Document:

EX-10.1

 Exhibit 10.1 

CONSULTING SERVICES AGREEMENT 

THIS CONSULTING SERVICES AGREEMENT (as amended, modified and in effect from time to time, this “Agreement”) is entered into as of
November 1, 2016, by and between FBR & Co. (“FBR”), a Virginia corporation having its principal offices at 1300 North 17th Street, Arlington, VA, 22209, and James Neuhauser
(“Consultant”) of 1854 Biltmore Street, NW, Washington, DC 20009. 
 WHEREAS, FBR wishes to retain the services of Consultant to
assist FBR in various tasks as set forth below (the “Services”), and Consultant wishes to provide such Services to FBR. 
 NOW
THEREFORE, in consideration of the promises and of the mutual covenants contained herein, the parties agree as follows: 

1.    Duties. Beginning on November 1, 2016, and during the term of this Agreement and under the direction of
FBR’s President and CEO or his designee(s), Consultant will serve as a retained consultant to FBR’s Executive Committee and/or the CEO and be reasonably available, on an as needed basis, to provide Services to FBR’s Executive
Committee and/or CEO. 
 Consultant shall observe those policies and directives promulgated from time to time by FBR in its Compliance
Manual that are applicable to the Consultant’s role and duties, including, without limitation, FBR’s Chinese Wall procedures and FBR’s policies and procedures on the treatment and use of material, nonpublic information. In addition,
if requested, Consultant shall advise the Compliance Department of all brokerage accounts maintained by Consultant, allow the Compliance Department to monitor his securities trading and, if requested, clear his securities trades with the Compliance
Department. A copy of the Compliance Manual is being provided to the Consultant with this Agreement. 
 2.    Term of
this Agreement. Unless terminated earlier under section 5 of this Agreement, the term of this Agreement will be for the period November 1, 2016 to October 31, 2017. By mutual agreement of the parties, the duration of this Agreement can
be extended for a term to be agreed to by the parties on or before the expiration date of this Agreement. 

3.    Compensation. 

	 	a)	For the period November 1, 2016 through October 31, 2017, compensation will be $6,250.00 per month, ($75,000 annually). All such compensation shall be payable monthly, without deductions for any taxes, including federal
income, social security, or state income taxes. 

  

	 	b)	During the period November 1, 2016 through October 31, 2017, FBR will pay on Consultant’s behalf the full amount of health insurance premiums under COBRA guidelines under the same terms as in effect for
similarly situated active employees (provided that such continued coverage shall cease if you become eligible for medical benefits under a group health plan of a subsequent employer). 

 

	 	c)	In addition to the compensation set forth in Section 3(a) hereof, in the event that FBR’s requested Services require Consultant to perform more than 100 hours of work under this Agreement in any calendar month
during the term of this Agreement, FBR will pay the Consultant an amount equal to $200 for each documented hour actually worked in such calendar month in excess of 100 hours. 

4.    Expenses. FBR must pre-approve any reimbursements to Consultant for reasonable out-of-pocket expenses
incurred by Consultant in furtherance of Consultant’s duties hereunder (including, but not limited to internet/telephone charges, office supplies, printing costs and mileage) provided that such expenses are itemized on Consultant’s invoice
and are documented with accompanying receipts. 

 5.    Termination. 

(a) Termination for Cause. FBR may immediately terminate this Agreement and all of FBR’s obligations hereunder for
“cause.” Such termination shall be effected by notice delivered by FBR to Consultant, and shall be effective as of the date of such notice. As used herein, “cause” shall mean (i) Consultant’s failure to comply with
the terms of this Agreement as determined by FBR; or (ii) Consultant’s willful or gross or repeated neglect of duties hereunder, or willful or gross or repeated misconduct in the performance of such duties, as determined by FBR. 

(b) Termination Other Than For Cause. The Consultant may terminate this Agreement upon providing 30 days prior written notice to
the other party. 
 6.    Confidential Information.

(a) Information Provided to Consultant by FBR. Consultant acknowledges that retention by FBR will, throughout the term of
this Agreement, bring Consultant into close contact with many confidential business affairs of FBR and its affiliates, including, but not limited to, confidential or proprietary information about key personnel, operational methods, computer systems,
computer software and other intellectual property, business strategies, customer information, financial information, and other confidential or proprietary FBR information or trade secrets not readily available to the public. Consultant further
acknowledges that Consultant will use information provided by FBR to perform the Services and that some of the services to be performed under this Agreement are of a special, unique, unusual, and intellectual character. In recognition of the
foregoing, Consultant covenants and agrees that: 
 (i) Consultant will keep secret all confidential, trade secret or
proprietary information of FBR and its affiliates and will not disclose them to anyone outside of FBR and its affiliates either during or after the term of this Agreement except with FBR’s prior written consent; 

(ii) Consultant will promptly disclose to FBR, and FBR will own all right, title and interest in, all inventions, computer
software, or other intellectual property (the “Intellectual Property”) which Consultant conceives or develops during the course of this Agreement (and any extension thereof), excluding that which Consultant conceives or develops without
the use of the time, resources, or facilities of FBR or its affiliates and which does not relate to the Consultant’s services or to the past, present or prospective activities of FBR or its affiliates; and 

(iii) on termination of Consultant’s engagement with FBR, or at any other time FBR may so request, Consultant will
deliver promptly to FBR all memoranda, notes, records, reports, electronic or computer media and other documents or items (and all copies thereof) relating to the business of FBR or its affiliates that Consultant obtained while engaged by, or
otherwise serving or acting on behalf of, FBR or its affiliates, including without limitation materials relating to the Intellectual Property. 

(b) Use of other Information. Consultant agrees that in providing services to FBR, Consultant will not make use of any
confidential or proprietary information that Consultant has received or has access to from entities other than FBR and that, in performing Services pursuant to this Agreement, Consultant will not breach any non-disclosure agreement, confidentiality
agreement or similar agreement to which Consultant may be subject. 
 (c) Specific Remedy. If Consultant breaches any of
the provisions of paragraph 6(a), FBR shall have the right and remedy to have such provisions specifically enforced by any court or other tribunal having jurisdiction, in addition to any other remedies available to FBR, it being acknowledged and
agreed that any such breach or threatened breach will cause irreparable injury to FBR and its affiliates and that money damages will not provide an adequate remedy to FBR and its affiliates. 

7.    Independence, Severability and Non-Exclusivity. Each of the rights and remedies enumerated 

  
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in this Agreement shall be independent of the others and separately enforceable, and all of such rights and remedies shall be in addition to and not in lieu of any other rights and remedies
available to the FBR or its affiliates under the law or in equity. If any of the provisions contained in this Agreement is hereafter construed to be invalid or unenforceable, the same shall not affect the remainder of obligations, covenants,
rights, or remedies herein, which shall be given full effect without regard to the invalid or unenforceable provision.

8.    Assignment. This Agreement is a personal one, being entered into in reliance upon and in consideration
of the skill and qualifications of Consultant. Consultant shall not assign or otherwise transfer the obligations incurred on his part under the terms of this Agreement without the prior written consent of FBR. Any attempted assignment or
transfer by Consultant of his obligations without such consent shall be wholly void. 
 9.    Independent
Contractor. It is expressly agreed that Consultant is acting as an independent contractor in performing services hereunder. FBR shall carry no workers’ compensation insurance or any health or accident insurance to cover
Consultant. FBR shall not pay any contributions to Social Security, unemployment insurance, federal or state withholding taxes, nor provide any other contributions or benefits that might be expected in an employer-employee relationship,
provided that FBR shall provide Consultant with a Form 1099 at year-end. 
 10.    Notices. All notices
hereunder shall be given in writing by personal delivery, nationally recognized courier delivery or registered or certified mail addressed to FBR at its principal place of business and to Consultant at its address as then listed in FBR’s
records. 
 11.    General. 

(a) Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
Commonwealth of Virginia. THE PARTIES HERETO WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY DISPUTE ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

(b) Captions. The section headings contained herein are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement. 
 (c) Entire Agreement. This Agreement sets forth the entire agreement and understanding
of the parties relating to the subject matter hereof, and supersedes all prior agreements, arrangements and understandings, written or oral, between the parties. 

(d) No Other Representations. No representation, promise or inducement has been made by any party hereto that is not embodied
in this Agreement, and no party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. 

(e) Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms or
covenants hereof may be waived, only by a written instrument executed by all of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any
provision hereof shall in no manner affect the right of such party at a later time to enforce the same. No waiver by any party of the breach of any term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or
more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Consulting Services Agreement as of the
date first written above.
  

									
	FBR & Co.	  		  	James C. Neuhauser
		 		  		  		  	
	Signature:	 	  
	  		  	Signature:	  	  

				
	Bradley J. Wright	  		  	Date:	  	  

				
	EVP, CFO & CAO	  		  		  	
					
	Date:	 	  
	  		  		  	

  
 4ex10-2.htm

Exhibit 10.2

 

 

 

 

 

 

 

 

	

 

 

 

 

 

 

 

 

	

 

 

 

 

 

 

COMPANY CONFIDENTIAL

 

 

 

 

PLAN DOCUMENT

 

Fiscal Year 2017

 

Management Incentive Program

 

	
1.0
	
Summary

 

The Exar Corporation (the “Company”) Fiscal Year 2017 Management Incentive Program (the “Program”) is a stock based incentive program designed to motivate participants to achieve the Company’s financial, operational and strategic goals and to reward them for performance against those goals. Incentives granted under the Program are denominated in shares of the Company’s common stock and are subject to the attainment of Company performance goals as established by the Compensation Committee of the Board of Directors (the “Board”) for the fiscal year.

 

	
2.0
	
Eligibility

 

Participants are approved solely at the discretion of the Compensation Committee when acting on behalf of the full Board. All executive officers are eligible to be considered for participation. The CEO may recommend that additional employees of the Company and/or its subsidiaries participate in the Program, subject to the approval of the Compensation Committee.

 

Participation in the Program is established on an annual basis. Previous participants are not automatically included in subsequent years.

 

	
3.0
	
Change in Status

 

Participants who give notice of termination or who terminate employment, voluntarily or involuntarily, prior to the date of payout are not eligible for payment.

 

Employees who are on a Leave of Absence in excess of 60 calendar days during the Program year shall have their target award prorated by the amount of time actually worked plus 60 days.

 

	
4.0
	
Administration

 

The Compensation Committee is ultimately responsible for administering the Program, and has designated the Management Committee, consisting of the CEO, the CFO, and the Vice President of Human Resources to administer the Program, provided that the Compensation Committee shall make all determinations with respect to incentives granted to executive officers under the Program. The Compensation Committee, in its sole discretion, may amend or terminate a Final Share Award and/or the Program, or any part or element thereof, at any time and for any reason without prior notice.

 

	
5.0
	
Definitions

 

5.1       The Salary          

 

The “Salary” is the annual base salary, as established at the start of the fiscal year, or at the time of Program entry, exclusive of bonuses, incentive payments or awards, auto allowance, or any such extras or perquisites over base pay.

 

 

 

COMPANY CONFIDENTIAL

 

 

 

 

5.2       The Target Share Award

 

A participant’s “Target Share Award” is expressed as the total number of shares the participant is eligible to receive at 100% payout. The Target Share Award is calculated by multiplying the participant’s Salary by a pre-approved target incentive percentage and dividing the result by the closing value of Exar’s stock price as of the first trade date of the Program fiscal year (for FY17 the stock price is $5.24). Each participant’s Target Share Award is subject to further adjustment based on Company performance, length of service during the Plan year, and/or by the Compensation Committee upon the occurrence of a stock split, reorganization or other similar event affecting the Company’s common stock in accordance with the principles set forth in the terms of the Company’s Equity Incentive Plan. 

 

5.3        Maximum Award

 

No participant may receive an award greater than 150% of the “Target Share Award”.

 

5.4       Target Pool Earned 

 

At the end of the fiscal year, the Compensation Committee will determine the percentage of the target pool earned (“Target Pool Earned”) for all participants by assessing the Company’s performance against financial goals for revenue and non-GAAP operating income (EBIT), before cash profit sharing, as established by the Board of Directors. Funding of the Target Pool Earned will occur only if 90% of the revenue and 80% of EBIT, before cash profit sharing, are achieved.

 

5.5       Final Share Award

 

The final number of shares to be awarded to each participant shall be determined by multiplying the participant’s Target Share Award by the Target Pool Earned. 

 

6.0        Other Program Provisions

 

6.1     Tax Withholding

 

Shares issued in respect of an award hereunder are subject to applicable taxes at the time of payment, and payment of such taxes is the responsibility of the participant. Subject to the terms of the Plans, upon any distribution of shares of the Company’s common stock in payment of an award hereunder, the Company may reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of whole shares, valued at their then fair market value (with the “fair market value” of such shares determined in accordance with the applicable provisions of the Plans, to satisfy any withholding obligations of the Company or its subsidiaries with respect to such distribution of shares at the minimum applicable withholding rates). In the event that the Company cannot legally satisfy such withholding obligations by such reduction of shares, or in the event of a cash payment or any other withholding event in respect of an award hereunder, the Company (or a subsidiary) shall be entitled to require a cash payment by or on behalf of the participant and/or to deduct from other compensation payable to the participant any sums required by federal, state or local tax law to be withheld with respect to such distribution or payment.

 

6.2     Restrictions on Transfer 

 

Neither the participant’s award hereunder, nor any interest therein or amount or shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily.

 

 

 

COMPANY CONFIDENTIAL 

 

 

 

 

6.3     Termination of Employment 

 

Notwithstanding any other provision herein, a participant must be employed with the Company or one of its subsidiaries on the date on which shares are issued in payment of awards under the Program to be eligible to receive payment with respect to his or her award. If a participant’s employment with the Company or a subsidiary terminates for any reason (whether voluntarily or involuntarily, due to his death or disability, or otherwise) prior to the payment date, the participant’s award under the Program will terminate and the participant will have no further rights with respect thereto or in respect thereof.

 

6.4     No Right to Continued Employment 

 

Participation in the Program does not constitute a guarantee of employment or interfere in any way with the right of the Company (or any subsidiary) to terminate a participant’s employment or to change the participant’s compensation or other terms of employment at any time. There is no commitment or obligation on the part of the Company (or any subsidiary) to continue any incentive program (similar to the Program or otherwise) in any future fiscal year.

 

6.5     No Stockholder Rights 

 

The participant shall have no rights as a stockholder of the Company, no dividend rights and no voting rights, with respect to his or her award hereunder and any shares underlying or issuable in respect of such award until such shares are actually issued to and held of record by the participant. No adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of the stock certificate.

 

6.6     Adjustments 

 

The Compensation Committee may, in its sole discretion, adjust performance measures, performance goals, relative weights of the measures, and other provisions of the Plan to the extent (if any) it determines that the adjustment is necessary or advisable to preserve the intended incentives and benefits to reflect (1) any material change in corporate capitalization, any material corporate transaction (such as a reorganization, combination, separation, merger, acquisition, or any combination of the foregoing), or any complete or partial liquidation of the Company, (2) any change in accounting policies or practices, or (3) the effects of any special charges to the Company’s earnings, or (4) any other similar special circumstances.

 

 

 

COMPANY CONFIDENTIAL

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