Document:

Exhibit 10.5

 

AMENDMENT
TO NONQUALIFIED STOCK OPTION AWARD AGREEMENTS

 

THIS AMENDMENT TO NONQUALIFIED STOCK OPTION AWARD
AGREEMENTS (“Amendment”) is entered into as of the
         day of
                    ,
2009 by and between Helmerich & Payne, Inc., a Delaware
corporation (the “Company”), and
                                  
(the “Participant”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Participant have
previously entered into certain Nonqualified Stock Option Award Agreements
under the Helmerich & Payne, Inc. 1996 Stock Incentive Plan, the
Helmerich & Payne, Inc. 2000 Stock Incentive Plan and the
Helmerich & Payne, Inc. 2005 Long-Term Incentive Plan listed on
Exhibit B (the “Option Agreements”), which granted to the Participant
options to purchase shares of Common Stock of the Company (the “Stock Options”)
in exchange for the Participant’s performance of future services for the
Company pursuant to the terms of the Agreements; and

 

WHEREAS, the Company and the Participant desire to
amend the Award Agreements with respect to the vesting and exercisability of
the Stock Options following the termination of employment of the Participant
under certain circumstances; and

 

WHEREAS, the Committee has approved the amendment of
the Award Agreements as set forth herein.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree that the
Agreements are hereby amended as follows:

 

1.                                      Section 2 is hereby restated to
provide as follows:

 

“Section 2.  Times of
Exercise of Option.  The
Participant shall be eligible to exercise the Stock Option pursuant to the
vesting schedule set forth on the Cover Page (the “Vesting Schedule”),
subject to the applicable provisions of the Plan and this Option Agreement
having been satisfied.  Upon satisfaction
of the vesting conditions, the Participant may exercise on or after the
applicable vesting date specified on the Cover Page (the “Vesting Dates”),
on a cumulative basis, the number of Stock Options determined by multiplying
the aggregate number of shares of Stock subject to the Stock Option set forth
on the Cover Page by the designated percentage set forth on the Cover
Page.”

 

2.                                      Section 3 is hereby restated to
provide as follows:

 

“Section 3.  Term of
Stock Option.  Subject to
earlier termination as hereafter provided, the Stock Option shall expire at the
close of business on the expiration date set forth on the Cover Page and
may not be exercised after such expiration date; provided, however, in no event
shall the term of the Stock Option be longer than ten years from the Date of
Grant.  Unless vesting is accelerated or
extended pursuant to the terms of Section 6, unvested Stock Options shall
be forfeited upon the Participant’s termination of employment.”

 

 

3.                                      Section 6 is hereby restated to
provide as follows:

 

“Section 6.  Vesting of
Stock Options on Death, Retirement, Disability or Other Special Circumstances.  In the event of the Participant’s death after
the date Participant becomes Retirement Eligible, any and all unvested Stock
Options under this Option Agreement shall become automatically fully
vested.  In the event the Participant
voluntarily terminates employment or terminates employment due to Disability
following the date he becomes Retirement Eligible, subject to the provisions of
Section 17, the Participant shall be eligible to continue to vest in
accordance with the Vesting Schedule provided that (i) the Participant is
continuously employed as a full-time employee through the one-year anniversary of
the Date of Grant, (ii) the Participant complies with the requirements set
forth in Section 16 below at all times during the remainder of the Vesting
Schedule and (iii) the Participant executes and delivers to the Company a
compliance certificate in the form attached hereto as Exhibit A indicating
the Participant’s full compliance with Section 16 on or before
November 1 of each year during the remainder of the Vesting Schedule.  For purposes of this Option Agreement,
“Retirement Eligible” shall mean the date the Participant both (i) attains
age 55 and (ii) has 15 or more continuous years of service as a full-time
employee of the Company or a Subsidiary. 
The Committee, in its sole discretion, may accelerate the vesting of
Stock Options for which the applicable Vesting Date(s) has not yet
occurred upon the Participant’s date of termination of employment if such
termination occurs by reason of (i) Disability, (ii) death, or
(iii) upon the occurrence of special circumstances (as determined by the
Committee).”

 

4.                                      Section 7 is hereby restated to
provide as follows:

 

“Section 7.  Period of
Exercise Upon Termination of Employment.  With respect to shares subject to the Stock
Option for which the applicable Vesting Dates have occurred or for which the
Committee has accelerated or extended vesting in accordance with
Section 6, the Participant, or the representative of a deceased
Participant, shall be entitled to purchase such shares during the remaining
term of the Stock Option if (i) the Participant’s employment was
terminated as a result of death, Disability, or Retirement or (ii) the
Participant voluntarily terminated employment after becoming Retirement
Eligible.  If the Participant’s
employment was terminated for any other reason, the Participant shall be entitled
to purchase such vested Stock Options for a period of three months from such
date of termination and any Stock Options which remain unvested after such date
shall be cancelled.”

 

5.             The
Option Agreements are hereby amended to add a new Section 16 that provides
as follows:

 

“Section 16.  Nonsolicitation.  In the event the Participant is eligible for
continued vesting pursuant to Section 6, such continued vesting shall be
subject to and contingent upon Participant’s agreement not to solicit the
Company’s customers or employees under the terms of this Section 16.  During the period of continued vesting,
Participant shall not solicit the established customers of the Company wherever
located (or if this geographic area shall be unenforceable by law, then in such
geographic area as shall be enforceable) for the sale of any product or service
competitive with any product or service offered for sale by the Company at the
time of the termination of Participant’s employment.  For purposes of this Option Agreement, “solicit”
shall mean to contact an established customer directly, whether by
announcement, e-

 

 

mail, note, letter or other direct mail, telephone
call, personal visit, business meeting, or any other method, which contact
either is designed to or has the effect of inducing, promoting or advancing a
prohibited sale by Participant or on Participant’s behalf to that
customer.  An “established customer”
means any entity that Participant knows or should know who is purchasing or has
a written or unwritten agreement to purchase one or more products and/or
services from the Company at the time of termination of Participant’s
employment or any entity with whom the Company had, at the time of the
termination of Participant’s employment, exchanged confidential information in
anticipation of negotiating for the sale of products and/or services in the
foreseeable future.  “Offered for sale”
includes products/services which Participant knows or should know have been
ordered or have otherwise been prepared by the Company for imminent
offering.  Further, during the continued
vesting period, Participant shall not, directly or indirectly, solicit for
employment or employ any of the Company’s current or former employees on behalf
of any other employer.  In the event the
Committee determines in its sole judgment that Participant has solicited
customers or employees of the Company in contravention of this Section 16,
any unvested Options shall be forfeited.”

 

6.             The
Option Agreements are hereby amended to add a new Section 17 that provides
as follows:

 

“Section 17.  Suspension
or Termination of Awards. 
Notwithstanding anything in the Plan or this Option Agreement to the
contrary, if at any time (including after notice of exercise has been
delivered) the Committee reasonably believes that the Participant has committed
an act of misconduct as described in this paragraph, the Committee may suspend
the Participant’s right to exercise or receive any Award pending a
determination of whether an act of misconduct has been committed.  If the Committee determines the Participant
has committed an illegal act, fraud, embezzlement or deliberate disregard of
Company rules or policies (including any violation of the Participant’s
non-disclosure, non-compete or similar agreement) that may reasonably be
expected to result in loss, damage or injury to the Company, the Committee may
(a) cancel any outstanding Award granted to the Participant, in whole or
in part, whether or not vested or deferred and/or (b) if such conduct or
activity occurs during a Company fiscal year in which there was also an
exercise or receipt of an Award, require the Participant to repay to the
Company any gain realized or value received upon the exercise or receipt of
such Award (with such gain or value received valued as of the date of exercise
or receipt).  Cancellation and repayment
obligations will be effective as of the date specified by the Committee.  Any repayment obligation may be satisfied in
stock or cash or a combination thereof (based upon the Fair Market Value of Common
Stock on the day of payment), and the Committee may provide for an offset to
any future payments owed by the Company or any affiliate to the Participant if
necessary to satisfy the repayment obligation. 
The determination regarding cancellation of an Award or a repayment
obligation shall be within the sole discretion of the Committee and shall be
binding upon the Participant and the Company.”

 

The Agreements are not amended in any respect except
as herein provided.  This Amendment is
not intended and shall not be construed as increasing the aggregate number of
shares of Common Stock subject to the Stock Options under the Agreements.

 

 

All capitalized terms
used in this Amendment shall have the same meaning ascribed to them in the Plan
and the Agreements unless specifically denoted otherwise.

 

IN WITNESS WHEREOF, the parties have executed this
Amendment as of the day and year first above written.

 

	
  “Company”

  	
  Helmerich & Payne, Inc., a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  “Participant”

  	
   

  

 

 

EXHIBIT A

 

Compliance Certificate

 

I hereby certify that I am in full compliance with the
covenants contained in that certain Amendment to Nonqualified Stock Option
Agreement (the “Agreement”) dated as of
                              ,
2009 between Helmerich & Payne, Inc. and me and have been in full
compliance with such covenants at all times during the twelve-month period
immediately preceding November 1 of the year designated below.

 

 

	
  Dated:

  	
   

  	
   

  

 

 

EXHIBIT
B

 

Nonqualified Stock Option
Award Agreements

Subject to Amendment

 

 

 

 

AMENDMENT
TO RESTRICTED STOCK AWARD AGREEMENTS

 

THIS AMENDMENT TO RESTRICTED STOCK AWARD AGREEMENTS
(“Amendment”) is entered into as of the
         day of
                      ,
2009 by and between Helmerich & Payne, Inc., a Delaware
corporation (the “Company”), and
                                
(the “Participant”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Participant have
previously entered into certain Restricted Stock Award Agreements under the
Helmerich & Payne, Inc. 2000 Stock Incentive Plan and the
Helmerich & Payne, Inc. 2005 Long-Term Incentive Plan listed on
Exhibit B (the “Agreements”), which granted to the Participant shares of
Common Stock of the Company (the “Restricted Stock”) in exchange for the
Participant’s performance of future services for the Company subject to the
terms and conditions of the Agreements; and

 

WHEREAS, the Company and the Participant desire to
amend the Agreements with respect to vesting of the Restricted Stock following
the termination of employment of the Participant under certain circumstances;
and

 

WHEREAS, the Committee has approved the amendment of
the Agreements as set forth herein.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto agree that the
Agreements are hereby amended as follows:

 

1.             Section 3
of the Award Agreements is hereby restated to provide as follows:

 

“Section 3.  Timing of
Restricted Stock Award.  The
Participant shall be eligible to receive the Award pursuant to the vesting
schedule set forth on the Cover Page (the “Vesting Schedule”), subject to
the applicable provisions of the Plan and this Award Agreement having been
satisfied.  Upon satisfaction of the
vesting conditions, the Participant may receive on or after the applicable
vesting date specified on the Cover Page (the “Vesting Date”), the number
of shares of Stock determined by multiplying the aggregate number of shares of
Stock subject to the Award set forth on the Cover Page by the designated
percentage set forth on the Cover Page.”

 

2.             Section 4
of the Award Agreements is hereby restated to provide as follows:

 

“Section 4.  Term of
Restricted Stock Award. 
Subject to earlier termination as herein provided, the Restricted Stock
Award shall expire at the close of business on the expiration date set forth on
the Cover Page and may not become vested after such expiration date.  Unless vesting is accelerated or extended
pursuant to the terms of Section 7, unvested shares of Stock subject to
the Award shall be forfeited upon Participant’s termination of employment.”

 

 

3.             Section 7 of the Award Agreements is hereby
restated to provide as follows:

 

“Section 7.  Vesting of
Restricted Stock Awards.  In
the event of the Participant’s death after the date Participant becomes
Retirement Eligible, any and all unvested shares of Stock under this Award
Agreement shall become automatically fully vested.  In the event the Participant voluntarily
terminates employment or terminates employment due to Disability following the
date he becomes Retirement Eligible, subject to the provisions of
Section 17, the Participant shall be eligible to continue to vest in
accordance with the Vesting Schedule provided that (i) the Participant is
continuously employed as a full-time employee through the one-year anniversary
of the Date of Grant, (ii) the Participant complies with the requirements
set forth in Section 16 below at all times during the remainder of the
Vesting Schedule and (iii) the Participant executes and delivers to the
Company a compliance certificate in the form attached hereto as Exhibit B
indicating the Participant’s full compliance with Section 16 on or before
November 1 of each year during the remainder of the Vesting Schedule.  For purposes of this Award Agreement,
“Retirement Eligible” shall mean the date the Participant both (i) attains
age 55 and (ii) has 15 or more continuous years of service as a full-time
employee of the Company or a Subsidiary. 
The Committee, in its sole discretion, may elect to accelerate the
vesting for all or any part of the shares subject to the Restricted Stock Award
for which the applicable Vesting Date(s) has not yet occurred on the date
of the Participant’s termination of employment if such termination occurs by
reason of death, termination of employment due to a Disability, or Retirement.”

 

4.             The
Award Agreements are hereby amended to add a new Section 16 that provides
as follows:

 

“Section 16.  Nonsolicitation.

 

In the event the Participant is eligible for continued
vesting pursuant to Section 7, such continued vesting shall be subject to
and contingent upon Participant’s agreement not to solicit the Company’s
customers or employees under the terms of this Section 16.  During the period of continued vesting,
Participant shall not solicit the established customers of the Company wherever
located (or if this geographic area shall be unenforceable by law, then in such
geographic area as shall be enforceable) for the sale of any product or service
competitive with any product or service offered for sale by the Company at the
time of the termination of Participant’s employment.  For purposes of this Award Agreement,
“solicit” shall mean to contact an established customer directly, whether by
announcement, e-mail, note, letter or other direct mail, telephone call,
personal visit, business meeting, or any other method, which contact either is
designed to or has the effect of inducing, promoting or advancing a prohibited
sale by Participant or on Participant’s behalf to that customer.  An “established customer” means any entity
that Participant knows or should know who is purchasing or has a written or
unwritten agreement to purchase one or more products and/or services from the
Company at the time of termination of Participant’s employment or any entity with
whom the Company had, at the time of the termination of Participant’s
employment, exchanged confidential information in anticipation of negotiating
for the sale of products and/or services in the foreseeable future.  “Offered for sale” includes products/services
which Participant knows or should know have been ordered or have otherwise been
prepared by the Company for imminent offering. 
Further, during the continued vesting period, Participant shall not,
directly or indirectly, solicit for employment 

 

 

or employ any of the Company’s current or former
employees on behalf of any other employer. 
In the event the Committee determines in its sole judgment that
Participant has solicited customers or employees of the Company in
contravention of this Section 16, any unvested shares of Stock shall be
forfeited.”

 

5.             The
Award Agreements are hereby amended to add a new Section 17 that provides
as follows:

 

“Section 17.  Suspension
or Termination of Awards. 
Notwithstanding anything in the Plan or this Award Agreement to the
contrary, if at any time (including after notice of exercise has been
delivered) the Committee reasonably believes that the Participant has committed
an act of misconduct as described in this paragraph, the Committee may suspend
the Participant’s right to exercise or receive any Award pending a
determination of whether an act of misconduct has been committed.  If the Committee determines the Participant
has committed an illegal act, fraud, embezzlement or deliberate disregard of
Company rules or policies (including any violation of the Participant’s
non-disclosure, non-compete or similar agreement) that may reasonably be
expected to result in loss, damage or injury to the Company, the Committee may
(a) cancel any outstanding Award granted to the Participant, in whole or
in part, whether or not vested or deferred and/or (b) if such conduct or
activity occurs during a Company fiscal year in which there was also an
exercise or receipt of an Award, require the Participant to repay to the Company
any gain realized or value received upon the exercise or receipt of such Award
(with such gain or value received valued as of the date of exercise or
receipt).  Cancellation and repayment
obligations will be effective as of the date specified by the Committee.  Any repayment obligation may be satisfied in
stock or cash or a combination thereof (based upon the Fair Market Value of
Common Stock on the day of payment), and the Committee may provide for an
offset to any future payments owed by the Company or any affiliate to the
Participant if necessary to satisfy the repayment obligation.  The determination regarding cancellation of
an Award or a repayment obligation shall be within the sole discretion of the
Committee and shall be binding upon the Participant and the Company.”

 

The Agreements are not amended in any respect except
as herein provided.  This Amendment is
not intended and shall not be construed as increasing the aggregate number of
shares of Common Stock granted under the Agreements.  All capitalized terms used in this Amendment
shall have the same meaning ascribed to them in the Plan and the Agreements
unless specifically denoted otherwise.

 

*              *              *              *

 

 

IN WITNESS WHEREOF, the parties have executed this
Amendment as of the day and year first above written.

 

	
  “Company”

  	
  Helmerich & Payne, Inc., a Delaware
  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  “Participant”

  	
   

  

 

 

EXHIBIT A

 

Compliance Certificate

 

I hereby certify that I am in full compliance with the
covenants contained in that certain Amendment to Restricted Stock Award
Agreement (the “Agreement”) dated as of
                              ,
2009 between Helmerich & Payne, Inc. and me and have been in full
compliance with such covenants at all times during the twelve-month period
immediately preceding November 1 of the year designated below.

 

 

	
  Dated:

  	
   

  	
   

  

 

 

EXHIBIT
B

 

Restricted Stock Award
Agreements

Subject to AmendmentExhibit 10.1

 

EQUITY AWARD AGREEMENT

 

THIS AGREEMENT (this “Agreement”)
is made by and between Cowen Group, Inc.
(the “Company”), and Christopher A.
White, (the “Grantee”), as of December 2,
2009.

 

RECITALS

 

WHEREAS, the Company has entered into that certain
Transaction Agreement and Agreement and Plan of Merger dated as of June 3,
2009 (the “Transaction Agreement”); and

 

WHEREAS, in connection with the consummation of the
transactions contemplated by the Transaction Agreement, the Company has assumed
all of Cowen Holdings’ rights and obligations under the Cowen Group, Inc.
2007 Equity and Incentive Plan, as amended from time to time (the “Plan”), and shall continue to
maintain the Plan thereafter in accordance with its terms as amended from time
to time; and

 

WHEREAS, in connection with and to secure the Grantee’s
retention through and following the transactions contemplated by the
Transaction Agreement, the Company desires to grant to the Grantee the restricted
shares described herein (the “Award”),
subject to the terms of the Plan and shareholder approval thereof; and

 

WHEREAS, the Award shall consist of a grant of restricted
common stock of the Company in accordance with the terms and subject to the
conditions set forth in this Agreement and the Plan; and

 

WHEREAS, the Grantee has accepted the grant of the Award
and hereby agrees to the terms and conditions hereinafter stated; and

 

NOW, THEREFORE, in
consideration of the foregoing recitals and of the promises and conditions
herein contained, it is agreed as follows:

 

ARTICLE
I

GRANT OF RESTRICTED STOCK

 

Section 1.1
- Grant of Restricted Stock.

 

The Award granted to the Grantee by the Company as
of the date first set forth above (the “Grant
Date”) consists of 68,682 shares of restricted common stock of
the Company pursuant to the terms and subject to the conditions and
restrictions of this Agreement and the Plan.

 

Section 1.2
- Restrictions and Restricted Period.

 

(a)           Restrictions.  The shares of restricted stock underlying the
Award granted hereunder may not be sold, assigned, transferred, pledged,
hypothecated, or otherwise disposed of and shall be subject to a risk of
forfeiture as described in Section 1.4 below until the lapse of the
Restricted Period (as defined below) (the “Restrictions”).

 

 

(b)           Restricted Period.  Subject to the forfeiture and other
provisions set forth in Section 1.4, the Restrictions shall lapse, and the
Award shall become nonforfeitable and transferable (provided that such transfer
is in compliance with federal and state securities laws) with respect to (1) fifty
percent (50%) of the Award on the second anniversary of the Grant Date and (2) the
remaining fifty percent (50%) of the Award on the third anniversary of the
Grant Date (collectively, the “Vesting Date(s),”
and that period from Grant Date through the final Vesting Date, the “Restricted Period”).  Notwithstanding anything in the Plan to the
contrary, no portion of this Award shall vest in connection with a Change in
Control (as defined in the Plan).

 

Section 1.3
- Rights as a Stockholder.

 

During the Restricted Period and for so long as the
Award is held by or for the benefit of the Grantee, the Grantee shall have all
the rights of a stockholder of the Company with respect to the Award.  In the event of any adjustment to the Award
pursuant to the Plan, then in such event, any and all new, substituted, or
additional securities to which the Grantee is entitled by reason of the Award
shall be immediately subject to the Restrictions with the same force and effect
as the Award subject to such Restrictions immediately before such event.

 

Section 1.4
- Cessation of Employment.

 

(a)           Acceleration.  If the Grantee’s employment or service with
the Employer is terminated (i) by the Company other than for Cause, (ii) due
to the Grantee’s death or Disability, or (iii) by the Grantee for Good
Reason, all Restrictions on the Award shall lapse and the Award shall
immediately vest in full as of the date of such termination.

 

(b)           Forfeiture.  If the Grantee’s employment or service with
the Employer is terminated either (1) due to the Grantee’s voluntary
resignation (other than for Good Reason) or (2) by the Employer for Cause,
then the then-unvested portion of the Award shall immediately be forfeited to
the Company (and in the case of a voluntary resignation without Good Reason,
such forfeiture shall occur as of the date the Grantee provided notice of such
resignation), and neither the Grantee nor any of the Grantee’s successors,
heirs, assigns, or personal representatives shall thereafter have any further
rights or interests in such then-unvested portion of the Award.

 

Section 1.5
- Stock Certificates.

 

Stock granted herein may be evidenced in such manner
as the Company shall determine.  If one
or more certificates representing the Award are registered in the name of the
Grantee, then the Company may retain physical possession of any such
certificate until the Restricted Period has lapsed.

 

Section 1.6
- Taxes.

 

The Grantee shall pay promptly upon request, at the
time the Grantee recognizes taxable income in respect of the shares of the
Award, the minimum amount equal to the federal, state, and local taxes the
Company determines are required to be withheld under applicable tax laws with
respect to the Award (the “Tax Withholding Amount”).  To the extent permitted by applicable law or
regulation, the Company may allow the Grantee to elect (a) that the Tax
Withholding Amount be deducted from the Grantee’s base salary in the year in
which some or all

 

2

 

of the Award vests and/or (b) that
the Company distribute the vested portion of the Award net of the number of the
smallest portion of the Award, in whole shares only, having a Fair Market Value
(as defined in the Plan) of which is equal to the Tax Withholding Amount.

 

ARTICLE
II

MISCELLANEOUS

 

Section 2.1
- Certificate; Restrictive Legend.

 

The Grantee agrees that any certificate issued for restricted common
stock of the Company underlying the Award prior to the lapse of any outstanding
restrictions relating thereto will be inscribed with a restrictive legend, in
substantially the following form:

 

“THIS
CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS
AND CONDITIONS, INCLUDING FORFEITURE PROVISIONS AND RESTRICTIONS AGAINST TRANSFER
(THE “RESTRICTIONS”), CONTAINED IN AN AGREEMENT ENTERED INTO BETWEEN THE
REGISTERED OWNER AND THE COMPANY.  ANY
ATTEMPT TO DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE RESTRICTIONS,
INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION, OR
OTHERWISE, WILL BE NULL AND VOID AND WITHOUT EFFECT.”

 

Section 2.2
- Definitions.

 

(a)           “Affiliate”
means, with respect to any entity, any other entity that, directly or
indirectly through one or more intermediaries, controls, is controlled by, or is
under common control with, such entity.

 

(b)           “Cause”
shall have the meaning set forth in the employment letter agreement between the
Grantee and Cowen Group, Inc. dated as of July 10, 2009 (the “Letter Agreement”).

 

(c)           “Disability”
shall have the meaning set forth in the Letter Agreement.

 

(d)           “Employer”
means the Company or the Affiliate of the Company that employs the Grantee
following the consummation of the transactions contemplated by the Transaction
Agreement.

 

(e)           “Good Reason” shall have the
meaning set forth in the Letter Agreement.

 

Section 2.3
- Notice of Termination.

 

The notice of termination provision set forth in Section 6
of the Letter Agreement shall apply as if set forth herein.

 

3

 

Section 2.4
- Restrictive Covenants.

 

(a)           The restrictive covenants
set forth in Sections 7, 8, 9 and 10 of the Letter Agreement shall apply as if
set forth herein.

 

(b)           Non-Disparagement.  The Grantee shall not at any time, whether
during the Grantee’s employment or following any termination thereof, and shall
not cause or induce others to, defame or disparage the Company or any
Affiliate, or the directors or officers of the Company or any Affiliate.

 

(c)           Compliance with Company
Policies.  The Grantee
agrees to comply fully with the applicable internal policies of the Company and
the Employer, as applicable, as such policies may be amended from time to time,
at any time, during the Grantee’s employment by Company or the Employer.

 

(d)           Cooperation.  The Grantee agrees to cooperate fully with
the Company and the Employer at any time, whether during the Grantee’s
employment or following any termination thereof, taking into account the
requirements of any subsequent employment by the Grantee, on all matters
relating to the Grantee’s employment, which cooperation shall be provided
without additional consideration or compensation and shall include, without
limitation, being available to serve as a witness and be interviewed and making
available any books, records, and other documents within the Grantee’s control,
provided, however, that the Grantee need not take any action
hereunder that would constitute a violation of law or obligation to any third
party (except to the extent such obligation arises due to any action taken by
the Grantee with the intention to circumvent the operation of this Section 2.4(d))
or cause a waiver of attorney-client privilege. 
Without limiting the generality of the foregoing, the Grantee shall
cooperate in connection with any (1) past, present, or future suit,
countersuit, action, arbitration, mediation, alternative dispute resolution
process, claim, counterclaim, demand, and proceeding, (2) inquiry,
proceeding, or investigation by or before any governmental authority, and (3) arbitration
or mediation tribunal, in each case involving the Company, the Employer, or any
of their controlled Affiliates.  In
connection with the Grantee’s providing such cooperation, the Company or the
Employer, as applicable, shall reimburse the Grantee for reasonable travel,
lodging, and other expenses incurred by the Grantee, upon submission of
documentation reasonably acceptable to the Company or the Employer, as
applicable.

 

Section 2.5
- Injunctive Relief.

 

In the event of a breach by the Grantee of the
Grantee’s obligations under this Agreement, the Company, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this
Agreement.  The Grantee acknowledges that
the Company shall suffer irreparable harm in the event of a breach or
prospective breach of any of the restrictive covenants set forth in Section 2.4
herein, and that monetary damages would not be adequate relief.  Accordingly, the Company shall be entitled to
seek injunctive relief in any federal or state court of competent jurisdiction
located in New York County, or in any state in which the Grantee resides.  The Grantee further agrees that the Company
and the Employer shall be entitled to recover all costs and expenses 

 

4

 

(including attorneys’ fees
and expenses) incurred in connection with the enforcement of the Company’s
rights hereunder.

 

Section 2.6
- Offset.

 

In the event that the Grantee voluntarily terminates employment or if
the Grantee’s employment is terminated, for any reason or no reason, the
Company may offset, to the fullest extent permitted by law, any amounts of
money or other property due to the Company from the Grantee, or advanced or
loaned to the Grantee by the Company, from any money or property owed to the
Grantee or the Grantee’s estate by the Company as a result of such termination
of employment, except to the extent such withholding or offset is not permitted
under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (“Section 409A”), without the imposition of additional
taxes or penalties on the Grantee.

 

Section 2.7
- Governing Law.

 

This Agreement shall be governed by and construed in
accordance with the laws of the State of New York other than its laws regarding
conflicts of law (to the extent that the application of the laws of another
jurisdiction would be required thereby). 
The Company shall have final authority to interpret and construe this
Agreement and to make any and all determinations under them, and its decision
shall be binding and conclusive upon the Grantee and the Grantee’s legal
representative in respect of any questions arising under this Agreement.

 

Section 2.8
- Notices.

 

Any notice to be given under the terms of this
Agreement shall be in writing and addressed to the Company at 599 Lexington
Avenue, New York, New York 10022, Attention: General Counsel, and to the
Grantee at the Grantee’s home address as of the date of this Agreement or at
such other address as either party may hereafter designate in writing to the
other by like notice.

 

Section 2.9
- Effect of Agreement.

 

Except as otherwise provided hereunder, this
Agreement shall be binding upon and shall inure to the benefit of any successor
or successors of the Company.

 

Section 2.10
- Amendment.

 

This Agreement may not be amended or modified in any
manner (including by waiver) except by an instrument in writing signed by both
parties hereto.  The waiver by either
party of compliance with any provision of this Agreement shall not operate or
be construed as a waiver of any other provision of this Agreement or of any
subsequent breach of such party of a provision of this Agreement.

 

Section 2.11
- No Right to Continued Employment.

 

Nothing in this Agreement shall be deemed to confer on the Grantee any
right to continued employment with the Employer or any Affiliate.

 

5

 

Section 2.12
- Section 409A.

 

This Agreement is intended to satisfy an exemption
to Section 409A or comply with the requirements of Section 409A, and
shall be interpreted accordingly.  In the
event that any provision of this Agreement would cause this Agreement to become
subject to Section 409A or cause this Agreement to fail to comply with Section 409A,
such provision may be deemed null and void, and the Company and the Grantee
agree to amend or restructure this Agreement to the extent necessary and
appropriate to avoid adverse tax consequences under Section 409A.

 

Section 2.13
- Entire Agreement.

 

This Agreement constitutes the entire agreement of
the parties with respect to the subject matter hereof and supersedes in its
entirety all prior undertakings, agreements, correspondence, and term sheets of
or between the Company and the Grantee with respect to the subject matter
hereof.

 

Section 2.14
- Arbitration.

 

(a)           Any and all disputes arising
out of or relating to this Agreement or to the Grantee’s employment with the Company,
the Employer, or any of their controlled Affiliates, including any statutory
claims based on alleged discrimination, shall be submitted to, and resolved
exclusively by, the American Arbitration Association (“AAA”)
pursuant to the AAA’s Employment Arbitration Rules and Mediation
Procedures.  The arbitration shall be
held in the City of New York.  In
agreeing to arbitrate these disputes, the Grantee recognizes that the Grantee
is waiving his right to a trial in court and by a jury.  The arbitration award shall be final and
binding upon both parties, and judgment upon the award may be entered in a
court of competent jurisdiction.

 

(b)           The arbitrators shall not
have authority to amend, alter, modify, add to, or subtract from the provisions
hereof.  The award of the arbitrators, in
addition to granting the relief prescribed above and such other relief as the
arbitrators may deem proper, may contain provisions commanding or restraining
acts or conduct of the parties or their representatives and may further provide
for the arbitrators to retain jurisdiction over this Agreement and the
enforcement thereof.  If either party
shall deliberately default in appearing before the arbitrators, the arbitrators
are empowered, nonetheless, to take the proof of the party appearing and render
an award thereon.

 

(c)           This Section 2.14 shall
not be construed to limit the Company’s right to obtain relief under Section 2.5
(relating to equitable remedies) with respect to any matter or controversy
subject to Section 2.5, and pending a final determination by the
arbitrators with respect to any such matter or controversy, the Company shall
be entitled to obtain any such relief by direct application to state, federal,
or other applicable court, without being required to first arbitrate such
matter or controversy.

 

6

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed on its behalf by a duly authorized officer, and
the Grantee has hereunto set the Grantee’s hand on the date indicated below.

 

	
   

  	
  COWEN GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marran Ogilvie

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Marran Ogilvie

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Chief of Staff

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Christopher A. White

  	
   

  	
   

  
	
  Grantee: Christopher A. White

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: December 4,
  2009

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00166-of-00352.parquet"}]]