Document:

First Letter Amendment to Lease dated May 10, 2004

 Exhibit 10.8.1 
 FIRST AMENDMENT TO LEASE 
 THIS FIRST AMENDMENT TO LEASE (this “Amendment”) is dated for
reference purposes only as of May 10, 2004 and is entered into between TRANSAMERICA PYRAMID PROPERTIES, LLC, an Iowa limited liability company (“Landlord”), and JOLSON MERCHANT PARTNERS GROUP LLC, a Delaware limited liability company
(“Tenant”). 
 Recitals 
 A. Landlord and Tenant entered into an Office Lease dated for reference purposes only as of
December 18, 2003, as amended by a letter agreement between Landlord and Tenant dated January 14, 2004 (collectively, the “Existing Lease”), with respect to premises located on the 10th and 11th floors of the
office building located at 600 Montgomery Street, San Francisco, California, as more particularly described therein (the “Existing Premises”). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Existing
Lease. As used herein, the term “Lease” shall mean the Existing Lease as amended hereby. 
 B. Landlord and Tenant wish to amend
the Existing Lease to expand the premises thereunder and to amend certain other terms thereof, all as set forth in this Amendment. 
 NOW,
THEREFORE, in consideration of the covenants set forth herein, Landlord and Tenant hereby agree as follows: 
 1. Expansion. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, those certain premises located on the 11th floor of the Building designated by cross-hatching on the floor plan attached hereto as Exhibit A (exclusive of the areas, if any, shown by shading)
(the “Additional Premises”) during the entire term of the Lease (including the 1st Phase and the
2nd Phase). Landlord and Tenant agree that the Additional Premises contain 4,260 rentable square feet. From and
after the date hereof, (a) the term “Premises” as used in the Lease shall mean the Existing Premises together with the Additional Premises; (b) the Rentable Area of the Premises during the 1st Phase shall be 15,234 rentable square feet and the Rentable Area of the Premises during the 2nd Phase shall be 37,647 rentable square feet, and Paragraph E of the Summary of Lease Terms of the Lease shall be amended accordingly; and
(c) Tenant’s Percentage Share during the 1st Phase shall be 3.05% and Tenant’s Percentage Share
during the 2nd Phase shall be 7.54%. 
 2. Base Rent. Paragraph K of the Summary of Lease Terms of the Lease is hereby replaced with the following Paragraph K: 
  

					
	 K.
	  	Base Rent	  	Monthly:
		  	[Paragraphs 3(a) and 27]	  	

  

				
	 Period
	  	Monthly Base Rent
	 Commencement Date - December 31, 2008
	  	$	40,624.00
	 January 1, 2009 - December 31, 2011
	  	$	112,941.00

					
		  		  	Annual:

  

				
	 Period
	  	Annual Base Rent
	 Commencement Date - December 31, 2008
	  	$	487,488.00
	 January 1, 2009 - December 31, 2011
	  	$	1,355,292.00

 Upon execution of this Amendment, Tenant shall pay an amount equal to Eleven Thousand Three Hundred Sixty
and 00/100 Dollars ($11,360.00), which Landlord shall apply to the Base Rent for the first month of the term of the Lease. 
 3. Letter of
Credit. Paragraph 5(c) of the Lease is hereby amended by: (a) replacing all references to “Two Hundred Thirty Five Thousand and 00/100 Dollars ($235,000.00)” with a reference to “Two Hundred Ninety Thousand and 00/100 Dollars
($290,000.00)”, and (b) replacing all references to “Seven Hundred Sixty-Five Thousand and 00/100 Dollars ($765,000.00)” with a reference to “Seven Hundred Ten Thousand and 00/100 Dollars ($710,000.00)”. 
 4. Work Letter. Exhibit C to the Lease (Transamerica Pyramid Work Letter and Construction Agreement) is hereby amended as follows: 
 (a) Change Order: Tenant shall submit a Change Order pursuant to the terms of Paragraph 5 of Exhibit C which reflect improvements to the
Additional Premises that are consistent with those included in the Plans, which as of the date hereof, cover the Existing Premises. Any delay in the completion of the Tenant Improvements resulting from such changes to the existing Plans shall
constitute a “Tenant Delay” in accordance with Paragraph 6. 
 (b) Landlord’s Allowance. Paragraph 3(a) of Exhibit C is
hereby amended to provide that the Landlord’s Allowance shall be equal to Four Hundred Sixty-Nine Thousand Eight Hundred and 00/100 Dollars ($469,800.00). 
 (c) Landlord’s Work. Schedule 1 to Exhibit C of the Lease is hereby amended to provide that the Landlord’s Work described therein shall also be performed to the Additional Premises, provided, however,
that Landlord agrees to pay for fifty percent (50%) of total costs of the demolition and replacement of the ceiling located in the Additional Premises that may be required for items (2) and (3) as reflected by the Plans (up to a
maximum contribution by Landlord of Seven Thousand Five Hundred Dollars ($7,500.00)). 
 5. Parking. Paragraph N of the Summary of
Lease Terms of the Lease is hereby amended to reference “18 spaces”. 
 6. Authority. If Tenant is a corporation (or other
business organization), Tenant and each person executing this Lease on behalf of Tenant represents and warrants to Landlord that 

 
(a) Tenant is duly incorporated (or organized) and validly existing under the laws of its state of incorporation (or organization), (b) Tenant is
qualified to do business in California, (c) Tenant has full right, power and authority to enter into this Amendment and to perform all of Tenant’s obligations hereunder, and (d) the execution, delivery and performance of this
Authorized has been duly authorized by Tenant and each person signing this Amendment on behalf of the Tenant is duly and validly authorized to do so. Concurrently with signing this Amendment, Tenant shall deliver to Landlord a true and correct copy
of resolutions duly adopted by the board of directors or constituent partners or members of Tenant, certified by the secretary of Tenant to be true and correct, unmodified and in full force, which authorize and approve this Amendment and authorize
each person signing this Amendment on behalf of Tenant to do so. 
 7. Legal Effect. Except as amended by this Amendment, the Existing
Lease is unchanged and, as so amended, the Lease continues in full force and effect. If there is any conflict between this Amendment and the Existing Lease, this Amendment shall control. The Lease constitutes the entire and integrated agreement
between Landlord and Tenant relating to the subject matter thereof and supersedes all prior agreements, understandings, offers and negotiations, oral or written, with respect to the subject matter thereof. 
 IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date first above written. 
  

			
	LANDLORD:
	
	TRANSAMERICA PYRAMID PROPERTIES, LLC, an Iowa limited liability company
		
	By:	 	/s/ Thomas J. Schefter
	Its:	 	Senior Vice President
	
	TENANT:
	
	JOLSON MERCHANT PARTNERS GROUP, LLC, a Delaware limited liability company
		
	By:	 	/s/ Joseph A. Jolson
		 	Joseph A. Jolson
	Its:	 	Managing MemberJMP Group Inc. 2007 Senior Executive Bonus Plan

 Exhibit 10.10 
 JMP GROUP INC. 
 2007 SENIOR EXECUTIVE BONUS PLAN 
 SECTION 1 
 ESTABLISHMENT AND PURPOSE

 1.1 Purpose. JMP Group Inc. hereby establishes the JMP Group Inc. 2007 Senior Executive Bonus Plan (the “Plan”). The
Plan is intended to increase stockholder value and the success of the Company by motivating key executives (a) to perform to the best of their abilities, and (b) to achieve the Company’s objectives. The Plan’s goals are to be
achieved by providing such executives with incentive awards based on the achievement of goals relating to performance of the Company and its individual business units. 
 1.2 Effective Date. The Plan shall be effective upon its adoption by the Board, subject to approval by the stockholders of the Company. 
 SECTION 2 
 DEFINITIONS 
 The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 
 2.1 “Actual Award” means as to any Plan Year, the actual award (if any) payable to a Participant for the Plan Year. The Actual Award is
determined by the Payout Formula for the Plan Year, subject to the Committee’s authority under Section 3.5 to reduce the award otherwise determined by the Payout Formula. 
 2.2 “Base Salary” means as to any Plan Year, 100% of the Participant’s annualized salary rate on the last day of the Plan Year.
Such Base Salary shall be before both (a) deductions for taxes or benefits, and (b) deferrals of compensation pursuant to Company-sponsored plans. 
 2.3 “Beneficiary” shall mean the person(s) or entity(ies) designated to receive payment of an Actual Award in the event of a Participant’s death in accordance with Section 4.5 of the Plan.
The Beneficiary designation shall be effective when it is submitted in writing to and acknowledged by the Company during the Participant’s lifetime on the Beneficiary Designation form provided by the Company. The submission of a new
Beneficiary Designation form shall cancel all prior Beneficiary Designations. 
 2.4 “Board” means the Company’s Board
of Directors. 
 2.5 “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific Section of the Code
shall include such Section, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such Section or regulation. 
 2.6 “Committee” means the committee appointed by the Board to administer the Plan. The Committee shall consist of no fewer than two
members of the Board. The members of the Committee shall be appointed by, and serve at the pleasure of, the Board. Following the date that the exemption for the Plan under 162(m) of the Code expires, as set forth in Section 6.6 below, each
member of the Committee shall qualify as an “outside director” under Code Section 162(m). 
  

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 2.7 “Company” means JMP Group Inc., a Delaware corporation. 
 2.8 “Corporate Transaction” means any of the following transactions, provided, however, that the Committee shall determine under parts
iv and v whether multiple transactions are related, and its determination shall be final, binding and conclusive: 
 i. a merger or
consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state in which the Company is incorporated; 
 ii. the sale, transfer or other disposition of all or substantially all of the assets of the Company; 
 iii. the complete liquidation or dissolution of the Company; 
 iv. any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer followed by a reverse merger) in which the Company is the surviving entity but
(A) the shares of Company common stock outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or (B) in which securities
possessing more than forty percent (40%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such merger or
the initial transaction culminating in such merger; or 
 v. acquisition in a single or series of related transactions by any person or
related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than
fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

 2.9 “Determination Date” means as to any Plan Year, (a) the first day of the Plan Year, or (b) if later, the
latest date possible which will not jeopardize the Plan’s qualification as performance-based compensation under Code Section 162(m). 
 2.10 “Maximum Award” means as to any Participant for any Plan Year, twenty million ($20,000,000) dollars. The Maximum Award is the maximum amount which may be paid to a Participant for any Plan Year. 
 2.11 “Participant” means as to any Plan Year, an officer of the Company who has been selected by the Committee for participation in the
Plan for that Plan Year. 
 2.12 “Payout Formula” means as to any Plan Year, the formula or payout matrix established by the
Committee pursuant to Section 3.4, below, in order to determine the Actual Awards (if any) to be paid to Participants. The formula or matrix may differ from Participant to Participant. 
 2.13 “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Committee (in its discretion) to be applicable to a
Participant for a Plan Year. As determined by the Committee, the Performance Goals applicable to each Participant shall provide for a targeted level or levels of achievement using one or more of the following measures: (a) increase in share
price, (b) earnings per share, (c) total stockholder return, (d) operating margin, (e) gross margin, (f) return on 
  

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 equity, (g) return on assets, (h) return on investment, (i) operating income, (j) net operating
income, (k) pre-tax income, (l) cash flow, (m) revenue, (n) expenses, (o) earnings before interest, taxes and depreciation, (p) economic value added, (q) market share, (r) corporate overhead costs,
(s) liquidity management, (t) net interest income, (u) net interest income margin, (v) return on capital invested, (w) stockholders’ equity, (x) income (before income tax expense), (y) residual earnings after
reduction for certain compensation expenses, (z) net income, (aa) profitability of an identifiable business unit or product, (bb) performance of the Company relative to a peer group of companies on any of the foregoing measures and (cc) those
measures as set forth in clauses (a) through (bb) herein with regard to a line of business, services or products, including but not limited to, corporate finance underwriting and advisory business, institutional sales and research products and
services, and private or public investment funds, partnerships or accounts. The Performance Goals may be applicable to the Company and/or any of its subsidiaries or individual business units and may differ from Participant to Participant. In
addition, the Committee shall have the authority to make appropriate adjustments in Performance Goal(s) to reflect the impact of extraordinary items not reflected in such goals. For purposes of the Plan, extraordinary items shall be defined as
(1) any profit or loss attributable to acquisitions or dispositions of stock or assets, (2) any changes in accounting standards or treatments that may be required or permitted by the Financial Accounting Standards Board or adopted by the
Company after the goal is established, (3) all items of gain, loss or expense for the year related to restructuring charges for the Company, (4) all items of gain, loss or expense related to the disposal of a segment of a business,
(5) all items of gain, loss or expense for the year related to discontinued operations that do not qualify as a segment of a business as defined in APB Opinion No. 30 (or successor literature), (6) adjustments to compensation expense
as disclosed and described in the Company’s public filings to exclude compensation expense attributable to equity-based awards granted prior to or in connection with the Company’s initial public offering of its common stock, and
(7) such other items as may be prescribed by Section 162(m) of the Code and the Treasury Regulations thereunder as may be in effect from time to time. 
 2.14 “Plan Year” means the fiscal year of the Company beginning in 2007 and each succeeding fiscal year of the Company. 
 2.15 “Target Award” means the target award payable under the Plan to a Participant for the Plan Year, expressed as a percentage of his or her Base Salary or an amount, as determined by the Committee
in accordance with Section 3.3. 
 SECTION 3 
 SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS 
 3.1 Selection of Participants. On or
prior to the Determination Date, the Committee, in its sole discretion, shall select the officers of the Company who shall be Participants for the Plan Year. In selecting Participants, the Committee shall choose officers who are likely to have a
significant impact on the performance of the Company. Participation in the Plan is in the sole discretion of the Committee, and on a Plan Year by Plan Year basis. Accordingly, an officer who is a Participant for a given Plan Year in no way is
guaranteed or assured of being selected for participation in any subsequent Plan Year or Years. 
 3.2 Determination of Performance
Goals. On or prior to the Determination Date, the Committee, in its sole discretion, shall establish the Performance Goals for each Participant for the Plan Year. Such Performance Goals shall be set forth in writing. 
 3.3 Determination of Target Awards. On or prior to the Determination Date, the Committee, in its sole discretion, shall establish a Target Award
for each Participant. Each Participant’s Target Award shall be determined by the Committee in its sole discretion, and each Target Award shall be set forth in writing. 
  

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 3.4 Determination of Payout Formula or Formulae. On or prior to the Determination Date, the
Committee, in its sole discretion, shall establish a Payout Formula or Formulae for purposes of determining the Actual Award (if any) payable to each Participant. Each Payout Formula shall (a) be in writing, (b) be based on a comparison of
actual performance to the Performance Goals, (c) provide for the payment of a Participant’s Target Award if the Performance Goals for the Plan Year are achieved, and (d) provide for an Actual Award greater than or less than the
Participant’s Target Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals. Notwithstanding the preceding, no participant’s Actual Award under the Plan may exceed the Maximum Award.

 3.5 Determination of Actual Awards. After the end of each Plan Year, the Committee shall certify in writing the extent to which the
Performance Goals applicable to each Participant for the Plan Year were achieved or exceeded. The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance which has been certified by the
Committee. Notwithstanding any contrary provision of the Plan, (a) the Committee, in its sole discretion, may eliminate or reduce the Actual Award payable to any Participant below that which otherwise would be payable under the Payout Formula,
(b) if a Participant terminates employment with the Company prior to the date the Actual Award for the Plan Year is paid, the Committee shall reduce his or her Actual Award proportionately based on the date of termination (and subject to
further reduction or elimination under clause (a) of this sentence). Notwithstanding anything in the Plan to the contrary, once Performance Goals are achieved, the Committee may not have the discretion to increase the amount payable hereunder.

 SECTION 4 
 PAYMENT OF
AWARDS 
 4.1 Right to Receive Payment. Each Actual Award that may become payable under the Plan shall be paid solely from the
general assets of the Company. Nothing in this Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which he or she
may be entitled. 
 4.2 Timing of Payment. Payment of each Actual Award shall be made within two and one-half months after the
Committee determines the amount of the Actual Award (if any) under Section 3.5. 
 4.3 Form of Payment. Each Actual Award
normally shall be paid in cash (or its equivalent) in a single lump sum. However, the Committee, in its sole discretion, may declare any Actual Award, in whole or in part, payable in the form of a stock bonus (whether restricted or unrestricted)
granted under the Company’s 2007 Equity Incentive Plan or successor equity compensation plan. The number of shares granted shall be determined by dividing the cash amount of the Actual Award by the fair market value of a share of Company common
stock on the date that the cash payment otherwise would have been made. For this purpose, “fair market value” shall be defined as provided in the Company’s 2007 Equity Incentive Plan or successor equity compensation plan. 

4.4 Other Deferral of Actual Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the
opportunity to elect to defer receipt of Actual Awards. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts so deferred, and
such other terms, conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program. 
 4.5 Payment in the Event of Death. If a Participant dies prior to the payment of an Actual Award earned by him or her for a Plan Year, the Actual Award shall be paid to the Participant’s Beneficiary. In addition, if a
Participant dies prior to the completion of a Plan Year, the Performance 
  

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 Goal for such Plan Year will be deemed achieved and a Participant’s Target Award shall be paid to the
Participant’s Beneficiary; provided, however, the Committee, in its sole discretion, may eliminate or reduce the Target Award payable to any Participant’s Beneficiary below that which otherwise would be payable. If a Participant fails to
designate a Beneficiary or if each person designated as a Beneficiary predeceases the Participant or dies prior to distribution of the Participant’s benefits, then the Committee shall direct the distribution of such benefits to the
Participant’s estate. 
 4.6 Payment in the Event of a Corporate Transaction. In the event of a Corporate Transaction, the
Performance Goal for the Plan Year in which such Corporate Transaction takes place shall be deemed achieved as of the date immediately prior to the effective date of such Corporate Transaction and a Participant’s Target Bonus shall be paid on
the effective date of such Corporate Transaction; provided, however, the Committee, in its sole discretion, may eliminate or reduce the Target Award payable to any Participant below that which otherwise would be payable. 
 SECTION 5 
 ADMINISTRATION

 5.1 Committee is the Administrator. The Plan shall be administered by the Committee. 
 5.2 Committee Authority. The Committee shall have all discretion and authority necessary or appropriate to administer the Plan and to interpret
the provisions of the Plan. Any determination, decision or action of the Committee in connection with the construction, interpretation, administration or application of the Plan shall be final, conclusive, and binding upon all persons, and shall be
given the maximum deference permitted by law. 
 5.3 Tax Withholding. The Company shall withhold all applicable taxes from any
payment, including any non-U.S., federal, state, and local taxes. 
 SECTION 6 
 GENERAL PROVISION 
 6.1 Nonassignability. A Participant shall have no
right to assign or transfer any interest under this Plan. 
 6.2 No Effect on Employment. The establishment and subsequent operation
of the Plan, including eligibility as a Participant, shall not be construed as conferring any legal or other rights upon any Participant for the continuation of his or her employment for any Plan Year or any other period. Generally, employment with
the Company is on an at will basis only. Except as may be provided in an employment contract with the Participant, the Company expressly reserves the right, which may be exercised at any time during a Plan Year, to terminate any individual’s
employment without cause and without regard to the effect such termination might have upon the Participant’s receipt of an Actual Award under the Plan. 
 6.3 No Individual Liability. In addition to such other rights of indemnification as they may have as members of the Board or as officers or employees of the Company, members of the Board and any officers or
employees of the Company to whom authority to act for the Board, the Committee or the Company is delegated shall be defended and indemnified by the Company to the extent permitted by law on an after-tax basis against all reasonable expenses,
including attorneys’ fees, actually and necessarily incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason
of any action taken or failure to act under or in connection with the Plan and against all amounts paid by them in 
  

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 settlement thereof (provided such settlement is approved by the Company) or paid by them in satisfaction of a judgment in
any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or proceeding that such person is liable for gross negligence, bad faith or
intentional misconduct; provided, however, that within thirty (30) days after the institution of such claim, investigation, action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at the Company’s
expense to defend the same. 
 6.4 Severability; Governing Law. If any provision of the Plan is found to be invalid or unenforceable,
such provision shall not affect the other provisions of the Plan, and the Plan shall be construed in all respects as if such invalid provision has been omitted. The provisions of the Plan shall be governed by and construed in accordance with the
laws of the State of New York, without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of New York. 
 6.5 Affiliates of the Company. Requirements referring to employment with the Company or payment of awards may, in the Committee’s discretion,
be performed through the Company or any affiliate of the Company. 
 6.6 Effect of Section 162(m) of the Code.
Section 162(m) of the Code does not apply to the Plan prior to the Company’s initial public offering. Following the Company’s initial public offering, the Plan, and all Actual Awards issued thereunder, are intended to be exempt from
the application of Section 162(m) of the Code, which restricts under certain circumstances the Federal income tax deduction for compensation paid by a public company to named executives in excess of $1 million per year. The exemption is
based on Treasury Regulation Section 1.162-27(f), in the form existing on the effective date of the Plan, with the understanding that such regulation generally exempts from the application of Section 162(m) of the Code compensation paid
pursuant to a plan that existed before a company becomes publicly held. Under such Treasury Regulation, this exemption is available to the Plan for the duration of the period that lasts until the earlier of (i) the expiration of the Plan,
(ii) the material modification of the Plan, (iii) the first meeting of stockholders at which directors are to be elected that occurs after the close of the third calendar year following the calendar year in which the Company first becomes
subject to the reporting obligations of Section 12 of the Exchange Act, or (iv) such other date required by Section 162(m) of the Code and the rules and regulations promulgated thereunder. To the extent that the Administrator
determines as of the Determination Date that the exemption described above is no longer available with respect to such Target Award, such Target Award shall not be effective until any stockholder approval required under Section 162(m) of the
Code has been obtained. 
 SECTION 7 
 AMENDMENT AND TERMINATION 
 7.1 Amendment and Termination. The Board may amend or terminate
the Plan at any time and for any reason; provided, however, that if and to the extent required to ensure the Plan’s qualification under Code Section 162(m), any such amendment shall be subject to stockholder approval. 
  

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