Document:

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                                                                    EXHIBIT 10.7

                     FORM OF CALAMOS ASSET MANAGEMENT, INC.

                         IPO EQUITY AWARD STATEMENT FOR:

                                 [EMPLOYEE NAME]

Congratulations! The following summarizes your Calamos IPO Equity Award:

STOCK OPTIONS

   TOTAL NUMBER OF OPTIONS
   GRANTED
   OPTION PRICE PER SHARE         The IPO price of CLMS Class A Stock: $XX.XX.
   EXPIRATION DATE                October  , 2014 subject to earlier termination

RESTRICTED STOCK UNITS ("RSUS")

   TOTAL NUMBER OF RSUS
   GRANTED

VESTING SCHEDULE

   GRANT DATE                 IPO First Trading Date:  October  , 2004

   VESTING SCHEDULE           A portion of your STOCK OPTIONS becomes available
                              for purchase on each of these dates:

                              -    Up to 33 1/3% on October  , 2008

                              -    Up to 66 2/3% on October  , 2009

                              -    Up to 100% on and after October   , 2010, but
                                   prior to the Expiration Date

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

                              -    33 1/3% on October  , 2008

                              -    33 1/3% on October  , 2009

                              -    33 1/3% on October  , 2010

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 IPO Award
Statement, which includes the accompanying Terms of the IPO Equity Awards and
the Incentive Compensation Plan. You will receive a copy of the Incentive
Compensation Plan Summary Description, and a copy of the plan document.

THIS IPO AWARD STATEMENT, INCLUDING THE ACCOMPANYING TERMS OF THE IPO EQUITY
AWARDS, CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

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                         CALAMOS ASSET MANAGEMENT, INC.

                         TERMS OF THE IPO 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, [or upon termination of employment by
                        your employer without cause or by you for good reason,
                        in each case only as determined under an applicable
                        employment agreement] prior to the full vesting of the
                        stock options and RSUs, 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.

                          If, at termination of employment after attainment of
                          age 50 and at least five (5) continuous years of
                          service within the Calamos organization, the total of
                          your attained age and years of service equals or
                          exceeds 65, 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

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                          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
                          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 will
                        become fully vested.

EXERCISE/DELIVERY OF    The option may be exercised by delivering a written
SHARES:                 notice providing the number of shares to be exercised
                        and accompanied by full payment of the applicable
                        exercise price for the shares. The option price may be
                        paid in full in cash or by tendering previously-acquired
                        shares of Class A common stock (shares not acquired
                        pursuant to the Plan or any other compensation plan or
                        program). Subject to applicable tax withholding (see
                        below), upon receipt of the exercise notice and payment
                        of the exercise price, one (1) share of CLMS Class A
                        common stock will be delivered for each option
                        exercised.

                        No exercise price or other amount 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   Except as provided above for termination due to death,
OF EMPLOYMENT           disability or retirement, [or upon termination of
                        employment by your employer without cause or by you for
                        good reason, in each case only as determined under an
                        applicable employment agreement], 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 or is due to death or disability [or by your
                        employer without cause or by you for good reason, in
                        each case only as determined under an applicable
                        employment agreement], then vested options remain
                        exercisable for one year following termination of
                        employment.

                        In the case of a 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 option held
                        by the retiree first becomes exercisable during the
                        period of retirement.

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

FEDERAL INCOME TAX      The following discussion is a summary of certain current
CONSIDERATIONS:         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, 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 shares of Class A common
                        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.

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TAX WITHHOLDING:        There will be deducted or withheld from shares issuable
                        upon exercise of options or the vesting of RSUs and/or
                        from any cash payable with respect to such awards, an
                        aggregate amount of cash and 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. The Committee may permit the
                        remittance of cash or for other arrangements for payment
                        of such taxes.<PAGE>

                                                                    EXHIBIT 10.8

                     FORM OF CALAMOS ASSET MANAGEMENT, INC.

                     SERVICE-BASED RSU AWARD STATEMENT FOR:

                                 [EMPLOYEE NAME]

Congratulations! The following summarizes your Calamos Service-Based RSU Award:

RESTRICTED STOCK UNITS ("RSUS")

     TOTAL NUMBER OF RSUS
     GRANTED

VESTING SCHEDULE

     GRANT DATE                IPO First Trading Date:  October  , 2004

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

                               -    33 1/3% on January 1, 2006

                               -    33 1/3% on January 1, 2007

                               -    33 1/3% on January 1, 2008

Your restricted stock units were issued from the Calamos Asset Management, Inc.
Incentive Compensation Plan. This restricted stock units award is governed by
the terms and conditions of this Service-Based RSU Award Statement, which
includes the accompanying Terms of the Service-Based RSU Awards and the
Incentive Compensation Plan. You will receive a copy of the Incentive
Compensation Plan Summary Description, and a copy of the plan document.

THIS SERVICE-BASED RSU STATEMENT, INCLUDING THE ACCOMPANYING TERMS OF THE
SERVICE-BASED RSU AWARDS, CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES
THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

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                         CALAMOS ASSET MANAGEMENT, INC.

                      TERMS OF THE SERVICE-BASED RSU AWARDS

TYPE(S) OF AWARD:       Restricted stock units ("RSUs").

                        When vested, each RSU entitles the holder to receive one
                        (1) share of Class A common stock of Calamos Asset
                        Management, Inc. ("CLMS").

VESTING:                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 RSUs
                        will vest as of the date of such termination of
                        employment. The portion that will vest will be
                        determined as follows: the vesting of those RSUs
                        scheduled to vest on the next following vesting date
                        will be accelerated to the date of such termination of
                        employment.

                        Upon a Change in Control, the RSUs will become fully
                        vested.

DELIVERY OF SHARES:     No exercise price or other amount 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   Except as provided above for termination due to death or
OF EMPLOYMENT           disability, no further vesting will occur after
                        termination of employment, and all unvested RSUs will be
                        forfeited and/or cancelled.

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

                        No income is recognized upon receipt of an award of
                        RSUs. Upon vesting, income equal to the fair market
                        value of shares of Class A common 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 RSU 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.

VOTING RIGHTS:          Since RSUs do not represent actual shares, no voting
                        rights arise upon receipt of RSUs and you are not deemed
                        to be the owner of any

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                        shares covered by the 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:        Prior to delivery of shares and/or payment of cash with
                        respect to the RSUs, there will be deducted or withheld,
                        first from any cash and then from shares to be
                        delivered, such 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
                        such payment of cash and/or distribution of shares made
                        under or as a result of the Plan. The Committee may
                        permit the remittance of cash or for other arrangements
                        for payment of such taxes.

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