Document:

Exhibit 10.1

 

July 19, 2010

 

Dear
Mr. Malcolm:

 

In
accordance with paragraph 15 of your employment agreement with LexingtonPark
Parent Corp. (n/k/a Cowen Group, Inc.) dated June 3, 2009
(collectively, the “Agreement”), this letter serves to amend the Agreement as
follows:

 

1.                The first sentence of paragraph
1 of the Agreement which reads, “This Agreement provides the details of the
terms of your employment from and following the Effective Date until
termination of your employment (the “Term”), and certain other terms and
conditions of your employment with the Company and its subsidiaries that
continue beyond the Term unless otherwise specified,” shall be deleted and
replaced with:

 

This Agreement provides
the details of the terms of your employment as of July 19, 2010 until
termination of your employment (the “Term”), and certain other terms and
conditions of your employment with the Company and its subsidiaries that
continue beyond the Term unless otherwise specified.

 

2.                Paragraph 2 of the Agreement
shall be deleted in its entirety and replaced with:

 

Position.  You shall
be employed as Chairman of the Company’s Broker-Dealer Subsidiary (the “BD
Subsidiary”) and shall report directly to the Chief Executive Officer of the
Company. You shall also continue to serve as a member of the Board of Directors
of the Company and as a member of the Company’s Executive Management Committee
and the Company’s Operating Committee. You shall have the duties,
responsibilities and authority commensurate with your title and position and
such other duties and responsibilities as may be reasonably assigned to you by
the Chief Executive Officer of the Company. 
You shall continue to be subject to, and must comply with, all policies
and procedures applicable to 

 

 

employees of the BD Subsidiary, as now existing or as may be modified
or supplemented from time to time by the BD Subsidiary.

 

3.             Paragraph 3(b) shall be
deleted in its entirety and replaced as follows:

 

Annual Bonus.  For each
calendar year during which you are employed by the Company (excluding any
period in which you are employed as a Senior Advisor, as defined below), you
shall be entitled to earn an annual performance-based bonus pursuant to a
Company bonus plan as determined by the Compensation Committee. The total annual
bonus that may be earned by you for any calendar year is referred to herein as
the “Annual Bonus.” Your Annual Bonus shall be determined by the Compensation
Committee consistently with and on the same basis as, and shall have terms and
conditions no less favorable than those that apply to, other similarly situated
executives of the Company, provided that (i) for
the calendar year ending December 31, 2010 you shall be entitled to a
minimum cash Annual Bonus equal to (y) your Base Salary as of the end of
the calendar year ending December 31, 2009, and (z) the cash portion
of your Annual Bonus received in respect of the calendar year ending December 31,
2009; provided further, that should you elect
to retire from the Company at any time on or after December 31, 2010 but
prior to December 31, 2011, your Annual Bonus for the calendar year ending
December 31, 2010 shall be reduced by Two Hundred Thousand ($200,000)
Dollars, and (ii) for each completed calendar year ending during the Term
subsequent to the calendar year ending December 31, 2010 (excluding any
Notice Period, as defined below, upon a voluntary termination without Good
Reason, as defined below) you shall be entitled to a minimum Annual Bonus equal
to Two Hundred Thousand Dollars ($200,000). Your Annual Bonuses may, at the
discretion of the Compensation Committee, and consistent with similarly
situated executives of the Company, include a certain percentage of restricted
securities, other stock or security-based awards or deferred cash or other deferred
compensation.

 

2

 

4.                Paragraph 5(b) shall be
deleted in its entirety and replaced as follows:

 

Senior Advisor Status.  When by reason of your retirement in
accordance with the applicable policy of the Company (which for the avoidance
of doubt permits retirement on or after the attainment of age 55 with five
years of service) at any time on or after December 31, 2010, you cease to
serve as Chairman of the BD Subsidiary (or in whatever position you then serve),
provided you are otherwise an employee in good standing at that time, and
continuing for a three (3) year period, the Company will employ you as a
Senior Advisor pursuant to a Senior Advisor Agreement in the form attached
hereto as Appendix A.

 

This
letter in no way amends any other terms or conditions of the Agreement, the
remainder of which remain in full force and effect.  Please sign below to indicate your acceptance
of this amendment to the Agreement.

 

	
   

  	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  COWEN
  GROUP, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Peter Cohen

  
	
   

  	
   

  	
   

  	
   

  	
  Peter
  Cohen

  
	
   

  	
   

  	
   

  	
   

  	
  Chairman
  and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AGREED AND ACCEPTED:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signed:

  	
  /s/
  David M. Malcolm

  	
   

  	
   

  	
   

  
	
   

  	
  David
  M. Malcolm

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  July 19,
  2010

  	
   

  	
   

  	
   

  

 

3Exhibit 10.2

 

July 19, 2010

 

Dear
Mr. White:

 

In
accordance with paragraph 15 of your employment agreement with LexingtonPark
Parent Corp. (n/k/a Cowen Group, Inc.) dated July 10, 2009, as
amended on December 8, 2009 (collectively, the “Agreement”), this letter
serves to amend the Agreement as follows:

 

1.                The first sentence of paragraph
1 of the Agreement which reads, “This Agreement provides the details of the
terms of your employment from and following the Effective Date until
termination of your employment (the “Term”), and certain other terms and
conditions of your employment with the Company and its subsidiaries that
continue beyond the Term unless otherwise specified,” shall be deleted and
replaced with:

 

This Agreement provides
the details of the terms of your employment as of July 19, 2010 until
termination of your employment (the “Term”), and certain other terms and
conditions of your employment with the Company and its subsidiaries that
continue beyond the Term unless otherwise specified.

 

2.                Paragraph 2 of the Agreement
shall be deleted in its entirety and replaced with:

 

Position.  On April 29,
2010, you ceased to serve as the Chief Operating Officer of the Company and
were appointed Chief of Staff (the “Position Change”).  You shall continue to be employed as a
Managing Director and Chief of Staff and shall report directly to the Chief
Executive Officer of the Company, 

 

 

and you shall also continue to serve as a member of the Company’s
Operating Committee.  You shall have the
duties, responsibilities and authority commensurate with your title and
position and such other duties and responsibilities as may be reasonably
assigned to you by the Chief Executive Officer of the Company.  You shall continue to be subject to, and must
comply with, all policies and procedures applicable to employees of the Company’s
Broker-Dealer subsidiary (the “BD Subsidiary”), as now existing or as may be
modified or supplemented from time to time by the BD Subsidiary.

 

3.             The following shall be added to the
end of Paragraph 5(d):

 

The
Company acknowledges that the Position Change on April 29, 2010
constituted a material diminution by the Company, without your consent, of your
roles and responsibilities as Chief Operating Officer.  Accordingly, the Company further acknowledges
that as a result of such Position Change, you are entitled to notify the
Company in writing at any point up to and including July 29, 2010 (the “Good
Reason Notification Period”), that the Position Change triggered your ability
to terminate your employment with Good Reason (provided the Company did not
remedy such material diminution during the Cure Period and provided further
that you gave final notice of your decision to terminate your employment with
Good Reason within ninety (90) days following the expiration of the Cure
Period).  Notwithstanding the above, the
Company and you have agreed to toll the running of the Good Reason Notification
Period from April 29, 2010 until December 31, 2010, after which, you
shall have until March 31, 2011 to provide the Company with written notice
of your intention to terminate your employment with Good Reason as a result of
the Position Change.

 

2

 

This
letter in no way amends any other terms or conditions of the Agreement, the
remainder of which remain in full force and effect.  Please sign below to indicate your acceptance
of this amendment to the Agreement.

 

 

	
   

  	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  COWEN
  GROUP, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  Peter Cohen

  
	
   

  	
   

  	
   

  	
   

  	
  Peter
  Cohen

  
	
   

  	
   

  	
   

  	
   

  	
  Chairman
  and

  
	
   

  	
   

  	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  AGREED AND ACCEPTED:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signed:

  	
  /s/ Christopher A. White

  	
   

  	
   

  	
   

  
	
   

  	
  Christopher
  A. White

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  July 21,
  2010

  	
   

  	
   

  	
   

  
						

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]