Document:

EX-10.5

Exhibit 10.5

OMNIBUS AMENDMENT RELATING TO CODE SECTION 409A

     This Omnibus Amendment is duly made and entered into as of the 22nd day of December, 2008, and
effective January 1, 2009, by and among Calamos Asset Management, Inc., a Delaware corporation
(“CAM”), Calamos Advisors LLC, a Delaware limited liability company (“Advisors”) and wholly owned
subsidiary of its sole managing member, Calamos Holdings LLC (“Holdings”) (together with each of
its successors and assigns permitted under this Agreement sometimes referred to herein as the
“Company”) and amends each and every Compensation Agreement as defined below.

RECITALS

     The Company maintains or is a party to various employment agreements, equity award agreements
and other compensation and benefit plans, programs and agreements (each such employment agreement,
equity award agreement and plan, program and agreement individually and collectively a
“Compensation Agreement”); and

     Such Compensation Agreements provide for the payment of compensation or benefits which may be
“deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986
and the regulations and other guidance issued thereunder (collectively, “Code Section 409A”); and

     The Company desires to amend each Compensation Agreement to the extent necessary to comply
with Code Section 409A of the Internal Revenue Code of 1986; and

     The Compensation Committee of the Board of Directors has authorized management to adopt
amendments to each Compensation Agreement consistent with the foregoing;

     NOW THEREFORE, each Compensation Agreement is amended effective as of January 1, 2009, as
follows (it being intended that this Omnibus Amendment shall constitute an appendix to and become a
part of each such Compensation Agreement):

     Each Compensation Agreement is amended effective as of January 1, 2009 by adding the
following provisions thereto:

Code Section 409A

     (a) Compliance. The intent of the Company and each individual who is a party to
or covered by this agreement, plan or program is that payments and benefits under this plan,
program or agreement which are considered “deferred compensation” subject to Internal
Revenue Code Section 409A and the regulations and guidance promulgated thereunder
(collectively “Code Section 409A”) comply with Code Section 409A and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
To the extent that any provision hereof is modified in order to comply with Code Section
409A, such modification shall be made in good faith and shall, to the maximum extent
reasonably possible, maintain the original intent and economic benefit of the applicable
provision without violating the provisions

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of Code Section 409A.

     (b) “Separation from Service”. For purposes of the agreement, plan or program,
the terms ‘terminate,’ ‘termination,’ ‘termination of employment,’ and variations thereof,
as used in this agreement, plan or program, are intended to mean a termination of employment
that constitutes a ‘separation from service’ under Code Section 409A.

     (c) Six-Month Delay. If on the date of “separation from service” an individual
covered by this plan, program or agreement is deemed to be a “specified employee” within the
meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or
the provision of any benefit payable or provided because of such separation from service
that constitutes “deferred compensation” subject to Code Section 409A, such payment or
benefit shall be made or provided at the date which is the earlier of (A) the expiration of
the six (6)-month period measured from the date of such “separation from service,” and (B)
the date of such individual’s death (the “Delay Period”). Upon the expiration of the Delay
Period, all payments and benefits delayed pursuant to this paragraph (whether they would
have otherwise been payable in a single sum or in installments in the absence of such delay)
shall be paid or reimbursed to the specified employee in a lump sum, and any remaining
payments and benefits due shall be paid or provided in accordance with the normal payment
dates specified for them herein.

     (d) Timing of Payments. Whenever a payment under this agreement, plan or
program which is subject to Code Section 409A is to be made (i) promptly after a date, it
shall be made on such date within sixty (60) days thereafter as determined by the Company
and (ii) within a specified time period with reference to a number of days (for example,
within thirty (30) days), the actual date of payment shall be within the sole discretion of
the Company.

     (e) Reimbursement Payments; In-Kind Benefits. With regard to any provision
under this agreement, plan or program that provides for reimbursement of expenses or taxes
or in-kind benefits subject to Code Section 409A: (i) the right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount
of expenses eligible for reimbursement or in-kind benefits provided during any taxable year
shall not effect the expenses eligible for reimbursement or in-kind benefits to be provided
in any other calendar year, provided that the foregoing shall not be violated with regard to
expenses covered by Code Section 105(h) that are subject to a limit related to the period in
which the arrangement is in effect. Any expense, tax or other reimbursement payment made
pursuant to this agreement, plan or shall be made on or before the last day of the calendar
year following the calendar year in which such expense, tax or other payment to be
reimbursed was incurred.

     (f) Prohibition on Acceleration of Payments. The time or schedule of any
payment or amount scheduled to be paid pursuant to the terms of this agreement, plan or
program that provides for the ‘deferral of compensation’ (as such term is described under
Code Section 409A), may not be accelerated except as otherwise permitted under Code Section
409A and the guidance and Treasury regulations issued thereunder, including, but not limited
to any provision hereof that provides for a change in the time or schedule

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of any such payment or amount upon a change in control unless such change in control is
also a “change in control event” under Code Section 409A.

     Except as modified by this Amendment, the terms of this agreement, plan or program shall
remain in full force and effect.

     IN WITNESS WHEREOF, the Company has caused the execution of this Omnibus Amendment Relating to
Code Section 409A on this 22nd day of December, 2008, effective as of the date set forth above.

	 	 	 	 	 	 	 
	 	 	CALAMOS ADVISORS LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary J. Felsten
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:
	 	Senior Vice President, Director of Human 
 

Resource
 

	 	  
	 
	 	 	 	 	 	 
	 	 	CALAMOS ASSET MANAGEMENT, INC.:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary J. Felsten
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:
	 	Senior Vice President, Director of Human Resource
 

	 	  

 A-3EX-10.7

Exhibit 10.7

CALAMOS ASSET MANAGEMENT, INC.

Equity Award Statement for:

Congratulations! The following summarizes your _________Calamos Restricted Stock/Option Equity
Award:

STOCK OPTIONS

	 	 	 	 	 
	 

	 	Total number of options	 	 
	 

	 	granted	 	 
	 

	 	Option price per share
	 	The fair market value of CLMS Class A Stock as of the grant date
	 
	 	 	 	 
	 

	 	Expiration date
	 	_________subject to earlier termination

RESTRICTED STOCK UNITS (“RSUs”)

	 	 	 	 	 
	 

	 	Total number of RSUs
	 	 
	 

	 	granted
	 	 

VESTING SCHEDULE

	 	 	 	 	 
	 

	 	Grant date
	 	_________
	 
	 	 	 	 
	 

	 	Vesting Schedule
	 	A portion of your STOCK OPTIONS becomes available for
	 

	 	 	 	purchase on each of these dates:
	 

	 	 	 	•    Up to 33 1/3% on _________
	 

	 	 	 	•    Up to 66 2/3% on _________
	 

	 	 	 	•    Up to 100% on and after _________, but prior
to the Expiration Date
	 
	 	 	 	 
	 

	 	 	 	A portion of your Restricted Stock Units vest on each of
the following dates:
	 

	 	 	 	•    33 1/3% on _________
	 

	 	 	 	•    33 1/3% on _________
	 

	 	 	 	•    33 1/3% on _________

Your stock option and restricted stock units were issued from the Calamos Asset Management, Inc.
Incentive Compensation Plan. This stock option and restricted stock units award is governed by the
terms and conditions of this Award Statement, which includes the accompanying Terms of the _________
Equity Awards and the Incentive Compensation Plan. A copy of the Incentive Compensation Plan is
posted on the Human Resources Intranet website.

This Award Statement, including the accompanying Terms of the Equity Awards, constitutes part of a
prospectus covering securities that have been registered under the Securities Act of 1933, as
amended.

 

 

Calamos Asset Management, Inc

Incentive Compensation Plan

Terms of the ________ Equity Awards

	 	 	 
	Type(s) of Award:

	 	Nonqualified stock options and restricted stock units (“RSUs”).
	 
	 	 
	 

	 	When vested each stock option entitles the holder to purchase
one (1) share of Class A common stock of Calamos Asset
Management, Inc. (“CLMS”) at the applicable option price.
	 
	 	 
	 

	 	When vested, each RSU entitles the holder to receive one (1)
share of CLMS Class A common stock for each vested RSU.
	 
	 	 
	Vesting:

	 	The date(s) upon which the stock options become exercisable
are set forth on the Award Statement, together with the
expiration date of the option.
	 
	 	 
	 

	 	The date(s) upon which the RSUs vest are set forth on the
Award Statement.
	 
	 	 
	 

	 	In the event of termination of employment due to death or
disability, a portion (or all) of the unvested stock options
and RSUs will vest as of the date of such termination of
employment. The portion that will vest will be determined as
follows:
	 
	 	 
	 

	 	•    If any portion of the option and RSUs has become
vested prior to the date of termination, then the vesting of
those stock options and RSUs scheduled to vest on the next
following vesting date will be accelerated to the date of such
termination of employment.
	 
	 	 
	 

	 	•    If the termination occurs prior to vesting of the
options and RSUs, then a pro rata portion will vest based on
the number of whole months elapsed in the period from the
grant date to the date of termination, divided by the number
of months in the period from the grant date to the date the
grant was to become 100% vested; provided that if the number
of options and RSUs scheduled to vest on the first vesting
date is greater than such pro rata portion, the greater number
of options and RSUs will vest.
	 
	 	 
	 

	 	Upon termination of employment after attainment of age 55 and
at least ten (10) continuous years of service within the
Calamos organization, you will be deemed for purposes of this
Award to have terminated your employment due to “retirement.”
In the event of retirement, your stock options and RSUs will
remain outstanding and continue to vest as if your employment
had not terminated, so long as you remain retired from the
investment management industry (as determined by the
Committee). Your stock options will be or become exercisable
as set forth below. In the event you should cease to be

Terms of ______Awards – Page 2

 

	 	 	 
	 

	 	retired, then your employment will be deemed to terminate as
of that date, any unvested options and RSUs shall be forfeited
and any vested stock options will remain exercisable for a
period of three months following such date. 

Upon a Change in Control, the options and RSUs then
outstanding will become fully vested.
	 
	 	 
	Exercise/Delivery
of Shares:

	 	The option may be exercised through a webbased system
provided by Smith Barney Global Stock Plan Services.
Participants have the option of choosing a cash or cashless
exercise when exercising stock options.
	 
	 	 
	 

	 	No exercise price is required to be paid with respect to RSUs.
Subject to applicable tax withholding (see below), one (1)
share of CLMS Class A common stock will be delivered for each
vested RSU, unless receipt has been deferred by you under an
applicable deferred compensation plan.
	 
	 	 
	Effect of
Termination of
Employment:

	 	Except as provided above for termination due to death,
disability or retirement, or as provided below with respect to
“retirement,” no further vesting will occur after termination
of employment, and all unvested options and RSUs will be
forfeited and/or cancelled.
	 
	 	 
	 

	 	In general, vested stock options may be exercised for a period
of three months following termination of employment. If
termination occurs after a Change in Control, then vested
options remain exercisable for one year following termination
of employment.
	 
	 	 
	 

	 	In the case of retirement, vested stock options will remain
exercisable until the later of the date which is one year
following retirement or the date which is one year following
the latest date on which any of the options hereunder held by
the retiree first becomes exercisable during the period of
retirement.
	 
	 	 
	 

	 	However, in no event may an option be exercised after the
expiration date set forth on the Award Statement.
	 
	 	 
	Federal Income Tax 

Considerations:

	 	The following discussion is a summary of certain current U.S.
federal income tax consequences relating to stock options and
RSUs. This discussion does not purport to be complete, and
does not cover, among other things, foreign, state and local
tax treatment.
	 
	 	 
	 

	 	Stock Options. No income is recognized upon the grant of a
nonqualified stock option. Upon exercise, ordinary income is
recognized in an amount equal to the excess of the fair market
value of a share of common stock on the date of exercise over
the exercise price multiplied by the number of options
exercised. A subsequent sale or exchange of such shares will
result in gain or loss measured by the difference between
(a) the exercise price, increased by any compensation reported
upon the participant’s exercise of the option,

Terms of ____Awards – Page  3

 

	 	 	 
	 

	 	and (b) the
amount realized on such sale or exchange. Any gain or loss
will be capital in nature if the shares were held as a capital
asset and will be long-term if such shares were held for more
than one year.
	 
	 	 
	 

	 	Restricted Stock Units. No income is recognized upon receipt
of an award of RSUs. Upon vesting, income equal to the fair
market value of the shares of Class A common stock issued is
recognized. The capital gain or loss holding period for the
shares received under an award will begin when ordinary income
is recognized, and any subsequent capital gain or loss will be
measured by the difference between the ordinary income
recognized and the amount received upon sale or exchange of
the shares.
	 
	 	 
	Transferability:

	 	No options or RSUs granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or
hypothecated, otherwise than by will or by the laws of descent
and distribution. All options granted under the Plan are
exercisable only by you during your lifetime and by your
designated beneficiary in the event of your death.
	 
	 	 
	Voting Rights:

	 	Since options and RSUs do not represent actual shares, no
voting rights arise upon receipt of options or RSUs and you
are not deemed to be the owner of any shares covered by the
options or RSUs until such shares are delivered to you.
	 
	 	 
	Dividends:

	 	Notwithstanding the above, in addition to the shares of Class
A common stock to be delivered upon the vesting of the RSUs,
you will also be entitled to receive a cash payment in an
amount equal to each cash dividend you would have received
during the period from the grant date of the RSUs to the date
such RSUs became vested as if the RSUs were shares of Class A
common stock held by you on the record date for the payment of
such dividend unless receipt of such cash payment has been
deferred by you under an applicable deferred compensation
plan.
	 
	 	 
	Tax Withholding:

	 	An aggregate amount of cash and/or number of shares having a
fair market value equal to the amount sufficient to satisfy
the minimum statutory Federal, state and local tax (including
the FICA and Medicare tax obligation) withholding required by
law with respect to the exercise or distribution of shares
and/or cash made under or as a result of the Plan, may, at the
discretion of the Committee, be deducted or withheld from
shares issuable upon the exercise of options or the vesting of
RSUs and/or from any cash payable with respect to such awards.
	 
	 	 
	Confidentiality and
Restrictive
Covenants
Agreement:

	 	As a condition to the receipt of this stock option and
restricted stock award or any shares or other amounts
hereunder, you must execute or have executed the
Confidentiality and Restrictive Covenants Agreement applicable
to your position or such other agreement

Terms of ____Awards – Page  4

 

	 	 	 
	 

	 	approved by the
Committee relating to similar confidentiality and restrictive
covenant matters and maintain compliance with such agreement.
Failure to have entered into such agreement within thirty (30)
days of the date of this award, or to thereafter breach such
agreement, shall cause this award to be cancelled and of no
further force or effect as of the date of such failure or
breach.

Terms of ____Awards – Page 5

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