Document:

Exhibit 10.2

 Exhibit 10.2 

February     , 2012 
 NAME 
 Dear FIRST NAME: 
 The Compensation Committee of the Board of Directors (the “Committee”) of FBR & Co. (the “Company”) has established the FBR & Co. 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 Award Pool established under the Plan. The Award Pool consists of a fixed number of shares of Company restricted common stock units (“RSU
Pool”) to be granted from the shares available under the 2006 Long-Term Incentive Plan (“Stock Plan”) and a specified pool of securities (and the proceeds of those securities and any replacement securities) (“Asset
Pool”), which will be issued, held or paid by the Company for the benefit of the Participants in the Plan. As a participant in the Plan, you are being allocated an interest in the aggregate Award Pool in the amount set forth below. Because
the number of Participants is fixed at the outset of the Plan, and the aggregate Asset 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 Award 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 RSU Pool Awards 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 8 thereof. 
 Initial Grant Date: February 8, 2012 
 Award Pool: 

 

	 	•	 	 The aggregate Asset Pool for all Participants presently consists of the securities listed on Schedule A of the Plan. The Compensation Committee
has determined the Fair Market Value of all such securities to be $3 million as of February 8, 2012. The composition of the Asset Pool may change over time as securities are sold and/or reinvested,

	 	 
and the value of the Asset Pool will fluctuate over time as the trading value of the underlying securities fluctuate over time. 

 

	 	•	 	 The aggregate number of shares of Company common stock represented by the RSU Pool for all Participants is 2,510,460. 

Participants and Award Units: There are [—] Participants in the Award Pool, and
the Award Pool has been divided into 9,000,000 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 Award Pool. Your Award Units currently represent (i) an interest in the Asset Pool as of the Initial Grant Date with a Fair Market Value equal to
$            , and (ii) 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 four-year restriction period that will lapse on the fourth anniversary of the Initial Grant Date (including with respect to future allocations you may receive from the Award 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
fourth anniversary of the Initial Grant Date. The same vesting terms and conditions apply to your Asset Pool Award and RSU Pool Award. 
 Settlement of Awards: As soon as practicable (and in any event within 75 days with respect to an Asset Pool Award and 55 days with respect to an RSU Pool Award) 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 (i) satisfy the obligations in
respect of an Asset Pool Award by paying you cash and/or delivering assets from the Asset Pool with an aggregate Fair Market Value equal to the portion of the Asset Pool in respect of your Asset Pool Award, and (ii) 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 value or assets underlying your Asset Pool Award or 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 Award 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. 

Securities Law Provisions: The Asset Pool Awards have not been registered under the Securities Act of 1933 (the
“Securities Act”), and accordingly, to the extent the Asset Pool Awards are considered a security for purposes of the Securities Act, they were granted and issued by the Company to you in reliance upon the exemption from such

  
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registration provided by Regulation D or Rule 701 promulgated under the Securities Act for securities issuances under compensatory benefit arrangements. As such, as a condition to receiving the
Asset Pool Award, you must fully and accurately complete the Accredited Investor Questionnaire attached hereto as Exhibit A and you represent and warrant as follows: 

(i) You are aware of the Company’s business affairs and financial condition and have acquired sufficient information
about the Company to reach an informed and knowledgeable decision to accept and hold the Asset Pool Award. You are holding the Asset Pool Award for your own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the Securities Act. 
 (ii) You understand that the Asset
Pool Award has not been and will not be registered under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of your investment intent as expressed herein.

 (iii) You acknowledge that the Company has no obligation to register or qualify the Asset Pool Award for
resale. 
 (iv) You acknowledge that the Company is not making any representations with respect to the future
value of the Asset Pool and the Asset Pool Award granted to you, and neither the Company nor its Subsidiaries and their executive officers and directors, including the members of the Committee, shall have any liability with respect to the investment
experience or ultimate value of the Asset Pool and your Asset Pool Award. 
 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
                     by February     , 2012 with a completed and signed Exhibit A. 

Please contact                     
at                      if you have any questions. 
  

	
	      

	
	 Richard J. Hendrix

President & CEO, FBR & Co.

  
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 Accepted and agreed as of 
 February     , 2012 
  

			
	By:	 	  

			
	Name:

  
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 Exhibit A 
 ACCREDITED INVESTOR QUESTIONNAIRE FOR INDIVIDUALS 
 This Accredited
Investor Questionnaire relates to the proposed issuance of an Asset Pool Award (the “Asset Pool Award”) to you pursuant to the FBR & Co. Retention and Incentive Plan and the award letter attached hereto. Your true, accurate
and complete response to the items below is a condition to eligibility for the grant of the Asset Pool Award. 
 Please identify
each category applicable to you: 
  

					
	 ̈	 	(1)	  	You are a natural person whose net worth, either individually or jointly with your spouse, exceeds $1,000,000 (“net worth,” for purposes hereof, means the excess of total
assets (excluding your primary residence) at fair market value, over liabilities (excluding any indebtedness secured by your primary residence up to the estimated fair market value of such primary residence).
			
	 ̈	 	(2)	  	You are a natural person who had an income in excess of $200,000, or joint income with your spouse in excess of $300,000, in each of the last two years and reasonably expects to
have individual income reaching the same income level in the current year (“income,” for purposes hereof, shall be computed as follows: individual adjusted gross income, as reported (or to be reported) on a federal income tax
return, increased by (1) any deduction for long-term capital gain under Section 1202 of the Internal Revenue Code of 1986 (the “Code”), (2) any deduction for depletion under Section 611 et seq. of
the Code, (3) any exclusion for interest under Section 103 of the Code and (4) any losses of a partnership as reported on Schedule E of Form 1040).
			
	 ̈	 	(3)	  	An executive officer or director of FBR & Co.
			
	 ̈	 	(4)	  	None of the above.

 Set forth in the space provided below the state(s), if any, in the United States in which you maintained your residence
during the past two years and the dates during which you resided in each state. 
  

							
	Date	  	State	  		  	

 I certify that this Accredited Investor Questionnaire is true, accurate and complete. 

Executed on:                     , 2012 

 

			
	By:	 	  

		 	    Signature
	
	  

		 	    Print Name of SignatoryExhibit 10.3

 Exhibit 10.3 

DATE 
 NAME

 Dear FIRST NAME: 

In satisfaction of the initial RSU Pool Award granted to you on February 8, 2012 under the FBR & Co. Retention and
Incentive Plan (the “Plan”) pursuant to the Award Letter between you and FBR & Co (“FBR” or the “Company”) dated as February 8, 2012, 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: February 8, 2012	  		  	
			
	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 February 8, 2016, 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 February 8, 2016. 
 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: FBR at this time has no intention of paying a dividend. However, if FBR chooses to pay a
dividend in the future, 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 7(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 7(a) of the Plan in the event of certain
terminations of employment prior to February 8, 2016. 
 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                     
by February     , 2012. 
 Please contact
                     at                     if
you have any questions. 
  

	
	      

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

 Accepted and agreed as of 
 February     , 2012 
  

			
	By:	 	  

			
	Name:

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