the following is allowed under applicable law, Employee hereby waives such Moral Rights and consents to any action of the Company or any third party that would violate such Moral Rights in the absence of such consent.  Employee also will endeavor to facilitate such use of any such Moral Rights as the Company shall reasonably instruct, including confirming any such waivers and consents from time to time as requested by the Company.
9.2Works for Hire.  Employee acknowledges that all original works of authorship or other creative works, if any, made by Employee (whether solely or jointly with others) within the scope of his or her employment by the Company, and that are protectable by copyright, are “works made for hire” pursuant to United States Copyright Act (17 U.S.C. § 101).  To the extent such original works of authorship or other creative works are not works made for hire, Employee hereby assigns all of his or her rights, title and interest in and to such works of authorship to the Company, including, without limitation, all copyrights thereto.
9.3Disclosure of Proprietary Property and Execution of Documents.  Employee further agrees to promptly disclose to the Company any and all Proprietary Property that Employee has assigned, transferred and set over and agrees to execute, acknowledge and deliver to the Company any and all instruments reasonably requested, and, at the Company’s expense, to do any and all other lawful acts that, in the reasonable judgment of the Company or its attorneys may be required or desirable in order to vest in the Company all property rights with respect to such Proprietary Property.
9.4Enforcement of Proprietary Property.  Employee agrees that he or she will, at the Company’s expense, (i) assist the Company in every proper way to obtain, and from time to time enforce, trade secret, trademark, copyright, mask work, patent and other protected intellectual property rights relating to Proprietary Property and (ii) execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Property and the assignment thereof.  In the event the Company is for any reason unable to obtain such assistance from Employee, after reasonable effort to do so, Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as agent and attorney-in-fact, which appointment is coupled with an interest, to act for and on behalf of Employee to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by Employee.  Employee hereby waives and quitclaims to the Company any and all claims, of any nature whatsoever, that he has or may hereafter have for infringement, misappropriation or other violation of any Proprietary Property assigned hereunder, including the right to recover and retain damages for past, present or future infringement, misappropriation or other violation by any Entity.
		
	10.
	MISCELLANEOUS

10.1Acknowledgment; Remedies; Forfeiture.  In executing this Agreement, Employee does not rely on any inducements, promises or representations of the Company, or its officers or directors, other than the terms and conditions specifically set forth in this Agreement, the Employment Contract, and in any other agreements signed by the Employee and the Company or any of the Company’s subsidiaries or affiliates (including entities with shared ownership).  Employee further acknowledges that the statements herein are true and correct; that Employee has read and understands all of the terms of this Agreement; that the Company’s offer of employment or continuing employment and/or receipt of the compensation and other consideration 

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provided to Employee under the Employment Contract and other agreements made with the Company or any of the Company’s subsidiaries or affiliates (including entities with shared ownership) constitutes adequate consideration for Employee’s obligations hereunder and for the covenants set forth above.  Employee acknowledges that failure to comply with this Agreement will cause irreparable damage to the Company.  Therefore, Employee agrees that, in addition to any other remedies at law or in equity available to the Company for Employee’s breach or threatened breach of this Agreement, the Company is entitled to specific performance or injunctive relief against Employee to prevent such damage or breach, without bond.  In addition, and without limiting the Company’s right to specific performance, all unvested long-term incentive awards granted to Employee under the Incentive Plan shall immediately lapse and be forfeited in the event Employee materially breaches or violates any of the covenants or provisions of this Agreement and such breach or violation, if curable, is not remedied within a reasonable period of time after notice of such breach or violation is given to  Employee by the Company.
In the event of a breach or a violation by Employee of any of the covenants and provisions of this Agreement, the periods of restriction set forth in Section 4.2 and Section 5, shall be tolled during the period of the continuance of any actual breach or violation thereof.
Employee agrees and acknowledges that any award granted under the Incentive Plan also shall be subject to the terms and conditions of such Incentive Plan and the equity award statement or grant agreement issued in connection with such award, including without limitation any such provisions regarding forfeiture or recoupment of such award or any portion thereof.
10.2Notices.  Except when actual receipt is expressly required by the terms hereof, notice is considered given either (i) when delivered in person, (ii) when sent by Federal Express or comparable overnight night mail service, or (iii) two business days after deposit in the United States mail in a sealed envelope or container by either registered or certified mail with return receipt requested and postage prepaid and, in the case of (ii) and (iii) above, addressed to Employee at the address set forth on the signature page hereof or the Company at 2020 Calamos Court, Naperville, Illinois 60653, attn.: General Counsel.  Either party may require, by notice given at any time or from time to time, subsequent notices to a different address; provided, however, that a P.O. Box shall not be considered to be an address for purposes of this Agreement.  Notices given before actual receipt of notice of change shall not be invalidated by the change.  
10.3Waiver, Modification and Interpretation.  Except as set forth herein, no provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing signed by both of the parties hereto, and, in the case of the Company, such waiver, modification or discharge has been authorized or approved by the Board of Directors of the Company, its Chairman or its Compensation Committee.  Any waiver by any party hereto of any breach of any kind or character whatsoever by any other party shall not be construed as a continuing waiver of, or consent to, any subsequent breach of this Agreement on the part of the other party or parties.  
10.4Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois applicable to contracts made and to be performed in Illinois, without giving effect to the conflict of law principles thereof.  Employee further agrees that the state and federal courts located in the State of Illinois shall have exclusive jurisdiction in any action, suit or proceedings based on or arising out of this Agreement, and Employee submits to the personal jurisdiction of such courts, consents to service of process, and waives any objection to jurisdiction, venue or service of process.
10.5Headings.  The headings used in this Agreement are for convenience only and are not part of its operative language.  They shall not be used to affect the construction of any provisions hereof.  

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10.6Severability.  The provisions of this Agreement are severable and should any provision hereof be void, voidable or unenforceable under any applicable law, such void, voidable or unenforceable provision shall not affect or invalidate any other provision of this Agreement, which shall continue to govern the relative rights and duties of the parties as though the void, voidable or unenforceable provision were not a part hereof.  In addition, if any provision is held to be overbroad, the parties hereby request that the reviewing court modify that provision to the extent necessary to make the provision enforceable, and enforce the provision as modified.  It is the intention and agreement of the parties that all of the terms and conditions hereof be enforced to the fullest extent permitted by law.
10.7Effect of Agreement.  This Agreement supplements and does not limit, amend or replace any other obligations Employee may have under Company policies, applicable law, or any other agreement or understanding with the Company. References to a Confidentiality and Restrictive Covenant Agreement or similar agreement in the Incentive Plan or any long-term incentive  award agreement shall be deemed to refer to this Agreement. 

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10.8Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns.

	
					
	CALAMOS ASSET MANAGEMENT, INC.
	 
	JOHN S. KOUDOUNIS

	for itself and its affiliates
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ John P. Calamos, Sr.
	 
	/s/ John Koudounis

	 
	Signature
	 
	Employee Signature

	 
	 
	 
	 
	 

	Date:
	Effective as of April 4, 2016
	 
	John Koudounis

	 
	 
	 
	Employee Name (Please Print)

	 
	 
	 
	 
	 

	 
	 
	 
	(Address on file with Company)

	 
	 
	 
	Address

	 
	 
	 
	 

	 
	 
	 
	City, State and Zip Code

	 
	 
	 
	 
	 

	 
	 
	 
	Date:
	Effective as of April 4, 2016

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