Document:

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                                                                     Exhibit 4.1

CLASS A COMMON STOCK                                        CLASS A COMMON STOCK

Number *0*                                                            Shares *0*

SEE REVERSE FOR CERTAIN DEFINITIONS
THIS CERTIFICATE IS
TRANSFERABLE IN                                              CUSIP 12811R  10  4
NEW YORK

                         CALAMOS ASSET MANAGEMENT, INC.
                Organized Under the Laws of the State of Delaware

      This Certifies that **Specimen**

is the record holder of **Zero (0)**

FULLY PAID AND NON-ASSESSABLE SHARES OF THE CLASS A COMMON STOCK $.01 PAR VALUE
OF

                         CALAMOS ASSET MANAGEMENT, INC.

transferable on the books of the Corporation by the holder hereof in person or
by duly authorized attorney, upon surrender of this Certificate properly
endorsed. This Certificate is not valid unless countersigned by the Transfer
Agent and registered by the Registrar. Witness the facsimile seal of the
Corporation and the facsimile signatures of its duly authorized Officers.

Dated:

----------------------------                ------------------------------------
SECRETARY                                   CHAIRMAN AND CHIEF EXECUTIVE OFFICER
                                     (SEAL)

                                            Countersigned and Registered
                                                 THE BANK OF NEW YORK

                                                 Transfer Agent and Registrar

                                                 ----------------------------
                                                         Authorized Signature

<PAGE>

                         CALAMOS ASSET MANAGEMENT, INC.

      The Corporation will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof and
the qualifications, limitations or restrictions of such preferences and/or
rights. Such request shall be made to the Corporation's Secretary at the
principal office of the Corporation.

          KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN,
       OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A
             CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

      The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common   UNIF GIFT MIN ACT - _________  Custodian______
TEN ENT - as tenants by the         (Cust)           (Minor)
          entireties                       under Uniform Gifts to Minors Act
JT TEN  - as joint tenants                 _________________________________
          with right of                    (State)
          survivorship and       UNIF TRF MIN ACT - ___ Custodian (until age___)
          not as tenants            (Cust)
          in common                         ________under the Uniform Transfers
                                            (Minor)
                                            to Minors Act__________________
                                                             (State)

    Additional abbreviations may also be used though not in the above list.

FOR VALUE RECEIVED,________________________ HEREBY SELL, ASSIGN AND TRANSFER
UNTO

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

[                     ]

________________________________________________________________________________
 (Please Print or Typewrite Name and Address, Including Zip Code, of Assignee)

________________________________________________________________________________

________________________________________________________________________________

_________________________________________________________________________ Shares
of the Class A Common stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
____________________________________________________________ Attorney to
transfer the said stock on the books of the within named Corporation with full
power of substitution in the premises.

Dated _______________________

<PAGE>

                                X_____________________________________________

                                X_____________________________________________
NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION
OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By__________________________________________________________________
THE SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE
17Ad-15.<PAGE>
                                                                    EXHIBIT 10.8

                               AMENDMENT NO. 1 TO
                             NOTE PURCHASE AGREEMENT

AMENDMENT NO. 1 TO NOTE PURCHASE AGREEMENT ("Amendment") effective as of October
15, 2004 (the "Effective Date") by and among CALAMOS HOLDINGS, INC., a Delaware
corporation (the "Company"), and the purchasers listed in Schedule A hereto (the
"Purchasers").

                                    RECITALS

WHEREAS the Company and the Purchasers have entered into an Note Purchase
Agreement dated as of April 29, 2004 (such Note Purchase Agreement, as amended
from time to time, the "Note Purchase Agreement"); and

WHEREAS the Company desires to amend the Note Purchase Agreement as provided
herein.

NOW, THEREFORE, in consideration of the material promises and agreements herein
made and intending to be legally bound, the parties hereto hereby agree as
follows:

All capitalized terms used herein and not defined herein shall have the meaning
specified in the Note Purchase Agreement.

1. Amendment. Section 10.8(a) of the Note Purchase Agreement is amended by
replacing the word "corporation" with the words "corporation or limited
liability company" wherever it appears in that section. The text of Section
10.8(a) prior to the amendment and subsequent to the amendment is attached as
Exhibit A hereto.

2. Effectiveness. Pursuant to Section 17.1 of the Note Purchase Agreement, this
Amendment shall be effective upon its execution by the Company and the Required
Holders. Upon such execution, this Amendment shall be deemed effective, and the
Note Purchase Agreement shall be deemed amended as herein provided, as of the
Effective Date.

3. Ratification. Except as amended hereby, the Note Purchase Agreement is
ratified and confirmed and shall continue in full force and effect.

4. Governing Law. This Amendment to the Agreement shall be construed and
enforced in accordance with, and the rights of the parties shall be governed by,
the law of the State of New York excluding choice-of-law principles of the law
of such State that would require the application of the laws of a jurisdiction
other than such State.

5. Counterparts. This amendment may be executed in one or more counterparts,
each of which shall be deemed an original but all of which shall constitute one
and the same instrument.

                                       1
<PAGE>
In witness whereof, the parties hereto have executed this Amendment as of the
Effective Date.

                                  CALAMOS HOLDINGS, INC.

                                  By: /s/ James S. Hamman, Jr.
                                  Name: James S. Hamman, Jr.
                                  Title: Executive Vice President, General
                                         Counsel and Secretary

                                       2
<PAGE>
ALLSTATE LIFE INSURANCE COMPANY

By: /s/ Jeffrey J. Cannon
Name: Jeffrey J. Cannon

By: /s/ Jerry D. Zinkula
Name: Jerry D. Zinkula
      Authorized Signatories

ALLSTATE INSURANCE COMPANY

By: /s/ Jeffrey J. Cannon
Name: Jeffrey J. Cannon

By: /s/ Jerry D. Zinkula
Name: Jerry D. Zinkula
      Authorized Signatories

                                       3
<PAGE>
THE TRAVELERS INSURANCE COMPANY

By:  /s/ Matthew J. McInerny
Name:  Matthew J. McInerny
Title:  Investment Officer

CITICORP INSURANCE AND INVESTMENT TRUST, BY TRAVELERS ASSET MANAGEMENT
INTERNATIONAL COMPANY, LLC

By:  /s/ Matthew J. McInerny
Name:  Matthew J. McInerny
Title:  Investment Officer

PRIMERICA LIFE INSURANCE COMPANY

By:  /s/ Matthew J. Inerny
Name:  Matthew J. Inerny
Title:  Investment Officer

THE TRAVELERS LIFE AND ANNUITY COMPANY (ON BEHALF OF ONE OF ITS SEPARATE
ACCOUNTS)

By:  /s/ Matthew J. Inerny
Name:  Matthew J. Inerny
Title:  Investment Officer

THE TRAVELERS INSURANCE COMPANY (ON BEHALF OF ONE OF ITS SEPARATE ACCOUNTS)

By:  /s/ Matthew J. Inerny
Name:  Matthew J. Inerny
Title:  Investment Officer

                                       4
<PAGE>
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

By:  /s/ Mark E. Kishler
Name:  Mark E. Kishler
Title:  Its Authorized Representative

                                       5
<PAGE>
TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA

By:  Angela Brock-Kyle
Name:  Angela Brock-Kyle
Title:  Managing Director

                                       6
<PAGE>
MIDLAND NATIONAL LIFE INSURANCE COMPANY

By:  /s/ Adrian Duff
Name: Adrian Duff
Title:  Managing Director

                                       7
<PAGE>
THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA

By:  /s/ Ellen I. Whittaker
Name:  Ellen I. Whittaker
Title:  Director, Fixed Income

THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.

By:  /s/ Ellen I. Whittaker
Name:  Ellen I. Whittaker
Title:  Director, Fixed Income

FORT DEARBORN LIFE INSURANCE COMPANY
By: Guardian Investor Services LLC

By:  /s/ Ellen I. Whittaker
Name:  Ellen I. Whittaker
Title:  Director, Fixed Income

                                       8
<PAGE>
THE OHIO NATIONAL LIFE INSURANCE COMPANY

By:  /s/ Jed R. Martin
Name:  Jed R. Martin
Title:  Investment Vice President
         Private Placements

                                       9
<PAGE>
                                                                       Exhibit A

Unamended Section 10.8(a):

10.8  Merger, Consolidation, etc.

            The Company will not consolidate with or merge with any other
      corporation or convey, transfer or lease substantially all of its assets
      in a single transaction or series of transactions to any Person unless:
      (a) the successor formed by such consolidation or the survivor of such
      merger or the Person that acquires by conveyance, transfer or lease
      substantially all of the assets of the Company as an entirety, as the case
      may be, shall be a solvent corporation organized and existing under the
      laws of the United States or any State thereof (including the District of
      Columbia), and, if the Company is not such corporation, (i) such
      corporation shall have executed and delivered to each holder of any Notes
      its assumption of the due and punctual performance and observance of each
      covenant and condition of this Agreement and the Notes and (ii) shall have
      caused to be delivered to each holder of any Notes an opinion of
      nationally recognized independent counsel, or other independent counsel
      reasonably satisfactory to the Required Holders, to the effect that all
      agreements or instruments effecting such assumption are enforceable in
      accordance with their terms and comply with the terms hereof;

Amended Section 10.8(a):

10.8  Merger, Consolidation, etc.

            The Company will not consolidate with or merge with any other
corporation or limited liability company or convey, transfer or lease
substantially all of its assets in a single transaction or series of
transactions to any Person unless: (a) the successor formed by such
consolidation or the survivor of such merger or the Person that acquires by
conveyance, transfer or lease substantially all of the assets of the Company as
an entirety, as the case may be, shall be a solvent corporation or limited
liability company organized and existing under the laws of the United States or
any State thereof (including the District of Columbia), and, if the Company is
not such corporation or limited liability company, (i) such corporation or
limited liability company shall have executed and delivered to each holder of
any Notes its assumption of the due and punctual performance and observance of
each covenant and condition of this Agreement and the Notes and (ii) shall have
caused to be delivered to each holder of any Notes an opinion of nationally
recognized independent counsel, or other independent counsel reasonably
satisfactory to the Required Holders, to the effect that all agreements or
instruments effecting such assumption are enforceable in accordance with their
terms and comply with the terms hereof;

                                       10
<PAGE>
                                   SCHEDULE A

<TABLE>
<CAPTION>
                                                                        Principal Amount of
Name of Purchaser                                                      Notes to be Purchased
-----------------                                                      ---------------------
<S>                                                                    <C>
ALLSTATE LIFE INSURANCE COMPANY ....................................        $13,800,000
 ...................................................................          9,200,000

ALLSTATE INSURANCE COMPANY .........................................        $ 5,000,000
THE TRAVELERS INSURANCE COMPANY ....................................        $15,900,000
CITICORP INSURANCE AND INVESTMENT TRUST, BY TRAVELERS ASSET
MANAGEMENT INTERNATIONAL COMPANY, LLC ..............................        $ 1,000,000
PRIMERICA LIFE INSURANCE COMPANY ...................................        $ 2,000,000
THE TRAVELERS LIFE AND ANNUITY COMPANY (ON BEHALF OF ONE OF ITS
SEPARATE ACCOUNTS) .................................................        $ 6,800,000
THE TRAVELERS INSURANCE COMPANY (ON BEHALF OF ONE OF ITS SEPARATE
ACCOUNTS) ..........................................................        $ 2,300,000
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY .....................        $28,000,000
TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA ..............        $28,000,000
MIDLAND NATIONAL LIFE INSURANCE COMPANY ............................        $15,000,000
MIDLAND NATIONAL LIFE INSURANCE COMPANY ............................        $ 3,000,000
THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA .....................        $10,000,000
THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC. .....................        $ 2,000,000
FORT DEARBORN LIFE INSURANCE COMPANY ...............................        $ 1,000,000
FORT DEARBORN LIFE INSURANCE COMPANY ...............................        $ 1,000,000
THE OHIO NATIONAL LIFE INSURANCE COMPANY ...........................        $ 6,000,000
</TABLE>

                                       11

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