Document:

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                                                                     EXHIBIT 4.1

                             STOCKHOLDERS' AGREEMENT

                                      Among

                         CALAMOS ASSET MANAGEMENT, INC.,

                              CALAMOS HOLDINGS LLC,

                         CALAMOS FAMILY PARTNERS, INC.,

                                JOHN P. CALAMOS,

                                NICK P. CALAMOS,

                              JOHN P. CALAMOS, JR.,

                JOHN P. CALAMOS 1985 TRUST DATED AUGUST 21, 1985,

              THE JOHN P. CALAMOS ANNUITY TRUST DATED JUNE 21, 1998

                                       AND

           THE JOHN P. CALAMOS ANNUITY TRUST II DATED NOVEMBER 1, 1998

                          Dated as of October 28, 2004

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                                Table of Contents

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                                          ARTICLE I

                                         DEFINITIONS

SECTION 1.01  Definitions ............................................................    1

SECTION 1.02  Other Definitions ......................................................    4

SECTION 1.03  Interpretation, Certain Definitions ....................................    5

                                          ARTICLE II

                                    TRANSFER RESTRICTIONS

SECTION 2.01  General Restrictions and Exceptions in LLC Agreement ...................    5

SECTION 2.02  First Year Post-IPO Restrictions .......................................    5

SECTION 2.03  Restrictions Following First Anniversary of IPO ........................    6

SECTION 2.04  Certain Exceptions to Transfer Restrictions ............................    6

SECTION 2.05  Requirements for Transfer to Independent CFP Transferee ................    7

SECTION 2.06  Transfers to Persons other than CFP Permitted Transferees ..............    7

SECTION 2.07  Change of Control ......................................................    8

SECTION 2.08  Additional Agreements ..................................................    8

SECTION 2.09  Termination of Article .................................................    8

                                         ARTICLE III

                                    ADDITIONAL AGREEMENTS

SECTION 3.01  Effectiveness of Agreement .............................................    8

SECTION 3.02  Observer Rights ........................................................    8

SECTION 3.03  Reinvestment ...........................................................    9

SECTION 3.04  Further Action .........................................................    9
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                                          ARTICLE IV

                              TERMINATION, AMENDMENT AND WAIVER

SECTION 4.01  Termination ............................................................    9

SECTION 4.02  Effect of Termination ..................................................    9

                                          ARTICLE V

                                        MISCELLANEOUS

SECTION 5.01  Severability ...........................................................   10

SECTION 5.02  Notices ................................................................   10

SECTION 5.03  Amendment; Waiver; Cumulative Remedies .................................   11

SECTION 5.04  Binding Effect .........................................................   12

SECTION 5.05  Counterparts ...........................................................   12

SECTION 5.06  Entire Agreement .......................................................   12

SECTION 5.07  Governing Law; Submission to Jurisdiction; WAIVER OF JURY TRIAL ........   12

SECTION 5.08  Specific Performance ...................................................   13

SECTION 5.09  Expenses ...............................................................   13

SECTION 5.10  No Third Party Beneficiaries ...........................................   13

SECTION 5.11  Assignment .............................................................   13

SECTION 5.12  Headings ...............................................................   13
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            STOCKHOLDERS' AGREEMENT, dated as of October 28, 2004 (the
"Agreement"), among Calamos Asset Management, Inc., a Delaware corporation (the
"Company"), Calamos Holdings LLC, a Delaware limited liability company ("Calamos
LLC"), Calamos Family Partners, Inc., a Delaware corporation (f/k/a Calamos
Holdings Inc. "Calamos Family Partners"), John P. Calamos, Nick P. Calamos, John
P. Calamos, Jr. (together with John P. Calamos and Nick P. Calamos, the
"Founders" and each, a "Founder"), John P. Calamos, as Trustee of the John P.
Calamos 1985 Trust dated August 21, 1985, Nick P. Calamos, as Trustee of The
John P. Calamos Annuity Trust dated June 21, 1998 and John P. Calamos Jr., as
Trustee of The John P. Calamos Annuity Trust II dated November 1, 1998 (together
with John P. Calamos 1985 Trust dated August 21, 1985 and The John P. Calamos
Annuity Trust dated June 21, 1998, the "Founder Trusts" and each, a "Founder
Trust" and each of John P. Calamos, Nick P. Calamos and John P. Calamos Jr., in
his capacity as Trustee, is hereinafter referred to as a "Initial Founder Trust
Trustee" and collectively they are referred to in such capacity as the "Initial
Founder Trust Trustees").

            WHEREAS, in connection with the IPO (as defined herein), Calamos
Family Partners caused a reorganization of the business conducted by its
subsidiaries as described in the Registration Statement on Form S-1
(Registration No. 333-117847) (the "IPO Registration Statement");

            WHEREAS, the Founders and the Founder Trust Trustees are the
Beneficial Owners (as defined herein) of all the shares of Class A voting common
stock and the shares of Class B non-voting common stock of Calamos Family
Partners;

            WHEREAS, Calamos Family Partners and John P. Calamos are the record
owners of all of the membership units of Calamos LLC and, immediately following
the IPO Closing, Calamos Family Partners and John P. Calamos shall be the record
holders of all of the membership units of Calamos LLC not held of record by the
Company, all as described in the IPO Registration Statement; and

            WHEREAS, in connection with the IPO, Calamos Family Partners, the
Founders and the Founder Trust Trustees have agreed to certain restrictions on
the transfer of their individual or such Founder Trust's interests, as the case
may be, in the Company and Calamos LLC;

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements and covenants hereinafter set forth, the parties hereto hereby agree
as follows:

                                    ARTICLE I

                                   DEFINITIONS

            SECTION 1.01 Definitions. As used in this Agreement, the following
terms shall have the following meanings:

            "Affiliate" has the meaning given such term in the LLC Agreement.

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            "Beneficial Owner" (including the terms "Beneficially Own" and
      "Beneficial Ownership") has the meaning given such term in the LLC
      Agreement. For purposes of this Agreement, a Founder Trust Trustee shall
      be deemed to be the Beneficial Owner of any securities held in such
      Founder Trust until such time as the Founder Trust Trustee ceases to act
      as trustee of such Founder Trust by reason of his death, incapacity,
      resignation or removal.

            "Business Day" has the meaning given such term in the LLC Agreement.

            "CFP Permitted Transferee" has the meaning given such term in the
      LLC Agreement.

            "CFP Transferee" means any CFP Permitted Transferee that becomes the
      Owner of Founders Equity as a result of a Transfer of Ownership of any
      security permitted under this Agreement after the IPO Closing.

            "Class A Common Stock" has the meaning given such term in the
      Company's Certificate of Incorporation, as amended.

            "Class B Common Stock" has the meaning given such term in the
      Company's Certificate of Incorporation, as amended.

            "Class B Directors" has the meaning given such term in the Company's
      Certificate of Incorporation, as amended.

            "Common Stock" means the Class A Common Stock and the Class B Common
      Stock.

            "Control" (including the terms "Controlled by" and "under common
      Control with") has the meaning given such term in the LLC Agreement.

            "Exchange Act" means the Securities Exchange Act of 1934, as
      amended, and all rules and regulations promulgated thereunder.

            "Founders Equity" means with respect to any (i) Founder or Initial
      Founder Trust Trustee, the aggregate number of Membership Units and shares
      of Common Stock Indirectly Beneficially Owned by such Person (whether in
      his individual capacity or as trustee of a Founder Trust) as of the IPO
      Closing plus, in the case of John P. Calamos, the aggregate number of
      Membership Units and shares of Common Stock held of record by him as of
      the IPO Closing (and, in each case, including for purposes hereof any
      shares of Class A Common Stock issued after the date hereof in exchange
      for the surrender of Membership Units or shares of Class B Common Stock
      constituting such Person's Founders Equity) and (ii) with respect to any
      Successor Founder Trust Trustee, the aggregate number of Membership Units
      and shares of Common Stock Indirectly Beneficially Owned by the trustee in
      his capacity as the trustee of such Founder Trust as of the IPO Closing
      (and including for purposes hereof any shares of Class A Common Stock
      issued after the date hereof in exchange for the surrender of Membership
      Units or shares of Class B Common Stock constituting such Person's
      Founders Equity), which in

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      the case of clauses (i) and (ii) the parties hereto acknowledge and agree
      shall, as of the date of this Agreement, be as set forth next to their
      name or otherwise indicated on Schedule I hereto. Any Membership Units or
      shares of Common Stock constituting Founders Equity of a Successor Founder
      Trust Trustee Transferred pursuant to a distribution or other payment by
      the Founder Trust to a Founder that was the Initial Founder Trust Trustee
      of such Founder Trust shall be deemed to be "Founders Equity" of such
      Founder effective as of the date that such Founder receives Indirect
      Beneficial Ownership of such securities.

            "Founder Trust Trustee" means with respect to any Founder Trust, the
      Initial Founder Trust Trustee or the Successor Founder Trust Trustee of
      such Founder Trust.

            "Independent CFP Transferee" means, in connection with any Transfer,
      any CFP Transferee that is not Controlled by or under common Control with
      the Person effecting such Transfer. For purposes of this Agreement, a CFP
      Transferee that is Transferred Ownership of securities in his individual
      capacity who, acting in his capacity as trustee, is also the transferor of
      Ownership of such securities shall not be deemed an Independent CFP
      Transferee.

            "Indirect Beneficial Owner" (including the term "Indirectly
      Beneficially Own") means a natural person (including in his capacity as
      trustee) or ultimate parent entity, with respect to Membership Units or
      shares of Common Stock that are not held of record by such Person, that
      Beneficially Owns equity interests (regardless of whether voting or
      non-voting interests) (i) directly in any entity that is the holder of
      record of Membership Units or shares of Common Stock or (ii) indirectly
      through one or more entities that own equity interests (regardless of
      whether voting or non-voting interests) in the entity that is the holder
      of record of Membership Units or shares of Common Stock, and the number of
      Membership Units or shares of Common Stock that such Person shall be
      deemed to "Indirectly Beneficially Own" (even if such Person Beneficially
      Owns (directly or indirectly) less than all the equity interests of the
      record holder of Membership Units or shares of Common Stock but
      nevertheless Controls such record holder) shall be equal to (x) the number
      of Membership Units or shares of Common Stock held by the record holder
      thereof multiplied by (y) such Person's direct or indirect equity interest
      in such record holder.

            "Involuntary Transfer" means a Transfer of Ownership of Membership
      Units or shares of Common Stock to a CFP Permitted Transferee as a result
      of or in connection with the death, disability, termination, bankruptcy,
      insolvency of the transferor or the occurrence of any other event that is
      outside the reasonable control of the transferor (including in connection
      with a CFP Permitted Transferee's exercise of an option to acquire
      securities that is triggered by the occurrence of such death, disability,
      bankruptcy, insolvency or other event).

            "IPO" means the initial public offering of shares of Class A Common
      Stock pursuant to the IPO Registration Statement.

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            "IPO Closing" means the closing of the IPO pursuant to the terms of
      the underwriting agreement entered into by the Company and the
      underwriters referred to in the IPO Registration Statement, as a result of
      which the underwriters shall acquire the shares of Class A Common Stock
      registered pursuant to the IPO Registration Statement (other than any
      shares of Class A Common Stock subject to the underwriters' overallotment
      option), a form of which underwriting agreement is filed as an exhibit to
      the IPO Registration Statement.

            "Law" has the meaning given such term in the LLC Agreement.

            "LLC Agreement" means the Second Amended and Restated Limited
      Liability Company Agreement of Calamos LLC to be effective as of the date
      of the IPO Closing.

            "Membership Unit" has the meaning given such term in the LLC
      Agreement.

            "Observers" means the two individuals identified from time to time
      by Calamos Family Partners (or such other Person as may be designated by
      Calamos Family Partners (or any such designee) in a written notice
      delivered to the Company) pursuant to a written notice delivered to the
      Company to act as observers at meetings of the board of directors of the
      Company pursuant to Section 3.02 of this Agreement.

            "Ownership" (including the term "Own") means Beneficial Ownership or
      Indirect Beneficial Ownership.

            "Person" has the meaning given such term in the LLC Agreement.

            "Restricted Person" means any Person that is not a CFP Permitted
      Transferee.

            "Successor Founder Trust Trustee" means with respect to any Founder
      Trust, any successor trustee or co-trustee appointed after the date hereof
      by reason of the death, incapacity, resignation or removal of the Initial
      Founder Trust Trustee of such Founder Trust.

            "Transfer" (including the term "Transferred") has the meaning given
      such term in the LLC Agreement, provided, that for purposes of this
      Agreement, (i) the appointment of a Successor Founder Trust Trustee shall
      not be considered a Transfer and such Successor Founder Trust Trustee
      shall be subject to the terms of this Agreement as if originally named
      herein, and (ii) a transfer of Beneficial Ownership of securities by a
      Founder to a trust of which such Founder serves as a trustee shall not be
      considered a Transfer of such securities and such securities shall
      continue to be deemed Beneficially Owned by him following such transfer to
      such trust.

            SECTION 1.02 Other Definitions. The meanings of the following terms
can be found in the Sections of this Agreement indicated below:

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<TABLE>
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         TERM                                            SECTION
         ----                                            -------
<S>                                                      <C>
Agreement                                                Preamble
Calamos Family Partners                                  Recitals
Calamos Family Holders                                   5.03
Calamos LLC                                              Preamble
Company                                                  Preamble
Founder                                                  Preamble
Founder Trust                                            Preamble
Initial Founder Trust Trustee                            Preamble
IPO Registration Statement                               Recitals
</TABLE>

            SECTION 1.03 Interpretation, Certain Definitions. When a reference
is made in this Agreement to an Article, Section or Schedule, such reference
shall be to an Article or Section of, or a Schedule to, this Agreement unless
otherwise indicated. The table of contents and headings for this Agreement are
for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. Whenever the words "include", "includes" or
"including" are used in this Agreement, they shall be deemed to be followed by
the words "without limitation." The words "hereof," "herein" and "hereunder" and
words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement. All
terms defined in this Agreement shall have the defined meanings when used in any
certificate or other document made or delivered pursuant hereto unless otherwise
defined therein. The definitions contained in this Agreement are applicable to
the singular as well as the plural forms of such terms and to the masculine as
well as to the feminine and neuter genders of such term. Any statute defined or
referred to herein or in any agreement or instrument that is referred to herein
means such statute as from time to time amended, modified or supplemented,
including (in the case of statutes) by succession of comparable successor
statutes. References to a Person are also to its permitted successors and
assigns. The use of "or" is not intended to be exclusive unless expressly
indicated otherwise.

                                   ARTICLE II

                              TRANSFER RESTRICTIONS

            SECTION 2.01 General Restrictions and Exceptions in LLC Agreement.
(a) Each of Calamos Family Partners, the Founders and the Founder Trust Trustees
and any Independent CFP Transferee, acknowledges the restrictions set forth in
Section 8.08 of the LLC Agreement and covenants and agrees not to take any
action that would be reasonably likely to result in a breach of such section.

            (b) The Company acknowledges and agrees that each of the Founders,
the Founder Trusts and the Founder Trust Trustees (and any CFP Transferee) are
CFP Permitted Transferees for purposes of the LLC Agreement, including Sections
8.08 and 8.09 of the LLC Agreement.

            SECTION 2.02 First Year Post-IPO Restrictions. Except as otherwise
provided in this Agreement and notwithstanding the proviso set forth in Section
8.08 of the LLC Agreement, each of the Founders and the Founder Trust Trustees
covenants and agrees that from

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the IPO Closing through the first anniversary of the IPO Closing he shall not
Transfer (i) any of his Founders Equity Beneficially Owned by him or (ii) any
other securities Beneficially Owned by him that represent an Indirect Beneficial
Ownership interest in his Founders Equity.

            SECTION 2.03 Restrictions Following First Anniversary of IPO. (a)
Except as otherwise provided in this Agreement, each of the Founders and the
Founder Trust Trustees covenants and agrees that following the first anniversary
of the IPO Closing until the tenth anniversary of the IPO Closing Date he shall
not Transfer (i) any of his Founders Equity Beneficially Owned by him or (ii)
any other securities Beneficially Owned by him that represent an Indirect
Beneficial Ownership interest in his Founders Equity; provided that
notwithstanding the foregoing each of the Founders and the Founder Trust
Trustees may Transfer to one or more third parties or Independent CFP
Transferees during any 12-month period commencing after the first anniversary of
the IPO Closing Ownership of such number of Membership Units or shares of Common
Stock (subject to Section 2.01) that in the aggregate does not exceed 20% of his
Founders Equity (and in connection therewith Calamos Family Partners or any
other Person, in each case to the extent an Owner of the relevant Founders
Equity, may Transfer Ownership of such Membership Units or shares of Common
Stock) and the parties hereto acknowledge that any such transferees shall take
such securities free and clear of the Transfer restrictions set forth in
Sections 2.02 and 2.03(a) of this Agreement.

            (b) Notwithstanding the proviso set forth in Section 2.03(a), each
of the Founders and the Founder Trust Trustees covenants and agrees that so long
as either John P. Calamos or Nick P. Calamos is employed in the business of
Calamos LLC and its Subsidiaries, he shall not Transfer (i) any Founders Equity
Beneficially Owned by him or (ii) any other securities Beneficially Owned by him
that represent an Indirect Beneficial Ownership interest in Founders Equity, in
each case if such Transfer would result in the Founders and the Founder Trust
Trustees, taken as a whole, Owning less than 30% of the aggregate Founders
Equity; provided that no Founder or Founder Trust Trustee shall be deemed in
breach of this Section 2.03(b) to the extent an Involuntary Transfer of Founders
Equity results in the Founders and the Founder Trust Trustees, taken as a whole,
Owning less than 30% of the aggregate Founders Equity, in which case each of the
Founders covenants and agrees not to Transfer thereafter to a Person other than
one of the other Founders or Founder Trust Trustees Ownership of (x) any
Founders Equity Beneficially Owned by him or (y) any other securities
Beneficially Owned by him that represent an Indirect Beneficial Ownership
interest in Founders Equity

            SECTION 2.04 Certain Exceptions to Transfer Restrictions.
Notwithstanding anything in this Agreement to the contrary, each of Calamos
Family Partners, the Founders and the Founder Trust Trustees and any CFP
Transferee may at any time Transfer any or all Founders Equity Beneficially
Owned by such Person or any or all other securities Beneficially Owned by such
Person that represent an Indirect Beneficial Ownership interest in Founders
Equity:

            (a) to (i) the Company in exchange for shares of Class A Common
      Stock in accordance with the Certificate of Incorporation or (ii) a CFP
      Permitted Transferee (other than an Independent CFP Transferee);

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            (b) to an Independent CFP Transferee as part of an Involuntary
      Transfer and such Independent CFP Transferee shall take such securities
      free and clear of the Transfer restrictions set forth in Sections 2.02 and
      2.03 of this Agreement;

            (c) in the case of any Founder Trust Trustee or other trustee or
      fiduciary that is a CFP Permitted Transferee, pursuant to the terms of the
      trust agreements governing such Founders Trust or other trusts or
      applicable Law and any Independent CFP Transferee (other than the Initial
      Founder Trust Trustee of such Founder Trust) that is the transferee of
      such securities shall take such securities free and clear of the Transfer
      restrictions set forth in Sections 2.02 and 2.03(a) of this Agreement (any
      such securities Transferred to the Initial Founder Trust Trustee of such
      Founder Trust shall be deemed Founders Equity of such Founder and subject
      to the Transfer restrictions set forth in Sections 2.02 and 2.03 of this
      Agreement);

            (d) in connection with any merger or consolidation of Calamos LLC or
      the Company, or any transaction having the same effect, that is approved
      in accordance with the By-Laws, as amended, of the Company; and

            (e) with the prior written consent of the Company, which must be
      authorized by a resolution of the board of directors of the Company
      adopted by a majority of the independent directors.

            SECTION 2.05 Requirements for Transfer to Independent CFP
Transferee. Each Transfer of Ownership of Founders Equity to an Independent CFP
Transferee shall be subject to the following requirements:

            (a) such intended transferee complies with applicable Law; and

            (b) (i) such intended transferee delivers to the parties hereto
      written notice of such Transfer and (ii) if such intended transferee is
      not a signatory to this Agreement, such intended transferee executes and
      delivers an instrument in form and substance reasonably satisfactory to
      the Company accepting and agreeing to be bound by all the terms and
      conditions of this Agreement as if such intended transferee in its
      capacity as an Independent CFP Transferee had been a signatory to this
      Agreement.

Following satisfaction of such requirements, such Independent CFP Transferee
shall be deemed a party to this Agreement as if such Independent CFP Transferee
had been a signatory to this Agreement, and such Independent CFP Transferee
shall be entitled to all applicable rights under this Agreement.

            SECTION 2.06 Transfers to Persons other than CFP Permitted
Transferees. In the event that Beneficial Ownership of Membership Units or
shares of Class B Common Stock is Transferred to any Person that is not a CFP
Permitted Transferee, each of the parties to this Agreement covenants and agrees
to use its reasonable best efforts to ensure that such Membership Units or
shares of Class B Common Stock cease to be Beneficially Owned by a Restricted
Person, including using its reasonable best efforts to cause (a) any such
Membership Units or shares of Class B Common Stock that may be owned of record
by Calamos Family Partners (or such other Person through which a Restricted
Person may Beneficially Own

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Membership Units or shares of Class B Common Stock) to be exchanged promptly for
shares of Class A Common Stock and (b) Calamos Family Partners (or such other
Person through which a Restricted Person may Beneficially Own Membership Units
or shares of Class B Common Stock) to distribute such shares of Class A Common
Stock to such Restricted Person. Until such time as any such Membership Units or
shares of Class B Common Stock cease to be Beneficially Owned by a Restricted
Person, the record holder of such Membership Units or shares of Class B Common
Stock that are Beneficially Owned by such Restricted Person shall not be
entitled to vote any such securities and such securities shall not be taken into
account for purposes of determining the number of votes to which such holder is
entitled pursuant to the Certificate of Incorporation or the By-Laws, as
amended, of the Company.

            SECTION 2.07 Change of Control. Notwithstanding anything in this
Agreement to the contrary, each of Calamos Family Partners, the Founders and the
Founder Trust Trustees (and any CFP Transferee) may at any time (whether acting
separately or as a group) in any transaction or series of related transactions
Transfer Beneficial Ownership of 40% or more of the aggregate Founders Equity to
any Person or group that is not Controlled by or under common Control with a CFP
Permitted Transferee so long as such Founders Equity is Transferred in the form
of shares of Class A Common Stock consistent with the terms of the LLC Agreement
and the Certificate of Incorporation, as amended, of the Company, and such
Person shall take such securities free and clear of the Transfer restrictions
set forth in this Agreement.

            SECTION 2.08 Additional Agreements. Each party hereto that Controls
any Person that is the Beneficial Owner of Founders Equity Indirectly
Beneficially Owned by another party to this Agreement covenants and agrees not
to take any action that would be reasonably likely to result in a breach of this
Article II by such other party.

            SECTION 2.09 Termination of Article. All rights and obligations of
the parties under this Article II shall terminate upon the earlier of (a) 10:00
a.m. New York time on the tenth anniversary of the IPO Closing and (b) the
termination of this Agreement in accordance with Section 4.01.

                                   ARTICLE III

                              ADDITIONAL AGREEMENTS

            SECTION 3.01 Effectiveness of Agreement. Articles II and III of this
Agreement shall become effective only upon the IPO Closing.

            SECTION 3.02 Observer Rights. The parties hereto covenant and agree
that for so long as shares of Class B Common Stock remain outstanding the
Company shall use its reasonable best efforts to ensure that each of the
Observers be provided with notice of all meetings of the board of directors of
the Company as if such Observer was a director and be permitted to attend all
meetings of the board of directors to the same extent and as if such Observer
was a Class B Director (including telephonic or similar meetings). The parties
hereto acknowledge that the Observers shall not attend any meeting of the
Company's board of directors (or portion thereof) to the extent such meeting is
restricted to the independent directors

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and that under no circumstances shall the Observers be entitled to vote at any
meeting of the Company's board of directors.

            SECTION 3.03 Reinvestment. Each of Calamos Family Partners, the
Founders and the Founder Trust Trustees covenants and agrees (a) to invest, or
use its reasonable best efforts to cause to be invested, in investment products
offered or managed by the Company, Calamos LLC or any of their subsidiaries at
least 50% of the net proceeds (after taking into account all taxes, including
distributions made by Calamos Family Partners in respect thereof, and fees or
expenses incurred by such parties and their Affiliates in connection with the
IPO) from Calamos Family Partners' sale of Membership Units to the Company in
connection with the IPO (including any Membership Units sold as a result of the
exercise by the underwriters of their overallotment option) and (b) to maintain
invested, or use its reasonable best efforts to cause to be maintained invested,
such proceeds in investment products offered or managed by the Company, Calamos
LLC or any of their subsidiaries through the second anniversary of the IPO
Closing.

            SECTION 3.04 Further Action. Each party hereto shall use its
reasonable best efforts to take, or cause to be taken, all appropriate action,
do or cause to be done all things necessary, proper or advisable under
applicable Law, and execute and deliver such documents and other papers as may
be reasonably required to carry out the provisions of this Agreement.

                                   ARTICLE IV

                        TERMINATION, AMENDMENT AND WAIVER

            SECTION 4.01 Termination. This Agreement shall terminate only on the
earlier to occur of:

            (a) the expiration of (i) all rights created hereunder and (ii) all
      statutes of limitations applicable to the enforcement of claims hereunder;

            (b) execution and delivery of a written agreement to that effect by
      (i) the Founders, Founder Trust Trustees, and Independent CFP Transferees
      (if any) that have any rights or obligations under this Agreement and (ii)
      the Company (which must be authorized by a resolution of the board of
      directors of the Company adopted by a majority of the independent
      directors); and

            (c) November 5, 2004, if the IPO Closing shall not have occurred for
      any reason on or prior to such date.

            SECTION 4.02 Effect of Termination. In the event of termination of
this Agreement as provided in Section 4.01, this Agreement shall forthwith
become void and there shall be no liability on the part of any party hereto,
except with respect to Section 5.09, which shall survive any termination of this
Agreement, and except that nothing herein shall relieve any party from liability
for any breach of this Agreement occurring prior to such termination.

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<PAGE>

                                    ARTICLE V

                                  MISCELLANEOUS

            SECTION 5.01 Severability. If any term or other provision of this
Agreement is held to be invalid, illegal or incapable of being enforced by any
rule of Law, or public policy, all other conditions and provisions of this
Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in a mutually acceptable
manner in order that the transactions contemplated hereby be consummated as
originally contemplated to the fullest extent possible.

            SECTION 5.02 Notices. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery in person, by
courier service, by fax or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses
(or at such other address for a party as shall be specification notice given in
accordance with this Section 5.02):

            (a) if to the Company:

            Calamos Asset Management, Inc
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: James S. Hamman, Jr.

            (b) if to Calamos LLC:

            Calamos Holdings LLC
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: James S. Hamman, Jr.

            (c) if to Calamos Family Partners:

            Calamos Family Partners
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: John P. Calamos

                                       10
<PAGE>

            (d) if to John P. Calamos:

            John P. Calamos
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: John P. Calamos

            (e) if to Nick P. Calamos:

            Nick P. Calamos
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: John P. Calamos

            (f) if to John P. Calamos, Jr.:

            John P. Calamos, Jr.
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: John P. Calamos

            (g) if to John P. Calamos 1985 Trust dated August 21, 1985:

            John P. Calamos 1985 Trust dated August 21, 1985
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: John P. Calamos

            (h) if to The John P. Calamos Annuity Trust dated June 21, 1998:

            The John P. Calamos Annuity Trust dated June 21, 1998
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: John P. Calamos

            (i) if to The John P. Calamos Annuity Trust II dated November 1,
            1998:

            The John P. Calamos Annuity Trust II dated November 1, 1998
            1111 E. Warrenville Road
            Naperville, Illinois
            Facsimile: (630) 245-7511
            Attention: John P. Calamos

                                       11
<PAGE>

            SECTION 5.03 Amendment; Waiver; Cumulative Remedies. This Agreement
may be amended, and any provision hereof may be waived, only by an instrument in
writing signed by the Company (which must be authorized by a resolution of the
board of directors of the Company adopted by a majority of the independent
directors); provided, however, that if any amendment, or waiver of any provision
hereof, would adversely affect the rights of any of the Founders, the Founder
Trust Trustees or any Independent CFP Transferee (collectively, the "Calamos
Family Holders"), such amendment, or waiver of any provision hereof, shall not
be effective as to any Calamos Family Holder unless consented to in writing by a
majority in interest of the Calamos Family Holders (based on such Persons'
Indirect Beneficial Ownership of Membership Units). Each of the parties hereto
shall be bound by any amendment or waiver effected in accordance with this
Section 5.03, whether or not such Person has consented to such amendment or
waiver. Upon the effectuation of each such waiver or amendment, the Company
shall promptly give written notice thereof to the parties hereto who have not
previously consented thereto in writing. Any waiver of any term or condition
shall not be construed as a waiver of any subsequent breach or a subsequent
waiver of the same term or condition, or a waiver of any other term or condition
of this Agreement. The failure of any party to assert any of its rights
hereunder shall not constitute a waiver of any of such rights. The rights and
remedies provided by this Agreement are cumulative and the use of any one right
or remedy by any party shall not preclude or waive its right to use any or all
other remedies. Said rights and remedies are given in addition to any other
rights the parties may have by Law.

            SECTION 5.04 Binding Effect. This Agreement shall be binding upon
and inure to the benefit of all of the parties and, to the extent permitted or
contemplated by this Agreement, their successors, executors, administrators,
heirs, legal representatives and assigns.

            SECTION 5.05 Counterparts. This Agreement may be executed and
delivered (including by facsimile transmission) in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which when
executed and delivered shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement. Copies of executed
counterparts transmitted by telecopy or other electronic transmission service
shall be considered original executed counterparts for purposes of this Section
5.05.

            SECTION 5.06 Entire Agreement. This Agreement and the LLC Agreement
constitute the entire agreement among the parties hereto pertaining to the
subject matter hereof and thereof and supersede all prior agreements and
undertakings pertaining thereto.

            SECTION 5.07 Governing Law: Submission to Jurisdiction: WAIVER OF
JURY TRIAL, (a) This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Illinois.

            (b) Any claim, action, suit or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this
Agreement or the transactions contemplated hereby shall be heard and determined
in any Illinois state or federal court sitting in Chicago, Illinois, Cook
County, and each of the parties hereto hereby consents to the exclusive
jurisdiction of such courts (and of the appropriate appellate courts therefrom
in any such claim, action, suit or proceeding) and irrevocably waives, to the
fullest extent permitted by law, any

                                       12
<PAGE>

objection which it may now or hereafter have to the laying of venue of any such
claim, action, suit or proceeding in any such court or that any such claim,
action, suit or proceeding which is brought in any such court has been brought
in an inconvenient forum.

            (c) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS
OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT
THEREOF.

            SECTION 5.08 Specific Performance. The parties hereto agree that
irreparable damage would occur in the event any provision of this Agreement was
not performed in accordance with the terms hereof and that the parties hereto
shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at Law or in equity.

            SECTION 5.09 Expenses. The Company shall pay all reasonable expenses
and legal fees incurred by the parties hereto in connection with the
negotiation, execution and delivery of this Agreement.

            SECTION 5.10 No Third Party Beneficiaries. This Agreement shall be
binding upon and inure solely to the benefit of the parties hereto and their
permitted assigns and successors, and nothing herein, express or implied, is
intended to or shall confer upon any other Person, any legal or equitable right,
benefit or remedy of any nature whatsoever under or by reason of this Agreement.

            SECTION 5.11 Assignment. This Agreement may not be assigned by any
party hereto, by operation of Law or otherwise, without the express written
consent of each party hereto, except in connection with any Transfer permitted
under Article II of Ownership of Founders Equity to an Independent CFP
Transferee.

            SECTION 5.12 Headings. The headings and subheadings in this
Agreement are included for convenience and identification only and are in no way
intended to describe, interpret, define or limit the scope, extent or intent of
this Agreement or any provision hereof.

                                       13
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have entered into this
Agreement or have caused this Agreement to be duly executed by their respective
authorized officers, in each case as of the date first above stated.

                                   CALAMOS ASSET MANAGEMENT, INC.

                                   By: /s/ James S. Hamman Jr.
                                      -------------------------------
                                   Name: James S. Hamman Jr.
                                   Title: Executive Vice President

                                   CALAMOS HOLDINGS LLC
                                   By Calamos Family Partners, Inc., as Manager

                                   By: /s/ John P. Calamos
                                      -------------------------------------
                                   Name : John P. Calamos
                                   Title: President

                                   CALAMOS FAMILY PARTNERS, INC.

                                   By: /s/ Nick P. Calamos
                                      --------------------------------------
                                   Name: Nick P. Calamos
                                   Title: Senior Executive Vice President

                                   /s/ John P. Calamos
                                   -----------------------------------------
                                   John P. Calamos

                                   /s/ Nick P. Calamos
                                   -----------------------------------------
                                   Nick P. Calamos

<PAGE>

                                   /s/ John P. Calamos Jr.
                                   ----------------------------------------
                                   John P. Calamos Jr.

                                   /s/ John P. Calamos
                                   ----------------------------------------
                                   John P. Calamos, as Trustee of the
                                   John P. Calamos 1985 Trust Dated August 21,
                                   1985, and not individually

                                   /s/ Nick P. Calamos
                                   ----------------------------------------
                                   Nick P. Calamos, as Trustee of The John
                                   P. Calamos Annuity Trust Dated June 21, 1998,
                                   and not individually

                                   /s/ John P. Calamos
                                   ----------------------------------------
                                   John P. Calamos, Jr., as Trustee of The
                                   John P. Calamos Annuity Trust II Dated
                                   November 1, 1998, and not individually

<PAGE>

SCHEDULE I

                                FOUNDERS EQUITY

<TABLE>
<CAPTION>
                                                                                 TOTAL MEMBERSHIP
                                                                                UNITS AND SHARES OF
                                                       SHARES OF CLASS B           CLASS B COMMON
         NAME                      MEMBERSHIP UNITS      COMMON STOCK                  STOCK
         ----                      ----------------    -----------------        -------------------
<S>                                <C>                 <C>                      <C>
John P. Calamos(1)                       48,534,080               62.935             48,534,142.935
                                   ----------------    -----------------        -------------------
Nick P. Calamos(2)                       24,929,280               32.460             24,929,312.460
                                   ----------------    -----------------        -------------------
John P. Calamos, Jr.(3)                   3,536,640                4.605              3,536,644.605
                                   ----------------    -----------------        -------------------
Total ..................                 77,000,000              100.000             77,000,100.000
                                   ================    =================        ===================
</TABLE>

-------------------
(1)   Includes 200,000 Membership Units held of record by John P. Calamos and
      40,227,840 Membership Units and 52.38 shares of Common Stock Indirectly
      Beneficially Owned by John P. Calamos as the Initial Founder Trust Trustee
      of the John P. Calamos 1985 Trust Dated August 21, 1985.

(2)   Includes 3,421,440 Membership Units and 4,455 shares of Common Stock
      Indirectly Beneficially Owned by Nick P. Calamos as the Initial Founder
      Trust Trustee of The John P. Calamos Annuity Trust Dated June 21, 1998.

(3)   Includes 3,421,440 Membership Units and 4,455 shares of Common Stock
      Indirectly Beneficially Owned by John P. Calamos, Jr. as the Initial
      Founder Trust Trustee of The John P. Calamos Annuity Trust II Dated
      November 1, 1998.<PAGE>

                                                                     EXHIBIT 4.2

                          REGISTRATION RIGHTS AGREEMENT

            REGISTRATION RIGHTS AGREEMENT, dated as of November 2, 2004 (this
"Agreement"), by and among Calamos Asset Management, Inc., a Delaware
corporation ("CAM"), Calamos Family Partners, Inc., a Delaware corporation
("CFP"), and John P. Calamos.

            WHEREAS, CFP is the beneficial owner of 100 shares of CAM's Class B
common stock, par value $0.01 per share (the "Class B Common Stock"), each of
which is exchangeable for one share of CAM's Class A common stock, par value
$0.01 per share (the "Class A Common Stock"), at the option of the holder
thereof;

            WHEREAS, CFP is the beneficial owner of 96,800,000 membership units
("Membership Units") in Calamos Holdings LLC, a Delaware limited liability
company, each of which is exchangeable for one share of CAM's Class A Common
Stock, at the option of the holder thereof; and

            WHEREAS, John P. Calamos is the beneficial owner of 200,000
membership units ("Membership Units") in Calamos Holdings LLC, a Delaware
limited liability company, each of which is exchangeable for one share of CAM's
Class A Common Stock, at the option of the holder thereof.

            NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally
bound hereby, CAM, CFP and John P. Calamos, for themselves, their successors,
and assigns, hereby agree as follows:

            1. Definitions. As used in the Agreement, the terms below shall have
the following meanings (such meanings being equally applicable to both the
singular and plural form of the terms defined):

            "Affiliate" shall mean, with respect to any specified Person, any
other Person that directly, or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with, such specified
Person.

            "Agreement" shall have the meaning set forth in the preamble of this
Agreement.

            "Blackout Period" shall have the meaning set forth in Section 4 of
this Agreement.

            "Business Day" shall mean any day that is not a Saturday, a Sunday
or a day on which commercial banks are required or permitted by law to be closed
in the City of New York in the State of New York.

            "CAM" shall have the meaning set forth in the preamble to this
Agreement.

            "CFP" shall have the meaning set forth in the preamble of this
Agreement.

<PAGE>

            "Class A Common Stock" shall have the meaning set forth in the
recitals of this Agreement.

            "Class B Common Stock" shall have the meaning set forth in the
recitals of this Agreement.

            "Commission" shall mean the Securities and Exchange Commission, or
any successor thereto.

            "Control" (including the terms "Controlled by" and "under common
Control with") means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, as trustee or executor, by
contract or otherwise, including, without limitation, the ownership, directly or
indirectly, of securities having the power to elect a majority of the board of
directors or similar body governing the affairs of such Person.

            "Demand for Registration" shall have the meaning set forth in
Section 2(d) of this Agreement.

            "Demand Registration" shall have the meaning set forth in Section
2(a) of this Agreement.

            "Demand Registration Statement" shall have the meaning set forth in
Section 2(a) of this Agreement.

            "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and all rules and regulations promulgated thereunder.

            "Holder" shall mean CFP and John P. Calamos, and any transferees of
CFP or John P. Calamos to whom Registrable Securities are permitted to be
transferred in accordance with the terms of this Agreement, and, in each case,
who continues to be entitled to the rights of a Holder hereunder.

            "IPO" shall mean the initial public offering of the Class A Common
Stock pursuant to an offering registered under the Securities Act.

            "Indemnified Party" shall have the meaning set forth in Section 8(d)
of this Agreement.

            "Indemnifying Party" shall have the meaning set forth in Section
8(d) of this Agreement.

            "Maximum Number of Securities" shall have the meaning set forth in
Section 2(b) of this Agreement.

            "Membership Unit" shall have the meaning set forth in the recitals
of this Agreement.

                                       2
<PAGE>

            "NASD" shall mean the National Association of Securities Dealers,
Inc., or any successor entity thereof.

            "Participating Demand Holders" shall have the meaning set forth in
Section 2(a) of this Agreement.

            "Participating Piggy-Back Holders" shall have the meaning set forth
in Section 3(b) of this Agreement.

            "Person" shall mean any individual, corporation, partnership, joint
venture, firm, trust, unincorporated organization, government or any agency or
political subdivision thereof or other entity.

            "Piggy-Back Registration" shall have the meaning set forth in
Section 3(a) of this Agreement.

            "Piggy-Back Registration Statement" shall have the meaning set forth
in Section 3(a) of this Agreement.

            "Registrable Securities" shall mean shares of Class A Common Stock
issuable or issued upon conversion of shares of Class B Common Stock or in
exchange for Membership Units. For purposes of this Agreement, (i) Registrable
Securities shall cease to be Registrable Securities when a Registration
Statement covering such Registrable Securities has been declared effective under
the Securities Act by the Commission and such Registrable Securities have been
disposed of pursuant to such effective Registration Statement and (ii) the
Registrable Securities of a Holder shall not be deemed to be Registrable
Securities at any time when the entire amount of such Registrable Securities
proposed to be sold by such Holder in a single sale constitute less than 1% of
the then outstanding shares of Class A Common Stock or, in the opinion of
counsel satisfactory to CAM and such Holder, each in their reasonable judgment,
may be distributed to the public pursuant to Rule 144 (or any successor
provision then in effect) under the Securities Act in any three-month period or
any such Registrable Securities have been sold in a sale made pursuant to Rule
144 of the Securities Act.

            "Registration Statement" shall mean the Demand Registration
Statement, the Piggy-Back Registration Statement and/or the Shelf Registration
Statement, as the case may be.

            "Securities Act" shall mean the Securities Act of 1933, as amended,
and all rules and regulations promulgated thereunder.

            "Shelf Registration" shall have the meaning set forth in Section
2(c) of this Agreement.

            "Shelf Registration Statement" shall have the meaning set forth in
Section 2(c) of this Agreement.

            2. Demand Registration.

                                       3
<PAGE>

            (a)   At any time commencing at least 365 days after the effective
date of any registration statement covering the IPO, after receipt of a written
request from a Holder requesting that CAM effect a registration (a "Demand
Registration") under the Securities Act covering all or part of the Registrable
Securities held by such Holder which specifies the intended method or methods of
disposition thereof, CAM shall promptly notify all Holders in writing of the
receipt of such request and each such Holder, in lieu of exercising its rights
under Section 3 hereof may elect (by written notice sent to the CAM within 10
Business Days from the date of such Holder's receipt of the aforementioned
notice from CAM) to have all or part of such Holder's Registrable Securities
included in such registration thereof pursuant to this Section 2, and such
Holder shall specify in such notice the number of Registrable Securities that
such Holder elects to include in such registration. Thereupon CAM shall, as
expeditiously as is possible, but in any event no later than 30 days (excluding
any days which occur during a permitted Blackout Period under Section 4 below)
after receipt of a written request for a Demand Registration, file with the
Commission and use its commercially reasonable efforts to cause to be declared
effective, a registration statement (a "Demand Registration Statement") relating
to all shares of Registrable Securities which CAM has been so requested to
register by such Holders ("Participating Demand Holders") for sale, to the
extent required to permit the disposition (in accordance with the intended
method or methods thereof, as aforesaid) of the Registrable Securities so
registered, provided, however, that CAM shall not be required to file a Demand
Registration Statement and otherwise comply with the provisions of this Section
2 unless the aggregate number of the Registrable Securities requested to be
registered (i) constitute at least 5% of the Registrable Securities issued and
outstanding as of the date of this Agreement or (ii) have an aggregate minimum
market value of at least US$85,000,000 based on the closing trading price of the
Class A Common Stock on the date the demand to file such Demand Registration
Statement is made.

            (b)   If the majority of the Participating Demand Holders in a
Demand Registration relating to a public offering so request that the offering
be underwritten with a managing underwriter selected in the manner set forth in
Section 12 below and such managing underwriter of such Demand Registration
advises CAM in writing that, in its opinion, the number of securities to be
included in such offering is greater than the total number of securities which
can be sold therein without having a material adverse effect on the distribution
of such securities or otherwise having a material adverse effect on the
marketability thereof (the "Maximum Number of Securities"), then CAM shall
include in such Demand Registration the Registrable Securities that the
Participating Demand Holders have requested to be registered thereunder only to
the extent the number of such Registrable Securities does not exceed the Maximum
Number of Securities. If such amount exceeds the Maximum Number of Securities,
the number of Registrable Securities included in such Demand Registration shall
be allocated among all the Participating Demand Holders on a pro rata basis
(based on the number of Registrable Securities held by each Participating Demand
Holder). If the amount of such Registrable Securities does not exceed the
Maximum Number of Securities, CAM may include in such Registration any other
securities of CAM and other securities held by other security holders of CAM, as
CAM may in its discretion determine or be obligated to allow, in an amount which
together with the Registrable Securities included in such Demand Registration
shall not exceed the Maximum Number of Securities.

                                       4
<PAGE>

            (c)   Any Demand Registration Statement may be required by
Participating Demand Holders constituting a majority of the Registrable
Securities to be in an appropriate form under the Securities Act (a "Shelf
Registration Statement") relating to any or all of the Registrable Securities in
accordance with the methods and distribution set forth in the Shelf Registration
Statement and Rule 415 under the Securities Act (the "Shelf Registration"). Any
such demand to file a Shelf Registration Statement shall require the use of two
Demand for Registration requests.

            (d)   Holders shall be entitled to an aggregate of 15 registrations
of Registrable Securities pursuant to this Section 2 (each, a "Demand for
Registration"); provided, that a registration requested pursuant to this Section
2 shall not be deemed to have been effected for purposes of this Section 2(d)
unless (i) a Registration Statement relating thereto has been declared effective
by the Commission, (ii) it has remained effective for the period set forth in
Section 5(a), (iii) CAM shall have complied with the provisions of Sections
2(a), 2(b) and 2(c), without giving effect to the proviso in Section 2(a) and
(iv) the offering of Registrable Securities pursuant to such Registration
Statement is not subject to any stop order, injunction or other order or
requirement of the Commission (other than any such stop order, injunction, or
other requirement of the Commission prompted by act or omission of Holders of
Registrable Securities).

            (e)   Notwithstanding anything to the contrary contained herein, CAM
shall not be required to prepare and file more than two Demand Registration
Statements in any twelve-month period.

            3. Piggy-Back Registration.

            (a)   If, at any time after the IPO, CAM proposes to file on its
behalf and/or on behalf of any holder of its securities (other than a holder of
Registrable Securities) a registration statement under the Securities Act on any
form (other than a registration statement on Form S-4 or S-8 or any successor
form for securities to be offered in a transaction of the type referred to in
Rule 145 under the Securities Act or to employees of CAM pursuant to any
employee benefit plan, respectively) for the registration of any of its equity
interests (a "Piggy-Back Registration"), it will give written notice to all
Holders at least 20 days before the initial filing with the Commission of such
piggy-back registration statement (a "Piggy-Back Registration Statement"), which
notice shall set forth the intended method of disposition of the securities
proposed to be registered by CAM. The notice shall offer to include in such
filing the aggregate number of shares of Registrable Securities as such Holders
may request, subject to the limits set forth in Section 3(c) below.

            (b)   Each Holder desiring to have Registrable Securities registered
under this Section 3 ("Participating Piggy-Back Holders") shall advise CAM in
writing within 10 days after the date of receipt of such offer from CAM, setting
forth the amount of such Registrable Securities for which registration is
requested. CAM shall thereupon include in such filing the number or amount of
Registrable Securities for which registration is so requested, subject to
paragraph (c) below, and shall use its commercially reasonable efforts to effect
registration of such Registrable Securities under the Securities Act.

                                       5
<PAGE>

            (c)   If the Piggy-Back Registration relates to an underwritten
public offering and the managing underwriter of such proposed public offering
advises in writing that, in its opinion, the amount of Registrable Securities
requested to be included in the Piggy-Back Registration in addition to the
securities being registered by CAM would be greater than the Maximum Number of
Securities (having the same meaning as defined in Section 2 but replacing the
term "Demand Registration" with "Piggy-Back Registration"), then:

            (i)   in the event CAM initiated the Piggy-Back Registration, CAM
      shall include in such Piggy-Back Registration (A) the securities CAM
      proposes to register and (B) the securities of all other selling security
      holders, including the Participating Piggy-Back Holders, to be included in
      such Piggy-Back Registration in an amount which together with the
      securities CAM proposes to register, shall not exceed the Maximum Number
      of Securities, such amount to be allocated among such selling security
      holders on a pro rata basis (based on the number of securities of CAM held
      by each such selling security holder);

            (ii)  in the event any holder of Securities of CAM initiated the
      Piggy-Back Registration, CAM shall include in such Piggy-Back Registration
      (A) the securities such initiating security holder proposes to register,
      (B) the securities of any other selling security holders (including
      Participating Piggy-Back Holders), in an amount which together with the
      securities the initiating security holder proposes to register, shall not
      exceed the Maximum Number of Securities, such amount to be allocated among
      such other selling security holders on a pro rata basis (based on the
      number of securities of CAM held by each such selling security holder) and
      (C) any securities CAM proposes to register, in an amount which together
      with the securities the initiating security holder and the other selling
      security holders propose to register, shall not exceed the Maximum Number
      of Securities;

            4. Blackout Periods. CAM shall have the right to delay the filing or
effectiveness of a Registration Statement required pursuant to Sections 2 or 3
hereof during no more than two (2) periods aggregating to not more than 90 days
in any twelve-month period (a "Blackout Period") in the event that (i) CAM
would, in accordance with the advice of its counsel, be required to disclose in
the prospectus information not otherwise then required by law to be publicly
disclosed and (ii) in the judgment of CAM's Board of Directors, there is a
reasonable likelihood that such disclosure, or any other action to be taken in
connection with the prospectus, would materially and adversely affect or
interfere with any financing, acquisition, merger, disposition of assets (not in
the ordinary course of business), corporate reorganization or other similar
transaction in which CAM is engaged or in respect of which CAM proposes to
engage in discussions or negotiations with respect to, or has proposed or taken
a substantial step to commence, or there is an event or state of facts relating
to CAM which is material to CAM the disclosure of which would, in the reasonable
judgment of CAM be adverse to its interests; provided, however, that CAM shall
delay during such Blackout Period the filing or effectiveness of any
Registration Statement required pursuant to the registration rights of the
holders of any securities of CAM. CAM shall promptly give the Holders written
notice of such determination containing a general statement of the reasons for
such postponement and an approximation of the anticipated delay.

                                       6
<PAGE>

            5. Registration Procedures. If CAM is required by the provisions of
Section 2 or 3 to use its commercially reasonable efforts to effect the
registration of any of its securities under the Securities Act, CAM will, as
expeditiously as possible:

            (a)   prepare and file with the Commission a Registration Statement
      with respect to such securities and use its commercially reasonable
      efforts to cause such Registration Statement promptly to become and remain
      effective for a period of time required for the disposition of such
      Securities by the holders thereof but not to exceed 30 days (except with
      respect to a Shelf Registration Statement which shall remain effective for
      a period not to exceed 180 days); provided, however, that before filing
      such Registration Statement or any amendments thereto (for purposes of
      this subsection, amendments shall not be deemed to include any filing that
      CAM is required to make pursuant to the Exchange Act), CAM shall furnish
      the representatives of the Holders referred to in Section 5(m) copies of
      all documents proposed to be filed, which documents will be subject to the
      review of such counsel. CAM shall not be deemed to have used its
      commercially reasonable efforts to keep a Registration Statement effective
      during the applicable period if it voluntarily takes any action that would
      result in the Holders of such Registrable Securities not being able to
      sell such Registrable Securities during that period, unless such action is
      required under applicable law;

            (b)   prepare and file with the Commission such amendments and
      supplements to such Registration Statement and the prospectus used in
      connection therewith as may be necessary to keep such Registration
      Statement effective and to comply with the provisions of the Securities
      Act with respect to the sale or other disposition of all securities
      covered by such Registration Statement until the earlier of such time as
      all of such securities have been disposed of in a public offering or the
      expiration of 30 days (except with respect to the Shelf Registration
      Statement, for which such period shall be 90 days);

            (c)   furnish to such selling security holders such number of
      conformed copies of the applicable Registration Statement and each such
      amendment and supplement thereto (including in each case all exhibits),
      and of a summary prospectus or other prospectus, including a preliminary
      prospectus, in conformity with the requirements of the Securities Act, and
      such other documents, as such selling security holders may reasonably
      request;

            (d)   use its commercially reasonable efforts to register or qualify
      the securities covered by such Registration Statement under such other
      securities or blue sky laws of such jurisdictions within the United States
      and Puerto Rico as each Holder of such securities shall reasonably
      request, to keep such registration or qualification in effect for so long
      as such Registration Statement remains in effect, and to take any other
      action which may be reasonably necessary to enable such seller to
      consummate the disposition in such jurisdictions of the securities owned
      by such Holder (provided, however, that CAM shall not be required in
      connection therewith or as a condition thereto to qualify to do business,
      subject itself to taxation in or to file a general consent to service of
      process in any jurisdiction wherein it would not but for the requirements
      of this paragraph (d) be obligated to do so; and provided, further, that
      CAM shall not be required to qualify such

                                       7
<PAGE>

      Registrable Securities in any jurisdiction in which the securities
      regulatory authority requires that any Holder submit any shares of its
      Registrable Securities to the terms, provisions and restrictions of any
      escrow, lockup or similar agreement(s) for consent to sell Registrable
      Securities in such jurisdiction unless such Holder agrees to do so), and
      do such other reasonable acts and things as may be required of it to
      enable such Holder to consummate the disposition in such jurisdiction of
      the securities covered by such Registration Statement;

            (e)   furnish, at the request of any Holder requesting registration
      of Registrable Securities pursuant to Section 2 or 3, if the method of
      distribution is by means of an underwriting, on the date that the shares
      of Registrable Securities are delivered to the underwriters for sale
      pursuant to such registration, or if such Registrable Securities are not
      being sold through underwriters, on the date that the registration
      statement with respect to such shares of Registrable Securities becomes
      effective, (i) a signed opinion, dated such date, of the independent legal
      counsel representing CAM for the purpose of such registration, addressed
      to the underwriters, if any, and if such Registrable Securities are not
      being sold through underwriters, then to the Holders making such request,
      as to such matters as such underwriters or the Holders holding a majority
      of the Registrable Securities included in such registration, as the case
      may be, may reasonably request and as would be customary in such a
      transaction; and (ii) letters dated such date and the date the offering is
      priced from the independent certified public accountants of CAM, addressed
      to the underwriters, if any, and if such Registrable Securities are not
      being sold through underwriters, then to the Holders making such request
      and, if such accountants refuse to deliver such letters to such Holders,
      then to CAM (A) stating that they are independent certified public
      accountants within the meaning of the 1933 Act and that, in the opinion of
      such accountants, the financial statements and other financial data of CAM
      included in the Registration Statement or the prospectus, or any amendment
      or supplement thereto, comply as to form in all material respects with the
      applicable accounting requirements of the 1933 Act and (B) covering such
      other financial matters (including information as to the period ending not
      more than five Business Days prior to the date of such letters) with
      respect to the registration in respect of which such letter is being given
      as such underwriters or the Holders holding a majority of the Registrable
      Securities included in such registration, as the case may be, may
      reasonably request and as would be customary in such a transaction;

            (f)   enter into customary agreements (including if the method of
      distribution is by means of an underwriting, an underwriting agreement in
      customary form) and take such other actions as are reasonably required in
      order to expedite or facilitate the disposition of such Registrable
      Securities;

            (g)   otherwise use its commercially reasonable efforts to comply
      with all applicable rules and regulations of the Commission, and make
      earnings statements satisfying the provisions of Section 11(a) of the
      Securities Act generally available to the Holders no later than 45 days
      after the end of any twelve-month period (or 90 days, if such period is a
      fiscal year) (i) commencing at the end of any fiscal quarter in which
      Registrable Securities are sold to underwriters in an underwritten public
      offering, or (ii) if not sold to underwriters in such an offering,
      beginning with the first month of CAM's

                                       8
<PAGE>

      first fiscal quarter commencing after the effective date of the
      Registration Statement, which statements shall cover said twelve-month
      periods;

            (h)   use its commercially reasonable efforts to cause all such
      Registrable Securities to be listed on each securities exchange or
      quotation system on which similar securities issued by CAM are listed or
      traded;

            (i)   give written notice to the Holders:

                  (i)   when such Registration Statement or any amendment
            thereto has been filed with the Commission and when such
            Registration Statement or any post-effective amendment thereto has
            become effective;

                  (ii)  of any request by the Commission for amendments or
            supplements to such Registration Statement or the prospectus
            included therein or for additional information;

                  (iii) of the issuance by the Commission of any stop order
            suspending the effectiveness of such Registration Statement or the
            initiation of any proceedings for that purpose;

                  (iv)  of the receipt by CAM or its legal counsel of any
            notification with respect to the suspension of the qualification of
            any security of CAM for sale in any jurisdiction or the initiation
            or threatening of any proceeding for such purpose; and

                  (v)   of the happening of any event that requires CAM to make
            changes in such Registration Statement or the prospectus in order to
            make the statements therein not misleading (which notice shall be
            accompanied by an instruction to suspend the use of the prospectus
            until the requisite changes have been made);

            (j)   use its commercially reasonable efforts to prevent the
      issuance or obtain the withdrawal of any order suspending the
      effectiveness of such Registration Statement at the earliest possible
      time;

            (k)   furnish to each Holder, without charge, at least one copy of
      such Registration Statement and any post-effective amendment thereto,
      including financial statements and schedules, and, if the Holder so
      requests in writing, all exhibits (including those, if any, incorporated
      by reference);

            (l)   upon the occurrence of any event contemplated by Section
      5(i)(v) above, promptly prepare a post-effective amendment to such
      Registration Statement or a supplement to the related prospectus or file
      any other required document so that, as thereafter delivered to the
      Holders, the prospectus will not contain an untrue statement of a material
      fact or omit to state any material fact necessary to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading. If CAM notifies the Holders in accordance with Section 5(i)(v)
      above to suspend the use of the prospectus until the requisite changes to
      the prospectus have been made, then the Holders

                                       9
<PAGE>

      shall suspend use of such prospectus and use their reasonable efforts to
      return to CAM all copies of such prospectus (at CAM's expense) other than
      permanent file copies then in such Holder's possession, and the period of
      effectiveness of such Registration Statement provided for above shall be
      extended by the number of days from and including the date of the giving
      of such notice to the date Holders shall have received such amended or
      supplemented prospectus pursuant to this Section 5(l);

            (m)   make reasonably available for inspection by the
      representatives of the Holders, any underwriter participating in any
      disposition pursuant to such Registration Statement and any attorney,
      accountant or other agent retained by such representative or any such
      underwriter all relevant financial and other records, pertinent corporate
      documents and properties of CAM and cause CAM's officers, directors and
      employees to supply all relevant information reasonably requested by such
      representative or any such underwriter, attorney, accountant or agent in
      connection with the registration; and

            (n)   use reasonable efforts to procure the cooperation of CAM's
      transfer agent in settling any offering or sale of Registrable Securities,
      including with respect to the transfer of physical stock certificates into
      book-entry form in accordance with any procedures reasonably requested by
      the Holders or the underwriters.

            It shall be a condition precedent to the obligation of CAM to take
any action pursuant to this Agreement in respect of the Securities which are to
be registered at the request of any Holder that such Holder shall furnish to CAM
such information regarding the Securities held by such Holder and the intended
method of disposition thereof as CAM shall reasonably request and as shall be
required in connection with the action taken by CAM.

            6. Expenses. All expenses incurred in connection with each
registration pursuant to Sections 2 and 3 of this Agreement, excluding
underwriters' discounts and commissions, but including without limitation all
registration, filing and qualification fees, word processing, duplicating,
printers' and accounting fees (including the expenses of any special audits or
"comfort" letters required by or incident to such performance and compliance),
fees of the NASD or listing fees, messenger and delivery expenses, all fees and
expenses of complying with state securities or blue sky laws, fees and
disbursements of counsel for CAM, fees and expenses of CAM and the underwriters
relating to "road show" investor presentations, including the cost of any
aircraft chartered for such purpose, and the fees and disbursements of one
counsel for the selling Holders (which counsel shall be selected by the Holders
holding a majority in interest of the Registrable Securities being registered),
shall be paid by CAM, except that:

            (a)   all such expenses in connection with any amendment or
      supplement to a Registration Statement or prospectus filed more than 30
      (or in the case of a Shelf Registration Statement, 90 days) days after the
      effective date of such Registration Statement because any Holder has not
      effected the disposition of the Securities requested to be registered
      shall be paid by such Holder;

            (b)   The Holders shall bear and pay the (i) underwriting
      commissions and discounts applicable to securities offered for their
      account in connection with any

                                       10
<PAGE>

      registrations, filings and qualifications made pursuant to this Agreement
      and (ii) any fees and expenses incurred in respect of counsel or other
      advisors to the Holders.

            7. Rule 144 and Rule 144A Information. (a) With a view to making
available the benefits of certain rules and regulations of the Commission which
may at any time permit the sale of the Registrable Securities to the public
without registration, at all times after 90 days after any Registration
Statement covering securities of CAM shall have become effective, CAM agrees to:

            (i)   make and keep public information available, as those terms are
      understood and defined in Rule 144 under the Securities Act;

            (ii)  use its commercially reasonable efforts to file with the
      Commission in a timely manner all reports and other documents required of
      CAM under the Securities Act and the Exchange Act; and

            (iii) furnish to each Holder of Registrable Securities forthwith
      upon request a written statement by CAM as to its compliance with the
      reporting requirements of such Rule 144 and of the Securities Act and the
      Exchange Act, a copy of the most recent annual or quarterly report of CAM,
      and such other reports and documents so filed by CAM as such Holder may
      reasonably request in availing itself of any rule or regulation of the
      Commission allowing such Holder to sell any Registrable Securities without
      registration.

            (b)   At all times during which CAM is neither subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act, nor exempt
from reporting pursuant to Rule 12g3-2(b) under the Exchange Act, it will
provide, upon the written request of any holder of Registrable Securities in
written form (as promptly as practicable and in any event within 15 Business
Days), to any prospective buyer of such stock designated by such holder, all
information required by Rule 144A(d)(4)(i) of the General Regulations
promulgated by the Commission under the Securities Act.

            8. Indemnification and Contribution.

            (a)   CAM shall indemnify and hold harmless each Holder, such
Holder's directors and officers, if any, each person who participates in the
offering of such Registrable Securities, including underwriters (as defined in
the Securities Act), and each person, if any, who controls such Holder or
participating person within the meaning of the Securities Act, against any
losses, claims, damages or liabilities, joint or several, to which they may
become subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or proceedings in respect thereof) arise out of
or are based on any untrue or alleged untrue statement of any material fact
contained in such Registration Statement on the effective date thereof
(including any prospectus filed under Rule 424 under the Securities Act or any
amendments or supplements thereto) or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
shall reimburse each such Holder, such Holder's directors and officers, such
participating person or controlling person for any legal or other expenses

                                       11
<PAGE>

reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section 8 shall not apply to amounts paid
in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of CAM (which consent shall not be
unreasonably withheld); provided, further, that CAM shall not be liable to any
Holder, such Holder's directors and officers, participating person or
controlling person in any such case for any such loss, claim, damage, liability
or action to the extent that it arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
connection with such Registration Statement, preliminary prospectus, final
prospectus or amendments or supplements thereto, in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by any such Holder, such Holder's directors and officers,
participating person or controlling person; provided, further, that CAM shall
not be liable to any of John P. Calamos, Nick P. Calamos or John P. Calamos,
Jr., or any Person controlled by any such individual (or such Person's directors
and officers, participating person or controlling person), hereunder in their
capacity as a Holder so long as such individual is a director or executive
officer of CAM. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of any such Holder, such Holder's
directors and officers, participating person or controlling person, and shall
survive the transfer of such securities by such Holder.

            (b)   Each Holder requesting or joining in a registration severally
and not jointly shall indemnify and hold harmless CAM, each of its directors and
officers, each person, if any, who controls CAM within the meaning of the
Securities Act, and each agent and any underwriter for CAM (within the meaning
of the Securities Act) against any losses, claims, damages or liabilities, joint
or several, to which CAM or any such director, officer, controlling person,
agent or underwriter may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or proceedings in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in such registration statement
on the effective date thereof (including any prospectus filed under Rule 424
under the Securities Act or any amendments or supplements thereto) or arise out
of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case to the extent, but only to the extent, that
such untrue statement or alleged untrue statement or omission or alleged
omission was made in such registration statement, preliminary or final
prospectus, or amendments or supplements thereto, in reliance upon and in
conformity with written information furnished by or on behalf of such Holder
expressly for use in connection with such registration; and each such Holder
shall reimburse any legal or other expenses reasonably incurred by CAM or any
such director, officer, controlling person, agent or underwriter in connection
with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the indemnity agreement contained in this
Section 8(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the
consent of such Holder (which consent shall not be unreasonably withheld), and
provided, further, that the liability of each Holder hereunder shall be limited
to the proportion of any such loss, claim, damage, liability or expense which is
equal to the proportion that the net proceeds from the sale of the shares sold
by such Holder under such registration statement bears to the total net proceeds
from the sale of all securities sold thereunder, but not in any event to

                                       12
<PAGE>

exceed the net proceeds received by such Holder from the sale of Registrable
Securities covered by such registration statement.

            (c)   If the indemnification provided for in this Section 8 from the
indemnifying party is unavailable to an indemnified party hereunder in respect
of any losses, claims, damages, liabilities or expenses referred to therein,
then the indemnifying party, in lieu of indemnifying such indemnified party,
shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and indemnified parties in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party
and indemnified parties shall be determined by reference to, among other things,
whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such indemnifying party or
indemnified parties, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid
or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such party in connection with any
investigation or proceeding. If the allocation provided in this paragraph (c) is
not permitted by applicable law, the parties shall contribute based upon the
relevant benefits received by CAM from the initial offering of the Securities on
the one hand and the net proceeds received by the Holders from the sale of
Securities on the other.

            The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 8(c) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
No Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

            (d)   Any Person entitled to indemnification hereunder (the
"Indemnified Party") agrees to give prompt written notice to the indemnifying
party (the "Indemnifying Party") after the receipt by the Indemnified Party of
any written notice of the commencement of any action, suit, proceeding or
investigation or threat thereof made in writing for which the Indemnified Party
intends to claim indemnification or contribution pursuant to this Agreement;
provided, that the failure so to notify the Indemnified Party shall not relieve
the Indemnifying Party of any liability that it may have to the Indemnifying
Party hereunder unless such failure is materially prejudicial to the
Indemnifying Party. If notice of commencement of any such action is given to the
Indemnifying Party as above provided, the Indemnifying Party shall be entitled
to participate in and, to the extent it may wish, to assume the defense of such
action at its own expense, with counsel chosen by it and reasonably satisfactory
to such Indemnified Party. The Indemnified Party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be paid by the Indemnified Party
unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying
Party fails to assume the defense of such action, or (iii) the named parties to
any such action (including any impleaded parties) have been advised by such
counsel that either

                                       13
<PAGE>

(A) representation of such Indemnified Party and the Indemnifying Party by the
same counsel would be inappropriate under applicable standards of professional
conduct or (B) there are one or more legal defenses available to it which are
substantially different from or additional to those available to the
Indemnifying Party. No Indemnifying Party shall be liable for any settlement
entered into without its written consent, which consent shall not be
unreasonably withheld.

            (e)   The agreements contained in this Section 8 shall survive the
transfer of the Registered Securities by any Holder and sale of all the
Registrable Securities pursuant to any registration statement and shall remain
in full force and effect, regardless of any investigation made by or on behalf
of any Holder or such director, officer or participating or controlling Person.

            9. Certain Additional Limitations on Registration Rights.
Notwithstanding the other provisions of this Agreement, CAM shall not be
obligated to register the Registrable Securities of any Holder (i) if such
Holder or any underwriter of such Registrable Securities shall fail to furnish
to CAM necessary information in respect of the distribution of such Registrable
Securities, or (ii) if such registration involves an underwritten offering, such
Registrable Securities are not included in such underwritten offering on the
same terms and conditions as shall be applicable to the other Securities being
sold through underwriters in the registration or such Holder fails to enter into
an underwriting agreement in customary form with the underwriter or underwriters
selected for such underwritten offering. In addition, each Holder agrees not to
effect any public sale or distribution of any Registrable Securities or of any
securities convertible into or exchangeable or exercisable for such Registrable
Securities, including a sale pursuant to Rule 144 under the Securities Act and
to enter into a customary lock-up agreement with the managing underwriter for an
offering, during the 90-day period beginning on the effective date of any Demand
Registration Statement (initiated by such Holder) or Piggy-Back Registration
Statement or other underwritten offering (initiated by CAM) (except as part of
such registration), and CAM agrees to use its commercially reasonable efforts to
cause its executive officers to enter into a lock-up agreement of the same term,
in each case if and to the extent requested by the managing underwriter for such
offering and if CAM and its directors, executive officers and other significant
stockholders enter into similar agreements.

            10. Limitations on Registration of Other Securities; Representation.
From and after the date of this Agreement, CAM shall not, without the prior
written consent of a majority in interest of the Holders, enter into any
agreement with any holder or prospective holder of any securities of CAM giving
such holder or prospective holder any registration rights the terms of which are
as or more favorable taken as a whole than the registration rights granted to
the Holders hereunder unless CAM shall also give such rights to the Holders
hereunder.

            11. No Inconsistent Agreements. CAM will not hereafter enter into
any agreement with respect to its securities, which is inconsistent in any
material respects with the rights granted to the Holders in this Agreement.

            12. Selection of Managing Underwriters. In the event the
Participating Demand Holders have requested an underwritten offering, the
underwriter or underwriters shall be selected by CAM and shall be approved by
the Holders of a majority of the shares being so registered, which approval
shall not be unreasonably withheld or delayed, provided, (i) that all of

                                       14
<PAGE>

the representations and warranties by, and the other agreements on the part of,
CAM to and for the benefit of such underwriters shall also be made to and for
the benefit of such Holders of Registrable Securities, (ii) that any or all of
the conditions precedent to the obligations of such underwriters under such
underwriting agreement shall be conditions precedent to the obligations of such
Holders of Registrable Securities, and (iii) that no Holder shall be required to
make any representations or warranties to or agreements with CAM or the
underwriters other than representations, warranties or agreements regarding such
Holder, the Registrable Securities of such Holder and such Holder's intended
method of distribution and any other representations required by law. Subject to
the foregoing, all Holders proposing to distribute Registrable Securities
through such underwritten offering shall enter into an underwriting agreement in
customary form with the underwriter or underwriters. Subject to the provisions
of Section 7(b), if any Holder of Registrable Securities disapproves of the
terms of the underwriting, such Holder may elect to withdraw all its Registrable
Securities by written notice to CAM, the managing underwriter and the other
Holders participating in such registration. The securities so withdrawn shall
also be withdrawn from registration.

            13. Term of Registration Rights. The rights of Holders with respect
to the registration rights granted pursuant to this Agreement shall remain in
effect, subject to the terms hereof, so long as there are Registrable Securities
or securities which are convertible or exchangeable for Registrable Securities
issued and outstanding.

            14. Miscellaneous.

            (a)   Specific Performance. The parties hereto agree that
irreparable damage would occur in the event any provision of the Agreement was
not performed in accordance with the terms hereof and that the parties hereto
shall be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or in equity.

            (b)   Amendments and Waivers. (i) Any provision of this Agreement
may be amended or waived if, and only if, such amendment or waiver is in writing
and signed, in the case of an amendment, by CAM and a majority in interest of
the Holders or, in the case of a waiver, by the party or parties against whom
the waiver is to be effective; provided, however, that waiver by the Holders
shall require the consent of a majority in interest of the Holders.

            (ii)  No failure or delay by any party in exercising any right,
power or privilege hereunder (other than a failure or delay beyond a period of
time specified herein) shall operate as a waiver thereof and no single or
partial exercise thereof shall preclude any other or further exercise thereof or
the exercise of any other right, power or privilege.

            (c)   Notice Generally. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be given (and shall
be deemed to have been duly given upon receipt) by delivery in person, by
courier service, by fax or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses
(or at such other address for a party as shall be specified by notice given in
accordance with this Section 14(c):

                                       15
<PAGE>

            (i)   If to any Holder, at its last known address appearing on the
      books of CAM maintained for such purpose.

            (ii)  If to CAM, to

                  Calamos Asset Management, Inc.
                  1111 E. Warrenville Road
                  Naperville, Illinois 60563
                  Attention: James S. Hamman, Jr.
                  Facsimile: (630) 245-7511

or at such other address as may be substituted by notice given as herein
provided.

            (d)   Successors and Assigns; Third Party Beneficiaries. This
Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of the parties hereto as hereinafter provided. The
registration rights of any Holder with respect to any Registrable Securities
shall be transferred to any Person who is the transferee of such Registrable
Securities. All of the obligations of CAM hereunder shall survive any such
transfer. Except as provided in Section 8, no Person other than the parties
hereto and their successors and permitted assigns is intended to be a
beneficiary of this Agreement.

            (e)   Headings. The headings and subheadings in this Agreement are
included for convenience and identification only and are in no way intended to
describe, interpret, define or limit the scope, extent or intent of this
Agreement or any provision hereof.

            (f)   Governing Law; Submission to Jurisdiction; WAIVER OF JURY
TRIAL.

            (i)   This Agreement shall be governed by, and construed in
      accordance with, the laws of the State of Illinois.

            (ii)  Any claim, action, suit or proceeding seeking to enforce any
      provision of, or based on any matter arising out of or in connection with,
      this Agreement or the transactions contemplated hereby may be heard and
      determined in any Illinois state or federal court sitting in Chicago,
      Illinois, Cook County, and each of the parties hereto hereby consents to
      the exclusive jurisdiction of such courts (and of the appropriate
      appellate courts therefrom in any such claim, action, suit or proceeding)
      and irrevocably waives, to the fullest extent permitted by law, any
      objection that it may now or hereafter have to the laying of venue of any
      such claim, action, suit or proceeding in any such court or that any such
      claim, action, suit or proceeding that is brought in any such court has
      been brought in an inconvenient forum.

            (iii) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
      BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN
      CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT
      OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION,
      PERFORMANCE AND ENFORCEMENT THEREOF.

                                       16
<PAGE>

            (g)   Severability. If any term or other provision of this Agreement
is held to be invalid, illegal or incapable of being enforced by any rule of
Law, or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions is not affected in any manner materially
adverse to any party. Upon a determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

            (h)   Entire Agreement. This Agreement constitutes the entire
agreement among the parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements and understandings pertaining thereto.

            (i)   Cumulative Remedies. The rights and remedies provided by this
Agreement are cumulative and the use of any one right or remedy by any party
shall not preclude or waive its right to use any or all other remedies. Said
rights and remedies are given in addition to any other rights the parties may
have by law, statute, ordinance or otherwise.

            (j)   Construction. Each party hereto acknowledges and agrees it has
had the opportunity to draft, review and edit the language of this Agreement and
that no presumption for or against any party arising out of drafting all or any
part of this Agreement will be applied in any Dispute relating to, in connection
with or involving this Agreement. Accordingly, the parties hereto hereby waive
the benefit of any rule of Law or any legal decision that would require, in
cases of uncertainty, that the language of a contract should be interpreted most
strongly against the party who drafted such language.

                                       17
<PAGE>

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

                                     CALAMOS ASSET MANAGEMENT, INC.

                                     By: /s/ James S. Hamman
                                         ------------------------------------
                                         Name: James S. Hamman, Jr.
                                         Title: Executive Vice President

                                     CALAMOS FAMILY PARTNERS, INC.

                                     By: /s/ Nick P. Calamos
                                         ------------------------------------
                                         Name: Nick P. Calamos
                                         Title: Senior Executive Vice President

                                     By: /s/ John P. Calamos
                                         ------------------------------------
                                         Name: John P. Calamos
                                         Title: President

                                       18

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