Document:

Exhibit
10.1

[DEJA FOODS
LETTERHEAD]

August 23, 2006

Dear Stockholder,

As a result of the Deja
Foods, Inc. Chapter 11 filing, our previously effective registration
statement filed with the SEC is no longer current. This means you may not
publicly or privately offer to sell or sell your common stock in the company at
this time. You must also refrain from doing so until we have filed an amendment
to our registration statement which has been reviewed and declared effective by
the SEC.

Sincerely,

/s/ David Fox

David Fox

CEO

Deja Foods, Inc.Exhibit 4.1

 

EXECUTION COPY

 

 

STOCKHOLDERS AGREEMENT

 

by and between

 

COWEN GROUP, INC.

 

and

 

SG AMERICAS SECURITIES HOLDINGS, INC.

 

 

Dated as of July 12, 2006

 

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE 1

  	
  DEFINITIONS

  	
  1

  
	
   

  	
  SECTION 1.1

  	
  Definitions

  	
  1

  
	
   

  	
   

  
	
  ARTICLE 2

  	
  BOARD OF
  DIRECTORS; CLEAR MARKET; VOTING RIGHTS

  	
  4

  
	
   

  	
  SECTION 2.1

  	
  Board of
  Directors

  	
  4

  
	
   

  	
  SECTION 2.2

  	
  Director
  Indemnification

  	
  5

  
	
   

  	
  SECTION 2.3

  	
  Company
  Lock-Up Period; Clear Market

  	
  5

  
	
   

  	
  SECTION 2.4

  	
  Other SGASH
  Voting Rights

  	
  6

  
	
   

  	
  SECTION 2.5

  	
  Board
  Approval of Modifications

  	
  7

  
	
   

  	
  SECTION 2.6

  	
  Enforcement
  of Employee Arrangements

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  	
  RESTRICTIONS
  ON TRANSFER

  	
  7

  
	
   

  	
  SECTION 3.1

  	
  Restrictions
  on Transfer

  	
  8

  
	
   

  	
  SECTION 3.2

  	
  SGASH
  Lock-Up Period

  	
  8

  
	
   

  	
  SECTION 3.3

  	
  Private Sale
  Restrictions

  	
  8

  
	
   

  	
  SECTION 3.4

  	
  Exceptions
  to Restrictions

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  	
  REGISTRATION
  RIGHTS

  	
  9

  
	
   

  	
  SECTION 4.1

  	
  Demand
  Registration

  	
  9

  
	
   

  	
  SECTION 4.2

  	
  Piggyback
  Rights

  	
  13

  
	
   

  	
  SECTION 4.3

  	
  SEC Form S-3

  	
  15

  
	
   

  	
  SECTION 4.4

  	
  Holdback
  Agreements

  	
  15

  
	
   

  	
  SECTION 4.5

  	
  Registration
  Procedures

  	
  15

  
	
   

  	
  SECTION 4.6

  	
  Suspension
  of Dispositions

  	
  19

  
	
   

  	
  SECTION 4.7

  	
  Registration
  Expenses

  	
  20

  
	
   

  	
  SECTION 4.8

  	
  Indemnification

  	
  21

  
	
   

  	
  SECTION 4.9

  	
  Reports;
  Rule 144 and Form S-3

  	
  24

  
	
   

  	
  SECTION 4.10

  	
  Preservation
  of Rights

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  	
  TERMINATION

  	
  25

  
	
   

  	
  SECTION 5.1

  	
  Termination

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  	
  MISCELLANEOUS

  	
  26

  
	
   

  	
  SECTION 6.1

  	
  Standstill
  Agreement

  	
  26

  
	
   

  	
  SECTION 6.2

  	
  Notices

  	
  26

  
					

 

i

 

	
   

  	
  SECTION 6.3

  	
  Entire
  Agreement; No Third Party Beneficiaries

  	
  27

  
	
   

  	
  SECTION 6.4

  	
  Authority

  	
  28

  
	
   

  	
  SECTION 6.5

  	
  Governing
  Law

  	
  28

  
	
   

  	
  SECTION 6.6

  	
  Successors
  and Assigns

  	
  28

  
	
   

  	
  SECTION 6.7

  	
  Severability

  	
  28

  
	
   

  	
  SECTION 6.8

  	
  Remedies

  	
  28

  
	
   

  	
  SECTION 6.9

  	
  Waivers

  	
  29

  
	
   

  	
  SECTION 6.10

  	
  Amendment

  	
  29

  
	
   

  	
  SECTION 6.11

  	
  Interpretation

  	
  29

  
	
   

  	
  SECTION 6.12

  	
  Headings

  	
  29

  
	
   

  	
  SECTION 6.13

  	
  Counterparts

  	
  29

  
	
   

  	
  SECTION 6.14

  	
  Mutual
  Drafting

  	
  30

  

 

ii

 

STOCKHOLDERS AGREEMENT

 

This
STOCKHOLDERS AGREEMENT, dated as of July 12, 2006 (this “Agreement”), is
entered into by and between COWEN GROUP, INC., a Delaware corporation (the “Company”),
and SG AMERICAS SECURITIES HOLDINGS, INC., a Delaware corporation (“SGASH”).

 

RECITALS

 

WHEREAS, the
Company, SGASH, Société Générale, SG Americas, Inc. and Cowen and Company, LLC
are parties to that certain Separation Agreement, dated as of July 11, 2006
(the “Separation Agreement”), pursuant to which, among other things, the
Company will issue to SGASH shares of the Company’s common stock, par value
$0.01 per share (“Common Stock”);

 

WHEREAS, the
Company has filed a registration statement on Form S-1 (File No. 333-132602)
(the “IPO Registration Statement”) with the Securities and Exchange
Commission in connection with the initial public offering (the “IPO”) of
shares of its Common Stock; and

 

WHEREAS, the
Company and SGASH desire to enter into this Agreement to clarify their
relationship following the IPO with respect to any shares of Common Stock held
by SGASH or any other Holder, on the terms and subject to the conditions set
forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter
contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

ARTICLE 1

DEFINITIONS

 

SECTION 1.1                          Definitions.
Capitalized terms used and not otherwise defined in this Agreement shall have
the respective meanings ascribed to such terms in the Separation Agreement. The
following terms shall have the meanings set forth in this Section 1.1:

 

“Adverse
Effect”  has the meaning given to
such term in Section 4.1.5.

 

“Advice”  has the meaning given to such term in Section
4.6.

 

“Advised
Offering Share Amount” has the meaning given to such term in Section
4.1.5.

 

“Affiliate”  means, with respect to any specified Person,
any other Person who, directly or indirectly, controls, is controlled by or is
under common control with such specified Person.

 

“Agreement”  has the meaning given to such term in the
preamble of this Agreement.

 

 

“Award”
means individually or collectively, a grant under the Cowen Employee Ownership
Plan of options, stock appreciation rights, restricted stock, restricted stock
units or other Stock-Based Awards or Cash-Based Awards.

 

“Award
Agreement” means any written agreement, contract, or other instrument or
document evidencing an Award.

 

“Board of
Directors” has the meaning given to such term in Section 2.1(a).

 

“Cash-Based
Award” means an Award granted under the Cowen Employee Ownership Plan that
is denominated or payable in cash, including cash awarded as a bonus or upon
the attainment of performance goals or otherwise as permitted under the Cowen
Employee Ownership Plan.

 

“Common
Stock”  has the meaning given to such
term in the recitals of this Agreement. 

 

“Company”  has the meaning given to such term in the
preamble of this Agreement.

 

“Cowen
Employee Ownership Plan” has the meaning given to such term in Section
2.4(b)(i).

 

“Demand
Registration”  has the meaning given
to such term in Section 4.1.1(a).

 

“Demanding
Stockholders”  has the meaning given
to such term in Section 4.1.1(a).

 

“Demand
Request”  has the meaning given to
such term in Section 4.1.1(a). 

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar
federal statute, and the rules and regulations promulgated by the SEC
thereunder.

 

“Fair Market
Value” means the average of the high and low sales price of shares of the
Common Stock reported on the Nasdaq National Market or such other national
securities exchange or over-the-counter market on which such shares are
principally traded, for the last date immediately preceding the date of the
Demand Request on which there was a sale of such shares on such exchange.

 

“Holder”
means (i) SGASH and (ii) any direct or indirect transferee of SGASH who shall
become a party to this Agreement in accordance with Section 6.6.

 

“Holder
Lock-Up Period”  has the meaning
given to such term in Section 3.2.

 

“Initial
Awards” means the Restricted Stock and Options granted concurrently with
the IPO under the 2006 Equity and Incentive Plan to then-existing employees.

 

“Inspectors”  has the meaning given to such term in Section
4.5(xii).

 

“IPO”
has the meaning given to such term in the recitals of this Agreement.

 

2

 

“IPO
Registration Statement” has the meaning given to such term in the recitals
of this Agreement.

 

“IPO
Underwriting Agreement” means the underwriting agreement to be entered into
by and among SGASH, the Company and the managing underwriters for the IPO in
connection with the IPO.

 

“Losses”
has the meaning given to such term in Section 4.8.1.

 

“NASD”
has the meaning given to such term in Section 4.7.1.

 

“Permitted
Transfers”  has the meaning given to
such term in Section 3.4.

 

“Person”
or “person” means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust,
unincorporated organization or government or other agency or political
subdivision thereof.

 

“Proposed
Offering Share Amount” means the aggregate number of Registrable Shares
and/or shares of Common Stock proposed to be sold pursuant to a registration,
including any Demand Registrations and Piggyback Registrations.

 

“Piggyback
Registration” has the meaning given to such term in Section 4.2.1.

 

“Records”
has the meaning given to such term in Section 4.5(xii).

 

“register,”
“registered” and “registration” refer to a registration effected
by preparing and filing a registration statement in compliance with the
Securities Act, and the declaration or ordering of the effectiveness of such
registration statement.

 

“Registrable
Shares” means the Common Stock owned by the Holders, whether owned on the
date hereof or acquired hereafter; provided, however, that shares
of Common Stock that, pursuant to Section 5.1, no longer have
registration rights hereunder shall not be considered Registrable Shares.

 

“Requesting
Holders” shall mean any Holder(s) requesting to have its (their)
Registrable Shares included in any Demand Registration or Shelf Registration.

 

“Required
Filing Date” has the meaning given to such term in Section 4.1.1(b).

 

“SEC”
means the Securities and Exchange Commission or any other federal agency at the
time administering the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal
statute, and the rules and regulations promulgated by the SEC thereunder.

 

“Seller
Affiliates” has the meaning given to such term in Section 4.8.1.

 

“Separation
Agreement”  has the meaning given to
such term in the recitals of this Agreement.

 

3

 

“SGASH”  has the meaning given to such term in the
preamble of this Agreement.

 

“Shelf
Registration” has the meaning given to such term in Section 4.1.2.

 

“Stock-Based
Award” means an Award granted under the Cowen Employee Ownership Plan that
may be denominated or payable in, valued in whole or in part by reference to,
or otherwise based on, or related to, Common Stock including but not limited to
performance units, stock appreciation rights (payable in shares), restricted
stock units or dividend equivalents, each of which may be subject to the
attainment of performance goals or a period of continued employment or other
terms and conditions as permitted under the Plan

 

“Suspension
Notice” has the meaning given to such term in Section 4.6.

 

“Transfer”
has the meaning given to such term in Section 3.1.

 

ARTICLE 2

BOARD OF DIRECTORS; CLEAR MARKET; VOTING RIGHTS

 

SECTION 2.1                          Board
of Directors.

 

(a)                                  For
so long as SGASH holds shares of Common Stock representing at least forty
percent (40%) of all Common Stock outstanding, the Company’s board of directors
(the “Board of Directors”) shall be comprised of not more than eight
directors, two of whom shall be designated by SGASH.

 

(b)                                 For
so long as SGASH holds shares of Common Stock representing at least ten percent
(10%) (but less than forty percent (40%)) of all Common Stock outstanding, the
Board of Directors shall be comprised of not more than seven directors, one of
whom shall be designated by SGASH.

 

(c)                                  SGASH
agrees that, so long as it has a right to designate directors under this Section
2.1, it will not engage in any actions (including proxy solicitations) for
the purpose of increasing the number of its designated directors on the Board
of Directors in excess of the limits set forth in Sections 2.1(a) and (b).

 

(d)                                 SGASH’s
right to designate directors under this Section 2.1 shall cease as of
the date that its holdings of shares of Common Stock represent less than ten
percent (10%) of all Common Stock outstanding. SGASH promptly shall cause one
of its designated directors to resign following the date that its holdings of
shares of Common Stock represent less than forty percent (40%) of all Common
Stock outstanding and its remaining designated director to resign following the
date that its holdings of shares of Common Stock represent less than ten
percent (10%) of all Common Stock outstanding.

 

(e)                                  The
Company shall take all actions necessary to nominate (or cause its nominating
committee to nominate), or to cause the Board of Directors to approve and
appoint, the designees described above to be members of the Board of Directors
in accordance with the Company’s nominating committee policies and procedures
applicable to all nominees of the Board of Directors, promptly after their
designation by SGASH; provided that such designee is

 

4

 

reasonably
acceptable to the Board of Directors and its nominating committee in the
exercise of its fiduciary duties. The Company will deliver to each director
designated by SGASH copies of all papers that may be distributed from time to
time to the other directors of the Company at such time as such papers are so
distributed to them.

 

(f)                                    In
the event that a vacancy is created on the Board of Directors at any time by
the death, disability, retirement, resignation or removal of any member of the
Board of Directors who was designated by SGASH pursuant to this Section 2.1
and, at such time, SGASH still has the right to designate such director, the
Company agrees to promptly take such actions as will result in the nomination
or appointment as a director of an individual designated by SGASH to fill such
vacancy and serve as a director.

 

(g)                                 In
the event that the percentage of Cowen Inc.’s outstanding Common Stock owned by
SGASH is reduced as described in Section 2.4(a)(iv) of this Agreement,
the ownership thresholds applicable in this Section 2.1 shall be
calculated without giving effect to the issuance of Common Stock of Cowen Inc.
that caused such reduction.

 

SECTION 2.2                          Director
Indemnification. So long as any director designated by SGASH serves on the
Board of Directors and for at least six (6) years thereafter, the Company
agrees to:

 

(a)                                  provide,
in the certificate of incorporation and by-laws of the Company, for the indemnification
and exculpation and reimbursement of expenses of directors and officers to the
fullest extent permitted by the General Corporation Law of Delaware; and

 

(b)                                 to
the extent available on commercially reasonable terms, purchase and maintain
directors’ and officers’ insurance reasonably satisfactory in all respects to
SGASH to provide coverage to any member of the Board of Directors who was
designated by SGASH pursuant to Section 2.1. Such directors’ and
officers’ insurance shall be deemed reasonably satisfactory in all respects to
SGASH if it provides the same coverage to each member of the Board of Directors
and is satisfactory to a majority of the members of the Board of Directors
other than those designated by SGASH.

 

(c)                                  The
right to indemnification, exculpation and reimbursement and the insurance
coverage set forth in Sections 2.2(a) and (b) shall be the same
for all of the Company’s directors, including directors designated by SGASH.

 

SECTION 2.3                          Company
Lock-Up Period; Clear Market. For a period beginning on the date of the
final prospectus for the IPO and ending on the date which is 180 days following
the IPO (or such earlier date as may be specified in the IPO Underwriting
Agreement or otherwise agreed to with lead or managing underwriters in the
IPO), the Company will not, to the extent so required, effect any public sale
or distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities; provided, however,
that unless otherwise agreed by the Company in the applicable underwriting
agreement, such restriction shall not apply to registrations on Form S-4 or
Form S-8 or any successor form or any other registrations to effect the
acquisition of, or combination with, another Person or related to any employee
benefits plan or program. The Company will not take, directly or indirectly,
any

 

5

 

action
designed to or that could reasonably be expected to cause or result in any
stabilization or manipulation of the price of the Common Stock.

 

SECTION 2.4                          Other
SGASH Voting Rights.

 

(a)                                  Until
the earlier of (x) the date that is eighteen (18) months following the date of the final prospectus
for the IPO and (y) the date as of which SGASH ceases to hold shares of Common
Stock representing at least ten percent (10%) of all Common Stock outstanding,
the Company shall not, and shall not permit any of its Subsidiaries to, take
any of the following actions without the prior written consent of SGASH:

 

(i)                                     adopt
any plan or agreement for the dissolution or liquidation of the Company or any
of its Subsidiaries;

 

(ii)                                  adopt
any stockholder rights plan or “poison pill” that contains a “flip-in” trigger
below the lower of (i) fifteen percent (15%) and (ii) such percentage equal to
the sum of SGASH’s then current percentage ownership of the outstanding voting
securities of the Company plus three percent (3%);

 

(iii)                               adopt
any trading policies or restrictions that would reasonably be expected to limit
or impede SGASH’s ability to Transfer Common Stock other than as set forth in
the Company’s trading policy in existence at the Separation Date (or any
subsequent or additional trading policy that is not more restrictive on SGASH’s
ability to Transfer Common Stock than such trading policy);

 

(iv)                              issue
any shares of capital stock or options to purchase capital stock if such
issuance would result in a reduction of the percentage of Cowen Inc.’s
outstanding Common Stock owned by SGASH, or adopt any plan or agreement that
would have the effect of reducing SGASH’s ownership percentage, except in
connection with the issuance of shares of capital stock or options to purchase
capital stock in connection with (a) Cowen Inc.’s acquisition of, or
combination with, another Person that is not an Affiliate of Cowen Inc. or (b)
an equity benefit plan or program for the benefit of employees, consultants,
officers or directors of Cowen Inc. or the Cowen Subsidiaries approved by the
Board of Directors of Cowen Inc.; and

 

(v)                                 amend,
restate or modify the certificate of incorporation, by-laws, limited liability
company operating agreement, limited partnership agreement or equivalent
organizational documents of Cowen Inc. or any Cowen Subsidiary in a manner that
disproportionately adversely affects the voting or other rights of SGASH and/or
the economic value of the share of Common Stock held by SGASH when compared to
other stockholders of the Company.

 

(b)                                 The
Company shall not, and shall not permit any of its Subsidiaries to, take any of
the following actions without the prior written consent of SGASH:

 

(i)                                     agree
to any across the board modification, amendment or waiver of the Initial Awards
granted as part of the 2006 Equity and Incentive Plan adopted by the Company as
of the date of the IPO, the form of which is attached to the Separation

 

6

 

Agreement as
Exhibit C thereto (the “Cowen Employee Ownership Plan”), other than a
modification, amendment or waiver that is made by the Company, with the approval
of the Board of Directors (or the Compensation Committee thereof), due to a
change in applicable law that would, in the absence of such modification,
amendment or waiver, have a material adverse impact on the Company or the Plan
Participants who hold Initial Awards;

 

(ii)                                  consistently
or repetitively fail to enforce the provisions of the Cowen Employee Ownership
Plan or any Award Agreements applicable to Initial Awards; and

 

(iii)                               agree
to any modification, amendment or waiver, on a case-by-case basis, of the Cowen
Employee Ownership Plan or any Award Agreements applicable to Initial Awards,
other than a modification, amendment or waiver that each member of the Board of
Directors has been notified of in writing, either before or following such
modification, amendment or waiver.

 

SECTION 2.5                          Board
Approval of Modifications. Until the earlier of (x) the date that is
eighteen (18) months following the
date of the final prospectus for the IPO and (y) the date as of which SGASH
ceases to hold shares of Common Stock representing at least ten percent (10%)
of all Common Stock outstanding, the prior consent or approval of the Board of
Directors (or the Compensation Committee thereof) shall be required for any
modification, amendment or waiver of an Award made to or an Award Agreement
with any Person who (i) is an executive officer of the Company or a member of
the Company’s Office of the Chief Executive or (ii) in the aggregate, has
received Awards under the Cowen Employee Ownership Plan that, if valued as of the
time of such modification, amendment or waiver, would have a fair market value
of at least $300,000. The “fair market value” of any Stock-Based Awards for
purposes of this paragraph shall be determined pursuant to the Black-Scholes
option pricing model, using the applicable assumptions used in calculating
values of stock options in the Company’s then current annual meeting proxy
statement and/or annual report. The “fair market value” of any Cash-Based Award
for purposes of this paragraph shall be equal to the maximum cash value payable
in respect of such Cash-Based Awards, assuming all performance goals, continued
employment requirements and other conditions applicable to such Cash-Based
Awards are satisfied.

 

SECTION 2.6                          Enforcement
of Employee Arrangements. Cowen Inc. shall and shall cause its Subsidiaries
to, upon receipt of any reasonable request from SG or any SG Subsidiaries,
perform (including not agreeing to any modification, amendment or waiver) and
take all actions as may be reasonably necessary to prevent the violation or
breach by any Person of (i) the Cowen Employee Ownership Plan and any Award
Agreement applicable to the Initial Awards, and (ii) any written
non-competition, non-solicitation, non-disparagement, confidentiality or
similar protective covenants running in favor of SG or any SG Subsidiaries and
applicable to Cowen Inc., or any officers or employees of Cowen Inc., or any
former officers or employees whose employment was primarily associated with
Cowen LLC or any of its Subsidiaries.

 

7

 

ARTICLE 3

RESTRICTIONS ON TRANSFER

 

SECTION 3.1                          Restrictions
on Transfer. Each Holder agrees that such Holder will not, directly or
indirectly, offer, sell, transfer, assign or otherwise dispose of (or make any
exchange, gift, assignment or pledge of) (collectively, for purposes of Article 3
and Section 2.4(a)(iii) only, a “Transfer”) any Common Stock
except as permitted by this Article 3 or the other provisions of this
Agreement. In addition to the other restrictions noted in this Article 3,
each Holder agrees that it will not, directly or indirectly, Transfer any
Common Stock except as permitted under the Securities Act and other applicable
securities laws.

 

SECTION 3.2                          SGASH
Lock-Up Period. To the extent prohibited by the IPO Underwriting Agreement
and the underwriters, a Holder may not offer, sell, contract to sell or grant
any option to purchase or otherwise dispose of its Common Stock to a proposed
Holder other than the Company for a period of 180 days immediately following
the effective date of the IPO  (or such
earlier date as may be specified in the IPO Underwriting Agreement or otherwise
agreed to with lead or managing underwriters in the IPO) (the “Holder
Lock-Up Period”).

 

SECTION 3.3                          Private
Sale Restrictions. Each Holder agrees that it will not, in a single private
sale transaction or series of related private sale transactions, (a) Transfer
Common Stock representing more than five percent (5%) of all Common Stock then
outstanding to a single purchaser or group of Affiliated purchasers or (b)
Transfer Common Stock to any single purchaser or group of Affiliated purchasers
where, following such Transfer, such purchaser or group of Affiliated
purchasers would, to the knowledge of such Holder after due inquiry,
beneficially own eight percent (8%) or more of all Common Stock then
outstanding.

 

SECTION 3.4                          Exceptions
to Restrictions. The provisions of Article 3 shall not apply to
any of the following Transfers (collectively, “Permitted Transfers”):

 

(a)                                  a
Transfer pursuant to a Holder’s exercise of its registration rights after the
Holder Lock-Up Period and pursuant to this Agreement;

 

(b)                                 a
Transfer to the underwriters of the IPO pursuant to the IPO Underwriting
Agreement;

 

(c)                                  a
Transfer from any Holder to any of its Affiliates; provided, however,
that any such Affiliate shall execute a counterpart of and become a party to
this Agreement and shall agree in writing in form and substance reasonably
satisfactory to the Company to be bound by the terms of this Agreement as a
Holder, and, provided, further, that no Transfer to an Affiliate
shall be deemed a Permitted Transfer hereunder if the primary purpose of such
Transfer is to avoid the restrictions set forth in this Article 3;

 

(d)                                 a
Transfer pursuant to an underwritten public offering of any shares of the
Company’s capital stock or any instrument convertible into shares of the
Company’s capital stock or an open market sale in accordance with Rule 144
under the Securities Act, in each case after the Holder Lock-Up Period; and

 

(e)                                  subject
to the restrictions set forth in Section 3.3, a Transfer pursuant to a
private sale transaction after the date that is ninety (90) days after the IPO;
provided, however, that (i) each transferee in such private sale
transaction shall execute a lock-up agreement that provides for the
restrictions set forth in this Article 3, (ii) the Holder has not
already effected fifteen (15)

 

8

 

such private
sale transactions and (iii) to the best knowledge of the Holder, each
transferee in such private sale transaction (A) is a qualified institutional
buyer as defined in Rule 144A of the Securities Act and (B) agrees not to sell
such shares prior to the expiration of the Holder Lock-Up Period.

 

ARTICLE 4

REGISTRATION RIGHTS

 

SECTION 4.1                          Demand
Registration.

 

SECTION 4.1.1                                    Request
for Registration. (a)  Commencing on
the date that is 180 days after the effective date of the IPO Registration
Statement (or such earlier date as may be specified in the IPO Underwriting
Agreement or otherwise agreed to with lead or managing underwriters in the
IPO), and subject to the termination provisions of Section 5.1 and the
terms and conditions set forth in this Article 4, any Holder or Holders
of Registrable Shares shall have the right to require the Company to file a
registration statement on Form S-1 or S-3 or any similar or successor to such
forms under the Securities Act, which the Company is then eligible to file, for
a public offering of all or part of its or their Registrable Shares (a “Demand
Registration”), by delivering to the Company written notice stating that
such right is being exercised, naming, if applicable, the Holders whose
Registrable Shares are to be included in such registration (collectively, the “Demanding
Stockholders”), specifying the number of each such Demanding Stockholder’s
Registrable Shares to be included in such registration and, subject to Section
4.1.3 hereof, describing the intended method of distribution thereof (a “Demand
Request”). In any such Demand Registration, the Demanding Stockholders
agree to (or shall instruct the managing underwriter to) seek a broad
distribution of all shares offered in such offering. The IPO Registration
Statement shall not constitute a Demand Registration for any purpose under this
Agreement.

 

(b)                                 Each
Demand Request shall specify the aggregate number of Registrable Shares
proposed to be sold. Subject to Section 4.1.4, the Company shall use its
reasonable best efforts to file the registration statement in respect of a
Demand Registration as soon as practicable and, in any event, within forty-five
(45) days after receiving a Demand Request (the “Required Filing Date”)
and shall use commercially reasonable efforts to cause the same to be declared
effective by the SEC as promptly as practicable after such filing; provided,
however, that:

 

(i)                                     the
Company shall not be obligated to effect a Demand Registration pursuant to Section
4.1.1(a) (A) within one hundred eighty (180) days after the effective date
of the IPO Registration Statement (or such earlier date as of which Section
2.3 no longer applies to the Company), or (B) within ninety (90) days after
the effective date of a previous Demand Registration, other than the Shelf
Registration pursuant to this Article 2;

 

(ii)                                  the
Company shall not be obligated to effect a Demand Registration pursuant to Section
4.1.1(a) unless the Demand Request is for a number of Registrable Shares
that represents, in the aggregate, a Fair Market Value of at least (A) ten
percent (10%) of the Fair Market Value of all shares of Common Stock then
outstanding or (B) $20 million; and

 

9

 

(iii)                               the
Company shall not be obligated to effect pursuant to Section 4.1.1(a)
(A) more than two Demand Registrations during the first twelve (12) months
following the date hereof or (B) more than three Demand Registrations during
any 12-month period thereafter.

 

SECTION 4.1.2                                    Shelf
Registration. With respect to any one (and only one) Demand Request after
the date that the Company is eligible to file a registration statement on Form
S-3 or any similar successor form, the Requesting Holders may request the
Company to effect such Demand Registration of the Common Stock under a shelf
registration statement for an offering to be made on a continuous basis
pursuant to Rule 415 under the Securities Act (or any successor rule) (the “Shelf
Registration”). Upon receiving any such request, the Company shall effect
the Shelf Registration in the manner or manners designated by such Requesting
Holders (including, without limitation, one or more underwritten offerings) and
in accordance with Section 4.5. Notwithstanding anything to the contrary
in this Agreement, each underwritten sale pursuant to the Shelf Registration
shall be deemed to be a separate Demand Registration under this Agreement and
shall be subject to the limitations set forth in this Section 4.1.

 

SECTION 4.1.3                                    Selection
of Underwriters; Deliveries by Holders. At the request of a majority of the
Requesting Holders, the offering of Registrable Shares pursuant to a Demand
Registration shall be in the form of a “firm commitment” underwritten offering.
The Company shall select the investment banking firm or firms to manage the
underwritten offering, provided that such selection shall be subject to the
consent of the Holders of a majority of the Registrable Shares to be registered
in the Demand Registration, which consent shall not be unreasonably withheld or
delayed. No Holder may participate in any registration pursuant to Section
4.1.1 unless such Holder (x) agrees to sell such Holder’s Registrable
Shares on the basis provided in any underwriting arrangements described above
and (y) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements; provided, however,
that:

 

(a)                                  no
such Holder shall be required to make any representations or warranties in
connection with any such registration other than representations and warranties
as to (i) such Holder’s ownership of his or its Registrable Shares to be
transferred free and clear of all liens, claims, and encumbrances, (ii) such
Holder’s power and authority to effect such transfer and (iii) such matters
pertaining to compliance with securities laws as may be reasonably requested;
and

 

(b)                                 the
obligation of any such Holder to indemnify pursuant to any such underwriting
arrangements shall be several, not joint and several, among such Holders
selling Registrable Shares, and the liability of each such Holder will be in
proportion and limited to the net proceeds received by such Holder from the
sale of his or its Registrable Shares.

 

SECTION 4.1.4                                    Rights
of Nonrequesting Holders. Upon receipt of any Demand Request, the Company
shall promptly (but in any event within ten (10) days) give written notice of
such proposed Demand Registration to all other Holders, who shall have the
right, exercisable by written notice to the Company within twenty (20) days of
their receipt of the Company’s notice, to elect to include in such Demand
Registration such portion of their Registrable Shares as they may request. All
Holders requesting to have their Registrable Shares

 

10

 

included in a
Demand Registration in accordance with the preceding sentence shall be deemed
to be “Requesting Holders” for purposes of this Section 4.1.

 

SECTION 4.1.5                                    Priority
on Demand Registrations. If the managing underwriter or underwriters shall
advise the Requesting Holders that the Proposed Offering Share Amount in
respect of such Demand Registration is sufficiently large to adversely affect
the price, timing or distribution of the offering or otherwise adversely affect
its success (an “Adverse Effect”), the Registrable Shares and shares of
Common Stock to be included in such Demand Registration shall equal the number
of shares that can be sold in such offering without an Adverse Effect, as
advised by the managing underwriter or underwriters (the “Advised Offering
Share Amount”). Any securities to be included in a Demand Registration
shall be allocated on the following basis:

 

(a)                                  in
respect of the first registration (including any Demand Registrations and
Piggyback Registrations) following termination of the Holder Lock-Up Period,
the Registrable Shares of the Holders shall have priority over the securities
of any other Persons (including the Company) up to the Proposed Offering Share
Amount; further, in the event that the managing underwriter or underwriters
provide an Advised Offering Share Amount, such amount shall first include the
Registrable Shares the Holders elect to include in such registration and then,
subject to the Advised Offering Share Amount, include any other securities requested
to be included in such registration, including securities to be sold for the
account of the Company;

 

(b)                                 in
respect of the next registration (including any Demand Registrations and
Piggyback Registrations) immediately following the registration in clause (a)
above and in which the Company has elected to include securities to be sold for
its own account, the shares of Common Stock of the Company shall have priority
over the securities of any other Persons (including the Holders) up to the
Proposed Offering Share Amount; further, in the event that the managing
underwriter or underwriters provide an Advised Offering Share Amount, such
amount shall first include the shares of Common Stock the Company elects to
include in such registration and then, subject to the Advised Offering Share
Amount, include any other securities requested to be included in such
registration, including Registrable Shares to be sold for the account of the
Holders; and

 

(c)                                  except
as otherwise set forth in this Agreement, in respect of all registrations
(including any Demand Registrations and Piggyback Registrations) other than the
registrations described in clauses (a) and (b) above, Registrable Shares of the
Holders, on the one hand, and the securities to be sold for the account of the
Company, on the other hand, shall, in the event that the Holders and the
Company have elected to include their Registrable Shares or shares of Common
Stock in such registration in accordance with this Agreement, have equal
priority over the securities of any other Person and each comprise fifty
percent (50%) (or such other percentage as mutually agreed by the Holders and
the Company) of the Proposed Offering Share Amount and, if applicable, the
Advised Offering Share Amount; further, in respect of the priority between
Registrable Shares of the Holders, on the one hand, and the securities to be
sold for the account of the Company, on the other hand, each shall comprise
fifty percent (50%) of the aggregate shares of Common Stock sold pursuant to
such registration, unless otherwise agreed to in writing by each of the Holders
and the Company.

 

11

 

SECTION 4.1.6                                    Deferral
of Filing. (a)  If the Board of
Directors or a committee of the Board of Directors determines in good faith
that in order to avoid premature disclosure of a matter the Company has
determined would not be in the best interest of the Company to be disclosed at
such time, the Company may defer any filing (but not the preparation) or
effectiveness of a registration statement required by Section 4.1 or
require Holders to refrain from selling any Registrable Shares pursuant to an
effective registration statement; provided, however, that, except
as set forth in Section 4.1.6(c) below: 
(i) the Company may not defer the filing or effectiveness of any
registration statement required by Section 4.1 or require Holders to
refrain from selling Registrable Shares pursuant to an effective registration
statement more than two (2) times in any twelve (12) month period; and (ii) the
period of time that the Company may defer any such filing or effectiveness or
require Holders to refrain from selling Registrable Shares pursuant to an
effective registration statement of a registration statement shall not exceed
seventy-five (75) consecutive days in any single instance. Notwithstanding the
foregoing, if a “roadshow” in connection with an offering has commenced, the
period of time that the Company may defer any filing or effectiveness of a
registration statement or require Holders to refrain from selling Registrable
Shares pursuant to an effective registration statement with respect to such
offering shall not exceed fifty (50) days in any single instance.

 

(b)  A deferral of the filing or effectiveness of
any registration statement or requirement that Holders refrain from selling
Registrable Shares pursuant to an effective registration statement pursuant to
this Section 4.1.6 shall be lifted, and the requested registration
statement shall be filed forthwith, if the Board of Directors or a committee of
the Board of Directors determines such deferral no longer is necessary, which
the Company agrees that the Board of Directors (or applicable committee) will
consider promptly as and when appropriate under the circumstances.

 

(c)  Without limiting the provisions of this Section
4.1.6, the Company may defer the filing or effectiveness of any
registration statement, including a registration statement required by Section
4.1, during any period in which trading by senior executives of the Company
is prohibited under the Company’s trading policy. For the avoidance of doubt,
any deferral pursuant to this Section 4.1.6(c) shall not be included in
the determination of the period of time that the Company may defer any filing
or effectiveness or require Holders to refrain from selling Registrable Shares
pursuant to an effective registration statement of a registration statement.

 

(d)  In order to defer (or extend the deferral of)
the filing or effectiveness or require Holders to refrain from selling
Registrable Shares pursuant to an effective registration statement of a
registration statement pursuant to this Section 4.1.6, the Company shall
promptly (but in any event within ten (10) days), upon determining to seek such
deferral (or extension), deliver to each Requesting Holder or Holder selling
any Registrable Shares pursuant to an effective registration statement a
certificate signed by an executive officer of the Company stating that the
Company is deferring such filing or effectiveness or requiring Holders to
refrain from selling Registrable Shares pursuant to an effective registration
statement pursuant to this Section 4.1.6. Within twenty (20) days after
receiving such certificate, the holders of a majority of the Registrable Shares
held by the Requesting Holders and for which registration was previously
requested may withdraw such Demand Request by giving notice to the Company; if
withdrawn, the Demand Request shall be deemed not to have been made for all
purposes of this Agreement.

 

12

 

SECTION 4.2                          Piggyback
Rights.

 

SECTION 4.2.1                                    Right
to Piggyback. Each time the Company proposes to register any of its equity
securities under the Securities Act (excluding (i) securities registered on
Forms S-4 or S-8 or any similar successor forms and (ii) securities registered
to effect the acquisition of, or combination with, another Person or related to
any employee benefits plan or program), whether for the account of the Company
or the account of any securityholder of the Company, (a “Piggyback
Registration”), the Company shall give prompt written notice (which notice
in no event shall be given fewer than thirty (30) days prior to the anticipated
filing date of the Company’s registration statement) to each Holder of
Registrable Shares. Such notice shall offer each such Holder the opportunity to
include any or all of its Registrable Shares in such registration statement,
subject to the limitations contained in Section 4.2.2 hereof. Each
Holder who desires to have its Registrable Shares included in such registration
statement shall notify the Company in writing (which notice shall specify the
number of shares the Holder desires to have included in the registration
statement) within twenty (20) days after receiving the notice from the Company.
Any Holder shall have the right to withdraw such Holder’s request for inclusion
of such Holder’s Registrable Shares in any registration statement pursuant to
this Section 4.2.1 by giving written notice to the Company of such
withdrawal. Subject to Section 4.2.2, the Company shall include all such
Registrable Shares so requested to be included in such registration statement
and shall have the right to include any securities the Company proposes to sell
therein; provided, however, that the Company may at any time
withdraw or cease proceeding with any such registration if it shall at the same
time withdraw or cease proceeding with the registration of all other equity
securities originally proposed to be registered.

 

SECTION 4.2.2                                    Priority
on Piggyback Registrations.

 

(a)                                  If
a Piggyback Registration is an underwritten offering and was initiated by the
Company or any Holder, any securities to be included in such Piggyback
Registration shall be allocated on the following basis:

 

(i)                                     in
respect of the first registration (including any Demand Registrations and
Piggyback Registrations) following termination of the Holder Lock-Up Period,
the Registrable Shares of the Holders shall have priority over the securities
of any other Persons (including the Company) up to the Proposed Offering Share
Amount; further, in the event that the managing underwriter or underwriters
provide an Advised Offering Share Amount, such amount shall first include the
Registrable Shares the Holders elect to include in such registration and then,
subject to the Advised Offering Share Amount, include any other securities
requested to be included in such registration, including securities to be sold
for the account of the Company;

 

(ii)                                  in
respect of the next registration (including any Demand Registrations and
Piggyback Registrations) immediately following the registration in clause (i)
above and in which the Company has elected to include securities to be sold for
its own account, the shares of Common Stock of the Company shall have priority
over the securities of any other Persons (including the Holders) up to the
Proposed Offering Share Amount; further, in the event that the managing
underwriter or underwriters provide an Advised Offering Share Amount, such
amount shall first include the shares of Common

 

13

 

Stock the
Company elects to include in such registration and then, subject to the Advised
Offering Share Amount, include any other securities requested to be included in
such registration, including Registrable Shares to be sold for the account of
the Holders; and

 

(iii)                               except
as otherwise set forth in this Agreement, in respect of all registrations
(including any Demand Registrations and Piggyback Registrations) other than the
registrations described in clauses (i) and (ii) above, Registrable Shares of
the Holders, on the one hand, and securities to be sold for the account of the
Company, on the other hand, shall, in the event that the Holders and the
Company have elected to include their Registrable Shares or shares of Common
Stock in such registration in accordance with this Agreement, have equal
priority over the securities of any other Person and each comprise fifty
percent (50%) of the Proposed Offering Share Amount and, if applicable, the
Advised Offering Share Amount; further, in respect of the priority between
Registrable Shares of the Holders, on the one hand, and the securities to be
sold for the account of the Company, on the other hand, each shall comprise
fifty percent (50%) of the aggregate shares of Common Stock sold pursuant to
such registration, unless otherwise agreed to in writing by each of the Holders
and the Company.

 

(b)                                 No
Holder may participate in any registration statement in respect of a Piggyback
Registration hereunder unless such Holder (x) agrees to sell such Holder’s
Registrable Shares on the basis provided in any underwriting arrangements
approved by the Company and (y) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents,
each in customary form, reasonably required under the terms of such
underwriting arrangements; provided, however, that:

 

(i)                                     no
such Holder shall be required to make any representations or warranties in
connection with any such registration other than representations and warranties
as to (A) such Holder’s ownership of his or its Registrable Shares to be sold
or transferred free and clear of all liens, claims, and encumbrances, (B) such
Holder’s power and authority to effect such transfer and (C) such matters
pertaining to compliance with securities laws as may be reasonably requested
(it being understood that, in a Piggyback Registration, if the lead or managing
underwriters in any such registration require any of the provisions identified
in clauses (A) through (C) above and any such Holder is unwilling to agree to
such provisions, the Company shall be obligated to cooperate with such Holder
and use its reasonable best efforts to negotiate in good faith with the lead or
managing underwriters to reach a compromise in respect of such requirement but
shall not be obligated to continue with the registration of such Holder’s
shares if it fails to reach a compromise with the lead or managing underwriters
and may continue the registration of any other shares proposed to be included
in such registration (including any shares proposed to be sold by the
Company)); and

 

(ii)                                  the
obligation of any such Holder to indemnify pursuant to any such underwriting
arrangements shall be several, not joint and several, among such Holders
selling Registrable Shares, and the liability of each such Holder will be in
proportion and limited to the net proceeds received by such Holder from the
sale of his or its Registrable Shares pursuant to such registration.

 

14

 

SECTION 4.2.3                                    Selection
of Underwriters. If any Piggyback Registration is an underwritten offering
and any of the investment banking firms selected to manage the offering was not
one of the managers of the IPO, any such investment banking firm shall not
administer such offering if the Holders of a majority of the Registrable Shares
included in such Piggyback Registration are SGASH or Affiliates thereof and
such Holders reasonably object thereto.

 

SECTION 4.3                          SEC
Form S-3. The Company shall use its commercially reasonable efforts to
cause Demand Registrations to be registered on Form S-3 (or any successor form)
once the Company becomes eligible to use Form S-3, and if the Company is not
then eligible under the Securities Act to use Form S-3, Demand Registrations
shall be registered on the form for which the Company then qualifies. The
Company shall use its commercially reasonable efforts to become eligible to use
Form S-3 and, after becoming eligible to use Form S-3, shall use its
commercially reasonable efforts to remain so eligible.

 

SECTION 4.4                          Holdback
Agreements. (a)  The Company shall
not effect any public sale or distribution of its equity securities, or any
securities convertible into or exchangeable or exercisable for such securities,
during the ten (10) days prior to
and during the ninety (90)-day period (or such lesser period as the lead or
managing underwriters may require) beginning on the effective date of any
registration statement in connection with a Demand Registration (other than the
Shelf Registration) or a Piggyback Registration, except as part of such
underwritten offering or pursuant to registrations on Form S-4 or Form S-8 or
any successor form or any other registrations to effect the acquisition of, or
combination with, another Person or related to any employee benefits plan or
program or unless the Holders of a majority of the Registrable Shares included
in such registration statement otherwise agree.

 

(b)                                 Each
Holder agrees, in the event of an underwritten offering by the Company (whether
for the account of the Company or otherwise), not to offer, sell, contract to
sell or otherwise dispose of any Registrable Securities, or any securities
convertible into or exchangeable or exercisable for such securities, including
any sale pursuant to Rule 144 under the Securities Act (except as part of such
underwritten offering), during the ten (10) days prior to, and during the
ninety (90)-day period (or such lesser period as the lead or managing
underwriters may require) beginning on, the effective date of the registration
statement for such underwritten offering (or, in the case of an offering
pursuant to an effective shelf registration statement pursuant to Rule 415, the
pricing date for such underwritten offering).

 

SECTION 4.5                          Registration
Procedures. Whenever any Holder has requested that any Registrable Shares
be registered pursuant to this Agreement, the Company will use its commercially
reasonable efforts to effect the registration and the sale of such Registrable
Shares in accordance with the intended method of disposition thereof as
promptly as is practicable, and pursuant thereto the Company will as
expeditiously as practicable:

 

(i)                                     prepare
and file with the SEC, pursuant to Section 4.1.1(b) with respect to any
Demand Registration, a registration statement on any appropriate form under the
Securities Act with respect to such Registrable Shares and use its commercially
reasonable efforts to cause such registration statement to become effective,
provided that as far in advance as the Company deems practicable before filing
such registration statement or any amendment thereto, the Company will furnish
to the selling Holders

 

15

 

copies of
reasonably complete drafts of all such documents prepared to be filed
(including exhibits), and any such Holder shall have the opportunity to object
to any information relating to such Holder contained therein and the Company
will make corrections reasonably requested by such Holder that are reasonably
acceptable to the Company with respect to such information prior to filing any
such registration statement or amendment;

 

(ii)                                  except
in the case of the Shelf Registration, prepare and file with the SEC such
amendments, post-effective amendments, and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective for a period of one hundred
eighty (180) days (or such lesser period, if any, ending on the date the date
on which all the Registrable Shares subject thereto have been sold in the
manner set forth and as contemplated in such registration statement) and comply
with the provisions of the Securities Act with respect to the disposition of
all securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such registration statement;

 

(iii)                               in
the case of the Shelf Registration, prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration
statement effective and to comply with the provisions of the Securities Act
with respect to the disposition of all Registrable Shares subject thereto for a
period ending on the earlier of (x) 24 months after the effective date of such
registration statement and (y) the date on which all the Registrable Shares
subject thereto have been sold in the manner set forth and as contemplated in
such registration statement; provided, however, that
notwithstanding the foregoing, the Company may terminate the Shelf Registration
at any time after 120 days from the date that the number of Registrable Shares
in the Shelf Registration cease to have a market value of at least $10 million,
based on the average of the last reported trading prices of the Company’s
Common Stock on the Nasdaq National Market (or other securities exchange or
over-the-counter market on which the Company’s Common Stock is then traded)
over the ten (10) trading days prior to the applicable date of determination;
and, provided, further, that the Demanding Stockholders shall
notify the Company in writing at least ten (10) days prior to any sale pursuant
to such Shelf Registration;

 

(iv)                              if
requested by the managing underwriter or any seller promptly incorporate in a
prospectus supplement or post-effective amendment such information as the
managing underwriter or any seller reasonably requests to be included therein,
including, without limitation, with respect to the Registrable Shares being
sold by such seller, the purchase price being paid therefor by the underwriters
and with respect to any other terms of the underwritten offering of the
Registrable Shares to be sold in such offering, and promptly make all required
filings of such prospectus supplement or post-effective amendment;

 

(v)                                 furnish
to each seller of Registrable Shares and the underwriters of the securities
being registered such number of copies of such registration statement, each
amendment and supplement thereto, the prospectus included in such registration

 

16

 

statement
(including each preliminary prospectus), any documents incorporated by
reference therein and such other documents as such seller or underwriters may
reasonably request in order to facilitate the disposition of the Registrable
Shares owned by such seller or the sale of such securities by such underwriters
(it being understood that, subject to Section 4.6 and the
requirements of the Securities Act and applicable state securities laws, the
Company consents to the use of the prospectus and any amendment or supplement
thereto by each seller and the underwriters in connection with the offering and
sale of the Registrable Shares covered by the registration statement of which
such prospectus, amendment or supplement is a part);

 

(vi)                              use
its commercially reasonable efforts to register or qualify such Registrable
Shares under such other securities or blue sky laws of such jurisdictions as
the managing underwriter reasonably requests (or, in the event the registration
statement does not relate to an underwritten offering, as the holders of a
majority of such Registrable Shares may reasonably request); use its
commercially reasonable efforts to keep each such registration or qualification
(or exemption therefrom) effective during the period in which such registration
statement is required to be kept effective; and do any and all other acts and
things which may be reasonably necessary or advisable to enable each seller to
consummate the disposition of the Registrable Shares owned by such seller in
such jurisdictions;

 

(vii)                           promptly
notify (either orally or in writing) each seller and each underwriter and (if
requested by any such Person) confirm such notice in writing (A) when a
prospectus or any prospectus supplement or post-effective amendment has been
filed and, with respect to a registration statement or any post-effective
amendment, when the same has become effective, (B) of the issuance by any state
securities or other regulatory authority of any order suspending the
qualification or exemption from qualification of any of the Registrable Shares
under state securities or “blue sky” laws or the initiation of any proceedings
for that purpose, and (C) of the happening of any event which requires the
making of any changes in such registration statement, prospectus or documents
so that they will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein not misleading, and, as promptly as practicable
thereafter, prepare and file with the SEC and furnish a supplement or amendment
to such prospectus so that, as thereafter deliverable to the purchasers of such
Registrable Shares, such prospectus will not contain any untrue statement of a
material fact or omit a material fact necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading;

 

(viii)                        permit
any selling Holder, which in such Holder’s sole and exclusive judgment, might
reasonably be deemed to be an underwriter or a controlling person of the
Company, to participate in the preparation of such registration or comparable
statement and to require the insertion therein of material, furnished to the
Company in writing, relating to such selling Holder and which in the reasonable
judgment of such Holder and its counsel should be included;

 

17

 

(ix)                                make
reasonably available members of management of the Company, as reasonably
requested by the Holders of a majority of the Registrable Shares included in
such registration, for assistance in the selling effort relating to the
Registrable Shares covered by such registration, including, but not limited to,
the participation of members of the Company’s management in road show
presentations; provided, however, that no member of the Company’s
management shall be required to so assist or participate to the extent that
such assistance or participate materially interferes with such member’s
exercise of his or her duties and day-to-day obligations as an officer or
employee of the Company;

 

(x)                                   otherwise
use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC, including the Securities Act and the Exchange Act and
the rules and regulations promulgated thereunder, and make generally available
to the Company’s securityholders an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act as soon as practicable
covering at least a twelve (12) month period after the effective date of a
registration statement, which earnings statement shall cover at least a twelve
(12) month period, and which requirement will be deemed to be satisfied if the
Company complies with Rule 158 under the Securities Act;

 

(xi)                                cooperate
with the sellers and the managing underwriter to facilitate the timely
preparation and delivery of certificates (which shall not bear any restrictive
legends unless required under applicable law) representing securities sold
under any registration statement, and enable such securities to be in such denominations
and registered in such names as the managing underwriter or such sellers may
request and keep available and make available to the Company’s transfer agent
prior to the effectiveness of such registration statement a supply of such
certificates;

 

(xii)                             promptly
make available for inspection by any seller, any underwriter participating in
any disposition pursuant to any registration statement, and any attorney,
accountant or other agent or representative retained by any such seller or
underwriter (collectively, the “Inspectors”), all financial and other
records, pertinent corporate documents and properties of the Company
(collectively, the “Records”), as shall be reasonably necessary to
enable them to exercise their due diligence responsibility, and cause the
Company’s officers, directors and employees to supply all information
reasonably requested by any such Inspector in connection with such registration
statement; provided, however, that, unless the disclosure of such
Records is necessary to avoid or correct a misstatement or omission in the
registration statement or the release of such Records is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction, the Company
shall not be required to provide any information under this subparagraph
(xii) if the Company believes, after consultation with counsel for the
Company, that to do so would cause the Company to forfeit an attorney-client
privilege that was applicable to such information; and provided further,
however, that each Holder of Registrable Shares agrees that it will,
upon learning that disclosure of such Records is sought in a court of competent
jurisdiction, give notice to the Company and allow the Company, at its expense,
to undertake appropriate action and to prevent disclosure of the Records deemed
confidential and, in connection therewith, each such Holder of

 

18

 

Registrable
Shares agrees to cooperate with the Company and accede to the Company’s
reasonable requests;

 

(xiii)                          cause
the Registrable Shares included in any registration statement to be (A) listed
on each securities exchange, if any, on which similar securities issued by the
Company are then listed, or (B) quoted on the National Association of
Securities Dealers, Inc. Automated Quotation System or the Nasdaq National
Market if similar securities issued by the Company are quoted thereon;

 

(xiv)                         provide
a transfer agent and registrar for all Registrable Securities registered
hereunder;

 

(xv)                            cooperate
with each seller and each underwriter participating in the disposition of such
Registrable Shares and their respective counsel in connection with any filings
required to be made with the National Association of Securities Dealers, Inc.;

 

(xvi)                         during
the period when the prospectus is required to be delivered under the Securities
Act, promptly file all documents required to be filed with the SEC pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act;

 

(xvii)                      notify
each seller of Registrable Shares promptly of any request by the SEC for the
amending or supplementing of such registration statement or prospectus or for
additional information;

 

(xviii)                   enter
into such agreements (including underwriting agreements in the managing
underwriter’s customary form) as are customary in connection with an
underwritten registration; and

 

(xix)                           advise
each seller of such Registrable Shares, promptly after it shall receive notice
or obtain knowledge thereof, of the issuance of any stop order by the SEC
suspending the effectiveness of such registration statement or the initiation
or threatening of any proceeding for such purpose and promptly use its
commercially reasonable efforts to prevent the issuance of any stop order or to
obtain its withdrawal at the earliest possible moment if such stop order should
be issued.

 

SECTION 4.6                          Suspension
of Dispositions. Each Holder agrees by acquisition of any Registrable
Shares that, upon receipt of any notice (a “Suspension Notice”) from the
Company of the happening of any event of the kind described in Section
4.5(vii)(C) such Holder will forthwith discontinue disposition of
Registrable Shares until such Holder’s receipt of the copies of the
supplemented or amended prospectus, or until it is advised in writing (the “Advice”)
by the Company that the use of the prospectus may be resumed, and has received
copies of any additional or supplemental filings which are incorporated by
reference in the prospectus. In the event the Company shall give any such
notice, the time period regarding the effectiveness of registration statements
set forth in Sections 4.5(ii) and 4.5(iii) hereof shall be
extended by the number of days during the period from and including the date of
the giving of the Suspension Notice to and including the date when each seller
of Registrable Shares covered by such registration statement shall have
received the copies of the supplemented or amended prospectus

 

19

 

or the Advice.
The Company shall use its commercially reasonable efforts and take such actions
as are reasonably necessary to render the Advice as promptly as practicable.

 

SECTION 4.7                          Registration
Expenses.

 

SECTION 4.7.1                                    Demand
Registrations. All reasonable, out-of-pocket fees and expenses incident to
any Demand Registration including, without limitation, the Company’s
performance of or compliance with this Article 4, all registration and
filing fees, all fees and expenses associated with filings required to be made
with the National Association of Securities Dealers, Inc. (“NASD”)
(including, if applicable, the reasonable fees and expenses of any “qualified
independent underwriter” as such term is defined in Schedule E of the By-Laws
of the NASD, and of its counsel), as may be required by the rules and
regulations of the NASD, fees and expenses of compliance with securities or
“blue sky” laws (including reasonable fees and disbursements of counsel in
connection with “blue sky” qualifications of the Registrable Shares), rating
agency fees, printing expenses (including expenses of printing certificates for
the Registrable Shares in a form eligible for deposit with Depository Trust
Company and of printing prospectuses if the printing of prospectuses is
requested by a Holder of Registrable Shares), messenger and delivery expenses,
the fees and expenses incurred in connection with any listing or quotation of
the Registrable Shares, fees and expenses of counsel for the Company and its
independent certified public accountants (including the expenses of any special
audit or “cold comfort” letters required by or incident to such performance),
the fees and expenses of any special experts retained by the Company in
connection with such registration, and any underwriting discounts, commissions,
or fees attributable to the sale of the Registrable Shares, will be borne by
the Holders pro rata on the basis of the number of shares so registered whether
or not any registration statement becomes effective, and the fees and expenses
of any counsel, accountants, or other persons retained or employed by any
Holder will be borne by such Holder.

 

SECTION 4.7.2                                    Piggyback
Registrations. All fees and expenses incident to any Piggyback Registration
including, without limitation, the Company’s performance of or compliance with
this Article 4, all registration and filing fees, all fees and expenses
associated with filings required to be made with the NASD (including, if
applicable, the reasonable fees and expenses of any “qualified independent
underwriter” as such term is defined in Schedule E of the By-Laws of the NASD,
and of its counsel), as may be required by the rules and regulations of the
NASD, fees and expenses of compliance with securities or “blue sky” laws
(including reasonable fees and disbursements of counsel in connection with
“blue sky” qualifications of the Registrable Shares), rating agency fees,
printing expenses (including expenses of printing certificates for the
Registrable Shares in a form eligible for deposit with Depository Trust Company
and of printing prospectuses), messenger and delivery expenses, the fees and
expenses incurred in connection with any listing or quotation of the
Registrable Shares, fees and expenses of counsel for the Company and its
independent certified public accountants (including the expenses of any special
audit or “cold comfort” letters required by or incident to such performance),
the fees and expenses of any special experts retained by the

 

20

 

Company in
connection with such registration, and the fees and expenses of other persons
retained by the Company will be borne by the Company (unless paid by a security
holder that is not a Holder for whose account the registration is being
effected), whether or not any registration statement becomes effective; provided,
however, that any underwriting discounts, commissions, or fees
attributable to the sale of the Registrable Shares will be borne by the Holders
pro rata on the basis of the number of shares so registered and the fees and
expenses of any counsel, accountants, or other persons retained or employed by
any Holder will be borne by such Holder.

 

SECTION 4.8                          Indemnification.

 

SECTION 4.8.1                                    The
Company agrees to indemnify and reimburse, to the fullest extent permitted by
law, each seller of Registrable Shares, and each of its employees, partners,
officers, and directors and each Person who controls such seller (within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
(collectively, the “Seller Affiliates”) (A) against any and all losses,
claims, damages (including settlement costs), liabilities, and expenses, joint
or several (including, without limitation, reasonable attorneys’ fees and
disbursements except as limited by Section 4.8.3), (collectively, “Losses”)
to which any of the foregoing Persons may become subject, under the Securities
Act, Exchange Act or otherwise, insofar as such Losses (or actions in respect
thereof) are based upon, arise out of, relate to or result from any of the
following:  (i) any untrue or alleged
untrue statement of a material fact contained in any registration statement,
prospectus, or preliminary prospectus or any amendment thereof or supplement
thereto, or (ii) any omission or alleged omission of a material fact required
to be stated in any registration statement, prospectus, or preliminary
prospectus or any amendment thereof or supplement thereto, or necessary to make
the statements therein not misleading, or (iii) any violation by the Company of
the Securities Act, Exchange Act or any state securities or blue sky laws (or
any rule or regulation promulgated under the Securities Act, Exchanges Act or
any state securities or blue sky laws) and relating to action or inaction
required of the Company (but excluding any action or inaction of any seller or
any Seller Affiliates) in connection with such registration or qualification
under such state securities or blue sky laws; (B) against any and all Losses
whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation or investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any claim whatsoever based upon,
arising out of, related to or resulting from any such untrue statement,
omission or alleged untrue statement or omission, or violation; and (C) against
any and all costs and expenses (including reasonable fees and disbursements of
counsel) as may be incurred in investigating, preparing, or defending against
any litigation, or investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon, arising out of,
related to or resulting from any such untrue statement or omission, alleged
untrue statement or omission, or such violation, to the extent that any such
expense or cost is not paid under subparagraph (A) or (B) above;
except in each case insofar as any such statements are made in reliance upon
and in conformity with information furnished in writing to

 

21

 

the Company by
or on behalf of such seller or any Seller Affiliate for use therein. The
reimbursements required by this Section 4.8.1 will be made by periodic
payments during the course of the investigation or defense, as and when
expenses are incurred.

 

SECTION 4.8.2                                    In
connection with any registration statement in which a seller of Registrable
Shares is participating, each such seller will furnish to the Company in
writing such information and affidavits as the Company reasonably requests for
use in connection with any such registration statement or prospectus and, to
the fullest extent permitted by law, each such seller will indemnify the
Company and each of its employees, partners, officers and directors and each
Person who controls the Company (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) against any and all Losses
insofar as such Losses (or actions in respect thereof) are based upon, arise
out of, relate to or result from any of the following:  (A) any untrue statement or alleged untrue
statement of a material fact contained in the registration statement,
prospectus, or any preliminary prospectus or any amendment thereof or
supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, but only to the extent that such untrue statement or alleged untrue
statement or omission or alleged omission is contained in any information or
affidavit so furnished in writing by such seller or any of its Seller
Affiliates specifically for inclusion in the registration statement; (B)
against any and all Losses whatsoever, as incurred, to the extent of the
aggregate amount paid in settlement of any litigation or investigation or
proceeding by any governmental agency or body, commenced or threatened, or of
any claim whatsoever based upon, arising out of, related to or resulting from
any such untrue statement, omission or alleged untrue statement or omission, or
violation; and (C) against any and all costs and expenses (including reasonable
fees and disbursements of counsel) as may be incurred in investigating,
preparing, or defending against any litigation, or investigation or proceeding
by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon, arising out of, related to or resulting from any such
untrue statement or omission, alleged untrue statement or omission, or such
violation, to the extent that any such expense or cost is not paid under subparagraph
(A) or (B) above; provided, however, that the
obligation to indemnify will, subject to Section 6.6, be several, not
joint and several, among such sellers of Registrable Shares, and the liability
of each such seller of Registrable Shares will be in proportion and limited to
the net proceeds received by such seller from the sale of Registrable Shares
pursuant to such registration statement; provided, further, that
such seller of Registrable Shares shall not be liable in any such case to the
extent that prior to the filing of any such registration statement or
prospectus or amendment thereof or supplement thereto, such seller has
furnished in writing to the Company information expressly for use in such
registration statement or prospectus or any amendment thereof or supplement
thereto which corrected or made not misleading information previously furnished
to the Company.

 

SECTION 4.8.3                                    Any
Person entitled to indemnification hereunder will (A) give prompt written
notice to the indemnifying party of any claim with respect to

 

22

 

which it seeks
indemnification (provided that the failure to give such notice shall not limit
the rights of such Person unless such failure to give notice prejudices in any
material respect the indemnifying party) and (B) unless a conflict of interest
between such indemnified and indemnifying parties exists with respect to such
claim, permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party; provided, however,
that any person entitled to indemnification hereunder shall have the right to
employ separate counsel and to participate in the defense of such claim, but
the fees and expenses of such counsel shall be at the expense of such person
unless (X) the indemnifying party has agreed to pay such fees or expenses, or
(Y) the indemnifying party shall have failed to notify the indemnified party
that it was assuming the defense of such claim within thirty (30) days after
receipt of the notice from the indemnified party. If such defense is not
assumed by the indemnifying party as permitted hereunder, the indemnifying
party will not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent will not be
unreasonably withheld). If such defense is assumed by the indemnifying party
pursuant to the provisions hereof, such indemnifying party shall not settle or
otherwise compromise the applicable claim unless (1) such settlement or
compromise contains a full and unconditional release of the indemnified party
or (2) the indemnified party otherwise consents in writing. An indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim
will not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party, a conflict of
interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim, in which event the indemnifying
party shall be obligated to pay the reasonable fees and disbursements of such
additional counsel or counsels.

 

SECTION 4.8.4                                    Each
party hereto agrees that, if for any reason the indemnification provisions
contemplated by Section 4.8.1 or Section 4.8.2 are unavailable to
or insufficient to hold harmless an indemnified party in respect of any losses,
claims, damages, liabilities, or expenses (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, liabilities, or expenses (or actions in respect thereof) (a) in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party in connection with the actions which resulted
in the losses, claims, damages, liabilities or expenses as well as any other
relevant equitable considerations or (b) if the allocation provided by clause
(a) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative fault referred to in clause (a)
above but also the relative benefits of the of the indemnifying party and the indemnified
party in connection with the actions which resulted in the losses, claims,
damages, liabilities or expenses as well as any other relevant equitable
considerations. The relative fault of such indemnifying party and indemnified
party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by such
indemnifying party or

 

23

 

indemnified
party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The parties
hereto agree that it would not be just and equitable if contribution pursuant
to this Section 4.8.4 were determined by pro rata allocation (even if
the Holders or any underwriters or all of them were treated as one entity for
such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in this Section 4.8.4. The
amount paid or payable by an indemnified party as a result of the losses,
claims, damages, liabilities, or expenses (or actions in respect thereof)
referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such indemnified party in connection with
investigating or, except as provided in Section 4.8.3, defending any
such action or claim. Notwithstanding the provisions of this Section 4.8.4,
no Holder shall be required to contribute an amount greater than the dollar
amount by which the net proceeds received by such Holder with respect to the
sale of any Registrable Shares exceeds the amount of damages which such Holder
has otherwise been required to pay by reason of any and all untrue or alleged
untrue statements of material fact or omissions or alleged omissions of
material fact made in any registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto related to such sale
of Registrable Shares. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations in this Section 4.8.4 to
contribute shall be several in proportion to the amount of Registrable Shares
registered by them and not joint.

 

If
indemnification is available under this Section 4.8, the indemnifying
parties shall indemnify each indemnified party to the full extent provided in Section
4.8.1 and Section 4.8.2 without regard to the relative fault of said
indemnifying party or indemnified party or any other equitable consideration
provided for in this Section 4.8.4 subject, in the case of the Holders,
to the limited dollar amounts set forth in Section 4.8.2.

 

SECTION 4.8.5                                    The
indemnification and contribution provided for under this Agreement will remain
in full force and effect regardless of any investigation made by or on behalf
of the indemnified party or any officer, director, or controlling Person of
such indemnified party and will survive the transfer of securities.

 

SECTION 4.9                          Reports;
Rule 144 and Form S-3. With a view to making available to the Holders the
benefits of SEC Rule 144 promulgated under the Securities Act and any other
rule or regulation of the SEC that may at any time permit a Holder to sell
securities of the Company to the public without registration or pursuant to a
registration on Form S-3, the Company will use commercially reasonable efforts
to:

 

(i)                                     file
the reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the SEC thereunder (or,
if the Company is not required to file such reports, will, upon the request of
the Holders, make publicly available other information) and will take such
further action as the Holders may reasonably request, all to the extent
required from time to time to enable the Holders to

 

24

 

sell Common
Stock without registration under the Securities Act within the limitation of
the exemptions provided by (A Rule 144 under the Securities Act, as such rule
may be amended from time to time or (B) any similar rule or regulation hereafter
adopted by the SEC;

 

(ii)                                  take
such action as is necessary to enable the Holders to utilize Form S-3 for the
sale of their Registrable Securities, such action to be taken as soon as
practicable after the end of the fiscal year in which the first registration
statement filed by the Company for the offering of its securities to the
general public is declared effective;

 

(iii)                               upon
the request of any Holder, deliver to such parties a written statement as to
whether it has complied with such requirements or that it qualifies as a
registrant whose securities may be resold pursuant to Form S-3;

 

(iv)                              at
its expense, forthwith upon the request of any such Holder, deliver to such
Holder (A) a certificate, signed by the Company’s principal financial officer,
stating (1) the Company’s name, address and telephone number (including area
code), (2) the Company’s Internal Revenue Service identification number, (3)
the Company’s SEC file number, (4) the number of shares of each class of
capital stock outstanding as shown by the most recent report or statement
published by the Company, and (5) whether the Company has filed the reports
required to be filed under the Exchange Act for a period of at least ninety
(90) days prior to the date of such certificate and in addition has filed the
most recent annual report required to be filed thereunder; and (B) such other
information that may be reasonably requested in availing any Holder of any rule
or regulation of the SEC that permits the selling of any such securities, without
registration or pursuant to Form S-3.

 

SECTION 4.10                    Preservation
of Rights. The Company will not (i) grant any registration rights to third
parties which are more favorable than or inconsistent with the rights granted
hereunder or (ii) enter into any agreement, take any action, or permit any
change to occur, with respect to its securities that violates or subordinates
the rights expressly granted to the Holders in this Agreement.

 

ARTICLE 5

TERMINATION

 

SECTION 5.1                          Termination.
The Holders may exercise the registration rights granted hereunder in such
manner and proportions as they shall agree among themselves. The registration
rights hereunder shall cease to apply to any particular Registrable Share when:
(a) a registration statement with respect to the sale of such shares of Common
Stock shall have become effective under the Securities Act and such shares of
Common Stock shall have been disposed of in accordance with such registration
statement; (b) such shares of Common Stock shall have been sold to the public
pursuant to Rule 144 under the Securities Act (or any successor provision); (c)
such shares of Common Stock shall have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them
shall not require registration or qualification of them under the Securities
Act or any similar state law then in

 

25

 

force; or (d)
such shares shall have ceased to be outstanding. In addition, the registration
rights hereunder shall cease to apply to any particular Holder if the total
number of Registrable Shares held by such Holder is such that they could be
sold in their entirety in a single three-month period or without reference to
any time period pursuant to Rule 144 under the Securities Act (or any successor
provision). The Company shall promptly upon the request of any Holder furnish
to such Holder evidence of the number of Registrable Shares then outstanding. This
Agreement shall terminate and be of no further force and effect upon the later
of the date as of which (i) the Holders cease to hold at least one percent (1%)
of the outstanding Common Stock of Cowen Inc. or (ii) there are no Registrable
Shares outstanding.

 

ARTICLE 6

MISCELLANEOUS

 

SECTION 6.1                          Standstill
Agreement. SGASH agrees that, until the earlier of the date that is thirty
(30) months following the date of the closing of the IPO or the date on which
it holds less than five percent (5%) of the outstanding Common Stock of Cowen
Inc., neither SGASH nor any of its Affiliates will in any manner, directly or
indirectly, unless the same shall have been specifically invited in writing by
the Company:

 

(a)                                  effect,
or seek, offer or propose (whether publicly or otherwise) to effect, cause or
participate in (other than by voting or tendering its shares of Common Stock),
or in any way assist any other Person to effect or seek, offer or propose
(whether publicly or otherwise) to effect or participate in (other than by
voting or tendering its shares of Common Stock), (i) any acquisition of any
securities (or beneficial ownership thereof) of the Company or any Cowen
Subsidiary, (ii) any tender or exchange offer, merger or other business
combination involving the Company or any Cowen Subsidiary, (iii) any
recapitalization, restructuring, liquidation, dissolution or other
extraordinary transaction with respect to the Company or any Cowen Subsidiary,
or (iv) any “solicitation” of “proxies” (as such terms are used in the proxy
rules of the Securities and Exchange Commission) or consents to vote any voting
securities of the Company;

 

(b)                                 form,
join or in any way participate in (other than by voting or tendering its shares
of Common Stock) a “group” (as defined under the Exchange Act) that proposes to
do any of the foregoing with respect the Company;

 

(c)                                  otherwise
act, alone or in concert with others, to seek to control the Board of Directors
or the Company (other than as contemplated by Section 2.1); or

 

(d)                                 initiate
any discussions or enter into any arrangements with any third party with
respect to any of the foregoing; provided, however, that nothing
in this Section 6.1 shall limit ordinary course activities of SGASH or
its wholly-owned Subsidiaries that do not have the effect or intent of
circumventing the foregoing.

 

SECTION 6.2                          Notices.
All notices or other communications under this Agreement (except as otherwise
provided therein) must be in writing and shall be deemed to be duly given: (a)
when delivered in person; (b) upon transmission via confirmed facsimile
transmission, provided that such transmission is followed by delivery of a
physical copy thereof in person, via

 

26

 

U.S. first
class mail, or via a private express mail courier; or (c) two days after
deposit with a private express mail courier, in any such case addressed as
follows:

 

If to SGASH:

 

Société
Générale

1221 Avenue of
the Americas

New York, New York 10020

Attn:  General Counsel, SG Americas

Facsimile:
 (212) 278-7432

 

With a copy
to:

 

Mayer, Brown,
Rowe & Maw LLP

1675 Broadway

New York, New York  10019

Attn:  James B. Carlson

Facsimile:  (212) 262-1910

 

If to Cowen
Inc.:

 

Cowen Group,
Inc.

1221 Avenue of the Americas

New York, New York 10020

Attn:  General Counsel 

Facsimile:  (646) 562-1861

 

With a copy
to:

 

Skadden, Arps,
Slate, Meagher & Flom LLP

Four Times Square

New York, NY  10036-6522

Attn:                    Lou
R. Kling

              Thomas
W. Greenberg

Facsimile: (212) 735-2000

 

If to any
other Holder, the address indicated for such Holder in the Company’s stock
transfer records with copies, so long as SGASH owns any Registrable Shares, to
SGASH as provided above.

 

Any party
hereto may, by notice to the other party, change the address to which such notices
are to be given.

 

SECTION 6.3                          Entire
Agreement; No Third Party Beneficiaries. This Agreement contains the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all previous agreements, negotiations, discussions, writings,
understandings, commitments and conversations with respect to such subject matter,
and there are no agreements

 

27

 

or
understandings between the parties other than those set forth or referred to herein
or in the Separation Agreement. Notwithstanding any other provisions in this
Agreement to the contrary, in the event and to the extent that there is a
conflict between the provisions of this Agreement and the provisions of the
Separation Agreement, the provisions of this Agreement shall control. This
Agreement is not intended to confer any rights or remedies hereunder upon any
person other than the parties hereto.

 

SECTION 6.4                          Authority.
Each of the parties hereto represents to the other that (i) it has the
corporate power and authority to execute, deliver and perform this Agreement,
(ii) the execution, delivery and performance of this Agreement by it has been
duly authorized by all necessary corporate action and no such further action is
required, (iii) it has duly and validly executed and delivered this Agreement,
and (iv) this Agreement is a legal, valid and binding obligation, enforceable
against it in accordance with its terms subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and general equity principles.

 

SECTION 6.5                          Governing
Law. This Agreement shall be governed by and construed and interpreted in
accordance with the laws of the State of New York, irrespective of the choice
of laws principles of the State of New York, as to all matters, including
matters of validity, construction, effect, enforceability, performance and
remedies.

 

SECTION 6.6                          Successors
and Assigns. Except as otherwise expressly provided herein, this Agreement
shall be binding upon and benefit the Company, each Holder, and their
respective successors and assigns. SGASH may assign any and all of its rights
under this Agreement to any Affiliate of SGASH who agrees in writing (in form
and substance reasonably satisfactory to the Company) to be subject to and
bound by all the terms and conditions of this Agreement; provided, however,
that all such Affiliates must designate a single Affiliate of SG (and such
Affiliate must agree to act) as their representative for purposes of any
communication vis-à-vis the Company relating to the exercise any of their
rights and the receipt of any notices hereunder. Any Holder may assign any and
all of its rights under this Agreement (excluding Sections 2.1, 2.4,
2.5 and 2.6) to any direct or indirect transferee of such
Holder’s Common Stock who agrees in writing (in form and substance reasonably
satisfactory to the Company) to be subject to and bound by all the terms and
conditions of this Agreement.

 

SECTION 6.7                          Severability.
If any provision of this Agreement or the application thereof to any Person or
circumstance is determined by a court of competent jurisdiction to be invalid,
void or unenforceable, the remaining provisions hereof, or the application of
such provision to Persons or circumstances or in jurisdictions other than those
as to which it has been held invalid or unenforceable, shall remain in full
force and effect and shall in no way be affected, impaired or invalidated
thereby, so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner adverse to any party to this
Agreement. Upon such determination, the parties to this Agreement shall
negotiate in good faith in an effort to agree upon a suitable and equitable
provision to effect the original intent of the parties hereto.

 

SECTION 6.8                          Remedies.
Any dispute, controversy or claim arising out of, or relating to, the
transactions contemplated by this Agreement, or the validity, interpretation,
breach or

 

28

 

termination of
any provision of this Agreement shall be resolved in accordance with Article
VI of the Separation Agreement.

 

SECTION 6.9                          Waivers.
The observance of any term of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively) by the
party entitled to enforce such term, but such waiver shall be effective only if
it is in a writing signed by the party against whom the existence of such
waiver is asserted. Unless otherwise expressly provided in this Agreement, no
delay or omission on the part of any party in exercising any right or privilege
under this Agreement shall operate as a waiver thereof, nor shall any waiver on
the part of any party of any right or privilege under this Agreement operate as
a waiver of any other right or privilege under this Agreement nor shall any
single or partial exercise of any right or privilege preclude any other or
further exercise thereof or the exercise of any other right or privilege under
this Agreement. No failure by either party to take any action or assert any
right or privilege hereunder shall be deemed to be a waiver of such right or
privilege in the event of the continuation or repetition of the circumstances giving
rise to such right unless expressly waived in writing by the party against whom
the existence of such waiver is asserted.

 

SECTION 6.10                    Amendment.
No provision of this Agreement shall be deemed amended, supplemented or
modified in any respect except by a written agreement signed by the Company,
SGASH (so long as SGASH owns any Common Stock) and the Holders of a majority of
the then outstanding Registrable Shares.

 

SECTION 6.11                    Interpretation.
Words in the singular shall be deemed to include the plural and vice versa and
words of one gender shall be deemed to include the other genders as the context
requires. The terms “hereof,” “herein,” and “herewith” and words of similar
import shall, unless otherwise stated, be construed to refer to this Agreement
as a whole and not to any particular provision of this Agreement. Article,
Section, Exhibit and Schedule references are to the Articles, Sections,
Exhibits, and Schedules to this Agreement unless otherwise specified. Unless
otherwise stated, all references to any agreement shall be deemed to include
the exhibits, schedules and annexes to such agreement. The word “including” and
words of similar import when used in this Agreement shall mean “including,
without limitation,” unless the context otherwise requires or unless otherwise
specified. The word “or” shall not be exclusive. Unless otherwise specified in
a particular case, the word “days” refers to calendar days. References herein
to this Agreement shall be deemed to refer to this Agreement as of the date hereof
and as it may be amended hereafter, unless otherwise specified. References to
the performance, discharge or fulfillment of any liability in accordance with
its terms shall have meaning only to the extent such liability has terms; if
the liability does not have terms, the reference shall mean performance,
discharge or fulfillment of such liability.

 

SECTION 6.12                    Headings.
The article, section and paragraph headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

SECTION 6.13                    Counterparts.
This Agreement may be executed in one or more counterparts, each of which when
executed shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement. Delivery of an executed
counterpart

 

29

 

of a signature
page to this Agreement by facsimile shall be as effective as delivery of a
manually executed counterpart of any such Agreement.

 

SECTION 6.14                    Mutual
Drafting. This Agreement shall be deemed to be the joint work product of
the parties hereto and any rule of construction that a document shall be
interpreted or construed against a drafter of such document shall not be
applicable.

 

* * * * *

 

30

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed as
of the date first written above.

 

	
   

  	
  COWEN
  GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Christopher A. White

  	
   

  
	
   

  	
   

  	
  Name:  Christopher A. White

  
	
   

  	
   

  	
  Title:    Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SG
  AMERICAS SECURITIES HOLDINGS,

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Jean-Philippe Coulier

  	
   

  
	
   

  	
   

  	
  Name:  Jean-Philippe Coulier

  
	
   

  	
   

  	
  Title:   President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]