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

On and effective August 22, 2012, the Board of Directors of Calamos Asset Management, Inc. ("Corporation") appointed William N. Shiebler and Keith Schappert as independent Directors. Messrs. Shiebler and Schappert were also appointed to the Audit Committee, Compensation Committee and the Nominating and Corporate Governance Committee.

The Corporation compensates its independent Directors with an annual retainer of $50,000 (payable quarterly) and a meeting attendance fee of $2,500 for each Board meeting attended in person and $1,500 for each Board meeting attended telephonically. In addition, there is an annual supplemental retainer of $50,000 (payable quarterly) for the Lead Independent Director, $10,000 (payable quarterly) for the Audit Committee Chairperson and $5,000 each (payable quarterly) for the Chairpersons of the Compensation Committee and the Nominating and Corporate Governance Committee. The meeting attendance fee for the Audit Committee is $1,250 per committee meeting and $1,000 per committee meeting for each of the Compensation Committee and the Nominating and Corporate Governance Committee. Independent Directors may be granted equity awards pursuant to the Corporation's incentive compensation plan. The Corporation reimburses all Directors for reasonable and necessary expenses incurred in performing their duties as Directors.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release issued by the Corporation on August 28, 2012.

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