0001466538-13-000004 Sample Contracts

FORM OF STOCK APPRECIATION RIGHT AGREEMENT
Stock Appreciation Right Agreement • March 7th, 2013 • Cowen Group, Inc. • Security brokers, dealers & flotation companies • New York

This STOCK APPRECIATION RIGHT AGREEMENT (“SAR Agreement”) is dated as of [insert date], 2013 (the “Date of Grant”) and delivered by Cowen Group, Inc. (the “Company”), to [insert name] (the “Grantee”).

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