Document:

EX-10.02

 Exhibit 10.02 

March [    ], 2017 

Employee Name 
 Dear
            : 
 The Compensation Committee of the Board of Directors
(the “Committee”) of FBR & Co. (the “Company”) has established the 2017 FBR & Co. Two Year Retention and Incentive Plan (the “Plan”), and you have been selected by the Committee as
an eligible participant in the Plan. As such, you have been granted an Award under the Plan as set forth in this letter (the “Award Letter”). Capitalized terms used herein that are not otherwise defined shall have the meaning given
to them in the Plan, a copy of which is attached hereto. 
 An Award under the Plan represents an interest in the RSU Pool established under
the Plan. The RSU Pool consists of a fixed number of shares of Company restricted common stock units to be granted from the shares available under the 2006 Long-Term Incentive Plan (“Stock Plan”). As a participant in the Plan, you
are being allocated an interest in the aggregate RSU Pool in the amount set forth below. Because the number of Participants is fixed at the outset of the Plan, and the aggregate RSU Pool is likewise fixed, any forfeiture of awards by other
Participants will result in the remaining Participants being entitled to a proportionately larger share of the RSU Pool assuming that they remain employed through the vesting date or as otherwise specified in this Award Letter and the Plan. 

This Award Letter provides the general terms of your Award and is subject in its entirety to the terms of the Plan. In addition, your RSU Pool
Award will be evidenced by a separate RSU Award Agreement (with separate RSU Award Agreements to be entered into following the Initial Grant Date upon the reallocation of Award Units and the associates RSU Pool Awards that are forfeited by other
Participants, if any). RSU Pool Awards are granted under the Stock Plan. You acknowledge having received a copy of the Plan and by signing this Award Letter you hereby consent to the terms and conditions of the Plan, including without limitation
Section 7 thereof. 
 Initial Grant Date: March 8, 2017 

RSU Pool: The aggregate number of shares of Company common stock represented by the RSU Pool for all Participants is 175,000. 

Participants and Award Units: There are 45 Participants in the RSU Pool, and the RSU Pool has been divided into 175,000 equal ownership
interests (“Award Units”) in the aggregate for all Participants. 
 Individual Award: You are hereby awarded
             Award Units, reflecting an ownership percentage as of the date of this Award Letter of approximately
            % of the RSU Pool. Your Award Units currently represent an RSU Pool Award as of the Initial Grant Date in respect of
             shares of Common Stock. 
 Restriction Period: The
restriction period is the vesting or waiting period before you have full ownership of your Award. Awards under the Plan will have a two-year restriction period that will lapse on the second anniversary of the Initial Grant Date (including with
respect to future allocations you may receive from the RSU Pool due to forfeitures by other participants) subject to your continued employment with the Company through such date. The Plan sets forth your rights to accelerated vesting of all or a
pro-rata portion of your Award in the event of certain terminations of employment prior to the second anniversary of the Initial Grant Date. 

 Settlement of Awards: As soon as practicable (and in any event within 55 days) after the
restriction period lapses (but no later than March 15 of the year following the year in which the Award vests) and after satisfaction of your tax obligation (as described in the “Taxes” section below), the Company will issue shares of
Common Stock (or, in the Committee’s discretion, a cash payment based on the per share “fair market value” (as defined in the Stock Plan)) to you in settlement of the vested RSU Pool Award. Until vesting occurs and your Award is
settled, you will not have any ownership rights in the shares of Common Stock underlying your RSU Pool Award. Upon the settlement of any individual Award prior to the time that all Awards vest (e.g., as a result of the death of a
Participant), the RSU Pool shall be reduced by the amount paid or delivered in respect of such settlement, and the Award Units settled shall be retired and shall not be reissued. 

Taxes: You are strongly advised to consult with your own tax professional concerning the tax implications of your Award based on your
particular circumstances. The Company cannot provide you with tax advice. Your right to receive settlement of the Award will be subject to payment by you of all applicable taxes. 

Grant Acceptance: Please acknowledge your acceptance of your Award under the Plan, your receipt of a copy of the Plan and your
agreement with all terms and conditions set forth in this Award Letter and in the Plan, by signing below where indicated and returning this Award Letter to Jennifer Kramer in Human Resources by March 31, 2017 with a completed and signed RSU
Award Agreement. 
 Please contact Gavin Beske at 703-312-9568 if you have any questions. 

 

	
	/s/ Richard J. Hendrix
	Richard J. Hendrix
	President & CEO, FBR & Co.

  

			
	 Accepted and agreed as of

                    , 2017

		
	By: 	 	 
	Name:EX-10.03

 Exhibit 10.03 

DATE                     

NAME                 

Dear FIRST NAME: 
 In satisfaction of the
initial RSU Pool Award granted to you on March 8, 2017 under the FBR & Co. Two Year Retention and Incentive Plan (the “Plan”) pursuant to the Award Letter between you and FBR & Co (“FBR” or
the “Company”) dated as March 8, 2017, you have been granted a Restricted Stock Unit (“RSU”) Award with the terms and conditions set forth in the Plan and this RSU Award Agreement. This RSU Award is being
granted pursuant to Section 8 of the 2006 FBR Capital Markets Long-Term Incentive Plan (the “Stock Plan”). Capitalized terms used herein that are not otherwise defined shall have the meaning given to them in the Plan, a copy of
which was attached to the Award Letter. 
 Each unit subject to the RSU Award represents the right to receive one share of the common stock
of FBR, subject to the terms and conditions set forth herein and in the Plan and otherwise subject to the Stock Plan. A copy of the Stock Plan and a document constituting part of a prospectus covering the Company common stock underlying the RSUs are
available upon request to the Human Resources Department. 
 Grant Date: March 8, 2017 

Number of Units Subject to RSU Award: QUANTITY 

Restriction Period: The restriction period is the vesting or waiting period before you have full ownership of your units of the Company
common stock. This RSU Award will have a restriction period that will lapse on March 8, 2019, subject to your continued employment with the Company through such date. Section 7(a) of the Plan sets forth your rights to accelerated vesting
of all or a pro-rata portion of your RSU Award in the event of certain terminations of employment prior to March 8, 2019. 

Settlement of Units: As soon as practicable (and in any event within 55 days) after the restriction period lapses (but no later than
March 15 of the year following the year in which the RSUs vest) and after satisfaction of your tax obligation (as described in the “Taxes” section below), the Company will issue shares of its common stock to you (or, in the
Committee’s discretion, a cash payment based on the per share “fair market value” (as defined in the Stock Plan) will be paid to you) in settlement of the vested RSUs and you will have full ownership rights in those shares. The number
of shares that will be issued will equal the number of RSUs that vest. 
 Dividend Equivalents: If FBR chooses to pay a dividend, you
will be entitled to receive cash payments equivalent to any cash, stock or other property dividends that are paid on shares of the Company’s common stock during the period beginning on the Grant Date and ending on the earlier of (a) the
date that you vest in the RSUs or (b) the date that you forfeit the RSUs. Your right to receive these dividend equivalents, if any, is subject to the same vesting requirements that apply to the RSUs. Any dividends that are payable to you will
be paid at the same time that shares of Company common stock are issued (or, in the Committee’s discretion, cash is paid) in settlement of your RSUs. Such payments will be treated as compensation reportable on your Form W-2 (rather than as
dividend income). 

 Shareholder Rights: You will not have any rights as a shareholder of the Company with
respect to the RSUs. You will have rights as a shareholder, including the right to vote and receive dividends, on and after the date that the Company issues shares of its common stock in settlement of vested RSUs. 

Change in Control: In the event of a Change in Control, you will have the rights set forth in Section 6(a)(iii) of the Plan, which
provides for the full and immediate vesting of the RSU Award on the date of your separation from service by the Company without Cause or by you for Good Reason, in either case, during the two-year period following a Change in Control.
Notwithstanding anything contained in the Stock Plan, the provisions of Section 11.4 of the Stock Plan shall be inapplicable to this RSU Award. 

If You Leave FBR: If you leave FBR before the end of the restriction period, you will forfeit the RSU Award, except as otherwise
provided in Section 6(a) of the Plan in the event of certain terminations of employment prior to March 8, 2019. 
 Taxes:
You are strongly advised to consult with your own tax professional concerning the tax implications of your RSU Award based on your particular circumstances. FBR cannot provide you with tax advice. RSUs differ from other forms of
incentive compensation in many ways, including how they are treated for tax purposes. Generally, in the U.S., you will not be taxed at the time of the grant. However, upon settlement of the RSU Award, the value of the Company common stock and any
cash or other property issued or paid to you is taxed as ordinary income and you are required to pay taxes at that time. The shares will not be released until payment for the taxes is received. FBR will provide you with instructions for making
payments closer to your vesting date. 
 Grant Acceptance: Please acknowledge your acceptance of your RSU Award, your receipt
of a copy of the Plan and your agreement with all terms and conditions thereunder, by signing below where indicated and returning this RSU Award Agreement to Jennifer Kramer by March 31, 2017. 

Please contact Gavin Beske at (703) 312-9568 if you have any questions. 

 

	
	/s/ Richard J. Hendrix
	Richard J. Hendrix
	President & CEO, FBR & Co.

  

			
	 Accepted and agreed as of
 March
    , 2017

		
	By: 	 	 
	Name:

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