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 <p style="margin:0pt 0pt .0001pt;text-align:center;"><a name="scotch"></a><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed with the Securities and Exchange Commission on August 27, 2007</font></b></p> <p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p> <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font><br>
Washington, D.C.&#160; 20549</b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM
S-8</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">REGISTRATION
STATEMENT UNDER<br>
THE SECURITIES ACT OF 1933</font></b></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">Cowen
Group, Inc.</font></b><font style="font-weight:normal;"><br>
</font><font style="font-weight:normal;">(Exact Name
of Registrant as Specified in Its Charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Delaware</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">84-1702964</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other
  Jurisdiction of Incorporation<br>
  or Organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer<br>
  Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1221
  Avenue of the Americas<br>
  New York, New York</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">10020</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  Principal Executive Offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cowen Group, Inc. 2007 Equity and Incentive Plan</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(Full Title of the Plan)</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">J. Kevin McCarthy</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Counsel</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cowen Group, Inc.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1221 Avenue of the Americas</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10020</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(Name and Address of Agent For
Service)</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(646) 562-1000</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(Telephone Number, Including Area
Code, of Agent For Service)</font></b></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Copy to:</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meredith B. Cross</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Wilmer
Cutler Pickering Hale and Dorr LLP</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">1875
Pennsylvania Avenue, N.W.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Washington, D.C. 20036</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CALCULATION
OF REGISTRATION FEE</font></b></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="34%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:34.44%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading -->Title&nbsp;of<br>
  Securities&nbsp;to&nbsp;be<br>
  Registered</p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;to&nbsp;be<br>
  Registered(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed&nbsp;Maximum<br>
  Offering&nbsp;Price&nbsp;Per<br>
  Share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed&nbsp;Maximum<br>
  Aggregate&nbsp;Offering<br>
  Price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;of<br>
  Registration&nbsp;Fee</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:34.44%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock, $0.01 par
  value per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,437,133 shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$12.89(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$18,524,644(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:13.92%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$569</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In
accordance with Rule 416 under the Securities Act of 1933, as amended, this
registration statement shall be deemed to cover any additional securities that
may from time to time be offered or issued to prevent dilution resulting from
stock splits, stock dividends or similar transactions.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated
solely for the purpose of calculating the registration fee pursuant to Rules
457(c) and 457(h) of the Securities Act of 1933, as amended, and based upon the
average of the high and low prices of the Registrant&#146;s Common Stock as reported
on the Nasdaq Global Market on August 24, 2007.</p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART I</font></b><br>
<b>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Plan
Information.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information required
by Item 1 is included in documents sent or given to participants in the plan
covered by this registration statement pursuant to Rule 428(b)(1) of the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;).</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
2.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Registrant
Information and Employee Plan Annual Information.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The written statement
required by Item 2 is included in documents sent or given to participants in
the plan covered by this registration statement pursuant to Rule 428(b)(1) of
the Securities Act.</font></p>

<h1 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART III<br>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
3.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporation
of Documents by Reference.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registrant is subject
to the informational and reporting requirements of Sections 13(a), 14, and
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
and in accordance therewith files reports, proxy statements and other
information with the Securities and Exchange Commission (the &#147;Commission&#148;).&#160; The following documents, which are on file
with the Commission, are incorporated in this registration statement by
reference:</font></p>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
registrant&#146;s Annual Report on Form 10-K, as amended, for the fiscal year ended
December 31, 2006.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All
other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act
since the end of the fiscal year covered by the document referred to in (a)
above.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
description of the securities contained in the registrant&#146;s registration
statement on Form 8-A filed under the Exchange Act, including any amendment or
report filed for the purpose of updating such description.</h3>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents
subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered hereby have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be part hereof
from the date of the filing of such documents.&#160;
Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded
for the purposes of this registration statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or
is deemed to be incorporated by reference herein modifies or supersedes such
statement.&#160; Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this registration statement.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
4.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Description
of Securities.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>


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<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
5.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Interests
of Named Experts and Counsel.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wilmer Cutler Pickering
Hale and Dorr LLP (&#147;WilmerHale&#148;) has opined as to the legality of the
securities being offered by this registration statement.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
6.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indemnification
of Directors and Officers.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 145 of the
Delaware General Corporation Law, or DGCL, provides that a corporation has the
power to indemnify a director, officer, employee, or agent of the corporation
and certain other persons serving at the request of the corporation in related
capacities against expenses (including attorneys&#146; fees), judgments, fines, and
amounts paid in settlements actually and reasonably incurred by the person in
connection with a threatened, pending, or completed action, suit or proceeding
to which he or she is or is threatened to be made a party by reason of such
position, if such person acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the
corporation, and, in any criminal action or proceeding, had no reasonable cause
to believe his or her conduct was unlawful, except that, in the case of actions
brought by or in the right of the corporation, indemnification is limited to
expenses (including attorneys&#146; fees) actually and reasonably incurred by the
person in connection with defense or settlement of such action or suit if the
person acted in good faith and in a manner the person reasonably believed to be
in or not opposed to the best interests of the corporation and no
indemnification shall be made with respect to any claim, issue, or matter as to
which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or other adjudicating
court determines that, despite the adjudication of liability but in view of all
of the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such expenses which the Court of Chancery or such other court
shall deem proper.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, to the
extent that a present or former director or officer of a corporation has been
successful on the merits or otherwise in defense of any action, suit, or
proceeding described above, or defense of any claim, issue, or matter therein,
such person shall be indemnified against expenses (including attorneys&#146; fees)
actually and reasonably incurred by such person in connection therewith.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expenses (including
attorneys&#146; fees) incurred by an officer or director in defending any civil,
criminal, administrative, or investigative action, suit, or proceeding may be
advanced by the corporation upon receipt of an undertaking by such person to
repay such amount if it is ultimately determined that such person is not
entitled to indemnification by the corporation under Section 145 of the DGCL.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our amended and restated
certificate of incorporation and amended and restated bylaws provide that we
will indemnify our directors and officers to the fullest extent permitted by
the DGCL.&#160; In addition, our amended and
restated certificate of incorporation provides that we will, to the fullest
extent permitted by law, indemnify, and upon request may advance expenses to,
any person made or threatened to be made a party to an action or proceeding by
reason of the fact that he or she (or his or her testators or in testate) is or
was our director or officer or serves or served at any other corporation,
partnership, joint venture, trust or other enterprise in a similar capacity or
as an employee or agent at our request, including service with respect to
employee benefit plans, against expenses (including attorneys&#146; fees),
judgments, fines, penalties, and amounts paid in settlement incurred in
connection with the investigation, preparation to defend, or defense of such
action, suit, proceeding, or claim.&#160;
However, we are not required to indemnify or advance expenses in
connection with any action, suit, proceeding, claim or counterclaim initiated
by or on behalf of such person.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our amended and restated
certificate of incorporation provides that, to the fullest extent permitted by
law, a director of the corporation shall not be personally liable to the
corporation or our stockholders for monetary damages for breach of fiduciary
duty as a director, except as required by law, as in effect</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">from time to time.
Currently, Section 102(b)(7) of the DGCL requires that liability be imposed for
the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any breach of the director&#146;s duty of
loyalty to our company or our stockholders;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any act or omission not in good faith
or which involved intentional misconduct or a knowing violation of law;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>unlawful payments of dividends or
unlawful stock repurchases or redemptions as provided in Section 174 of the
DGCL; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any transaction from which the
director derived an improper personal benefit.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any repeal or
modification of these provisions of our certificate of incorporation shall not
adversely affect any right or protection of a director of the corporation for
or with respect to any acts or omissions of that director occurring prior to
the amendment or repeal.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have insurance
policies under which our directors and officers are insured, within the limits
and subject to the limitations of those policies, against certain expenses in connection
with the defense of, and certain liabilities which might be imposed as a result
of, actions, suits or proceedings to which they are parties by reason of being
or having been directors or officers.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have entered into
indemnification agreements with each of our directors under which we agreed to
indemnify each of them against: (a) expenses, judgments, and settlements paid
in connection with third-party claims and (b) expenses and settlements paid in
connection with claims on our behalf, in each case provided that the director
acted in good faith.&#160; In addition, we
agreed to indemnify each director to the extent permitted by DGCL against all
expenses, judgments, and amounts paid in settlement unless the director&#146;s
conduct constituted a breach of his or her duty of loyalty to the
stockholders.&#160; Subject to the director&#146;s
obligation to pay us in the event that he or she is not entitled to
indemnification, we will pay the expenses of the director prior to a final
determination as to whether the director is entitled to indemnification.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
7.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exemption
from Registration Claimed.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
8.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits.</b></h2>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exhibit Index
immediately preceding the exhibits is incorporated herein by reference.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Undertakings.</b></h2>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
undersigned registrant hereby undertakes:</h4>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</h5>

<h6 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;page-break-after:auto;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
include any prospectus required by Section 10(a)(3) of the Securities Act;</h6>

<h6 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;page-break-after:auto;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment
thereof) which,</h6>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h6 style="font-weight:normal;margin:0in 0in 12.0pt .5in;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement; and</font></h6>

<h6 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;page-break-after:auto;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement;</h6>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided,
however,</font></i> that paragraphs (i) and (ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by
the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that
are incorporated by reference in the registration statement.</p>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof.</h5>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.</h5>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant&#146;s annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <i>bona fide</i> offering thereof.</h4>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt;page-break-after:auto;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</h4>


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<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in New York, New
York on this 27th day of August, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" bgcolor="white" style="background:white;border-collapse:collapse;font-family:Times New Roman;">
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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="352" colspan="4" valign="top" style="padding:0in .7pt 0in 0in;width:264.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COWEN GROUP, INC.</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="320" valign="top" style="padding:0in .7pt 0in 0in;width:240.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="352" colspan="4" valign="top" style="padding:0in .7pt 0in 0in;width:264.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="320" valign="top" style="padding:0in .7pt 0in 0in;width:240.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27" valign="top" style="padding:0in .7pt 0in 0in;width:20.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="227" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:170.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kim S. Fennebresque</font></p>
  </td>
  <td width="99" valign="top" style="padding:0in .7pt 0in 0in;width:74.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="320" valign="top" style="padding:0in .7pt 0in 0in;width:240.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27" valign="top" style="padding:0in .7pt 0in 0in;width:20.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47" valign="top" style="padding:0in .7pt 0in 0in;width:35.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="279" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:209.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kim S. Fennebresque</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="320" valign="top" style="padding:0in .7pt 0in 0in;width:240.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27" valign="top" style="padding:0in .7pt 0in 0in;width:20.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47" valign="top" style="padding:0in .7pt 0in 0in;width:35.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="279" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:209.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, Chief Executive Officer and<br>
  President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="320" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="47" style="border:none;"></td>
  <td width="180" style="border:none;"></td>
  <td width="99" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0in 0in 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">POWER
OF ATTORNEY AND SIGNATURES</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We, the undersigned
officers and directors of Cowen Group, Inc. hereby severally constitute and
appoint Kim S. Fennebresque and Thomas Conner, and each of them singly, our
true and lawful attorneys with full power to them, and each of them singly, to
sign for us and in our names in the capacities indicated below, the
registration statement on Form S-8 filed herewith and any and all subsequent
amendments to said registration statement, and generally to do all such things
in our names and on our behalf in our capacities as officers and directors to
enable Cowen Group, Inc. to comply with the provisions of the Securities Act of
1933, as amended, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming our signatures as they may be
signed by our said attorneys, or any of them, to said registration statement
and any and all amendments thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates
indicated.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Signature</p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="180" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="107" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/<b>  </b>Kim S.
  Fennebresque</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, Chief Executive</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kim S. Fennebresque</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer and President<br>
  (Principal executive officer)</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 27, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Thomas K. Conner</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer and</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thomas K. Conner</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer (Principal financial<br>
  and accounting officer)</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 27, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jeffrey Kurzweil</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jeffrey Kurzweil</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 27, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Philip B. Pool, Jr.</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philip B. Pool, Jr.</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 27, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ L. Thomas Richards</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">L. Thomas Richards</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="180" valign="top" style="padding:0in .7pt 0in 0in;width:135.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="top" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in .7pt 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 27, 2007</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0in 0in 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John E. Toffolon, Jr.</font><!-- SET mrlNoTableShading --><!-- SET mrlHTMLTableLeft --></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="173" valign="top" style="padding:0in .7pt 0in 0in;width:130.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="253" valign="top" style="padding:0in .7pt 0in 0in;width:189.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John E. Toffolon, Jr.</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="173" valign="top" style="padding:0in .7pt 0in 0in;width:130.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="253" valign="top" style="padding:0in .7pt 0in 0in;width:189.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August 27, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="173" valign="top" style="padding:0in .7pt 0in 0in;width:130.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="253" valign="top" style="padding:0in .7pt 0in 0in;width:189.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="173" valign="top" style="padding:0in .7pt 0in 0in;width:130.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="253" valign="top" style="padding:0in .7pt 0in 0in;width:189.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="border:none;padding:0in .7pt 0in 0in;width:165.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charles W.B. Wardell, III</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="173" valign="top" style="padding:0in .7pt 0in 0in;width:130.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="top" style="padding:0in .7pt 0in 0in;width:10.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="253" valign="top" style="padding:0in .7pt 0in 0in;width:189.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0in 0in 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEX
TO EXHIBITS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Number</p>
  </td>
  <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Wilmer Cutler Pickering Hale and Dorr
  LLP, counsel to the Registrant</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Wilmer Cutler Pickering Hale and Dorr LLP
  (included in Exhibit 5.1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Ernst &amp; Young LLP</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.14%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of attorney (included on the signature pages
  of this registration statement)</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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[{"type": "S-8", "sequence": "1", "filename": "a07-22507_1s8.htm", "description": "SECURITIES TO BE OFFERED TO EMPLOYEES PURSUANT TO EMPLOYEE BENEFIT PLANS", "secsgml_size_bytes": 84656}]
{"company-data": {"conformed-name": "Cowen Group, Inc.", "cik": "0001355007", "assigned-sic": "6211", "irs-number": "841702964", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-145728", "film-number": "071081417"}, "business-address": {"street1": "1221 AVENUE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10020", "phone": "646-562-1727"}, "mail-address": {"street1": "1221 AVENUE OF THE AMERICAS", "city": "NEW YORK", "state": "NY", "zip": "10020"}}
As filed with the Securities and Exchange Commission on August 27, 2007
Registration No. 333-
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM
S-8
REGISTRATION
STATEMENT UNDER
THE SECURITIES ACT OF 1933
Cowen
Group, Inc.
(Exact Name
of Registrant as Specified in Its Charter)
Delaware
84-1702964
(State or Other
  Jurisdiction of Incorporation
or Organization)
(I.R.S. Employer
Identification No.)
1221
  Avenue of the Americas
New York, New York
10020
(Address of
  Principal Executive Offices)
(Zip Code)
Cowen Group, Inc. 2007 Equity and Incentive Plan
(Full Title of the Plan)
J. Kevin McCarthy
General Counsel
Cowen Group, Inc.
1221 Avenue of the Americas
New York, New York 10020
(Name and Address of Agent For
Service)
(646) 562-1000
(Telephone Number, Including Area
Code, of Agent For Service)
Copy to:
Meredith B. Cross
Wilmer
Cutler Pickering Hale and Dorr LLP
1875
Pennsylvania Avenue, N.W.
Washington, D.C. 20036
CALCULATION
OF REGISTRATION FEE
Title of
Securities to be
Registered
Amount to be
Registered(1)
Proposed Maximum
Offering Price Per
Share
Proposed Maximum
Aggregate Offering
Price
Amount of
Registration Fee
Common Stock, $0.01 par
  value per share
1,437,133 shares
$12.89(2)
$18,524,644(2)
$569
(1)
In
accordance with Rule 416 under the Securities Act of 1933, as amended, this
registration statement shall be deemed to cover any additional securities that
may from time to time be offered or issued to prevent dilution resulting from
stock splits, stock dividends or similar transactions.
(2)
Estimated
solely for the purpose of calculating the registration fee pursuant to Rules
457(c) and 457(h) of the Securities Act of 1933, as amended, and based upon the
average of the high and low prices of the Registrant's Common Stock as reported
on the Nasdaq Global Market on August 24, 2007.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
Item
1.
Plan
Information.
The information required
by Item 1 is included in documents sent or given to participants in the plan
covered by this registration statement pursuant to Rule 428(b)(1) of the
Securities Act of 1933, as amended (the "Securities Act").
Item
2.
Registrant
Information and Employee Plan Annual Information.
The written statement
required by Item 2 is included in documents sent or given to participants in
the plan covered by this registration statement pursuant to Rule 428(b)(1) of
the Securities Act.
PART III
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item
3.
Incorporation
of Documents by Reference.
The registrant is subject
to the informational and reporting requirements of Sections 13(a), 14, and
15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
and in accordance therewith files reports, proxy statements and other
information with the Securities and Exchange Commission (the "Commission").  The following documents, which are on file
with the Commission, are incorporated in this registration statement by
reference:
(a)
The
registrant's Annual Report on Form 10-K, as amended, for the fiscal year ended
December 31, 2006.
(b)
All
other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act
since the end of the fiscal year covered by the document referred to in (a)
above.
(c)
The
description of the securities contained in the registrant's registration
statement on Form 8-A filed under the Exchange Act, including any amendment or
report filed for the purpose of updating such description.
All documents
subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered hereby have been sold or which
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this registration statement and to be part hereof
from the date of the filing of such documents. 
Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded
for the purposes of this registration statement to the extent that a statement
contained herein or in any other subsequently filed document which also is or
is deemed to be incorporated by reference herein modifies or supersedes such
statement.  Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this registration statement.
Item
4.
Description
of Securities.
Not applicable.
1
Item
5.
Interests
of Named Experts and Counsel.
Wilmer Cutler Pickering
Hale and Dorr LLP ("WilmerHale") has opined as to the legality of the
securities being offered by this registration statement.
Item
6.
Indemnification
of Directors and Officers.
Section 145 of the
Delaware General Corporation Law, or DGCL, provides that a corporation has the
power to indemnify a director, officer, employee, or agent of the corporation
and certain other persons serving at the request of the corporation in related
capacities against expenses (including attorneys' fees), judgments, fines, and
amounts paid in settlements actually and reasonably incurred by the person in
connection with a threatened, pending, or completed action, suit or proceeding
to which he or she is or is threatened to be made a party by reason of such
position, if such person acted in good faith and in a manner he or she
reasonably believed to be in or not opposed to the best interests of the
corporation, and, in any criminal action or proceeding, had no reasonable cause
to believe his or her conduct was unlawful, except that, in the case of actions
brought by or in the right of the corporation, indemnification is limited to
expenses (including attorneys' fees) actually and reasonably incurred by the
person in connection with defense or settlement of such action or suit if the
person acted in good faith and in a manner the person reasonably believed to be
in or not opposed to the best interests of the corporation and no
indemnification shall be made with respect to any claim, issue, or matter as to
which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or other adjudicating
court determines that, despite the adjudication of liability but in view of all
of the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such expenses which the Court of Chancery or such other court
shall deem proper.
In addition, to the
extent that a present or former director or officer of a corporation has been
successful on the merits or otherwise in defense of any action, suit, or
proceeding described above, or defense of any claim, issue, or matter therein,
such person shall be indemnified against expenses (including attorneys' fees)
actually and reasonably incurred by such person in connection therewith.
Expenses (including
attorneys' fees) incurred by an officer or director in defending any civil,
criminal, administrative, or investigative action, suit, or proceeding may be
advanced by the corporation upon receipt of an undertaking by such person to
repay such amount if it is ultimately determined that such person is not
entitled to indemnification by the corporation under Section 145 of the DGCL.
Our amended and restated
certificate of incorporation and amended and restated bylaws provide that we
will indemnify our directors and officers to the fullest extent permitted by
the DGCL.  In addition, our amended and
restated certificate of incorporation provides that we will, to the fullest
extent permitted by law, indemnify, and upon request may advance expenses to,
any person made or threatened to be made a party to an action or proceeding by
reason of the fact that he or she (or his or her testators or in testate) is or
was our director or officer or serves or served at any other corporation,
partnership, joint venture, trust or other enterprise in a similar capacity or
as an employee or agent at our request, including service with respect to
employee benefit plans, against expenses (including attorneys' fees),
judgments, fines, penalties, and amounts paid in settlement incurred in
connection with the investigation, preparation to defend, or defense of such
action, suit, proceeding, or claim. 
However, we are not required to indemnify or advance expenses in
connection with any action, suit, proceeding, claim or counterclaim initiated
by or on behalf of such person.
Our amended and restated
certificate of incorporation provides that, to the fullest extent permitted by
law, a director of the corporation shall not be personally liable to the
corporation or our stockholders for monetary damages for breach of fiduciary
duty as a director, except as required by law, as in effect
2
from time to time.
Currently, Section 102(b)(7) of the DGCL requires that liability be imposed for
the following:
·
any breach of the director's duty of
loyalty to our company or our stockholders;
·
any act or omission not in good faith
or which involved intentional misconduct or a knowing violation of law;
·
unlawful payments of dividends or
unlawful stock repurchases or redemptions as provided in Section 174 of the
DGCL; and
·
any transaction from which the
director derived an improper personal benefit.
Any repeal or
modification of these provisions of our certificate of incorporation shall not
adversely affect any right or protection of a director of the corporation for
or with respect to any acts or omissions of that director occurring prior to
the amendment or repeal.
We have insurance
policies under which our directors and officers are insured, within the limits
and subject to the limitations of those policies, against certain expenses in connection
with the defense of, and certain liabilities which might be imposed as a result
of, actions, suits or proceedings to which they are parties by reason of being
or having been directors or officers.
We have entered into
indemnification agreements with each of our directors under which we agreed to
indemnify each of them against: (a) expenses, judgments, and settlements paid
in connection with third-party claims and (b) expenses and settlements paid in
connection with claims on our behalf, in each case provided that the director
acted in good faith.  In addition, we
agreed to indemnify each director to the extent permitted by DGCL against all
expenses, judgments, and amounts paid in settlement unless the director's
conduct constituted a breach of his or her duty of loyalty to the
stockholders.  Subject to the director's
obligation to pay us in the event that he or she is not entitled to
indemnification, we will pay the expenses of the director prior to a final
determination as to whether the director is entitled to indemnification.
Item
7.
Exemption
from Registration Claimed.
Not applicable.
Item
8.
Exhibits.
The Exhibit Index
immediately preceding the exhibits is incorporated herein by reference.
Item
9.
Undertakings.
1.
The
undersigned registrant hereby undertakes:
(1)
To
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To
reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment
thereof) which,
3
individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement; and
(iii)
To
include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement;
provided,
however,
that paragraphs (i) and (ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by
the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that
are incorporated by reference in the registration statement.
(2)
That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3)
To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
2.
The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant's annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
3.
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
4
SIGNATURES
Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in New York, New
York on this 27th day of August, 2007.
COWEN GROUP, INC.
By:
/s/ Kim S. Fennebresque
Name:
Kim S. Fennebresque
Title:
Chairman, Chief Executive Officer and
President
POWER
OF ATTORNEY AND SIGNATURES
We, the undersigned
officers and directors of Cowen Group, Inc. hereby severally constitute and
appoint Kim S. Fennebresque and Thomas Conner, and each of them singly, our
true and lawful attorneys with full power to them, and each of them singly, to
sign for us and in our names in the capacities indicated below, the
registration statement on Form S-8 filed herewith and any and all subsequent
amendments to said registration statement, and generally to do all such things
in our names and on our behalf in our capacities as officers and directors to
enable Cowen Group, Inc. to comply with the provisions of the Securities Act of
1933, as amended, and all requirements of the Securities and Exchange
Commission, hereby ratifying and confirming our signatures as they may be
signed by our said attorneys, or any of them, to said registration statement
and any and all amendments thereto.
Pursuant to the
requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates
indicated.
Signature
Title
Date
/s/
Kim S.
  Fennebresque
Chairman, Chief Executive
Kim S. Fennebresque
Officer and President
(Principal executive officer)
August 27, 2007
/s/ Thomas K. Conner
Chief Financial Officer and
Thomas K. Conner
Treasurer (Principal financial
and accounting officer)
August 27, 2007
/s/ Jeffrey Kurzweil
Director
Jeffrey Kurzweil
August 27, 2007
/s/ Philip B. Pool, Jr.
Director
Philip B. Pool, Jr.
August 27, 2007
/s/ L. Thomas Richards
Director
L. Thomas Richards
August 27, 2007
5
/s/ John E. Toffolon, Jr.
Director
John E. Toffolon, Jr.
August 27, 2007
Director
Charles W.B. Wardell, III
6
INDEX
TO EXHIBITS
Number
Description
5.1
Opinion of Wilmer Cutler Pickering Hale and Dorr
  LLP, counsel to the Registrant
23.1
Consent of Wilmer Cutler Pickering Hale and Dorr LLP
  (included in Exhibit 5.1)
23.2
Consent of Ernst & Young LLP
24.1
Power of attorney (included on the signature pages
  of this registration statement)