Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On August 21, 2012, Calamos Asset Management, Inc. ("Corporation"), Calamos Advisors LLC ("Company") and Nick P. Calamos ("Executive") entered into an Amendment No. 2 ("Amendment No. 2") to that certain Executive Employment Agreement dated as of October 26, 2004, as amended ("Agreement"). Amendment No. 2 changed the term of the Agreement and will change Executive's position, titles, duties and compensation. The term changed from a rolling three-year period to a date determined by the Company or mutually by the parties, or the Executive's death. Prior to the impending appointment of a new Co-Chief Investment Officer, the Executive will continue in his role as President of Investments and Co-Chief Investment Officer for a period of time not exceeding September 15, 2012. After the new Co-Chief Investment Officer appointment, the Executive will remain employed with the Company and will be appointed as Advisor to transition his responsibilities. Executive will retain his Directorship with the Corporation, but will resign from all other positions with the Company and its affiliates. The Executive's annual base salary will be $177,632 and he will not receive any bonus or equity awards.

The foregoing description of Amendment No. 2 is qualified in its entirety by the terms and conditions of Amendment No. 2, a copy of which is filed as Exhibit 10.1 and incorporated by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1 Amendment No. 2 to the Executive Employment Agreement by Corporation, Company and Executive.

99.1 Press Release issued by the Corporation on August 23, 2012.

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