Document:

COWN EX 10.1 (Q1 2013)

Exhibit 10.1

FORM OF STOCK APPRECIATION RIGHT AGREEMENT

This STOCK APPRECIATION RIGHT AGREEMENT (“SAR Agreement”) is dated as of [insert date], 2013 (the “Date of Grant”) and delivered by Cowen Group, Inc. (the “Company”), to [insert name] (the “Grantee”).
RECITALS
The Cowen Group, Inc. 2010 Equity and Incentive Plan (the “Plan”) provides for the grant of stock appreciation rights with respect to shares of Class A common stock of the Company, in accordance with the terms and conditions of the Plan.  The Compensation Committee of the Board of Directors of the Company (the “Committee”) has decided to make a stock appreciation right grant, subject to the terms and conditions set forth in this SAR Agreement and the Plan, as an inducement for the Grantee to promote the best interests of the Company and its stockholders.  
NOW, THEREFORE, the parties to this SAR Agreement, intending to be legally bound hereby, agree as follows:
		
	1.
	Grant of SAR.

Subject to the terms and conditions set forth in this SAR Agreement, the Company hereby awards the Grantee a stock appreciation right (the “SAR”) with respect to [insert number] shares of Class A common stock (“Stock”) under the Plan.  The Grantee accepts the SAR and agrees to be bound by the terms and conditions of this SAR Agreement and the Plan with respect to the award.
		
	2.
	SAR.

The SAR represents the right to receive an amount equal to the appreciation in value of shares of Stock over the Base Amount.  The Base Amount is $ [insert closing price on Date of Grant] per share, which is the per share fair market value of the Stock on the Date of Grant.  No shares of Stock shall be issued to the Grantee at the time the award is made, and the Grantee shall not be, nor have any of the rights or privileges of, a stockholder of the Company with respect to any SARs.  The Grantee shall not have any interest in any fund or specific assets of the Company by reason of this award, and the Grantee shall be an unsecured creditor of the Company.
		
	3.
	Automatic Exercise.  

The entire SAR shall be deemed to have been exercised by the Grantee on [insert date] (“Vesting Date”) if (i) the Base Amount is less than the Fair Market Value on the Vesting Date; and (ii) the Grantee has continuously been employed by the Company from the Date of Grant until the Vesting Date.  Other than as set forth in Paragraph 5 below, service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportional vesting.  The “Fair Market Value” will be determined based on the 10-day VWAP of Cowen Group Inc. stock, looking back ten (10) calendar days from the Vesting Date.
		
	4.
	Exercise Procedures.  

(a)Payment.  Upon exercise, the Company shall deliver to the Grantee a number of whole shares of Stock that will be determined by dividing the Stock Appreciation (as defined below) by the closing price of a share of Stock on the date of exercise.  Only whole shares of Stock will be delivered pursuant to the exercise of the SAR, and, to the extent that a fractional share of Stock would result, the cash value of such fractional share will be paid to the Grantee in lieu of a fractional share.  For purposes of this Paragraph 4(a), the “Stock Appreciation” shall mean the amount that results from multiplying (i) the number of shares as to which the SAR is to be exercised by (ii) the amount by which the Fair Market Value of a share of Stock on the date of exercise exceeds the Base Amount.  
(b)Delivery.  The obligation of the Company to deliver shares of Stock upon exercise of the SAR shall be subject to all applicable laws, rules and regulations and such approvals by governmental agencies as may be deemed appropriate by the Committee, including such actions as the Company's counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations.  The Company may require that the Grantee (or other person exercising the SAR after the Grantee's death) represent that the Grantee is acquiring shares for the Grantee's own account and not with a view to or for sale in connection with any distribution of the shares, or such other representation as the Committee deems appropriate.
(c)Tax Obligations.  All obligations of the Company under this SAR Agreement shall be subject to the rights of the Company as set forth in the Plan to withhold amounts required to be withheld for any taxes, if applicable (the “Tax 

Withholding Amount”).  To satisfy the Tax Withholding Amount, the Company will withhold the number of shares of Stock with an aggregate fair market value on the Vesting Date equal to the Tax Withholding Amount.
5.Termination of the SAR.  
(a)The SAR shall automatically vest upon termination of Grantee's employment due to (i) Grantee's death, (ii) Grantee's Disability, (iii) Change in Control, (iv) termination by Company without Cause; or (v) resignation by the Grantee for Good Reason.  The date Grantee's employment terminates shall be considered the Vesting Date for purposes of Paragraph 3, above. The SAR shall be exercised, pursuant to Paragraph 4 above, on the date that a general release of claims in favor of the Company becomes irrevocable pursuant to Grantee's Employment Agreement.
(b)The SAR shall automatically terminate upon the happening of the first of the following events:
(i)If the Base Amount is greater than the Fair Market Value of a share of stock on the Vesting Date. 
(ii)The date on which the Grantee ceases to be employed by, or provide service to, the Company for 
               cause.  
(iii)The date the Grantee gives the Company notice of resignation, or resigns, without Good Reason.
(c)For purposes of this SAR Agreement, the terms “Cause,” “Disability,” and “Good Reason” shall have the meaning set forth in the Grantee's Employment Agreement in effect as of the Date of Grant (“Employment Agreement”).  “Change in Control” shall have the meaning set forth in the Plan.
6.Grant Subject to Plan Provisions.  
This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan.  The grant and payment of the SAR are subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan including, but not limited to, provisions pertaining to (a) rights and obligations with respect to withholding taxes, (b) the registration, qualification or listing of the shares issued under the Plan, (c) changes in capitalization of the Company and (d) other requirements of applicable law.  The Committee shall have the authority to interpret and construe the SAR pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.
7.Interplay with Employment Agreement.  
This SAR Agreement shall be interpreted and construed consistent with Grantee's Employment Agreement, and in the even of a conflict between the terms of such Employment Agreement and the terms of this SAR Award, the terms of the Employment Agreement shall control.
8.No Employment or Other Rights. 
Subject to Grantee's Employment Agreement, this grant of the SAR shall not confer upon the Grantee any right to be retained by or in the employ or service of the Company and shall not interfere in any way with the right of the Company to terminate Grantee's employment at any time. 
9.Section 409A. 
It is intended that the provisions of this SAR Agreement comply with Section 409A, and all provisions of this Award Agreement shall be construed. 
10.Assignment and Transfers.  
The rights and interests of the Grantee under this SAR Agreement may not be sold, assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by the laws of descent and distribution.  The rights and protections of the Company hereunder shall extend to any successors or assigns of the Company and to the Company's parents, subsidiaries, and affiliates.  This SAR Agreement may be assigned by the Company without the Grantee's consent.
11.Governing Law.  
This SAR Agreement shall be governed by and construed in accordance with the laws of the State of New York other than its laws regarding conflicts of law (to the extent that the application of the laws of another jurisdiction would be required thereby).  
12.Notice. 
Any notice to the Company provided for in this SAR Agreement shall be addressed to the Company in care of the Head of Human Resources, and any notice to the Grantee shall be addressed to Grantee's last known home address 

provided by Grantee to the Company as of the date of notice, or to such other address as the Grantee may designate to Human Resources in writing.  Any notice shall be delivered by hand or mail with proof of delivery (such as certified mail, UPS, or FedEx).  
13.Entire Agreement.  
Except as otherwise specified herein, this SAR Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes in its entirety all prior undertakings, agreements, correspondence, and term sheets of or between the Company and the Grantee with respect to the subject matter hereof.  

IN WITNESS WHEREOF, the parties have executed this Stock Appreciation Right Agreement as of the Date of Grant. 

COWEN GROUP, INC.

I hereby accept the award of the SAR described in this SAR Agreement, and I agree to be bound by the terms of the Plan and this SAR Agreement.  I hereby agree that all decisions and determinations of the Committee with respect to the SAR shall be final and binding. 

Signed:                             
[insert]                       DateEXHIBIT 10.1 ASSET PURCHSE AGREEMENT

 

 Exhibit 10.1
 

 ASSET PURCHASE AGREEMENT
 

 THIS AGREEMENT (the “Agreement”) is made and entered into and effective as of this 16th day of April 2013, by and between Massive Dynamics Corporation, a Nevada Corporation, (“Purchaser”) and Real-View 3D LLC, a New York Corporation, (“Seller”).
 Background
 Seller  is an image capture product company that has developed and is committed to design, patent, manufacture and market 3D imaging Z-axis capture products for the consumer computer peripherals market.  Seller wishes to sell, and Purchaser wishes to purchase all of the assets of the Seller upon and subject to the terms and conditions set forth in this Agreement.
 Agreement
 Now, therefore, for and in consideration of the mutual representations, warranties, covenants, and agreements contained herein and for other good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, the parties hereto agree:
 Section 1.  PURCHASE AND SALE OF ASSETS
 
 Section 1.1.
 Purchase of Assets.
 On and subject to the terms and conditions of this Agreement, Purchaser hereby purchases and Seller hereby sells, assigns, grants, transfers, and conveys to Purchaser all of the right, title, and interest of Seller in and to all of the assets of Seller used in Real-View 3D image capture technologies, designs, patents (patents pending) and 3D imaging Z Axis products/concepts (collectively, the “Purchased Assets”) free and clear of any and all liens, claims, charges, security interests, and encumbrances as the same exist on the Closing Date as follows:
 
 a.
 All intellectual property, trade name, trade secrets, trademarks, personnel contracts, web site domain and content, strategic partnerships, publications, operating model, manuals, licenses, and all other confidential information relating to Real-View 3D; and
 
 b.
 All current, past and future clients.
 

 Section 1.2 
 Assumption of Debt and Excluded Liabilities.
 Purchaser shall take title to the assets free and clear of all liabilities. 
 All other liabilities of Seller are hereinafter referred to as “Excluded Liabilities”.
 Section 2.  PURCHASE PRICE AND CLOSING
 
 Section 2.1
 Purchase Price.
 The Purchase price for the Purchased Assets shall be 15,000,000 shares of MSSD stock on the date of closing per Section 2.2 herein.
 

 Section 2.2
 Time and Place of Closing.
 

 
 The closing of the purchase and sale of the Purchased Assets (the “Closing”) will be upon delivery of all signed documentation as required under this Agreement, and all documentation necessary to perfect the delivery of the assets.  The effective time of the closing and the transfer of the Purchased Assets to Purchaser is April 30th 2013. 
 
 Section 2.3
 Transfer and Closing Expenses.
 Each party shall be responsible for the payment of any closing expenses incurred by that party in connection with this transaction.
 

 Section 3.  REPRESENTATIONS AND WARRANTIES OF SELLER
 

 For the purpose of inducing the Purchaser to purchase the Purchased Assets, Seller represents and warrants to Purchaser as follows:
 
 Section 3.1
 Authority.
 Seller has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.  The execution, delivery, and performance of this Agreement by Seller has been duly and validly authorized and approved by all necessary action on the part of Seller.  This Agreement is the legal, valid, and binding obligation of Seller enforceable against Seller in accordance with its terms.
 

 Section 3.2
 Personal Property.  Seller, to the best of its knowledge, has good and marketable title to all of its Assets free and clear of all liens, claims, charges, security interests, and other en­cumbrances of any kind or of any nature.
 
 Section 3.3
 Compliance with Laws.
 Seller, to the best of its knowledge, is not subject to any judgment, order, writ, injunction, or decree that adversely affects, or might in the future reasonably be expected to adversely affect any of the Purchased Assets.
 
 Section 3.4
 Litigation.
 There are no formal or informal complaints, investigations, claims, charges, arbitration, grievances, actions, suits, or proceedings pending, or to the knowledge of Seller threatened against any of the Purchased Assets at law or in equity or admiralty, or before or by any federal, state, municipal, or other governmental department, commission, board, bureau, agency, or instrumentality, domestic or foreign which would affect the purchased assets materially.  To the best of its knowledge, Seller is not subject to any order, writ, injunction, or decree of any federal, state, municipal court, or other governmental department, commission, board, bureau, agency, or instrumentality, domestic or foreign, affecting the Purchased Assets.
 
 Section 3.5
 Brokers and Finders.
 

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 Seller has not incurred any obligation or liability to any party for any brokerage fees, agent’s commissions, or finder’s fees in connection with the transactions contemplated hereby.
 Section 4.  REPRESENTATIONS AND WARRANTIES OF PURCHASER
 

 Purchaser hereby represents and warrants to Seller as follows:
 
 Section 4.1
 Organization and Qualification.
 Purchaser is a corporation duly organized, validly existing, and in good standing under the laws of the State of Nevada.
 
 Section 4.2
 Authority.
 Purchaser has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.  The execution, delivery, and performance of this Agreement by Purchaser has been duly and validly authorized and approved by all necessary action on the part of Purchaser, and this Agreement is the legal, valid, and binding obligation of Purchaser enforceable against Purchaser in accordance with its terms, except as enforceability may be limited by applicable equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally, and by the exercise of judicial discretion in accordance with equitable principles.
 
 Section 4.3.
 Litigation.
 There is no suit, action, proceeding, claim or investigation pending, or, to Purchaser’s knowledge, threatened, against Purchaser that would prevent Purchaser from consummating the transactions contemplated by this Agreement. 
 
 Section 4.4.
 Brokers and Finders.
 Purchaser has not incurred any obligation or liability to any party for brokerage fees, agent’s commissions, or finder’s fees in connection with the transactions contemplated hereby.
 Section 5.  GENERAL PROVISIONS
 
 Section 5..1
 Bulk Sales Law Waiver.
 Purchaser and Seller each agree to waive compliance by the other with the provisions of the bulk sales law or comparable law of any jurisdiction to extent that the same may be applicable to the transactions contemplated by this Agreement.
 
 Section 5.2
 Expenses.
 Except as set forth in Section 2 hereof, all expenses incurred by the parties hereto in connection with or related to the authorization, preparation, and execution of this Agreement and the Closing of the transaction contemplated hereby, including without limiting the generality of the foregoing, all fees and expenses of agents, representatives, counsel, and accountants employed by any such party, shall be borne solely and entirely by the party which has incurred the same.  
 

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 Section 5.3
 Binding Effect.
 This Agreement shall be binding upon the parties hereto and their respective successors or assigns, as permitted herein. 
 
 Section 5.4
 Headings.
 The Section, subsection, and other headings in this Agreement are inserted solely as a matter of convenience and for reference, and are not a part of this Agreement.
 
 Section 5.5
 Counterparts.
 This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one counterpart has been signed by each party and delivered to the other party hereto and such execution shall be conclusively evidenced by a facsimile transmitted copy or electronic mail transmitted copy of the execution page hereof.
 
 Section 5.6
 Governing Law.
 This Agreement shall be construed under the laws of the State of Texas, without giving effect to applicable principles of conflicts of law.
 

 Section 5.7
 Additional Actions.
 Each party covenants that at any time, and from time to time, it will execute such additional instruments and take such actions as may be reasonably requested by the other parties to confirm or perfect or otherwise to carry out the intent and purposes of this Agreement.
 

 Section 5.8
 Entire Agreement.
 This Agreement constitutes the entire agreement among the parties hereto and supersedes and cancels any prior agreements, representations, warranties, or communications, whether oral or written, among the parties hereto relating to the transactions contemplated hereby or the subject matter herein. Neither this Agreement nor any provisions hereof may be changed, waived, discharged or terminated orally, but only by an agreement in writing signed by the party against whom or which the enforcement of such change, waiver, discharge or termination is sought.
 

 Section 5.9
 Preparation of Agreement.
 This Agreement shall not be construed more strongly against any party regardless of who is responsible for its preparation. The parties acknowledge each contributed and is equally responsible for its preparation.  
 

 Section 5.10
 Assignment
 This Agreement shall not be assigned by operation of law or otherwise. However, the assets and liabilities being acquired by the Purchaser may be transferred to a newly formed corporation at the sole discretion of the Purchaser.  
 

 Section 5.11
 Third Parties
 

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 Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any persons other than the parties hereto and their respective administrators, executors, legal representatives, heirs, successors and assignees.  Nothing in this Agreement is intended to relieve or discharge the obligation or liability of any third persons to any party to this Agreement, nor shall any provision give any third persons any right of subrogation or action over or against any party to this Agreement.
 

 Section 5.12
 Notices.
 All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date they are delivered if delivered in person; (ii) on the date initially received if delivered by facsimile transmission with independent confirmation of receipt followed by confirmation of notice by registered or certified mail or overnight courier service; (iii) on the date delivered by an overnight courier service; or (iv) on the fifth business day after it is mailed by registered or certified mail, return receipt requested with postage and other fees prepaid, to the address set forth herein of such other addresses provided by each party to the other parties in accordance with the terms or provisions hereof. 
 
 Section 5.13
 Partial Invalidity.
 Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision or provisions had never been contained herein unless the deletion of such provision or provisions would result in such a material change as to cause completion of the transactions contemplated hereby to be unreasonable.
 
 Section 5.14
 Arbitration.
 Any controversy, dispute, or claim arising out of or relating to this Agreement or a claimed default hereunder, other than requests for injunctive relief or damages for a breach of a Restrictive Covenant shall be resolved by arbitration in accordance with the rules of the American Arbitration Association (the “AAA”), by which each party will be bound.
 

 IN WITNESS WHEREOF, each party hereto has executed this Agreement, or caused this Agreement to be executed on its behalf by its duly authorized officers, all as of the Closing Date.
 

 

 Purchaser
 Seller
 Massive Dynamics Corporation
 Real View 3D
 

 

 ______________________
 _____________________
 Oscar Hines, President
 Jonathan J. Howard, President
 

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