PARTNERS’ EXCHANGE AGREEMENTPartners’ Exchange Agreement • May 8th, 2007 • JMP Group Inc. • Security brokers, dealers & flotation companies • California
This PARTNERS’ EXCHANGE AGREEMENT (this “Agreement”), dated as of , 2007, is entered into by and between JMP Holdings Inc. a Delaware corporation (the “Company”) and the individuals listed on the signature page hereof (each, a “Partner”). “Partner” shall mean, if such person shall have “Transferred” any of his or her “Company Securities” to any of his or her respective “Permitted Transferees” (as such terms are defined below), such person and such Permitted Transferees, taken together, and any right, obligation or action that may be exercised or taken at the election of such person may be taken at the election of such person and such Permitted Transferees. Capitalized terms used have the meanings set forth in Article 4.
