0001104659-07-024300 Sample Contracts

COWEN GROUP, INC.
Cowen Group • March 30th, 2007 • Cowen Group, Inc. • Security brokers, dealers & flotation companies • New York

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.

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COWEN GROUP, INC. EXECUTIVE INCENTIVE AWARD AGREEMENT
Cowen Group • March 30th, 2007 • Cowen Group, Inc. • Security brokers, dealers & flotation companies • New York

THIS AGREEMENT (this “Agreement”) is made by and between Cowen Group, Inc., a Delaware corporation (the “Company”), and Kim S. Fennebresque (the “Executive”), as of July , 2006.

December 22, 2006 Kevin McCarthy New York, New York 10020 Dear Kevin:
Cowen Group, Inc. • March 30th, 2007 • Security brokers, dealers & flotation companies • New York

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.

COWEN GROUP, INC. EXECUTIVE INCENTIVE AWARD AGREEMENT [U.S. EMPLOYEES]
Incentive Award Agreement • March 30th, 2007 • Cowen Group, Inc. • Security brokers, dealers & flotation companies • New York

THIS AGREEMENT (this “Agreement”) is made by and between Cowen Group, Inc., a Delaware corporation (the “Company”), and _______________________, (the “Executive”), as of ______________.

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