Document:

Exhibit 10.15

COWEN GROUP, INC.

2006 EQUITY AWARD
AGREEMENT

THIS AGREEMENT
(this “Agreement”) is made by and between Cowen Group, Inc.,
a Delaware corporation (the “Company”), and [         ](the “Executive”), as of January 16,
2007.

RECITALS

WHEREAS, the Company has adopted the Cowen Group, Inc. 2006 Equity and
Incentive Plan (the “Plan”) pursuant to which the Executive has been granted an
award (the “Award”); and

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

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

WHEREAS, the capitalized terms used herein but not defined in Section
2.2 of this Agreement shall have the respective meanings given to them in the
Plan;

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

ARTICLE I

GRANT OF RESTRICTED STOCK

Section 1.1 — Grant of Restricted Stock.

The Company has granted as of the date hereof (the “Grant Date”) [          ]shares of Stock pursuant to the
terms and subject to the conditions and restrictions of this Agreement (the “Restricted
Stock”).

Section 1.2 — Restrictions and Restricted Period.

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

(b)           Restricted
Period.  Subject to (i) accelerated
vesting upon a Change in Control as set forth in Section 7 of the Plan and (ii)
the forfeiture and other provisions set 

forth in
Section 1.4 or provisions regarding accelerated vesting set forth in the Plan,
the Restrictions shall lapse and the shares of the Restricted Stock shall
become nonforfeitable and transferable (provided, that such transfer is in
accordance with Section 2.2 and otherwise in compliance with Federal and state
securities laws) with respect to (x) twenty-five percent (25%) of the shares of
Restricted Stock subject to this Agreement on each of the first and second
anniversaries of the Grant Date and (y) the remaining fifty percent (50%) of
the shares of Restricted Stock subject to this Agreement on the third
anniversary of the Grant Date (the “Restricted Period”).

Section 1.3 — Rights of a Stockholder.

  During the Restricted Period
and for so long as the Restricted Stock is held by or for the benefit of the
Executive, the Executive shall have all the rights of a stockholder of the
Company with respect to the Restricted Stock, including, but not limited to,
the rights to vote and to receive ordinary dividends.  In the event that the Committee approves an
adjustment to the Restricted Stock pursuant to Section 5(b) of the Plan, then
in such event, any and all new, substituted or additional securities to which
the Executive is entitled by reason of the Restricted Stock shall be
immediately subject to the Restrictions with the same force and effect as the
Restricted Stock subject to such Restrictions immediately before such event.

Section 1.4 — Cessation of Employment.

(a)           Forfeiture.  If the Executive’s employment or service with
the Company and its Subsidiaries and Affiliates is terminated other than as a
result of death, Disability or Retirement, for any reason or no reason, then
any unvested shares of Restricted Stock shall be forfeited to the Company as of
the Termination Date and neither the Executive nor any of Executive’s
successors, heirs, assigns, or personal representatives shall thereafter have
any further rights or interests in such shares of the Restricted Stock.  In addition, if the Executive’s employment or
service with the Company and its Subsidiaries and Affiliates is terminated for
Cause, then any shares of Restricted Stock that vested and which are still held
by the Executive as of the Termination Date shall be forfeited to the Company
as of the Termination Date (and to the extent any such shares are no longer
held by the Executive as of the Termination Date, Executive shall pay to the
Company an amount equal to the Fair Market Value of such shares on the date of
disposition by the Executive).

(b)           Acceleration.  If the Executive’s employment or service with
the Company and its Subsidiaries and Affiliates is terminated as a result of
death or Disability, all restrictions on the unvested Restricted Stock shall
lapse and the Restricted Stock shall immediately vest in full as of the
Termination Date.

(c)           Continued
Vesting.  In the event that the
Executive’s employment or service with the Company and its Subsidiaries and
Affiliates is terminated as a result of the Executive’s Retirement, then the
shares of Restricted Stock shall continue to vest in 

accordance
with the schedule set forth in Section 1.2(b), provided, however, that any
unvested shares of Restricted Stock and any shares of Restricted Stock that
vested after the Termination Date shall be immediately forfeited in the event
that prior to the fourth anniversary of the Grant Date, the Executive (X)
violates any provision of this Agreement or (Y) directly or indirectly, in one
or a series of transactions, owns, manages, operates, controls, invests or
acquires an interest in, whether as a proprietor, partner, stockholder, member,
lender, director, officer, employee, joint venturer, investor, lessor,
supplier, customer, agent, representative or other participant, or otherwise
engages or participates in, whether as a proprietor, partner, stockholder,
member, lender, director, officer, employee, joint venturer, investor, lessor,
supplier, customer, agent, representative or other participant, any business
which competes, directly or indirectly, with any businesses of the Company, any
Subsidiary or Affiliate of the Company (as determined by the Company) (“Competitive
Business”), and to the extent any such shares that vested after the Termination
Date are no longer held by Executive as of the date of such violation or
commencement of competitive employment, the Executive shall pay to the Company
an amount equal to the Fair Market Value of such shares on the date of
disposition by the Executive. Notwithstanding the foregoing, ownership by
Executive as a passive investor of less than one percent (1%) of the stock of a
corporation that is traded on an established exchange shall not constitute a
violation of clause (Y) above.

Section 1.5 — Stock Certificates.

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

Section 1.6 — Taxes.

The Executive shall pay promptly upon request, at the time the
Executive recognizes taxable income in respect of the shares of the Restricted
Stock, an amount equal to the federal, state and/or local taxes the Company
determines is required to be withheld under applicable tax laws with respect to
the shares of the Restricted Stock.  In
lieu of collecting payment from the Executive, the Company may, in its
discretion, distribute vested shares of Stock net of the number of whole shares
of Stock the Fair Market Value of which is equal to the minimum amount of
federal, state and local taxes required to be withheld under applicable tax
laws.

 

ARTICLE II

MISCELLANEOUS

Section 2.1 — Certificate; Restrictive Legend.

The Executive agrees that any certificate issued for
Restricted Stock prior to the lapse of any outstanding restrictions relating
thereto will be inscribed with a restrictive legend, in substantially the
following form:

“THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT
TO THE TERMS AND CONDITIONS, INCLUDING FORFEITURE PROVISIONS AND RESTRICTIONS
AGAINST TRANSFER (THE “RESTRICTIONS”), CONTAINED IN THE COWEN GROUP, INC. 2006
EQUITY AND INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED
OWNER AND THE COMPANY.  ANY ATTEMPT TO
DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY
OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR OTHERWISE, WILL BE NULL
AND VOID AND WITHOUT EFFECT.”

Section 2.2 — Definitions.

(a)           “Cause”
shall have the meaning set forth in the Executive’s employment or other
agreement with the Company, any Subsidiary or any Affiliate, provided that if
the Executive is not a party to any such employment or other agreement or such
employment or other agreement does not contain a definition of Cause, then
Cause shall mean, when the Company, in good
faith and its sole discretion, determines that any of the following occurs:
(x) a breach by Executive of any provisions of the Plan or this Agreement,
including, but not limited to, any of the restrictive covenants set forth in
paragraphs (a), (c), (d), (f) or (g) under Section 2.3 of this Agreement, or
(y) (i) the Executive has been convicted of
any crime (whether or not related to his or her duties at the Company or any
Subsidiary or Affiliate of the Company); (ii) fraud, dishonesty, gross
negligence or substantial misconduct in Executive’s performance of his or her
duties and responsibilities; (iii) Executive’s violation of or failure to comply
with the internal policies of the Company or any Subsidiary or Affiliate of the
Company or the rules and regulations of any regulatory or self-regulatory
organization with jurisdiction over the Company or any Subsidiary or Affiliate
of the Company; or (iv) Executive’s failure to perform the material duties of
his or her position, including, by way of example and not of limitation, the
failure or refusal to follow instructions reasonably given by Executive’s
superiors in the course of employment.

(b)           “Disability”
means that the Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than 12 months, receiving 

income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering employees of the Company, any Subsidiary or Affiliate
of the Company.

(c)           “Retirement”
or “Retire” shall mean any retirement in accordance with the applicable policies
of the Company, if any, as amended from time to time, and after the retiree
having attained the age of fifty-five (55) and completing five years of
continuous service with an entity for which the Stock constitutes “service
recipient stock” within the meaning of Section 409A of the Internal Revenue
Code of 1986, as amended, and the regulations promulgated thereunder (“Section
409A”), and unless the Executive continuously has provided such services since
the Grant Date (such entities are collectively referred to as the “409A
Controlled Group”), but only including such service after December 31, 2003, provided
that such retiree shall certify in writing to the Company that he or she will
permanently retire as of the Termination Date and will not thereafter be
employed by or otherwise engage in any Competitive Business.

(d)            “Termination
Date” shall mean the date of termination of employment or service, whether by
death, Disability or otherwise.

Section 2.3 — Notice of Termination and Restrictive
Covenants.

(a)           Notice
of Termination.  The Executive shall not voluntarily Retire, resign or
otherwise terminate his or her employment relationship with the Company or any
of its Subsidiaries or Affiliates, for any reason or no reason, without first
giving the Company at least [Kim S. Fennebresque: one hundred eighty
(180)/Other executive officers: ninety (90)] days prior written notice of the
effective date of such Retirement, resignation or other termination.  
Such written notice shall be sent in accordance with Section 2.6 of this
Agreement.  The Company retains the right to waive the notice requirement
in whole or in part or to place the Executive on paid leave for all or part of this
[Kim S. Fennebresque: one hundred eighty (180)/Other executive officers: ninety
(90)] day period.  In the alternative, at any time after the Executive
gives notice, the Company may, but shall not be obligated to, provide the
executive with work and (i) require the Executive to comply with such
conditions as it may specify in relation to transitioning the Executive’s
duties and responsibilities; (ii) assign the Executive other duties; or (iii)
withdraw any powers vested in, or duties assigned to the Executive.

(b)           Non-Solicitation.   Executive agrees that if the Executive
voluntarily terminates employment or if the Executive’s employment is
terminated, for any reason or no reason, the Executive shall not, for a period
of one hundred eighty (180) days after the Executive’s notice of termination,
without the Company’s prior written consent, directly or indirectly: (i)
solicit or induce, or cause others to solicit or induce, any director, officer
or employee of the Company, any Subsidiary or Affiliate of the Company to leave
the Company, such Subsidiary or Affiliate or in any way modify their
relationship with the Company, such Subsidiary or Affiliate; (ii) hire or cause
others to hire any director, officer or employee of the Company, any Subsidiary
or Affiliate of the Company; (iii) 

encourage
or assist in the hiring process of any director, officer or employee of the
Company, any Subsidiary or Affiliate of the Company or in the modification of
any such person’s relationship with the Company, such Subsidiary or Affiliate,
or cause others to participate, encourage or assist in the hiring process of
any director, officer or employee of the Company, any Subsidiary or Affiliate
of the Company; (iv) interfere in any way with the rendering of professional
services to the Company, any Subsidiary or Affiliate of the Company by any
client, prospective client, consultant, independent contractor or vendor, or
their respective individual employees; or (v) solicit the trade or patronage of
any client or customer or any prospective client or customer of the Company or
any Subsidiary of the Company for purposes of engaging in any business
relationship with respect to any products, services, trade secrets or other
matters in which the Company or such Subsidiary of the Company is active.

(c)           Non-Disclosure
of Confidential Information. 
Executive shall not at any time, whether during Executive’s employment
or following the termination of employment, for any reason whatsoever, directly
or indirectly, disclose or furnish to any entity, firm, corporation or person,
except as otherwise required by applicable law, any confidential or proprietary
information of the Company, any Subsidiary or Affiliate of the Company; provided,
however, that in the event disclosure is required by applicable law, the
Executive shall provide the Company, any Subsidiary or Affiliate of the
Company, as applicable, with prompt notice of such requirement prior to making
any disclosure, so that the Company, such Subsidiary or Affiliate of the
Company, as applicable, may seek an appropriate protective order.  “Confidential or propriety information” shall
mean information generally unknown to the public to which Executive gains
access by reason of Executive’s relationship with the Company, any Subsidiary
or Affiliate of the Company, and includes, but is not limited to, information
relating to all present or potential customers, business and marketing plans,
sales, trading and financial data and strategies, salaries and employment
benefits, and operational costs.

(d)           Non-Disparagement.  Executive shall not at any time, whether
during Executive’s employment or following the termination of employment, for
any reason whatsoever, and shall not cause or induce others to, defame or
disparage the Company, any Subsidiary or Affiliate of the Company, or the
directors or officers of the Company, any Subsidiary or Affiliate of the
Company.

(e)           Company
Property.  All records, files,
memoranda, reports, customer information, client lists, documents and equipment
relating to the business of the Company, any Subsidiary or Affiliate of the
Company which Executive prepares, possesses or comes into contact with while
Executive is an employee of the Company, any Subsidiary or Affiliate of the
Company shall remain the sole property of the Company, such Subsidiary or
Affiliate.  Executive agrees that upon
Executive’s termination of employment, for any reason or no reason, Executive
shall provide to the Company, any Subsidiary or Affiliate of the Company, as
applicable, all documents, papers, files or other material in Executive’s
possession and under Executive’s control that 

are
connected with or derived from Executive’s services to the Company, any
Subsidiary or Affiliate of the Company. 
Executive agrees that the Company, the applicable Subsidiary or
Affiliate of the Company owns all work product, patents, copyrights and other
material produced by Executive during Executive’s employment with the Company,
any Subsidiary or Affiliate of the Company.

(f)            Compliance
with Company Policies.  Executive
agrees to fully comply with the applicable internal policies of the Company or
any of its Subsidiaries, as such policies may be amended from time to time, at
any time, during Executive’s employment by the Company or any of its
Subsidiaries.

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

(h)           Injunctive
Relief.  In the event of a breach by
Executive of Executive’s obligations under this Agreement, the Company, in
addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Agreement.  Executive
acknowledges that the Company shall suffer irreparable harm in the event of a
breach or prospective breach of paragraphs (a), (b), (c), (d), (e), (f) or (g)
of this Section 2.3 and that monetary damages would not be adequate
relief.  Accordingly, the Company shall
be entitled to seek injunctive relief in any federal or state court of
competent jurisdiction located in New York County, or in any state in which
Executive resides.  Executive further agrees
that the Company and its Subsidiaries and Affiliates shall be entitled to
recover all costs and expenses (including attorneys’ fees) incurred in
connection with the enforcement of the Company’s rights hereunder.

 

Section 2.4 — Offset.

In the event that the Executive voluntarily terminates
employment or if the Executive’s employment is terminated, for any reason or no
reason, the Company may offset, to the fullest extent permitted by law, any
amounts of money or shares of Stock due to the Company from the Executive, or
advanced or loaned to Executive by the Company, from any monies or shares of
Stock owed to the Executive or the Executive’s estate by the Company as a
result of such termination of employment.

Section 2.5 — Governing Law.

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

Section 2.6 — Notices.

Any notice to be given under the terms of this Agreement shall be in
writing and addressed to the Company at 1221 Avenue of the Americas, New York,
NY 10020, Attention: Head of Human Resources, and to the Executive at the
address set forth below or at such other address as either party may hereafter
designate in writing to the other by like notice.

Section
2.7 — Effect of Agreement.

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

Section
2.8 — Amendment.

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

Section
2.9 — No Right to Continued Employment.

Nothing in this Agreement shall be deemed to confer on the
Executive any right to continued employment with the Company or any of its
Subsidiaries or Affiliates.

 

Section 2.10 — Section 409A.

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

Section
2.11 — Entire Agreement.

The Plan is incorporated herein by
reference.  The Plan and this Agreement
constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings,
agreements, correspondence and term sheets of or between the Company and the
Executive with respect to the subject matter hereof.  If there is a conflict between the terms and
conditions of the Plan and the terms and conditions of this Award Agreement,
the terms and conditions of the Plan shall govern.

Section 2.12 — Arbitration.

(a)           Any and
all disputes arising out of or relating to this Agreement will be submitted to
and resolved exclusively by a panel of three (3) arbitrators from either the
New York Stock Exchange or the National Association of Securities Dealers, Inc.  The arbitration shall be held in the City of
New York.  In agreeing to arbitrate these
disputes, Executive recognizes that Executive is waiving Executive’s right to a
trial in court and by a jury.  The
arbitration award shall be final and binding upon both parties, and judgment
upon the award may be entered in a court of competent jurisdiction.

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

(c)           This
Section 2.12 shall not be construed to limit the Company’s right to obtain
relief under paragraph 2.3(h) (relating to equitable remedies) with respect to
any matter or controversy subject to paragraph 2.3(h), and, pending a final
determination by the arbitrators with respect to any such matter or
controversy, the Company shall be entitled to obtain any such relief by direct
application to state, federal or other applicable court, without being required
to first arbitrate such matter or controversy.

 

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

	
  

  	
   

  	
  COWEN GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BY:

  	
   

  
	
   

  	
   

  	
   

  	
  Christopher A. White

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED AND
  ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed:

  	
   

  	
   

  	
   

  	
   

  
	
  DateExhibit
10.16

December  22, 2006

 

 

Kevin McCarthy

1221 Avenue of the Americas

New
York, New York 10020

 

Dear Kevin:

Cowen Group, Inc. (“Cowen”
or the “Company”) is pleased to continue your employment with the Company and
we look forward to a mutually rewarding and beneficial relationship.  This letter outlines the terms and conditions
of employment.  Please indicate your
acceptance of these terms and conditions by signing and returning one copy of
this letter.

1.             Term. This letter provides
the details of your compensation until December 31, 2008 (the “Term”), and
certain other terms and conditions of your employment.  However, this letter is not a guarantee of
employment for any term or duration, since your employment will be “at will,”
as defined under New York law.

2.             Position.

a.         Cowen shall employ you as a Managing
Director and General Counsel.   In that
role you will oversee the Legal and Compliance Department.  You shall perform your assigned duties at
Cowen or at one of its subsidiaries or affiliates.  You shall devote your full time and efforts
during normal business hours to the performance of all of the duties associated
with that position and title as well as any and all other related duties Cowen
management maydesignate or assign.  Your
goals, responsibilities, duties and/or authority may be reviewed and modified
from time to time by the Company.

b.         During your employment you may not,
without the prior written consent of Cowen, accept an appointment or continue
to act, whether or not for remuneration, as a Director, Officer, Manager or
employee of a business entity that is not affiliated with the Company.

c.         During your employment you shall be
subject to and must comply with all Company policies and procedures applicable
to Cowen employees of similar rank and status, as now existing or as may be
modified or supplemented by Cowen in its sole discretion.

 

3.             Compensation.

a.         Base Salary.  You will be paid a base salary at the rate of
Two Hundred and Fifty Thousand Dollars ($250,000.00) per annum, less applicable
tax and payroll deductions, payable in accordance with Cowen’s prevailing
payroll practices.  Any obligation to pay
your Base Salary will cease upon the termination of your employment.

b.         Annual Bonus.  For the fiscal year ending December 31, 2006,
you will be entitled to a guaranteed annual bonus of Seven Hundred Thousand
Dollars ($700,000), less any salary received from Cowen in 2006.   For the fiscal year ending December 31, 2007
and December 31, 2008, you will be entitled to a guaranteed annual bonus such
that your total compensation shall not be less than Seven Hundred Thousand
Dollars ($700,000.00).  The guaranteed
annual bonus amounts for fiscal years 2006, 
2007 and 2008 are subject to applicable tax and payroll deductions and
are payable at the time all other Company bonuses are paid, but no later than
March 15, 2007, March 15, 2008 and March 15, 2009, respectively.  A portion of your total compensation from Cowen each year may be paid
to you in restricted Cowen Group, Inc. equity, in such percentages as Cowen
shall determine, in accordance with then-prevailing Company policies.

Bonuses
in each year subsequent to fiscal year 2008 shall be at the sole discretion of
Cowen management, payable in accordance with then-prevailing Company bonus policies.

4.             Benefits. 
You will be eligible to participate in and receive benefits on the same
basic terms and conditions as Cowen employees of similar position, rank and
status in accordance with the terms and eligibility requirements of Cowen’s
benefit plans, which may be modified, suspended or terminated by Cowen in its
sole discretion.

5.             Termination of Employment.  Your employment with Cowen may be terminated
for any reason because your employment is “at will.”  If your employment is terminated for any reason
other than due to your Resignation/Voluntary Termination, your Death or
Disability or for Cause, as defined below, prior to the date the bonuses for
fiscal years ending December 31, 2006, and December 31, 2007 and December 31,
2008 are paid, any bonuses guaranteed hereunder shall be payable at the time
all other Cowen bonuses are paid. 
Provided however, that if you sign our standard separation agreement
then you will be entitled to receive an acceleration of those bonus amounts.

a.         Death or Disability.  Your employment shall terminate on your
death.  If you become disabled, Cowen may
terminate your employment by giving you thirty (30) days written notice of its
intention to do so unless you return to full-time performance of your duties
within such thirty (30) day period.  “Disabled,”
as used herein, shall mean your inability to perform the essential duties and
responsibilities of your job with or without reasonable accommodation, for a
continuous period of ninety (90) days or more, or for one hundred twenty (120)
days or more in a twelve (12)-month period, due to a physical or mental
condition.  Disputes on the issues of
disability shall be determined by an impartial, reputable physician agreed upon
by the parties or their respective doctors. 
Upon termination under this paragraph 5a, you or your estate shall be
entitled to receive only that portion of your Base Salary earned, but unpaid,
as of the date of termination and a pro-rata share of any Annual Bonus due for
the year in which your employment terminates.

b.         Cause.  Nothing herein shall prevent Cowen from
terminating your employment for cause.  “Cause”
shall mean when Cowen, in good faith, determines that any of the following
occurs:

i.              your conviction of
any crime (whether or not related to your duties at Cowen) with the exception
of minor traffic offenses;

ii.             fraud, dishonesty,
gross negligence or substantial misconduct in the performance of your duties
and responsibilities;

 

iii.            your violation of
or failure to comply with the Company’s internal policies or the rules and
regulations of any regulatory or self-regulatory organization with jurisdiction
over Cowen;

iv.            your failure to
perform the material duties of your position, including, by way of example and
not of limitation, the failure or refusal to follow instructions reasonably
given by your superiors in the course of employment.

Upon
termination under this paragraph 5b, you shall be entitled to receive only that
Base Salary earned but unpaid as of the date of termination.  You shall not be entitled to any unpaid bonus
compensation whatsoever.

c.         Resignation/Voluntary Termination.
In the event you resign or otherwise voluntarily terminate your employment with
Cowen prior to the date bonuses for the 2006, 2007 and 2008 fiscal years are
paid, you shall be limited to the rights, compensation and benefits provided in
paragraph 5b (Termination for Cause).

d.         Offset.  In the event of termination, the Company may
offset, to the fullest extent permitted by law, any amounts due to the Company
from you, or advanced or loaned to you by the Company, from any monies owed to
you or your estate by reason of your termination.

6.             Notice of Retirement/Resignation.  You shall not voluntarily
retire, resign or otherwise terminate your employment relationship with the
Company or any of its affiliates without first giving the Company at least
ninety (90) days prior written notice of the effective day of your retirement,
resignation or other termination.  Such
written notice shall be sent by certified mail to Cowen and Company, LLC,
Attn:  Human Resources Department, 1221
Avenue of the  Americas,  New
York, NY  10020.  The Company retains the right to waive the
notice requirement in whole or in part or to place you on paid leave for all or
part of this ninety (90) day period.  In
the alternative, at any time after you give notice, the Company may, but shall
not be obligated to, provide you with work and (i) require you to comply with
such conditions as it may specify in relation to transitioning your duties and
responsibilities; (ii) assign you other duties; or (iii) withdraw any powers
vested in, or duties assigned to you. 
This provision shall survive the expiration of the Term and continue in
effect during your employment with the Company.

7.             Non-Solicitation.  You agree that if you voluntarily terminate
your employment or if your employment is terminated for any reason, you shall
not, for a period of one hundred and eighty (180) days after such termination,
without the Company’s prior written consent, directly or indirectly:  (a) solicit or induce, or cause others to
solicit or induce, any employees of the Company to leave the Company or in any
way modify their relationship with the Company; (b) hire or cause others to
hire any employees of the Company; (c) encourage or assist in the hiring
process of any employees of the Company or in the modification of any such
employee’s relationship with the Company, or cause others to participate,
encourage or assist in the hiring process of any employees of the Company; or
(d) directly or indirectly solicit the trade or patronage of any clients or
customers or any prospective clients or customers of the Company that you
provided services to, met with, or pitched business or services to while
employed by the Company.  This provision
shall survive the expiration of the Term.

8.             Non-Disclosure of Confidential Information.  You shall not at any time, whether during
your employment or following the termination of your employment, for any reason
whatsoever, directly or indirectly disclose or furnish to any entity, firm,
corporation or person, except as otherwise required by law, any confidential or
proprietary information of the Company with respect to any aspect of its
operations, business or clients.  “Confidential
or proprietary information” shall mean information generally unknown to the
public to which you gain access by reason of your employment by the Company and
includes, but is not limited to, information relating to all present or
potential customers, business and marketing plans, sales, trading and financial
data and strategies, salaries and employment benefits, and operational
costs.  This provision shall survive the
expiration of this Agreement.

 

9.             Company Property. 
All records, files, memoranda, reports, customer information, client
lists, documents and equipment relating to the business of the Company, which
you prepare, possess or come into contact with while you are an employee of the
Company, shall remain the sole property of the Company. You agree that upon the
termination of your employment, you shall provide to the Company all documents,
papers, files or other material in your possession and under your control that
are connected with or derived from your services to the Company.  You agree that the Company owns all work
product, patents, copyrights and other material produced by you during your
employment with the Company.  This
provision shall survive the expiration of this Agreement.

10.           Injunctive
Relief.  In the event of a breach by
you of your obligations under this Agreement, the Company, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this
Agreement.  You acknowledge that the
Company shall suffer irreparable harm in the event of a breach or prospective
breach of paragraphs 6, 7, 8 and/or 9 hereof and that monetary damages would
not be adequate relief.  Accordingly, the
Company shall be entitled to seek injunctive relief in any federal or state
court of competent jurisdiction located in New York County, or in any state in
which you reside.  You further agree that
the Company and its affiliates shall be entitled to recover all costs and
expenses (including attorneys’ fees) incurred in connection with the enforcement
of the Company’s rights hereunder.

11.           Arbitration.  Any and all
disputes arising out of or relating to your employment or the termination of
your employment with Cowen, including any statutory claims based on alleged
discrimination, will be submitted to and resolved exclusively by a panel of
arbitrators from either the New York Stock Exchange or the National Association
of Securities Dealers, Inc.  The arbitration shall be held in
the City of New York.  In agreeing to
arbitrate your claims, you recognize that you are waiving your right to a trial
in court and by a jury.  The arbitration
award shall be binding upon both parties, and judgment upon the award may be
entered in a court of competent jurisdiction.

12.           Severability.  Should any provision herein be rendered or
declared legally invalid or unenforceable by a court of competent jurisdiction
or by the decision of an authorized governmental agency, such invalidation of
such part shall not invalidate the remaining portions thereof.

13.           Other Agreements.  You represent and warrant that you are not a
party to any agreement or bound by any obligation, restrictive covenant or
non-competition agreement that would prohibit you in any way from accepting and
agreeing to this letter or from fully performing the obligations of your
employment with Cowen.

14.           Complete Agreement.  The provisions herein contain the entire
agreement and understanding of the parties regarding compensation and your
employment and fully supersede any and all prior agreements, representations,
promises or understandings, written or oral, between them pertaining to the
subject matter hereof, including your offer letter dated November 22, 2006. The
provisions of this letter may not be changed or altered except in writing
signed by you and a duly authorized agent of Cowen.

15.           Choice of Law.  The interpretation and application of the
terms herein, and your employment relationship at Cowen, shall be governed by
the laws of the State of New York without regard to principles of conflict of
laws.

16.           No Waiver.  Any failure by either party to exercise its
rights to terminate this letter or to enforce any of its provisions shall not
prejudice such party’s rights of termination or enforcement for any subsequent
or further violations, breaches or defaults by the other party.  A waiver of any provision of this letter
shall not be valid or effective unless memorialized in writing and signed by
both parties to this Agreement.

17.           Assignment.  The rights and obligations of Cowen under
this letter will be transferable, and all of its covenants and agreements will
be binding upon and be enforceable by its successors and assigns.  You may not assign this letter and the terms
and conditions stated herein.

 

18.           Pre-Employment Verifications.  Your employment is contingent upon your
satisfactory completion of a drug screening test, employment, education and
reference checks, a credit and criminal background check, and verification of
your identity and authorization to legally work in the United States, and all
other Cowen practices and procedures applicable to the hiring process.  Your employment is also contingent upon your
obtaining all of the licenses necessary for you to conduct the functions of
your job at Cowen.  Any failure to meet
Cowen’s pre-employment requirements and standards will nullify the employment
offer or, in the event active employment has already commenced, may result in
the termination of employment without notice. Any such termination will be
deemed a termination for Cause under paragraph 5b herein. 

If your response to these terms and conditions is
favorable, please sign below as acceptance and return one copy.  Should you have any questions, please do not
hesitate to contact me or Mr. William H. Dibble with Cowen’s Human Resources
Department at (646) 562-1000.

	
  

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COWEN GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Christopher A. White

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED AND
  ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signed:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

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