Document:

Exhibit

Execution Copy

EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this August 26, 2016 (the “Effective Date”), by and between Cowen Group, Inc., a Delaware corporation (the “Company”), and Peter A. Cohen (the “Executive”).
W I T N E S S E T H :
WHEREAS, Executive is currently employed by the Company as Chairman and Chief Executive Officer; and
WHEREAS, Executive is a party to an employment agreement with the Company and certain other parties, dated June 3, 2009 (the “Prior Agreement”); and
WHEREAS, the Company desires to continue to employ Executive and to enter into this Agreement embodying the terms of such employment, and Executive desires to enter into this Agreement and to accept such continued employment, subject to the terms and provisions of this Agreement.
NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows:
Section 1.Definitions.
(a)
“Accounting Firm” shall have the meaning set forth in Section 12(b)(i) hereof.
(b)
    “Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 7 hereof, and (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein.
(c)
    “Agreement” shall have the meaning set forth in the preamble hereto.
(d)
    “Annual Bonus” shall have the meaning set forth in Section 4(b) hereof.
(e)
    “Base Salary” shall mean the salary provided for in Section 4(a) hereof or any increased salary granted to Executive pursuant to Section 4(a) hereof.
(f)
    “Board” shall mean the Board of Directors of the Company.
(g)
    “Cause” shall mean:

	
			
	 
	 
	 

(i)
    Executive’s conviction of, or pleas of guilty or nolo contendere to: (x) a felony, or (y) any other criminal offense: (1) involving moral turpitude, (2) that could serve as the basis for statutory disqualification, or (3) that is related to the performance of Executive’s job duties and could result in material harm to the Company (or any of its affiliates), its reputation, or its employees;
(ii)
    any act of fraud, dishonesty, gross negligence, gross misconduct, or intentional breach of fiduciary duty in the performance of Executive’s duties and responsibilities;
(iii)
    Executive’s material violation of or failure to comply with the Company’s (or any of its affiliate’s) material internal policies, including its policies against discrimination or harassment, or the rules and regulations of any regulatory or self-regulatory organization with jurisdiction over the Company or any of its affiliates;
(iv)
    Executive’s material or continued failure to perform the material duties of his position, including, by way of example and not of limitation, Executive’s material or repeated failure or refusal to follow instructions reasonably given by the Board (unless such instruction would result in an illegal or unethical act); or 
(v)
    Executive’s material breach of a material term of this Agreement or any other material written agreement between Executive and the Company (or any of its affiliates).
Any act, or failure to act, based upon express authority given pursuant to the written direction of Board with respect to such act or omission shall be presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company and its affiliates.
(h)
    “Cause Cure Notice” shall have the meaning ascribed to such term in Section 8(c)(i) hereof.
(i)
    “Cause Cure Notice Period” shall have the meaning ascribed to such term in Section 8(c)(i) hereof.
(j)
    “Change in Control” shall have the meaning ascribed to such term in the Equity and Incentive Plan.
(k)
    “COBRA Payment” shall have the meaning ascribed to such term in Section 8(b)(vi).

	
			
	 
	 
	 

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(l)
    “Code” shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.
(m)
    “Company” shall have the meaning set forth in the preamble hereto.
(n)
    “Company Group” shall mean the Company together with any direct or indirect subsidiaries of the Company.
(o)
    “Compensation Committee” shall mean the Compensation Committee of the Board.
(p)
    “Cure Notice” shall have the meaning set forth in hereof.
(q)
    “Cure Notice Period” shall have the meaning set forth in hereof.
(r)
    “Delay Period” shall have the meaning set forth in Section 12(a)(i) hereof.
(s)
    “Disability” shall mean any physical or mental disability or infirmity of Executive that prevents the performance of Executive’s duties, with or without reasonable accommodation, for a period of (i) one hundred fifty (150) consecutive days or (ii) one hundred eighty (180) non-consecutive days during any twelve (12) month period, which period may be extended upon review of the Company based on individual circumstances if required under applicable law.  Any question as to the existence, extent, or potentiality of Executive’s Disability upon which Executive and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and approved by Executive (which approval shall not be unreasonably withheld).  The determination of any such physician shall be final and conclusive for all purposes of this Agreement.
(t)
    “Effective Date” shall have the meaning set forth in the preamble hereto.
(u)
    "Equity Benefits" shall have the meaning set forth in Section 8(b)(iv).
(v)
    “Equity and Incentive Plan” shall mean the Company’s 2010 Equity and Incentive Plan, as the same may be amended and/or restated from time to time.
(w)
    “Excise Tax” shall have the meaning set forth in Section 12(b) hereof.

	
			
	 
	 
	 

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(x)
    “Executive” shall have the meaning set forth in the preamble hereto.
(y)
    “Good Reason” shall mean, without Executive’s consent, (i) any requirement that Executive’s services during the Term be rendered primarily at a location or locations other than the Company’s offices in New York County, New York, other than temporarily for disaster planning business continuity purposes; (ii) a material diminution by the Company of Executive’s roles and responsibilities as the Chief Executive Officer of the Company; (iii) the failure to be nominated or elected as Chairman of the Board; (iv) any material breach of this Agreement by the Company; (v) any change in Executive’s reporting relationship such that he no longer reports directly to the Board; or (vi) the Company’s failure to nominate Executive for election to the Board at each meeting of the Company’s shareholders during the Term at which directors are being elected to the Board unless nomination of the Executive is not required for Executive to serve as a member of the Board following such meeting.  Executive acknowledges and agrees that his exclusive remedy in the event of any material breach of this Agreement shall be to assert Good Reason pursuant to the terms and conditions of Section 8(e) hereof.  Notwithstanding the foregoing, during the Term, in the event that the Board reasonably believes that Executive may have engaged in conduct that could constitute Cause hereunder, the Board may, in its sole and absolute discretion, suspend Executive from performing his duties hereunder, and in no event shall any such suspension constitute an event pursuant to which Executive may terminate employment with Good Reason or otherwise constitute a breach hereunder; provided, that no such suspension shall alter the Company’s obligations under this Agreement during such period of suspension.
(z)
    “Good Standing” shall mean that Executive remains actively employed and has not been determined by the Board, in good faith, after a formal investigation, to have engaged in conduct during Executive’s employment, that would constitute grounds for the termination of Executive’s employment with Cause.  
(aa)
    “Non-Interference Agreement” shall mean the Confidentiality, Non-Interference, and Invention Assignment Agreement attached hereto as Exhibit A.
(bb)
     “Non-Interference Notice” shall have the meaning set forth in Section 8(d) hereof.
(cc)
    “Parachute Payments” shall have the meaning set forth in Section 12(b) hereof.
(dd)
    “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint‐stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.
(ee)
    “Prior Agreement” shall have the meaning set forth in the recitals hereto.

	
			
	 
	 
	 

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(ff)
    “Pro Rata Bonus” shall have the meaning set forth in Section 8(b)(iii) hereof.
(gg)
    “Release of Claims” shall mean the Release of Claims in substantially the same form attached hereto as Exhibit B (as the same may be revised from time to time by the Company in order to assure its validity upon the reasonable advice of counsel).
(hh)
    “Repayment Obligation” shall have the meeting set forth in.
(ii)
     “Retirement Date” shall have the meaning set forth in Section 2(c) hereof.
(jj)
    “Section 409A” shall mean Section 409A of the Code.
(kk)
    “Severance Benefits” shall have the meaning set forth in Section 8(g) hereof.
(ll)
    “Term” shall have the meaning set forth in Section 2(b) hereof.
Section 2.
    Acceptance and Term.
(a)
    The Company agrees to employ Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein.
(b)
    The term (the “Term”) shall commence on the Effective Date, and unless terminated sooner as provided in Section 8 hereof, shall continue during the period ending on the close of business on December 31, 2020. 
(c)
    Continued Vesting After Term.  Provided the Executive has been continuously employed in Good Standing by the Company through the end of the Term, if the Executive’s employment terminates after the Term other than for Cause, and Executive executes and does not revoke a Release of Claims, all outstanding Company equity awards and unvested deferred compensation granted to Executive during the Term and still outstanding as of last day of the Term (or if later, the date of Executive’s termination of employment) shall continue to vest in accordance with their terms as if Executive had continued to be actively employed by the Company (provided that any payment or settlement provisions set forth in such grant, award, or similar agreement that are required pursuant to Section 409A shall remain effective) for so long as Executive does not engage, (x) at any time prior to the applicable vesting dates, in any Competitive Activities (as defined in the Non-Interference Agreement), or (y) during the first twelve (12) months following 

	
			
	 
	 
	 

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such termination only, in any Interfering Activities (as defined in the Non-Interference Agreement).  This section shall survive after the Term.
(d)
    Senior Advisor Role.  Provided Executive has remained employed in Good Standing during the Term, in the final ninety (90) days of the Term, the Company agrees to engage in good faith discussions with the Executive about the Executive transitioning to a senior advisor role that allows the Executive to maintain the relationships he has on behalf of the Company while continuing to be eligible to participate in certain investment opportunities, subject to the Company policy generally applicable to senior executives of the Company at the time and as permitted by law.  
Section 3.
    Position, Duties, and Responsibilities; Place of Performance.
(a)
    Position, Duties, and Responsibilities.  During the Term, Executive shall be employed and continue to serve as the Chairman and Chief Executive Officer of the Company and shall also continue to serve as a member of the Company’s Executive Management Committee and the Company’s Operating Committee.  Executive shall have such duties and responsibilities commensurate with such titles.  Executive also agrees to serve as an officer and/or director of any other member of the Company Group, in each case without additional compensation.  Executive shall report directly to the Board.
(b)
    Performance.  Executive shall devote his full business time, attention, skill, and reasonable best efforts to the performance of his duties under this Agreement and shall not engage in any other business or occupation during the Term including, without limitation, any activity that (x) conflicts with the interests of the Company or any other member of the Company Group, (y) interferes with the proper and efficient performance of Executive’s duties for the Company, or (z) interferes with Executive’s exercise of judgment in the Company’s best interests.  Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) serving, with the prior written consent of the Board (not to be unreasonably withheld), as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations (with the understanding that the Board shall consent to Executive’s continuing membership on all such boards or their equivalents which he holds as of the Effective Date as listed on Exhibit C attached hereto), (ii) engaging in charitable activities and community affairs, and (iii) managing his and his family’s personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii), and (iii) shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder.
(c)
    Principal Place of Employment.  Executive’s principal place of employment shall be in New York, New York, although Executive understands and agrees that he may be required to travel from time to time for business reasons.

	
			
	 
	 
	 

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Section 4.
    Compensation.
During the Term, Executive shall be entitled to the following compensation:
(a)
    Base Salary.  Executive shall be paid an annualized Base Salary, payable in accordance with the regular payroll practices of the Company, of not less than nine hundred fifty thousand dollars ($950,000), with increases, if any, as may be approved in writing by the Compensation Committee.  Executive’s Base Salary shall be subject to annual review and may be increased, but not decreased, during the Term.
(b)
    Annual Bonus.  For each full calendar year during which Executive is employed by the Company (commencing with the 2016 calendar year), he shall be entitled to earn an annual performance-based bonus (the “Annual Bonus”) pursuant to an annual incentive plan as determined by the Compensation Committee.  The amount of the Annual Bonus payable shall be contingent upon the achievement of reasonable, pre-established, and objective performance goals established by the Compensation Committee in accordance with Treas. Reg. §1.162-27(e) for such taxable year and communicated to Executive.  Executive’s Annual Bonus and the applicable performance goals shall be determined by the Compensation Committee consistently with and on the same basis as, and shall have terms and conditions no less favorable than those that apply to, other senior executives of the Company; provided, however, that the Compensation Committee shall retain all discretion consistent with this Agreement to set such applicable performance goals and any applicable minimum or maximum amount of the Annual Bonus.  Executive’s Annual Bonuses may, at the discretion of the Compensation Committee, and consistent with other senior executives of the Company, include a certain percentage, up to a maximum of fifty percent (50%) of any Annual Bonus, of restricted securities, other stock or security-based awards or deferred cash or other deferred compensation; provided, that of the amounts deferred pursuant to this section, no more than fifty percent (50%) may be in the form of restricted securities or other stock or security based awards unless mutually agreed to in writing by Executive and the Compensation Committee.  The portion of the Annual Bonus payable in undeferred cash shall be paid to Executive at the same time as annual bonuses are generally payable to other senior executives of the Company subject to Executive’s continuous employment through the payment date, but in no event later than March 15 of a calendar year for the Annual Bonus that relates to the immediately preceding calendar year.
(c)
    Long-Term Incentive Plan and Investment Partnerships.  In the event that the Company or any other member of the Company Group establishes a long-term incentive plan or an investment partnership pursuant to which senior executives of the Company are eligible to participate in such long-term incentive plan or new investments made by the Company or any other member of the Company Group, Executive shall be eligible to participate in such long-term incentive plan and/or investment partnership on such terms and subject to such conditions as are generally applicable to other executives participating in such long-term incentive plan and/or investment partnership.  Nothing herein shall be construed to require the Company or any other member of the Company Group to establish or maintain any such long-term incentive plan or 

	
			
	 
	 
	 

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investment partnership or for any such long-term incentive plan or investment partnership to contain any specific terms or conditions.
Section 5.
    Executive Benefits.
(a)
    During the Term, Executive shall be entitled to participate in health, insurance, retirement, and other benefits consistent with and no less generous than those provided to senior executives of the Company.  Executive shall also be entitled to the same number of holidays, vacation days, and sick days, as well as any other benefits, in each case as are generally allowed to senior executives of the Company in accordance with the Company policy as in effect from time to time.  Executive shall be entitled to continue the same arrangement with respect to a personal driver as is currently in place as of the date of this Employment Agreement.  Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit plan or policy at any time without providing Executive notice, and the right to do so is expressly reserved.
(b)
    During the Term and for two (2) calendar years following the expiration of the Term, executive shall be entitled to continue to use Ayco (or a comparable provider) for financial counseling, with any fees paid by the Company and treated as a taxable benefit.  The Executive acknowledges that he is solely responsible for any taxes on any associated income with respect to the services provided under this section.  This Section survives the expiration of the Term.
Section 6.
    Key-Man Insurance. 
The Company shall insure the life of Executive in an amount equal to seven million five hundred thousand dollars ($7.5 million) for the benefit of one or more beneficiaries as designated by the Executive.  During the Term, all premiums payable thereon shall be the obligation of the Company, with such premiums considered taxable income to the Executive and the resulting taxable income taken into account as part of Executive’s total compensation.  Executive agrees to cooperate with the Company in procuring such insurance by submitting to physical examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation is imposed on Executive by any such documents, other than as set forth herein with respect to taxable income.  After the Term, the Company agrees to maintain the life insurance policy, to the extent permitted by the law and the underlying policy, provided that the Executive timely pays all premiums directly to the insurer.
Section 7.
    Reimbursement of Business and Legal Expenses.
During the Term, the Company shall pay (or promptly reimburse Executive) for documented, out-of-pocket expenses reasonably incurred by Executive in the course of performing his duties and responsibilities hereunder, which are consistent with the Company’s policies in effect from time to time with respect to business expenses, subject to the Company’s 

	
			
	 
	 
	 

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requirements with respect to reporting of such expenses.  Promptly following the submission of a reasonably detailed invoice (or invoices), Executive shall be reimbursed, on a non-taxable basis, for the reasonable legal expenses incurred by Executive in connection with preparation of this Agreement.
Section 8.
    Termination of Employment.
(a)
    General.  The Term shall terminate earlier than as provided in Section 2(b) hereof upon the earliest to occur of (i) Executive’s death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with or without Cause, and (iv) a termination by Executive with or without Good Reason.  Upon any termination of Executive’s employment for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall resign from any and all directorships, committee memberships, and any other positions Executive holds with the Company or any other member of the Company Group.  Notwithstanding anything herein to the contrary, the payment (or commencement of a series of payments) hereunder of any nonqualified deferred compensation (within the meaning of Section 409A) upon a termination of employment shall be delayed until such time as Executive has also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated as of the date of Executive’s termination of employment hereunder) shall be paid (or commence to be paid) to Executive on the schedule set forth in this Section 8 as if Executive had undergone such termination of employment (under the same circumstances) on the date of his ultimate “separation from service.”
(b)
    Termination Due to Death or Disability.  Executive’s employment shall terminate automatically upon his death.  The Board may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s receipt of written notice of such termination.  Upon Executive’s death or in the event that Executive’s employment is terminated due to his Disability, Executive or his estate or his beneficiaries, as the case may be, shall be entitled to:
(i)
    The Accrued Obligations, paid in accordance with the Company’s payroll practices and applicable law; 
(ii)
    Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is 21⁄2 months following the last day of the fiscal year in which such termination occurred;
(iii)
    A pro rata Annual Bonus for the year of termination (the “Pro Rata Bonus”), determined by multiplying the average Annual Bonus paid to Executive for the two years immediately preceding such termination by a fraction, the numerator is the number of days elapsed from the 

	
			
	 
	 
	 

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commencement of such year through and including the date of such termination and the denominator is three hundred sixty five (365) (or three hundred sixty six (366) if such termination occurs during a leap year), with such amount to be paid on the sixty-day anniversary of such termination; 
(iv)
    All outstanding Company equity awards and unvested deferred compensation shall become fully vested (and, as applicable, exercisable), and all restrictions thereon shall lapse, effective as of the date of termination (provided that any payment or settlement provisions set forth in such grant, award, or other similar agreement that are required pursuant to Section 409A shall remain effective), and shall be settled in according to the terms of the governing grant agreement (collectively, the “Equity Benefits”); and
(v)
    A lump sum cash payment equal to twenty four (24) times the “applicable percentage” of the monthly COBRA premium cost applicable to Executive if Executive (or his dependents) were to elect COBRA coverage in connection with such termination, with such amount to be paid on the sixty (60)day anniversary of such termination (such payment referred to herein as the “COBRA Payment”).   For purposes hereof, the “applicable percentage” shall be the percentage of Employee’s health care premium costs covered by the Company as of the date of termination.
Following Executive’s death or a termination of Executive’s employment by reason of a Disability, except as set forth in this Section 8(b), Executive shall have no further rights to any compensation or any other benefits under this Agreement.
(c)
    Termination by the Company with Cause.
(i)
    The Company may terminate Executive’s employment with Cause, by a vote of the Board within ninety (90) days of the act or acts or failure or failures to act that purport to give rise to Cause.  Prior to any such vote, Executive shall be given not less than thirty (30) days’ (the “Cause Notice Period”) written notice by the Board (the “Cause Cure Notice”) of the Company’s intention to terminate him with Cause, such Cause Notice to state in detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed termination with Cause is based.  The Executive shall be entitled to appear (with counsel) before the Board to present information regarding the Cause event no less than five (5) business days prior to the Board’s vote on the termination of Executive’s employment with Cause.  Such termination shall be effective at the expiration of the Cause Notice Period, unless Executive has materially cured such act or acts or failure or failures to act that give rise to Cause during such Cause Notice Period to the extent that such act or acts or failure or failures to act giving rise to Cause are curable.
(ii)
    In the event that the Company terminates Executive’s employment with Cause, he shall be entitled only to the Accrued Obligations.  Following such termination of Executive’s employment with Cause, except as set forth in this Section 8(c)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement.  

	
			
	 
	 
	 

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(d)
    Termination by the Company without Cause.  The Company may terminate Executive’s employment at any time without Cause, effective upon Executive’s receipt of written notice of such termination.  In the event that Executive’s employment is terminated by the Company without Cause (other than due to death or Disability), Executive shall be entitled to:
(i)
    The Accrued Obligations, paid in accordance with the Company’s payroll practices and applicable law;
(ii)
    Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is 21⁄2 months following the last day of the fiscal year in which such termination occurred; 
(iii)
    The Pro Rata Bonus, which shall be paid on the sixty-day anniversary of such termination;
(iv)
    A lump sum cash payment in an amount equal to two and one half (2-1/2) times the sum of (x) Executive’s Base Salary (as in effect at the end of the calendar immediately preceding the calendar year of such termination), and (y) the average Annual Bonus paid to Executive for the two (2) years immediately preceding such termination; provided, that such lump sum cash payment will be not less than three million two hundred fifty thousand dollars ($3.25 million) and not more than five million dollars ($5.0 million), with such amount to be paid on the sixty (60) day anniversary of such termination;
(v)
    The Equity Benefits; and 
(vi)
    the COBRA Payment, which shall be paid on the sixty-day anniversary of such termination.
Following such termination of Executive’s employment by the Company without Cause, except as set forth in this Section 8(d), Executive shall have no further rights to any compensation or any other benefits under this Agreement.  For the avoidance of doubt, Executive’s sole and exclusive remedy upon a termination of employment by the Company without Cause shall be receipt of the Severance Benefits.
Notwithstanding the foregoing and as set forth in this paragraph, upon the Executive’s material breach of, and failure to cure if applicable, any provision of the Non-Interference Agreement, the payments and benefits described in clauses (ii), (iii), (iv), (v), (vi), and (vii) above shall immediately terminate, or to the extent they have already been received, become repayable by the Executive (the “Repayment Obligations”).  The Company will provide the Executive with written notice detailing the act(s) that constitute the grounds for the material breach of the Non-

	
			
	 
	 
	 

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Interference Agreement (the “Non-Interference Notice”).  The Executive shall provide written notice to the Company (the “Cure Notice”) within fifteen (15) days of receipt of the Non-Interference Notice (the “Cure Notice Period”) as to whether he believes the material breach is capable of being cured.  If the Executive does not challenge that the material breach has occurred or does not provide a Cure Notice to the Company within the Cure Notice Period, the payments and benefits described in clauses (ii), (iii), (iv), (v), (vi), and (vii) above shall immediately cease and the Repayment Obligations shall become repayable within thirty (30) days (a) after the expiration of the of the Cure Notice Period; or (b) if a Cure Notice is provided within the Cure Notice Period, upon the expiration of thirty (30) days after the end of the Cure Notice Period if the Executive has failed to cure the material breach.  If the Executive challenges that the material breach has occurred or the Company challenges that the material breach has been cured, the parties shall be entitled to seek a determination by a court consistent with the terms of Section 10(a) of the Non-Interference Agreement on the issues of whether the Executive has committed a material breach and, if so, whether such breach has been cured.  The parties agree that the prevailing party shall be entitled to an award of legal fees, costs and expenses reasonably incurred by the prevailing party in connection with the court proceeding and any subsequent appeals. If the court determines, in a final judgment, that the Executive committed a material breach and that such material breach has not been cured, the payments and benefits described in clauses (ii), (iii), (iv), (v), (vi), and (vii) above shall immediately cease and the Repayment Obligations shall become repayable within thirty (30) days of the court order in favor of the Company (to the extent such obligations are not stayed pending any appeals), and the court shall retain jurisdiction to finally resolve issues relating to the award of legal fees, costs and expenses reasonably incurred by the Company as the prevailing party.  If the court determines, in a final judgment, that the Executive has not committed a material breach, or that he did commit a material breach which has been cured, the payments and benefits described in clauses (ii), (iii), (iv), (v), (vi), and (vii) above shall continue to the extent not previously paid, together with any arrearages due with interest to be determined by the court (to the extent such obligations are not stayed pending any appeals), and the court shall retain jurisdiction to finally resolve issues relating to the award of legal fees, costs and expenses reasonably incurred by the Executive as the prevailing party. 
(e)
    Termination by Executive with Good Reason.  Executive may terminate his employment with Good Reason by providing the Company thirty (30) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be effective, must be provided to the Company within ninety (90) days of the occurrence of such event.  During such thirty (30) day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be effective upon the expiration of such cure period, and Executive shall be entitled to the same payments and benefits as provided in Section 8(d) hereof for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section 8(d) hereof.  Following such termination of Executive’s employment by Executive with Good Reason, except as set forth in this Section 8(e), Executive shall have no further rights to any compensation or any other benefits under this Agreement.  For the avoidance of doubt, Executive’s sole and exclusive remedy upon a termination of employment with Good Reason shall be receipt of the Severance Benefits.  

	
			
	 
	 
	 

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(f)
    Termination by Executive without Good Reason.  If Executive intends to terminate his employment without Good Reason, Executive shall provide the Company with at least thirty (30) days written notice of such termination.  Once Executive provides the Company with notice, he will receive only his Base Salary in accordance with the Company’s payroll practices, and will not be eligible to receive any bonus.  In the event of a termination of employment by Executive under this Section 8(f) (and without regard to whether or not Executive provides written notice in accordance with the preceding sentence), Executive shall be entitled only to the Accrued Obligations following the termination date set forth in his notice of termination.  In the event of termination of Executive’s employment under this Section 8(f), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination without changing the characterization of such termination as a termination by Executive without Good Reason.  Following such termination of Executive’s employment by Executive without Good Reason pursuant to this Section 8(f), except as set forth in this Section 8(f), Executive shall have no further rights to any compensation or any other benefits under this Agreement.
(g)
    Release.  Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to subsection (b), (d), or (e) of this Section 8 (other than the Accrued Obligations) (collectively, the “Severance Benefits”) shall be conditioned upon Executive’s (or Executive’s executor, if applicable) execution, delivery to the Company, and non-revocation of the Release of Claims (and the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the date of Executive’s termination of employment hereunder.  If Executive (or Executive’s executor, if applicable) fails to execute the Release of Claims in such a timely manner so as to permit any revocation period to expire prior to the end of such sixty (60) day period, or timely revokes his acceptance of such release following its execution, Executive (or Executive’s estate, if applicable) shall not be entitled to any of the Severance Benefits.  Further, to the extent that (i) such termination of employment occurs within sixty (60) days of the end of any calendar year, and (ii) any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A, any payment of any amount or provision of any benefit otherwise scheduled to occur prior to the sixtieth (60th) day following the date of Executive’s termination of employment hereunder, but for the condition on executing the Release of Claims as set forth herein, shall not be made prior to the first day of the second calendar year, after which any remaining Severance Benefits shall thereafter be provided to Executive according to the applicable schedule set forth herein.  For the avoidance of doubt, in the event of Executive’s death or Disability, Executive’s obligations herein to execute and not revoke the Release of Claims may be satisfied on his behalf by his estate or a person having legal power of attorney over his affairs and the Company shall, promptly following notice of such death or Disability and the Company’s receipt of contact information for his estate or person have legal power of attorney over his affairs, deliver a copy of the release to such estate or person.
Section 9.
    Non-Interference Agreement.
As a condition of, and prior to commencement of, Executive’s employment with the Company under this Agreement, Executive shall have executed and delivered to the 

	
			
	 
	 
	 

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Company the Non-Interference Agreement.  The parties hereto acknowledge and agree that this Agreement and the Non-Interference Agreement shall be considered separate contracts, and the Non-Interference Agreement will survive the termination of this Agreement for any reason.
Section 10.
    Taxes.
The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be required by law.  Executive acknowledges and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been advised by the Company to seek tax advice from his own tax advisors regarding this Agreement and payments that may be made to him pursuant to this Agreement, including specifically, the application of the provisions of Section 409A to such payments. 
Section 11.
    Set Off; Mitigation.
The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to set-off, counterclaim, or recoupment of amounts owed by Executive to the Company or its affiliates to the extent permitted by applicable law; provided, however, that to the extent any amount so subject to set-off, counterclaim, or recoupment is payable in installments hereunder, such set-off, counterclaim, or recoupment shall not modify the applicable payment date of any installment, and to the extent an obligation cannot be satisfied by reduction of a single installment payment, any portion not satisfied shall remain an outstanding obligation of Executive and shall be applied to the next installment only at such time the installment is otherwise payable pursuant to the specified payment schedule.  Executive shall not be required to mitigate the amount of any payment provided pursuant to this Agreement by seeking other employment or otherwise, and the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Executive’s other employment or otherwise. 
Section 12.
    Additional Tax Provisions.
(a)
    Section 409A Provisions.  Notwithstanding any provision in this Agreement to the contrary: 
(i)
    Any payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive’s employment shall be delayed for such period of time to the extent necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay Period”).  On the first business day following the expiration of the Delay Period, Executive shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

	
			
	 
	 
	 

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(ii)
    Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A.
(iii)
    To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by the Company no later than the last day of the taxable year following the taxable year in which such expense was incurred by Executive, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect.
(iv)
    While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes under Section 409A, in no event whatsoever shall the Company or any of its affiliates (including, without limitation, the Company) be liable for any additional tax, interest, or penalties that may be imposed on Executive as a result of Section 409A or any damages for failing to comply with Section 409A (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A).
(b)
    Modified Cutback.  If any payment, benefit or distribution of any type to or for the benefit of Executive, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Parachute Payments”) would subject Executive to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), the Parachute Payments shall be reduced so that the maximum amount of the Parachute Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Parachute Payments to be subject to the Excise Tax; provided that the Parachute Payments shall only be reduced to the extent the after-tax value of amounts received by Executive after application of the above reduction would exceed the after-tax value of the amounts received without application of such reduction.  For this purpose, the after-tax value of an amount shall be determined taking into account all federal, state, and local income, employment and excise taxes applicable to such amount.  Unless Executive shall have given prior written notice to the Company to effectuate a reduction in the Parachute Payments if such a reduction is required, any such notice consistent with the requirements of Section 409A to avoid the imputation of any tax, penalty or interest thereunder, the Company shall reduce or eliminate the Parachute Payments by first reducing or eliminating any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock options or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or similar awards, then by reducing or eliminating any other remaining Parachute Payments; provided, that no such reduction or elimination shall apply to any non-qualified 

	
			
	 
	 
	 

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deferred compensation amounts (within the meaning of Section 409A) to the extent such reduction or elimination would accelerate or defer the timing of such payment in manner that does not comply with Section 409A.
(i)
    An initial determination as to whether (i) any of the Parachute Payments received by Executive in connection with the occurrence of a change in the ownership or control of the Company or in the ownership of a substantial portion of the assets of the Company shall be subject to the Excise Tax, and (ii) the amount of any reduction, if any, that may be required pursuant to Section 12(b) above, shall be made by an independent accounting firm selected by the Company and reasonably acceptable to Executive (the “Accounting Firm”) prior to the consummation of such change in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company.  Executive shall be furnished with notice of all determinations made as to the Excise Tax payable with respect to Executive’s Parachute Payments, together with the related calculations of the Accounting Firm, promptly after such determinations and calculations have been received by the Company.
(ii)
    For purposes of this Section 12(b) –
(A)
    no portion of the Parachute Payments, the receipt or enjoyment of which the Participant shall have effectively waived in writing prior to the date of payment of the Parachute Payments, shall be taken into account;
(B)
    no portion of the Parachute Payments shall be taken into account which in the opinion of the Accounting Firm does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code;
(C)
    the Parachute Payments shall be reduced only to the extent necessary so that the Parachute Payments (other than those referred to in the immediately preceding clause (A) or (B)) in their entirety constitute reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as deductions, in the opinion of the auditor or tax counsel referred to in such clause (B); and
(D)
    the value of any non-cash benefit or any deferred payment or benefit included in the Parachute Payments shall be determined by the Accounting Firm based on Sections 280G and 4999 of the Code, or on substantial authority within the meaning of Section 6662 of the Code.
Section 13.
    Successors and Assigns; No Third-Party Beneficiaries.
(a)
    The Company.  This Agreement shall inure to the benefit of the Company and its respective successors and assigns.  Neither this Agreement nor any of the rights, obligations, or interests 

	
			
	 
	 
	 

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arising hereunder may be assigned by the Company to a Person (other than another member of the Company Group, or its or their respective successors) without Executive’s prior written consent (which shall not be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially all of the assets of the Company or any direct or indirect division or subsidiary thereof to which Executive’s employment primarily relates, the Company may provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets, it being agreed that in such circumstances, Executive’s consent will not be required in connection therewith.     
(b)
    Executive.  Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise, without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other designee, or if there be no such designee, to Executive’s estate.
(c)
    No Third-Party Beneficiaries.  Except as otherwise set forth in Section 8(b) or Section 13(b) hereof, nothing expressed or referred to in this Agreement will be construed to give any Person other than the Company, the other members of the Company Group, and Executive any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.
Section 14.
    Non-Disparagement.
(a)
    Executive agrees that during the Term and at all times thereafter, Executive will not make any disparaging or defamatory comments regarding any member of the Company Group or its respective current or former directors, managers, officers, or employees in any respect or make any comments concerning any aspect of my relationship with any member of the Company Group or any conduct or events which precipitated any termination of Executive’s employment from any member of the Company Group.  However, Executive’s obligations under this Section 15(a) shall not apply to disclosures required by applicable law, regulation, or order of a court or governmental agency.
(b)
    The Company agrees that during the Term and at all times thereafter, the Company will instruct its directors, officers, and key employees not to make any disparaging or defamatory remarks against Executive regarding any aspect of his relationship with any member of the Company Group or any conduct or events which precipitated any termination of his employment from any member of the Company Group.  However, the Company’s obligations under this Section 15(b) shall not apply to disclosures required by applicable law, regulation, or order of a court or governmental agency.

	
			
	 
	 
	 

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Section 15.
    Waiver and Amendments.
Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the parties hereto; provided, however, that any such waiver, alteration, amendment, or modification must be consented to on the Company’s behalf by the Board.  No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.
Section 16.
    Severability.
If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision hereof.
Section 17.
    Governing Law and Jurisdiction.
EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS AGREEMENT IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT OF LAWS RULES.  ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, TO THE EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY COURT SITTING IN THE SOUTHERN DISTRICT OF NEW YORK, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS.  BY EXECUTION OF THIS AGREEMENT, THE PARTIES HERETO, AND THEIR RESPECTIVE AFFILIATES, CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT.  EACH PARTY TO THIS AGREEMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT.
Section 18.
    Notices.
(a)Place of Delivery.  Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom or 

	
			
	 
	 
	 

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which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided, that unless and until some other address be so designated, all notices and communications by Executive to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices and communications by the Company to Executive may be given to Executive personally or may be mailed to Executive at Executive’s last known address, as reflected in the Company’s records.
(b)Date of Delivery.  Any notice so addressed shall be deemed to be given or received (i) if delivered by hand, on the date of such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing.
Section 19.
    Section Headings.
The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof.
Section 20.
    Entire Agreement.
This Agreement, together with any exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding the employment of Executive.  This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties relating to the subject matter of this Agreement, including, without limitation, the Prior Agreement.
Section 21.
    Survival of Operative Sections.
Upon any termination of Executive’s employment, the provisions of Section 8 through Section 22 of this Agreement (together with any related definitions set forth in Section 1 hereof) shall survive to the extent necessary to give effect to the provisions thereof.
Section 22.
    Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.  The execution of this Agreement may be by actual or facsimile signature.     

	
			
	 
	 
	 

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.
COWEN GROUP, INC.
By: __/s/ Jeffrey M. Solomon______ 
Name:  Jeffrey M. Solomon     
Title:  President
By: ___/s/ John Holmes___________ 
Name:  John Holmes 
Title:  Chief Operating Officer
EXECUTIVE
__/s/ Peter A. Cohen_______________ 
Peter A. Cohen

20

EXHIBIT A

CONFIDENTIALITY, NON-INTERFERENCE, AND INVENTION ASSIGNMENT AGREEMENT
As a condition of my becoming employed by, or continuing employment with, Cowen Group, Inc., a Delaware corporation (the “Company”), and in consideration of my employment with the Company and my receipt of the compensation now and hereafter paid to me by the Company, I agree to the following:
Section 1.
    Confidential Information.
(a)
    Company Group Information.  I acknowledge that, during the course of my employment, I will have access to information about the Company and its direct and indirect subsidiaries and affiliates (collectively, the “Company Group”) and that my employment with the Company shall bring me into close contact with confidential and proprietary information of the Company Group.  In recognition of the foregoing, I agree, at all times during the term of my employment with the Company and for the ten (10) year period following my termination of my employment for any reason, to hold in confidence, and not to use, except for the benefit of the Company Group, or to disclose to any person, firm, corporation, or other entity without written authorization of the Company, any Confidential Information that I obtain or create.  I further agree not to make copies of such Confidential Information except in the course of my duties for the Company or as authorized by the Company.  I understand that “Confidential Information” means information that the Company Group has developed, acquired, created, compiled, discovered, or owned or will develop, acquire, create, compile, discover, or own, that has value in or to the business of the Company Group that is not generally known and that the Company wishes to maintain as confidential.  I understand that Confidential Information includes, but is not limited to, any and all non-public information that relates to the actual or anticipated business and/or products, research, or development of the Company, or to the Company’s technical data, trade secrets, or know-how including, but not limited to, research, product plans, or other information regarding the Company’s products or services and markets, customer lists, and customers (including, but not limited to, customers of the Company on whom I called or with whom I may become acquainted during the term of my employment), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information disclosed by the Company either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company property.  Notwithstanding the foregoing, Confidential Information shall not include (i) any of the foregoing items that have become publicly and generally known through no unauthorized disclosure by me or others who were under confidentiality obligations as to the item or items involved 

	
			
	 
	 
	 

or (ii) any of the foregoing information items that I receive from third-parties not under confidentiality obligations as to the item or items involved, (iii) any of the foregoing items that I independently develop without use of Confidential Information of the Company, (iv) any information that I am required to disclose to, or by, any governmental or judicial authority or (v) any disclosure made (i) in confidence to a federal, state, or local government official, in a sealed court document, or to an attorney for the purpose of reporting or investigating a suspected violation of law or pursuing a retaliation claim based on reporting a suspected violation of law; provided, however, that with respect to (i)-(iv), I will give the Company prompt written notice thereof so that the Company Group may seek an appropriate protective order and/or waive in writing compliance with the confidentiality provisions of this Confidentiality, Non-Interference, and Invention Assignment Agreement (the “Non-Interference Agreement”).  For the avoidance of doubt, nothing herein shall prevent me from implementing  any investment strategy for my or my family's personal investments (including estate planning vehicles, such as trusts and family partnerships), whether such investments are made alone or together with other Persons.
(b)
    Former Employer Information.  I represent that my performance of all of the terms of this Non-Interference Agreement as an employee of the Company has not breached and will not breach any agreement to keep in confidence proprietary information, knowledge, or data acquired by me in confidence or trust prior or subsequent to the commencement of my employment with the Company, and I will not disclose to any member of the Company Group, or induce any member of the Company Group to use, any developments, or confidential or proprietary information or material I may have obtained in connection with employment with any prior employer in violation of a confidentiality agreement, nondisclosure agreement, or similar agreement with such prior employer.
Section 2.
    Developments.
(a)
    Developments Retained and Licensed.  I have attached hereto, as Schedule A, a list describing with particularity all developments, original works of authorship, developments, improvements, and trade secrets that I can demonstrate were created or owned by me prior to the commencement of my employment (collectively referred to as “Prior Developments”), which belong solely to me or belong to me jointly with another, that relate in any way to any of the actual or proposed businesses, products, or research and development of any member of the Company Group, and that are not assigned to the Company hereunder, or if no such list is attached, I represent that there are no such Prior Developments.  If, during any period during which I perform or performed services for the Company Group both before or after the date hereof (the “Assignment Period”), whether as an officer, employee, manager, director, independent contractor, consultant, or agent, or in any other capacity, I incorporate (or have incorporated) into a Company Group product or process a Prior Development owned by me or in which I have an interest, I hereby grant the Company Group, and the Company Group shall have, 

	
			
	 
	 
	 

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a non-exclusive, royalty-free, irrevocable, perpetual, transferable worldwide license (with the right to sublicense) to make, have made, copy, modify, make derivative works of, use, sell, and otherwise distribute such Prior Development as part of or in connection with such product or process.
(b)
    Assignment of Developments.  I agree that I will, without additional compensation, promptly make full written disclosure to the Company, and will hold in trust for the sole right and benefit of the Company all developments, original works of authorship, inventions, concepts, know-how, improvements, trade secrets, and similar proprietary rights, whether or not patentable or registrable under copyright or similar laws, which I may solely or jointly conceive or develop or reduce to practice, or have solely or jointly conceived or developed or reduced to practice, or have caused or may cause to be conceived or developed or reduced to practice, during the Assignment Period, whether or not during regular working hours, provided they either (i) relate at the time of conception, development or reduction to practice to the business of any member of the Company Group, or the actual or anticipated research or development of any member of the Company Group; (ii) result from or relate to any work performed for any member of the Company Group; or (iii) are developed through the use of equipment, supplies, or facilities of any member of the Company Group, or any Confidential Information, or in consultation with personnel of any member of the Company Group (collectively referred to as “Developments”).  I further acknowledge that all Developments made by me (solely or jointly with others) within the scope of and during the Assignment Period are “works made for hire” (to the greatest extent permitted by applicable law) for which I am, in part, compensated by my salary, unless regulated otherwise by law, but that, in the event any such Development is deemed not to be a work made for hire, I hereby assign to the Company, or its designee, all my right, title, and interest throughout the world in and to any such Development.
(c)
    Maintenance of Records.  I agree to keep and maintain adequate and current written records of all Developments made by me (solely or jointly with others) during the Assignment Period. The records may be in the form of notes, sketches, drawings, flow charts, electronic data or recordings, and any other format.  The records will be available to and remain the sole property of the Company Group at all times.  I agree not to remove such records from the Company’s place of business except as expressly permitted by Company Group policy, which may, from time to time, be revised at the sole election of the Company Group for the purpose of furthering the business of the Company Group.
(d)
    Intellectual Property Rights.  I agree to assist the Company, or its designee, at the Company’s expense, in every way to secure the rights of the Company Group in the Developments and any copyrights, patents, trademarks, service marks, database rights, domain names, mask work rights, and other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, recordations, and all other instruments that the Company shall deem necessary in order to apply for, obtain, 

	
			
	 
	 
	 

A-3

maintain, and transfer such rights and in order to assign and convey to the Company Group the sole and exclusive right, title, and interest in and to such Developments, and any intellectual property and other proprietary rights relating thereto.  I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of the Assignment Period until the expiration of the last such intellectual property right to expire in any country of the world; provided, however, the Company shall reimburse me for my reasonable expenses incurred in connection with carrying out the foregoing obligation.  If the Company is unable because of my mental or physical incapacity or unavailability for any other reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Developments or original works of authorship assigned to the Company as above, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact to act for and in my behalf and stead to execute and file any such applications or records and to do all other lawfully permitted acts to further the application for, prosecution, issuance, maintenance, and transfer of letters patent or registrations thereon with the same legal force and effect as if originally executed by me.  I hereby waive and irrevocably quitclaim to the Company any and all claims, of any nature whatsoever, that I now or hereafter have for past, present, or future infringement of any and all proprietary rights assigned to the Company.
Section 3.
    Returning Company Group Documents.
I agree that, at the time of termination of my employment with the Company for any reason, I will deliver to the Company (and will not keep in my possession, recreate, or deliver to anyone else) any and all Confidential Information and all other documents, materials, information, and property developed by me pursuant to my employment or otherwise belonging to the Company. In the event I find any such documents, materials, information or property in my possession after my termination of employment, I will promptly make arrangements to return same after finding it.  I agree further that any property situated on the Company’s premises and owned by the Company (or any other member of the Company Group), including disks and other storage media, filing cabinets, and other work areas, is subject to inspection by personnel of any member of the Company Group at any time with or without notice.  Notwithstanding the foregoing and for the avoidance of doubt, I am entitled to maintain, and the Company acknowledges my right in respect of, my rolodex, address book and other written or electronic records of my contact, as well as my mobile phone and mobile phone number and all other personal materials and information.
Section 4.
    Disclosure of Agreement.
As long as it remains in effect, I will disclose the existence of this Non-Interference Agreement to any prospective employer, partner, co-venturer, investor, or lender prior to entering into an employment, partnership, or other business relationship with such person or entity.

	
			
	 
	 
	 

A-4

Section 5.
    Restrictions on Interfering.
(a)
    Non-Competition.  During the period of my employment with the Company under the Employment Agreement dated as of the date hereof (the “Employment Period”) and the Post-Termination Non-Compete Period, I shall not, directly or indirectly, individually or on behalf of any person, company, enterprise, or entity, or as a sole proprietor, partner, stockholder, director, officer, principal, agent, or executive, or in any other capacity or relationship, engage in any Competitive Activities, anywhere in the United States or elsewhere in the world or in any other jurisdiction in which the Company Group conducts business. For the avoidance of doubt, nothing herein shall be construed to prohibit me from (i) owning less than two percent (2%) of any publicly held corporation, or (ii) accepting employment with any entity whose business is diversified but which engages in Competitive Activities, so long as I do not, directly or indirectly, render services or assistance to any division, business unit or subsidiary of such entity that is in any way engaged in Competitive Activities.  
(b)
    Non-Interference.  During the Employment Period and the Post-Termination Non-Interference Period, I shall not, directly or indirectly for my own account or for the account of any other individual or entity, engage in Interfering Activities.  For the avoidance of doubt, nothing herein shall be construed to prohibit me from encouraging, soliciting, or inducing any “immediate family member” (as defined in Item 404 of Regulation S-K) to terminate his or her employment with or services to the Company Group or from hiring such immediate family member.
(c)
    Definitions.  For purposes of this Non-Interference Agreement:
(i)
    “Approved Activities” shall mean (A) implementing any investment strategy or real estate investment for myself, my family and friends (including estate planning vehicles, such as trusts and family partnerships), whether such investments are made alone or together with other Persons other than Business Relations, as long as such investments are not Interfering Activities and do not otherwise impact any division of the Company Group; and (B) retail wealth management for non-Business Relations. 
(ii)
    “Business Relation” shall mean any current or prospective client, customer, licensee, or other business relation of the Company Group, or any such relation that was a client, customer, licensee, supplier, or other business relation within the six (6) month period prior to the expiration of the Employment Period, in each case, to whom I provided services, or with whom I transacted business, or whose identity became known to me in connection with my relationship with or employment by the Company.

	
			
	 
	 
	 

A-5

(iii)
    “Competitive Activities” shall mean any business activities, other than Approved Activities, in which Cowen and Company, LLC, Ramius LLC, or any member or division of the Company Group that is managed by me, engages (or has committed plans to engage) during the Employment Period, or, for purposes of any period following my termination of employment for any reason, as of the date of such termination; provided, however, that if Cowen and Company, LLC, Ramius, LLC, or such member or division of the Company Group, as applicable, ceases to engage in any business activity for a period of at least six (6) consecutive months following the Employment Period, the term “Competitive Activity” shall no longer include such business activity.
(iv)
    “Interfering Activities” shall mean (A) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person’s employment with or services to (or in the case of a consultant, materially reducing such services) the Company Group; (B) hiring any individual, other than my administrative assistant Cathie Melchionna, who was employed by the Company Group within the six (6) month period prior to the date of such hiring; or (C) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group. Notwithstanding the foregoing, clauses (A) and (B) above shall not be violated solely as a result of a general solicitation via newspaper, on-line professional networking site or job board, or similar means, that in each case, is not designed or calculated to be directed toward any specific Person or Persons employed by, providing consulting services to or who was employed by the Company Group within the prior twelve month period.
(v)
    “Person” shall mean any individual, corporation, partnership (general or limited), limited liability company, joint venture, association, joint‐stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.
(vi)
    “Post-Termination Non-Compete Period” shall mean the period commencing on the date of the termination of the Employment Period for any reason and ending one (1) year after such date of termination.
(vii)
    “Post-Termination Non-Interference Period” shall mean the period commencing on the date of the termination of the Employment Period for any reason and ending one (1) year after such date of termination.
Section 6.
    Reasonableness of Restrictions.

	
			
	 
	 
	 

A-6

I acknowledge and recognize the highly competitive nature of the Company’s business, that access to Confidential Information renders me special and unique within the Company’s industry, and that I will have the opportunity to develop substantial relationships with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the Company Group during the course of and as a result of my employment with the Company.  In light of the foregoing, I recognize and acknowledge that the restrictions and limitations set forth in this Non-Interference Agreement are reasonable and valid in geographical and temporal scope and in all other respects and are essential to protect the value of the business and assets of the Company Group.  I acknowledge further that the restrictions and limitations set forth in this Non-Interference Agreement will not materially interfere with my ability to earn a living following the termination of my employment with the Company and that my ability to earn a livelihood without violating such restrictions is a material condition to my employment with the Company. 
Section 7.
    Independence; Severability; Blue Pencil.
Each of the rights enumerated in this Non-Interference Agreement shall be independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company Group at law or in equity.  If any of the provisions of this Non-Interference Agreement or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of this Non-Interference Agreement, which shall be given full effect without regard to the invalid portions.  If any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, I agree that the court making such determination shall have the power to reduce the duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area permissible by law, and in its reduced form said provision shall then be enforceable.
Section 8.
    Injunctive Relief.
I expressly acknowledge that any breach or threatened breach of any of the terms and/or conditions set forth in this Non-Interference Agreement may result in substantial, continuing, and irreparable injury to the members of the Company Group.  Therefore, I hereby agree that, in addition to any other remedy that may be available to the Company, any member of the Company Group shall be entitled to seek injunctive relief, specific performance, or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of this Non-Interference Agreement without the necessity of proving irreparable harm or injury as a result of such breach or threatened breach.  Notwithstanding any other provision to the contrary, I acknowledge and agree that the Post-Termination Non-Compete Period, or Post-Termination Non-Interference Period, as applicable, shall be tolled during any period of violation of any of the covenants in Section 5 hereof and during any other period required for litigation during which the Company or any other member of the Company Group 

	
			
	 
	 
	 

A-7

seeks to enforce such covenants against me if it is ultimately determined that I was in breach of such covenants.
Section 9.
    Cooperation.
I agree that, following any termination of my employment, I will continue to provide reasonable cooperation (after taking into account my other personal and professional commitments) to the Company and/or any other member of the Company Group and its or their respective counsel in connection with any investigation, administrative proceeding, or litigation relating to any matter that occurred during my employment in which I was involved or of which I have knowledge.  As a condition of such cooperation, the Company shall reimburse me for reasonable out-of-pocket expenses incurred at the request of the Company with respect to my compliance with this paragraph.  I also agree that, in the event that I am subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony or provide documents (in a deposition, court proceeding, or otherwise) that in any way relates to my employment by the Company and/or any other member of the Company Group, I will give prompt notice of such request to the Company and will make no disclosure until the Company and/or the other member of the Company Group has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.
Section 10.
    General Provisions.  
(a)
    Governing Law and Jurisdiction.  EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS NON-INTERFERENCE AGREEMENT IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT OF LAWS RULES.  ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS NON-INTERFERENCE AGREEMENT OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, TO THE EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY COURT SITTING IN THE SOUTHERN DISTRICT OF NEW YORK BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS.  BY EXECUTION OF THIS NON-INTERFERENCE AGREEMENT, THE PARTIES HERETO, AND THEIR RESPECTIVE AFFILIATES, CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS NON-INTERFERENCE AGREEMENT.  EACH PARTY TO THIS NON-INTERFERENCE AGREEMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS NON-INTERFERENCE AGREEMENT.

	
			
	 
	 
	 

A-8

(b)
    Entire Agreement.  This Non-Interference Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject matter herein and merges all prior discussions between us.  No modification or amendment to this Non-Interference Agreement, nor any waiver of any rights under this Non-Interference Agreement, will be effective unless in writing signed by the party to be charged.  Any subsequent change or changes in my duties, obligations, rights, or compensation will not affect the validity or scope of this Non-Interference Agreement.
(c)
    No Right of Continued Employment.  I acknowledge and agree that nothing contained in this Non-Interference Agreement shall be construed as granting me any right to continued employment by the Company.
(d)
    Successors and Assigns.  This Non-Interference Agreement will be binding upon my heirs, executors, administrators, and other legal representatives and will be for the benefit of the Company, its successors, and its assigns.  I expressly acknowledge and agree that this Non-Interference Agreement may be assigned by the Company without my consent to any other member of the Company Group as well as any purchaser of all or substantially all of the assets or stock of the Company, whether by purchase, merger, or other similar corporate transaction, provided that the license granted pursuant to Section 2(a) may be assigned to any third party by the Company without my consent.
(e)
    Survival.  The provisions of this Non-Interference Agreement shall survive the termination of my employment with the Company and/or the assignment of this Non-Interference Agreement by the Company to any successor in interest or other assignee.
*    *    *

	
			
	 
	 
	 

A-9

I, Peter A. Cohen, have executed this Confidentiality, Non-Interference, and Invention Assignment Agreement on the respective date set forth below:
		
	Date:  _August 26, 2016____
	/s/ Peter A. Cohen     
(Signature)

Peter A. Cohen     
(Type/Print Name)

	
			
	 
	 
	 

Signature Page to Confidentiality, Non-Interference, and Invention Assignment Agreement

Schedule A

SCHEDULE A
LIST OF PRIOR DEVELOPMENTS 
AND ORIGINAL WORKS OF AUTHORSHIP 
EXCLUDED FROM SECTION 2
	
			
	Title
	Date
	Identifying Number or 
Brief Description

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

___X__    No Developments or improvements
_____    Additional Sheets Attached
Signature of Employee: __/s/ Peter A. Cohen_______
Print Name of Employee:_Peter A. Cohen_________
Date:_August 26, 2016___

 

	
			
	 
	 
	 

EXHIBIT B

RELEASE OF CLAIMS
As used in this Release of Claims (this “Release”), the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses, and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise. 
For and in consideration of the Severance Benefits (as defined in my Employment Agreement, dated August 26, 2016, with Cowen Group, Inc. (my “Employment Agreement”)), and other good and valuable consideration, I, Peter A. Cohen, for and on behalf of myself and my heirs, administrators, executors, and assigns, effective as of the date on which this release becomes effective pursuant to its terms, do fully and forever release, remise, and discharge the Company, and each of its direct and indirect subsidiaries and affiliates, together with their respective officers, directors, partners, shareholders, employees, and agents (collectively, the “Group”), from any and all claims whatsoever up to the date hereof that I had, may have had, or now have against the Group, whether known or unknown, for or by reason of any matter, cause, or thing whatsoever, including any claim arising out of or attributable to my employment or the termination of my employment with the Company, whether for tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful termination, unjust dismissal, defamation, libel, or slander, or under any federal, state, or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability, or sexual orientation.  This release of claims includes, but is not limited to, all such claims arising under the Age Discrimination in Employment Act, as amended by the Older Workers’ Benefit Protection Act (“ADEA”), Title VII of the Civil Rights Act, the Americans with Disabilities Act, as amended by the Americans with Disabilities Act Amendments Act, the Civil Rights Act of 1991, the Family Medical Leave Act, and the Equal Pay Act, each as may be amended from time to time, and all other federal, state, and local laws, the common law, and any other purported restriction on an employer’s right to terminate the employment of employees.  The release contained herein is intended to be a general release of any and all claims up to the date hereof to the fullest extent permissible by law.
By executing this Release, I specifically release all claims relating to my employment and its termination under ADEA, a United States federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans.
Notwithstanding any provision of this Release to the contrary, by executing this Release, I am not releasing (i) any claims relating to my rights under Section 2 and Section 8 of my Employment Agreement, including the Accrued Obligations (as defined in my Employment Agreement), (ii) any claims that cannot be waived by law or any claims based on occurrences after the date hereof, including whistleblower claims under the Corporate and Criminal Fraud Accountability Act of 2002 (Sarbanes-Oxley), the Securities and Exchange Commission Whistleblower Program, and the Commodities Futures Trading Commission Whistleblower Program, (iii) my right of indemnification as provided by, and in accordance with the terms of, the Company’s by-laws or a Company insurance policy providing such coverage, as any of such may be amended from time to time; or (iv) under COBRA.  

	
			
	 
	 
	 

I expressly acknowledge and agree that I – 
▪Am able to read the language, and understand the meaning and effect, of this Release;
§
    Have no physical or mental impairment of any kind that has interfered with my ability to read and understand the meaning of this Release or its terms, and that I am not acting under the influence of any medication, drug, or chemical of any type in entering into this Release;
§
    Am specifically agreeing to the terms of the release contained in this Release because the Company has agreed to pay me the Severance Benefits in consideration for my agreement to accept it in full settlement of all possible claims I might have or ever have had, and because of my execution of this Release; 
§
    Acknowledge that, but for my execution of this Release, I would not be entitled to the Severance Benefits;
§
    Understand that, by entering into this Release, I do not waive rights or claims that may arise after the date I execute this Release;
§
    Had or could have had [twenty-one (21)][forty-five (45)] days from the date of my termination of employment (the “Release Expiration Date”) in which to review and consider this Release, and that if I execute this Release prior to the Release Expiration Date, I have voluntarily and knowingly waived the remainder of the review period;
§
    Have not relied upon any representation or statement not set forth in this Release or my Employment Agreement made by the Company or any of its representatives; 
§
    Was advised to consult with my attorney regarding the terms and effect of this Release; and
§
    Have signed this Release knowingly and voluntarily.
I represent and warrant that I have not previously filed, and to the maximum extent permitted by law agree that I will not file, a complaint, charge, or lawsuit against any member of the Group regarding any of the claims released herein.  If, notwithstanding this representation and warranty, I have filed or file such a complaint, charge, or lawsuit, I agree that 

	
			
	 
	 
	 

B-2

I shall cause such complaint, charge, or lawsuit to be dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of such complaint, charge, or lawsuit, including without limitation the attorneys’ fees of any member of the Group against whom I have filed such a complaint, charge, or lawsuit.  This paragraph shall not apply, however, to a claim of age discrimination under ADEA or to any non-waivable right to file a charge with the United States Equal Employment Opportunity Commission (the “EEOC”); provided, however, that if the EEOC were to pursue any claims relating to my employment with Company, I agree that I shall not be entitled to recover any monetary damages or any other remedies or benefits as a result and that this Release and Section 2 and Section 8 of my Employment Agreement will control as the exclusive remedy and full settlement of all such claims by me.
I hereby agree to waive any and all claims to re-employment with the Company or any other member of the Company Group and affirmatively agree not to seek further employment with the Company or any other member of the Company Group.
Notwithstanding anything contained herein to the contrary, this Release will not become effective or enforceable prior to the expiration of the period of seven (7) calendar days following the date of its execution by me (the “Revocation Period”), during which time I may revoke my acceptance of this Release by notifying the Company and the Board of Directors of the Company, in writing, delivered to the Company at its principal executive office, marked for the attention of its Chief Executive Officer.  To be effective, such revocation must be received by the Company no later than 11:59 p.m. on the seventh (7th) calendar day following the execution of this Release.  Provided that the Release is executed and I do not revoke it during the Revocation Period, the eighth (8th) day following the date on which this Release is executed shall be its effective date.  I acknowledge and agree that if I revoke this Release during the Revocation Period, this Release will be null and void and of no effect, and neither the Company nor any other member of the Company Group will have any obligations to pay me the Severance Benefits.
The provisions of this Release shall be binding upon my heirs, executors, administrators, legal personal representatives, and assigns.  If any provision of this Release shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force or effect.  The illegality or unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any other provision of this Release.
EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS RELEASE IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT OF LAWS RULES.  ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS RELEASE OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, TO THE EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY COURT SITTING IN THE SOUTHERN DISTRICT 

	
			
	 
	 
	 

B-3

OF NEW YORK, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS.  BY EXECUTION OF THIS RELEASE, THE PARTIES HERETO, AND THEIR RESPECTIVE AFFILIATES, CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE.  EACH PARTY TO THIS RELEASE ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE.
Capitalized terms used, but not defined herein, shall have the meanings ascribed to such terms in my Employment Agreement.
____________________________ 
Peter A. Cohen 
Date:

EXHIBIT C
AS OF THE EFFECTIVE DATE, THE EXECUTIVE SERVES AS A MEMBER OF THE BOARD OF DIRECTORS OF THE FOLLOWING NON-COMPETING BUSINESSES AND CHARITABLE ORGANIZATIONS 

Non-Competing Businesses
The LeFrak Trust Company        Limited number of families         Board Member (private company)
Linkem S.p.A.               Telecommunications         Board Member (private company)
Safe Auto Insurance                   Auto Insurance             Board Member (private company)
Scientific Games Corporation    Internet Gaming             Board Member (public company)
Tempus Applied Solutions         Aviation Solutions                     Board Member (public company)
Holdings, Inc.

Charitable Organizations
Children’s Hearing Institute         Charitable Organization         Board Member
Mount Sinai Hospital              Healthcare                              Member of the Board of Trustees

	
			
	 
	 
	 

B-4Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

     

This STOCK PURCHASE AGREEMENT (this “Agreement”)
is dated as of August 26, 2016 by and between American BriVision (Holding) Corporation, a Nevada corporation (the “Company”)
with the address at 11 Sawyers Peak Drive, Goshen, NY 10924, and Biolite Inc., a Taiwan corporation, (the “Purchaser”),
with the address.

 

RECITALS

 

WHEREAS, the Company and
the Purchaser are executing and delivering this Agreement in accordance with and in reliance upon the exemption from securities
registration afforded by Section 4(2) of the Securities Act of 1933 (the “Securities Act”) and/or Regulation
S (“Regulation S”) as promulgated under the Securities Act;

 

WHEREAS, the Company is
offering 1,468,750 shares (each a “Share” and collectively the “Shares”) of its common stock,
par value $0.001 per share (the “Common Stock”) at price of $1.60 per Share to the Purchaser;

 

WHEREAS, the Purchaser
is a non-US corporation qualifies as a “non-US person” as defined in Regulation S;

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

AGREEMENT

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

ARTICLE 1. Purchase
and Sale of the Stock

 

1.1 Purchase and Sale
of Stock. Upon the following terms and conditions, the Company is offering to the Purchaser and, in consideration of and in
express reliance upon the representations, warranties, covenants, terms and conditions of this Agreement, the Purchaser agrees
to purchase the Share for the aggregate price of Two Million Three Hundred and Fifty Thousand Dollars ($2,350,000) (the “Purchase
Price”).

 

1.2 Closing. The
closing of the purchase and sale of the Shares (the “Closing”) shall take place at the offices of Hunter Taubman
Fischer & Li LLC, the Company’s legal counsel, on the date hereof (the “Closing Date”). At the Closing
the Company shall deliver or cause to be delivered to the Purchaser (i) a certificate for such number of Shares, and (ii) any other
documents required to be delivered pursuant to this Agreement. At the Closing, the Purchaser shall have delivered the Purchase
Price by wire transfer or by check to the Company.

 

     

     

    

 

ARTICLE 2. Representations
and Warranties

 

Section 2.1           Representations
and Warranties of the Company and its Subsidiaries. The Company hereby represents and warrants to the Purchaser on behalf of
itself, its Subsidiaries (as hereinafter defined), as of the date hereof (except as set forth on the Schedule of Exceptions attached
hereto with each numbered Schedule corresponding to the section number herein), as follows:

 

(a)          Organization,
Good Standing and Power. The Company, and each of its Subsidiaries, is a corporation or other entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or organization (as applicable)
and respectively, has the requisite corporate power to own, lease and operate its properties and assets and to conduct its business
as it is now being conducted. The Company and each of its Subsidiaries is duly qualified to do business and is in good standing
in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary
except for any jurisdiction(s) (alone or in the aggregate) in which the failure to be so qualified will not have a Material Adverse
Effect (as defined in Section 2.1(g) hereof).

 

(b)          Corporate
Power; Authority and Enforcement. The Company has the requisite corporate power and authority to enter into and perform its
obligations under this Agreement, and to issue and sell the Shares in accordance with the terms hereof. The execution, delivery
and performance of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby
have been duly and validly authorized by all necessary corporate action, and no further consent or authorization of the Company
or its Board of Directors or stockholders is required. This Agreement constitutes, or shall constitute when executed and delivered,
a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or
similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable
principles of general application.

 

(c)          Capitalization.
The authorized capital stock of the Company and the shares thereof currently issued and outstanding as of May
16, 2016 is set forth in the Company’s Form 10-Q Periodic Report for the periods ended March 31, 2016 (the “Form
10-Q”). The Company has furnished or made available to the Purchaser true and correct copies of the Company’s
Articles of Incorporation, as amended and in effect on the date hereof (the “Articles”), and the Company’s
Bylaws, as amended and in effect on the date hereof (the “Bylaws”).

 

(d)          Issuance
of Shares. The Shares to be issued at the Closing have been duly authorized by all necessary corporate action and the Preferred
Shares, when paid for or issued in accordance with the terms hereof, shall be validly issued and outstanding, fully paid and non-assessable.

 

    	 	2	 

     

    

 

(e)          [intentionally
left blank].

 

(f)          Commission
Documents, Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by it with the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) pursuant
to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including
the Form 10-Q and other material filed pursuant to Section 13(a) or 15(d) of the Exchange Act
(all of the foregoing including filings incorporated by reference therein being referred to herein as the “Commission
Documents”). The Company has not provided to the Purchaser any material non-public information or other information which,
according to applicable law, rule or regulation, was required to have been disclosed publicly by the Company but which has not
been so disclosed, other than (i) with respect to the transactions contemplated by this Agreement, or (ii) pursuant to a non-disclosure
or confidentiality agreement signed by the Purchaser. At the time of the respective filings, the Form 10-K’s and the Form
10-Q’s complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission
promulgated thereunder and other federal, state and local laws, rules and regulations applicable to such documents. As of their
respective filing dates, none of the Form 10-K’s or Form 10-Q’s contained any untrue statement of a material fact;
and none omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the
Commission Documents comply as to form in all material respects with applicable accounting requirements and the published rules
and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements have
been prepared in accordance with United States generally accepted accounting principles (“GAAP”) applied on
a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes
thereto or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may be condensed or
summary statements), and fairly present in all material respects the consolidated financial position of the Company as of the dates
thereof and the results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments).

 

(g)          No
Material Adverse Effect. As of the date of this Agreement, the Company, and its Subsidiaries have
not experienced or suffered any Material Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect”
shall mean (i) any material adverse effect upon the assets, properties, financial condition, business or prospects of the Company,
and its Subsidiaries, when taken as a consolidated whole, and/or (ii) any condition, circumstance, or situation that would prohibit
or otherwise materially interfere with the ability of the Company to perform any of its material covenants, agreements and obligations
under this Agreement.

 

(h)          No
Undisclosed Liabilities. Other than as disclosed in the Company’s Commission Documents or
on Schedule 2.1(h) to the knowledge of the Company, neither the Company, nor the Subsidiaries has any liabilities, obligations,
claims or losses (whether liquidated or unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) other than
those incurred in the ordinary course of the Company’s and the Subsidiaries’ respective businesses and which, individually
or in the aggregate, do not or would not have a Material Adverse Effect.

 

    	 	3	 

     

    

 

(i)          No
Undisclosed Events or Circumstances. To the Company’s knowledge, no event or circumstance has occurred or exists with
respect to the Company, the Subsidiaries or their respective businesses, properties, operations or financial condition, which,
under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which has not been so publicly
announced or disclosed.

 

(j)          Title
to Assets. Except where non-compliance would not have a Material Adverse Effect, each of the
Company and the Subsidiaries has good and marketable title to (i) all properties and assets purportedly owned or used by them as
reflected in the Financial Statements, (ii) all properties and assets necessary for the conduct of their business as currently
conducted, and (iii) all of the real and personal property reflected in the Financial Statements free and clear of any Lien. All
leases are valid and subsisting and in full force and effect.

 

(k)          Actions
Pending. There is no action, suit, claim, investigation, arbitration, alternate dispute resolution proceeding or any other
proceeding pending or, to the knowledge of the Company, threatened against or involving the Company which
questions the validity of this Agreement or the transactions contemplated hereby or thereby or any action taken or to be taken
pursuant hereto or thereto. 

 

(l)          Compliance
with Law. The Company has all material franchises, permits, licenses, consents and other governmental or regulatory authorizations
and approvals necessary for the conduct of their respective business as now being conducted by it unless the failure to possess
such franchises, permits, licenses, consents and other governmental or regulatory authorizations and approvals, individually or
in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

(m)          No
Violation. The business of the Company is not being conducted in violation of any Federal, state, local or foreign governmental
laws, or rules, regulations and ordinances of any of any governmental entity, except for possible violations which singularly or
in the aggregate could not reasonably be expected to have a Material Adverse Effect. The Company is not required under Federal,
state, local or foreign law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration
with, any court or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement,
or issue and sell the Shares in accordance with the terms hereof or thereof (other than (x) any consent, authorization or order
that has been obtained as of the date hereof, (y) any filing or registration that has been made as of the date hereof or (z) any
filings which may be required to be made by the Company with the Commission or state securities administrators subsequent to the
Closing.)

 

    	 	4	 

     

    

 

(n)          No
Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of
the transactions contemplated herein and therein do not and will not (i) violate any provision of the Company’s Certificate
or Bylaws, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of
trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party or by which it
or its properties or assets are bound, (iii) create or impose a lien, mortgage, security interest, pledge, charge or encumbrance
(collectively, “Lien”) of any nature on any property of the Company under any agreement or any commitment to
which the Company is a party or by which the Company is bound or by which any of its respective properties or assets are bound,
or (iv) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including
Federal and state securities laws and regulations) applicable to the Company or any of its subsidiaries or by which any property
or asset of the Company or any of its subsidiaries are bound or affected, provided, however, that, excluded from
the foregoing in all cases are such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations
as would not, individually or in the aggregate, have a Material Adverse Effect.

 

(o)          Certain
Fees. Except as set forth on Schedule 2.1(o) hereto, no brokers fees, finders fees
or financial advisory fees or commissions will be payable by the Company with respect to the transactions contemplated by this
Agreement.

 

(p)          Books
and Record. Except as may have otherwise been disclosed in the Commission Documents, the books and records of the Company accurately
reflect in all material respects the information relating to the business of the Company.

 

(q)          Material
Agreements. Any and all written or oral contracts, instruments, agreements, commitments, obligations, plans or arrangements,
the Company and the Subsidiaries is a party to, that a copy of which would be required to be filed with the Commission as an exhibit
to a registration statement on Form S-1 (collectively, the “Material Agreements”) if the Company or any subsidiary
were registering securities under the Securities Act has previously been publicly filed with the Commission in the Commission Documents.

 

(r)          Transactions
with Affiliates. Except as set forth in the Financial Statements or in the Commission Documents, there are no loans, leases,
agreements, contracts, royalty agreements, management contracts or arrangements or other continuing transactions between (a) the
Company or any subsidiary on the one hand, and (b) on the other hand, any officer, employee, consultant or director of the Company,
or any of Subsidiaries, or any person owning any capital stock of the Company or any subsidiary or any member of the immediate
family of such officer, employee, consultant, director or stockholder or any corporation or other entity controlled by such officer,
employee, consultant, director or stockholder, or a member of the immediate family of such officer, employee, consultant, director
or stockholder.

 

Section 2.2           Representations
and Warranties of the Purchaser. The Purchaser hereby makes the following representations and warranties to the Company as
of the date hereof:

 

(a)Organization and
Good Standing of the Purchaser. The Purchaser is a corporation duly incorporated or organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or organization.

 

    	 	5	 

     

    

 

(b)          Authorization
and Power. The Purchaser has the requisite power and authority to enter into and perform this Agreement. The execution, delivery
and performance of this Agreement and the consummation by it of the transactions contemplated hereby and thereby have been duly
authorized by all necessary corporate, partnership or limited liability company action, and no further consent or authorization
of such Purchaser or its Board of Directors, stockholders, partners, members, or managers, as the case may be, is required. This
Agreement has been duly authorized, executed and delivered by such Purchaser and constitutes, or shall constitute when executed
and delivered, a valid and binding obligation of such Purchaser enforceable against such Purchaser in accordance with the terms
hereof.

 

(c)          No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by such Purchaser of the transactions
contemplated hereby and thereby or relating hereto do not and will not (i) result in a violation of such Purchaser’s charter
documents, bylaws, operating agreement, partnership agreement or other organizational documents or (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of any agreement, indenture or instrument or obligation to which such Purchaser
is a party or by which its properties or assets are bound, or result in a violation of any law, rule, or regulation, or any order,
judgment or decree of any court or governmental agency applicable to such Purchaser or its properties (except for such conflicts,
defaults and violations as would not, individually or in the aggregate, have a material adverse effect on such Purchaser). Such
Purchaser is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court
or governmental agency in order for it to execute, deliver or perform any of its obligations under this Agreement, provided, that
for purposes of the representation made in this sentence, such Purchaser is assuming and relying upon the accuracy of the relevant
representations and agreements of the Company herein.

 

(d)          Status
of Purchaser. The Purchaser is a “non-US person” as defined in Regulation S. The Purchaser further makes the representations
and warranties to the Company set forth on Exhibit A. Such Purchaser is not required to be registered as a broker-dealer
under Section 15 of the Exchange Act and such Purchaser is not a broker-dealer, nor an affiliate of a broker-dealer.

 

(e)          Reliance
on Exemptions. The Purchaser understands that the Shares are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and that the Company is relying upon the
truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility
of the Purchaser to acquire the Shares.

 

    	 	6	 

     

    

 

(f)          Information.
The Purchaser and its advisors, if any, have had the opportunity to ask questions of management of the Company and its Subsidiaries
and have been furnished with all information relating to the business, finances and operations of the Company and information relating
to the offer and sale of the Shares which have been requested by the Purchaser or its advisors. Neither such inquiries nor any
other due diligence investigation conducted by the Purchaser or any of its advisors or representatives shall modify, amend or affect
the Purchaser’s right to rely on the representations and warranties of the Company contained herein. The Purchaser understands
that its investment in the Shares involves a significant degree of risk. The Purchaser further represents to the Company that the
Purchaser’s decision to enter into this Agreement has been based solely on the independent evaluation of the Purchaser and
its representatives.

 

(g)          Governmental
Review. The Purchaser understands that no United States federal or state agency or any other government or governmental agency
has passed upon or made any recommendation or endorsement of the Shares.

 

(h)          Transfer
or Re-sale. The Purchaser understands that the sale or re-sale of the Shares has not been and is not being registered under
the Securities Act or any applicable state securities laws, and the Shares may not be transferred unless (i) the Shares are sold
pursuant to an effective registration statement under the Securities Act, (ii) the Purchaser shall have delivered to the Company
an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions to
the effect that the Shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration,
which opinion shall be reasonably acceptable to the Company, (iii) the Shares are sold or transferred to an “affiliate”
(as defined in Rule 144 promulgated under the Securities Act (or a successor rule) (“Rule 144”)) of the Purchaser
who agrees to sell or otherwise transfer the Shares only in accordance with this Section 2.2(f) and who is a non-US person, (iv)
the Shares are sold pursuant to Rule 144, or (v) the Shares are sold pursuant to Regulation S under the Securities Act (or a successor
rule) (“Regulation S”). Notwithstanding the foregoing or anything else contained herein to the contrary, the
Shares may be pledged as collateral in connection with a bona fide margin account or other lending arrangement.

 

(i)          Legends.
The Purchaser understands that the Shares shall bear a restrictive legend in the form as set forth under Section 5.1 of this Agreement.
The Purchaser understands that, until such time the Shares may be sold pursuant to Rule 144 or Regulation S without any restriction
as to the number of securities as of a particular date that can then be immediately sold, the Shares may bear a restrictive legend
in substantially the form set forth under Section 5.1 (and a stop-transfer order may be placed against transfer of the certificates
evidencing such Securities).

 

(j)          Residency.
The Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the signature pages
hereto.

 

(k)          No
General Solicitation. The Purchaser acknowledges that the Shares were not offered to such Purchaser by means of any form of
general or public solicitation or general advertising, or publicly disseminated advertisements or sales literature, including (i)
any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media, or broadcast
over television or radio, or (ii) any seminar or meeting to which such Purchaser was invited by any of the foregoing means of communications.

 

    	 	7	 

     

    

 

(l)          Rule
144. Such Purchaser understands that the Shares must be held indefinitely unless such Shares are registered under the Securities
Act or an exemption from registration is available. Such Purchaser acknowledges that such Purchaser is familiar with Rule 144 and
Rule 144A, of the rules and regulations of the Commission, as amended, promulgated pursuant to the Securities Act (“Rule
144”), and that such person has been advised that Rule 144 and Rule 144A, as applicable, permits resales only under certain
circumstances. Such Purchaser understands that to the extent that Rule 144 or Rule 144A is not available, such Purchaser will be
unable to sell any Shares without either registration under the Securities Act or the existence of another exemption from such
registration requirement.

 

(m)          Brokers.
Purchaser does not have any knowledge of any brokerage or finder’s fees or commissions that are or will be payable by the
Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person or entity
with respect to the transactions contemplated by this Agreement.

 

(n)          Acquisition
for Investment. The Purchaser is a non-US corporation set up by the Shareholders of the Purchaser, each qualifies as a “non-US
person” as defined in Regulation S, for the specific purpose of acquiring the Shares, solely
for the Shareholders of the Purchaser’s own account for the purpose of investment and
not with a view to or for sale in connection with a distribution to anyone other than the Shareholders of the Purchaser. By executing
this Agreement each and all Shareholders of the Purchaser agree to make substantially the same representations and warranties by
the Purchaser under this Agreement. Specifically, each Shareholder of the Purchaser individually and all Shareholders of the Purchaser
collectively represent and warrant that:

 

		i)	It understands that it is bound by substantially the same representations and warranties made by
the Purchaser under this Agreement;

 

		ii)	It is a “non-US person” as defined in Regulation
S and further makes the representations and warranties to the Company set forth on Exhibit A;

 

		iii)	It does not have a present intention to sell any of Shares, either
directly or indirectly owned by it, nor a present arrangement (whether or not legally binding) or intention to effect any distribution
of the Shares to or through any person or entity; provided, however, that by making the representations herein (except as provided
below), such shareholder of the Purchaser does not agree to hold any of the Shares for any minimum or other specific term and reserves
the right to dispose of the Shares at any time in accordance with Federal and state securities laws applicable to such disposition;

 

    	 	8	 

     

    

 

		iv)	It acknowledges that it is able to bear the financial risks associated with an investment in the
Shares and that, through the Purchaser, it has been given full access to such records of the Company and the Subsidiaries and to
the officers of the Company and the Subsidiaries and received such information as it has deemed necessary or appropriate to conduct
its due diligence investigation and has sufficient knowledge and experience in investing in companies similar to the Company in
terms of the Company’s stage of development so as to be able to evaluate the risks and merits of its investment in the Company;

 

		v)	It acknowledges that it understands the risks of investing in companies domiciled and/or which
operate primarily in the People’s Republic of China and that the purchase of the Shares involves substantial risks;

 

		vi)	It understands that the portion of the Shares it is entitled to receive via in kind distribution
from the Purchaser shall bear a restrictive legend in the form as set forth under Section 5.1 of this Agreement;

 

		vii)	It understands that the Shares must be held indefinitely unless such Shares are registered under
the Securities Act or an exemption from registration is available;

 

		viii)	It agrees that when an offer or sale of the Shares is made prior to the one-year Distribution Compliance
Period (as defined in Exhibit A), it shall resell the Shares in accordance with Regulation S and agrees not to engage in any hedging
transactions; and

 

		ix)	It understands that the Company is required, either by contract or a provision in its bylaws, articles,
charter or comparable document, to refuse to register any transfer of the Shares not made in accordance with the provisions of
Regulation S under the Securities Act.

 

(o)          Compliance
with Local Laws. The Purchaser represents and warrants that when it conducts the in-kind distribution of the Shares to its
shareholders, the distribution shall be in compliance with local laws and regulations where the distribution takes place. The Purchaser
further agrees that it shall notify the Company when it makes such distribution.

 

(p)          Sophisticated
Investor. The Purchaser represents and warrants that it has sufficient knowledge and experience in financial and business matters
and is capable of evaluating the merits and risks of the investment in the Shares.

 

    	 	9	 

     

    

 

ARTICLE 4.

 

[intentionally left blank]

 

ARTICLE 5. Stock
Certificate Legend

 

Section 5.1           Legend.
Each certificate representing the Shares shall be stamped or otherwise imprinted with a legend substantially
in the following form (in addition to any legend required by applicable state securities or “blue sky” laws):

 

“THESE SECURITIES REPRESENTED BY THIS
CERTIFICATE (THE “SECURITIES”) AR BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES
AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.

 

TRANSFER OF THESE SECURITIES IS PROHIBITED,
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE
SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE SECURITIES ACT.”

 

ARTICLE 6. Indemnification

 

Section 6.1 General
Indemnity. The Company agrees to indemnify and hold harmless the Purchaser (and their respective directors, officers, managers,
partners, members, shareholders, affiliates, agents, successors and assigns) from and against any and all losses, liabilities,
deficiencies, costs, damages and expenses (including, without limitation, reasonable attorneys’ fees, charges and disbursements)
incurred by the Purchaser as a result of any material breach of the material representations or warranties made by the Company
herein. The Purchaser agrees to indemnify and hold harmless the Company and its directors, officers, affiliates, agents, successors
and assigns from and against any and all losses, liabilities, deficiencies, costs, damages and expenses (including, without limitation,
reasonable attorneys’ fees, charges and disbursements) incurred by the Company as a result of any breach of the representations
or warranties made by such Purchaser herein. The maximum aggregate liability of the Purchaser pursuant to its indemnification obligations
under this Article 6 shall not exceed the portion of the Purchase Price paid by such Purchaser hereunder. In no event shall any
“Indemnified Party” (as defined below) be entitled to recover consequential or punitive damages resulting from a breach
or violation of this Agreement.

 

    	 	10	 

     

    

 

Section 6.2 Indemnification
Procedure. Any party entitled to indemnification under this Article 6 (an “Indemnified Party”) will give
written notice to the indemnifying party of any matters giving rise to a claim for indemnification; provided, that the failure
of any party entitled to indemnification hereunder to give notice as provided herein shall not relieve the indemnifying party of
its obligations under this Article 6 except to the extent that the indemnifying party is actually prejudiced by such failure to
give notice. In case any action, proceeding or claim is brought against an Indemnified Party in respect of which indemnification
is sought hereunder, the indemnifying party shall be entitled to participate in and, unless in the reasonable judgment of the Indemnified
Party a conflict of interest between it and the indemnifying party may exist with respect of such action, proceeding or claim,
to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party. In the event that the indemnifying
party advises an Indemnified Party that it will contest such a claim for indemnification hereunder, or fails, within thirty (30)
days of receipt of any indemnification notice to notify, in writing, such person of its election to defend, settle or compromise,
at its sole cost and expense, any action, proceeding or claim (or discontinues its defense at any time after it commences such
defense), then the Indemnified Party may, at its option, defend, settle or otherwise compromise or pay such action or claim. In
any event, unless and until the indemnifying party elects in writing to assume and does so assume the defense of any such claim,
proceeding or action, the Indemnified Party’s costs and expenses arising out of the defense, settlement or compromise of
any such action, claim or proceeding shall be losses subject to indemnification hereunder. The Indemnified Party shall cooperate
fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying
party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party which relates to
such action or claim. The indemnifying party shall keep the Indemnified Party fully apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto. If the indemnifying party elects to defend any such action or claim,
then the Indemnified Party shall be entitled to participate in such defense with counsel of its choice at its sole cost and expense.
The indemnifying party shall not be liable for any settlement of any action, claim or proceeding effected without its prior written
consent, provided, however, that the indemnifying party shall be liable for any settlement if the indemnifying party
is advised of the settlement but fails to respond to the settlement within thirty (30) days of receipt of such notification. Notwithstanding
anything in this Article 6 to the contrary, the indemnifying party shall not, without the Indemnified Party’s prior written
consent, settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future obligation
on the Indemnified Party or which does not include, as an unconditional term thereof, the giving by the claimant or the plaintiff
to the Indemnified Party of a release from all liability in respect of such claim. The indemnity agreements contained herein shall
be in addition to (a) any cause of action or similar rights of the Indemnified Party against the indemnifying party or others,
and (b) any liabilities the indemnifying party may be subject to pursuant to the law.

 

ARTICLE 7. Miscellaneous

 

Section 7.1 Fees and
Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all
other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of
the Stock to the Purchaser.

 

    	 	11	 

     

    

 

Section 7.2 Consent
to Jurisdiction. Each of the Company and the Purchaser: (i) hereby irrevocably submits to the jurisdiction of the United States
District Court sitting in New York and the courts of the State of New York for the purposes of any suit, action or proceeding arising
out of or relating to this Agreement or any of the documents contemplated in this Agreement (“Transaction Documents”)
or the transactions contemplated hereby or thereby; and (ii) hereby waives, and agrees not to assert in any such suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding
is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of the Company and the
Purchaser consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section
7.2 shall affect or limit any right to serve process in any other manner permitted by law. Each party hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. The Company hereby appoints Hunter Taubman Fischer & Li, LLC as its agent
for service of process in New York. Nothing contained herein shall be deemed to limit in any way any right to serve process in
any manner permitted by law.

 

Section 7.3 Entire Agreement;
Amendment. This Agreement and the other Transaction Documents contain the entire understanding and agreement of the parties
with respect to the matters covered hereby and, except as specifically set forth herein or in the Transaction Documents, neither
the Company nor the Purchaser makes any representations or warranty, or undertaking with respect to such matters and they supersede
all prior understandings and agreements with respect to said subject matter, all of which are merged herein. No provision of this
Agreement nor any of the Transaction Documents may be waived or amended other than by a written instrument signed by the Company
and the Purchaser.

 

Section 7.4 Notices.
All notices, demands, consents, requests, instructions and other communications to be given or delivered or permitted under or
by reason of the provisions of this Agreement and the Transaction Documents or in connection with the transactions contemplated
hereby and thereby shall be in writing and shall be deemed to be delivered and received by the intended recipient as follows: (i)
if personally delivered, on the business day of such delivery (as evidenced by the receipt of the personal delivery service); (ii)
if delivered by overnight courier (with all charges having been prepaid), on the business day of such delivery (as evidenced by
the receipt of the overnight courier service of recognized standing); or (iii) if delivered by facsimile or electronic transmission,
on the business day of such delivery if sent by 6:00 p.m. in the time zone of the recipient, or if sent after that time, on the
next succeeding business day (as evidenced by the printed confirmation of delivery generated by the sending party’s telecopier
machine). If any notice, demand, consent, request, instruction or other communication cannot be delivered because of a changed
address of which no notice was given (in accordance with this Section 7.4), or the refusal to accept same, the notice, demand,
consent, request, instruction or other communication shall be deemed received on the second business day the notice is sent (as
evidenced by a sworn affidavit of the sender). Notwithstanding the foregoing, routine communications may be sent by ordinary first-class
mail and contemporaneous e-mail. All such notices, demands, consents, requests, instructions and other communications will be sent
to the following addresses or facsimile numbers as applicable:

 

    	 	12	 

     

    

 

If to the Company:

 

American BriVision (Holding) Corporation,

Attn:

Address:

 

If to any Purchaser:  

 

BioLite, Inc

Attn:  

Address:

 

Any party hereto may from time to time change
its address for notices by giving at least ten (10) days written notice of such changed address to the other party hereto.

 

Section 7.5 Waivers. No waiver by any
party of any default with respect to any provision, condition or requirement of this Agreement and the other Transaction Documents
shall be deemed to be a continuing waiver in the future or a waiver of any other provisions, condition or requirement hereof and
thereof, nor shall any delay or omission of any party to exercise any right hereunder and thereunder in any manner impair the exercise
of any such right accruing to it thereafter.

 

Section 7.6 Headings. The section headings
contained in this Agreement (including, without limitation, section headings and headings in the exhibits and schedules) are inserted
for reference purposes only and shall not affect in any way the meaning, construction or interpretation of this Agreement and the
other Transaction Documents. Any reference to the masculine, feminine, or neuter gender shall be a reference to such other gender
as is appropriate. References to the singular shall include the plural and vice versa.

 

Section 7.7 Successors and Assigns.
This Agreement may not be assigned by a party hereto without the prior written consent of the Company or the Purchaser, as applicable,
provided, however, that, subject to federal and state securities laws and as otherwise provided in the Transaction
Documents, the Purchaser may assign its rights and delegate its duties hereunder in whole or in part: (i) to a third party acquiring
all or substantially all of its Shares in a private transaction; or (ii) to an affiliate, in each case, without the prior written
consent of the Company, after notice duly given by such Purchaser to the Company provided, that no such assignment or obligation
shall affect the obligations of such Purchaser hereunder and that such assignee agrees in writing to be bound, with respect to
the transferred securities, by the provisions hereof that apply to the Purchaser. The provisions of this Agreement shall inure
to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement,
express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns
any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
If any Purchaser transfers the Shares purchased hereunder, any such penalty shares or liquidated damages, as the case may be, pursuant
to this Agreement shall similarly transfer to such transferee with no further action required by the purchaser or the Company.

 

    	 	13	 

     

    

 

Section 7.8 Rescission and Withdrawal Right.
Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) this Agreement and the Transaction
Documents, whenever the Purchaser exercises a right, election, demand or option under this Agreement or a Transaction Document
and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser may rescind
or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights.

 

Section 7.9 Replacement of Note. If
any certificate or instrument evidencing any Note is mutilated, lost, stolen or destroyed, the Company shall issue or cause to
be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate
or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and
customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs associated with the issuance of such replacement Note. If a replacement certificate or
instrument evidencing any Note is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate
or instrument as a condition precedent to any issuance of a replacement.

 

Section 7.10 Limitation of Liability.
Notwithstanding anything herein to the contrary, the Company acknowledges and agrees that the liability of the Purchaser arising
directly or indirectly, under this Agreement and the other Transaction Documents of any and every nature whatsoever shall be satisfied
solely out of the assets of such Purchaser, and that no trustee, officer, other investment vehicle or any other Affiliate of such
Purchaser or any Purchaser, shareholder or holder of shares of beneficial interest of such a Purchaser shall be personally liable
for any liabilities of such Purchaser.

 

Section 7.11 No Third Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not
for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section 7.12 Governing Law. This Agreement
and the other Transaction Documents shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to any of the conflicts of law principles which would result in the application of the substantive law of another
jurisdiction. This Agreement and the other Transaction Documents shall not be interpreted or construed with any presumption against
the party causing this Agreement and the other Transaction Documents to be drafted.

 

Section 7.13 Survival. The representations
and warranties of the Company hereunder and under the other Transaction Documents shall survive the execution and delivery hereof
and the Final Closing hereunder for a period of three (3) years following the Final Closing Date.

 

    	 	14	 

     

    

 

Section 7.14 Counterparts. This Agreement
may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which
taken together shall constitute one and the same Agreement and shall become effective when counterparts have been signed by each
party and delivered to the other parties hereto, it being understood that all parties need not sign the same counterpart. In the
event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the
party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature
were the original thereof.

 

Section 7.15 Severability. The provisions
of this Agreement and the Transaction Documents are severable and, in the event that any court of competent jurisdiction shall
determine that any one or more of the provisions or part of the provisions contained in this Agreement or the Transaction Documents
shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or part of a provision of this Agreement or the Transaction Documents and such provision shall
be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained
herein, so that such provisions would be valid, legal and enforceable to the maximum extent possible.

 

Section 7.16 Further Assurances. From
and after the date of this Agreement, upon the request of the Purchaser or the Company, each of the Company and the Purchaser shall
execute and deliver such instrument, documents and other writings as may be reasonably necessary or desirable to confirm and carry
out and to effectuate fully the intent and purposes of this Agreement and the other Transaction Documents.

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

    	 	15	 

     

    

 

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

 

	 	American BriVision (Holding) Corporation	 
	 	 	 	 
	 	By:	/s/ Kira Huang	 
	 		Name: Kira Huang	 
	 		Title: Chief Financial Officer	 

 

    	 	16	 

     

    

 

Signature Page of the Purchaser

 

IN WITNESS WHEREOF, the
Shareholder of Purchaser agreed to be bound by the same representations and warranties of the Purchaser made under this Agreement,
including Section 2.2 and Exhibit A hereto, and has caused this Agreement to be duly executed individually as of the date first
above written.

 

	BioLite Inc.	 
	 	 	 
	 	 	 
	By:	/s/ Frank Liu	 
	 	Name: Frank Liu	 
	 	Title: Supervisor  	 

 

    	 	17	 

     

    

 

EXHIBIT A

 

NON U.S. PERSON REPRESENTATIONS

 

The Purchaser further represents and warrants to the Company as
follows:

 

		1.	At the time of (a) the offer by the Company and (b) the acceptance of the offer by the Company
of the Shares, the Purchaser is outside the United States.

 

		2.	The Purchaser is acquiring the Shares for such Shareholder’s own account, for investment
and not for distribution or resale to others and is not purchasing the Shares for the account or benefit of any U.S. person, or
with a view towards distribution to any U.S. person, in violation of the registration requirements of the Securities Act.

 

		3.	The Purchaser will make all subsequent offers and sales of the Shares either (x) outside of the
United States in compliance with Regulation S; (y) pursuant to a registration under the Securities Act; or (z) pursuant to an available
exemption from registration under the Securities Act. Specifically, The Purchaser will not resell the Shares to any U.S. person
or within the United States prior to the expiration of a period commencing on the Closing Date and ending on the date that is one
year thereafter (the “Distribution Compliance Period”), except pursuant to registration under the Securities
Act or an exemption from registration under the Securities Act.

 

		4.	The Purchaser has no present plan or intention to sell the Shares in the United States or to a
U.S. person at any predetermined time, has made no predetermined arrangements to sell the Shares and is not acting as a Distributor
of such securities.

 

		5.	Neither the Purchaser, its Affiliates nor any Person acting on behalf of the Purchaser, has entered
into, has the intention of entering into, or will enter into any put option, short position or other similar instrument or position
in the U.S. with respect to the Shares at any time after the Closing Date through the Distribution Compliance Period except in
compliance with the Securities Act.

 

		6.	The Purchaser consents to the placement of a legend on any certificate or other document evidencing
the Shares substantially in the form set forth in Section 5.1.

 

    	 	18	 

     

    

 

		7.	The Purchaser is not acquiring the Shares in a transaction (or an element of a series of transactions)
that is part of any plan or scheme to evade the registration provisions of the Securities Act.

 

		8.	The Purchaser has sufficient knowledge and experience in finance, securities, investments and other
business matters to be able to protect such person’s or entity’s interests in connection with the transactions contemplated
by this Agreement.

 

		9.	The Purchaser has consulted, to the extent that it has deemed necessary, with its tax, legal, accounting
and financial advisors concerning its investment in the Shares.

 

		10	The Purchaser understands the various risks of an investment in the Shares and can afford to bear
such risks for an indefinite period of time, including, without limitation, the risk of losing its entire investment in the Shares.

 

		11.	The Purchaser has had access to the Company’s publicly filed reports with the SEC and has
been furnished during the course of the transactions contemplated by this Agreement with all other public information regarding
the Company that the Purchaser has requested and all such public information is sufficient for the Purchaser to evaluate the risks
of investing in the Shares.

 

		12.	The Purchaser has been afforded the opportunity to ask questions of and receive answers concerning
the Company and the terms and conditions of the issuance of the Shares.

 

		13.	The Purchaser is not relying on any representations and warranties concerning the Company made
by the Company or any officer, employee or agent of the Company, other than those contained in this Agreement.

 

		14.	The Purchaser will not sell or otherwise transfer the Shares unless either (A) the transfer
of such securities is registered under the Securities Act or (B) an exemption from registration of such securities is available.

 

		15.	The Purchaser represents that the address set forth in the Agreement is the principal business.

 

    	 	19	 

     

    

 

		16.	The Purchaser understands and acknowledges that the Shares have not been recommended by any federal
or state securities commission or regulatory authority, that the foregoing authorities have not confirmed the accuracy or determined
the adequacy of any information concerning the Company that has been supplied to the Purchaser and that any representation to the
contrary is a criminal offense.

 

    	 	20

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