Document:

Exhibit 10.2

 Exhibit 10.2 

 

 

 March 1, 2010 

Mr. Ronald P. Vargo 
 10160 Gaywood
Road 
 Dallas, Texas 75229 
  

	Re:	Severance Benefit/Protection Agreement 

Dear Ron: 
 In consideration of your agreement
to assume the duties and responsibilities of the Chief Financial Officer of ICF International, Inc. and its affiliates (collectively, the “Company”) effective March 1, 2010, the Company hereby offers you the severance protection set
forth below in this letter agreement (the “Agreement”). The Company intends that the terms of this Agreement shall comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, as well as the regulations
and guidance issued thereunder (collectively, “Section 409A”) and shall be construed consistently with such intent. This Agreement will remain in effect through February 28, 2014. On and after March 1, 2014, and each
anniversary of such date thereafter, the term of this Agreement shall automatically be extended for one additional year unless, not later than October 1 of the prior year, the Company or you shall have given notice not to extend the term of
this Agreement. 
  

	A.	Involuntary Termination of Employment Prior to a Change in Control 

In the event that your employment with the Company is involuntarily terminated by the Company for any reason other than
Cause1 prior to a Change in
Control2 and such termination constitutes a separation
from service under Section 409A (a “Separation from Service”), you will be entitled to the benefits hereinafter set forth below. 

 

1 For purposes of this Agreement, Cause shall mean
any of the following: (a) any act that would constitute a material violation of the Company’s material written policies; (b) willfully engaging in conduct materially and demonstrably injurious to the Company, provided, however, that
no act or failure to act, on the Executive’s part, shall be considered “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that such action or omission was in the best
interest of the Company; (c) being indicted for, or if charged with but not indicted for, being tried for (i) a crime of embezzlement or a crime involving moral turpitude, or (ii) a crime with respect to the Company involving a breach
of trust or dishonesty, or (iii) in either case, a plea of guilty or no contest to such a crime; (d) abuse of alcohol in the workplace, use of any illegal drug in the workplace or a presence under the influence of alcohol or illegal drugs
in the workplace; (e) failure to comply in any material respect with the Foreign Corrupt Practices Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, and the Truth in Negotiations Act, or any
rules and regulations issued thereunder; and (f) failure to follow the lawful directives of the Company’s Chief Executive Officer, the President or the Board of Directors. 

2 For purposes of this Agreement, Change in Control
shall mean a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company as described in Section 409A. 

 1. Compensation. You will be entitled to any accrued but unpaid salary and
vacation pay as of your Separation from Service date. Any accrued and unpaid incentive compensation that is not subject to any deferral election shall be pro rated through your Separation from Service date, subject to satisfaction of any established
performance goals, and shall be paid at the normal time of payment pursuant to the incentive compensation plan under which the amount is payable. 

2. Severance Benefits. You will receive severance benefits equal to your Base
Salary3 on the 26 bi-weekly pay dates following your
Separation from Service date pursuant to the Company’s normal payroll practices; provided, however, that in no event shall the aggregate amount of such payments (each of which shall be deemed to be a separate payment for purposes of
Section 409A) exceed the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A) or be made later than the last day of the second taxable year following the taxable year in which your Separation from Service occurs.
Within the 15-day period following the last payment of such biweekly severance benefits, you will receive an additional severance benefit in a single lump sum equal to your Average
Bonus4 plus any severance benefits based on your
Base Salary that exceeded the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A) and/or would have been paid after the second taxable year following the taxable year in which your Separation from Service occurs.
Notwithstanding any other provision to the contrary, if you are a specified employee (within the meaning of Section 409A and the Company’s Specified Employee Identification Policy) on the date of your Separation from Service, in the event
that any severance benefit payment which when aggregated with all other severance benefit payment previously made to you would exceed the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A), such payment shall not be
made prior to the date that is the earliest of (i) six months after your Separation from Service date; (ii) your death, or (iii) such other date that will cause such payment not to be subject to any additional tax imposed pursuant to
the provisions of Section 409A. In the event of your death, any unpaid severance benefits shall be paid to your designated beneficiary. 

3. Vesting of Equity Interests. Any unvested equity interests that are not subject to Section 409A (such as stock options and
restricted stock) and that were issued to you before your Separation from Service date will become vested but will remain exercisable for the balance of their terms; and any unvested equity interests that are subject to Section 409A (such as
restricted stock units) and that were issued to you before your Separation from Service date will become vested but not payable until their original vesting dates. 

 

3 For purposes of this Agreement, Base Salary shall
mean your annual base salary rate in effect on your Separation from Service date divided by 26. 

4 For purposes of this Agreement, Average Bonus shall mean
(i) if you have been employed for three full calendar years, the average of your annual cash incentive awards received from the Company (including any deferred cash incentive awards) with respect to the three calendar years preceding your
Separation from Service date; or (ii) if you have not been employed for three full calendar years, the average of $297,500 for 2010 plus, if any, your annual cash incentive award received from the Company (including any deferred cash incentive
awards) with respect to each full calendar year thereafter preceding your Separation from Service date. 
  

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 4. Health Care. You and your dependents will be provided with health care
(including medical, hospitalization, dental and vision programs maintained by the Company) coverage on the same terms in effect on your Separation from Service date for 12 months, and thereafter you will be eligible for COBRA coverage as mandated by
law. 
  

	B.	Involuntary Termination of Employment After a Change in Control 

In the event that your employment with the Company is involuntarily terminated by the Company for any reason other than Cause or by
you for Good Reason5 within the 24-month period following
a Change in Control and such termination of employment constitutes a Separation from Service, you will be entitled to the benefits hereinafter set forth below. 

1. Compensation. You will be entitled to any accrued but unpaid salary as of your Separation from Service date. Any accrued
and unpaid incentive compensation that is not subject to any deferral election shall be pro rated through your Separation from Service date, subject to satisfaction of any established performance goals, and shall be paid at the normal time of
payment pursuant to the incentive compensation plan under which the amount is payable. 
 2. Severance
Benefits. You will receive a Basic Severance
Amount6 in a single lump sum cash payment within five
business days after your Separation from Service date. In addition, you will receive an Additional Severance Amount7
 on the earliest of (i) the first business day after six months following your Separation from Service date, (ii) such other date that will cause such payment not to be subject to
any additional tax imposed pursuant to the provisions of Section 409A, or (iii) your death. Each such payment shall be deemed to be a separate payment for purposes of applying Section 409A. In the event of your death, any unpaid
severance benefits shall be paid to your designated beneficiary. 
  

5 For purposes of this Agreement, Good Reason shall
mean “Good Reason” as described in Section 409A. 

6 For purposes of this Agreement, Basic Severance
Amount shall mean an amount equal to the product of your Base Amount multiplied by 3; provided, however, that in no event shall such amount exceed the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A)
or be paid later than the last day of the second taxable year following the taxable year in which your Separation from Service date occurs. Base Amount, as used in this Footnote 6 and Footnote 7, shall mean (i) if you have been employed
for three full calendar years, the average of your Compensation for the three calendar years prior to the calendar year in which your Separation from Service date occurs or (ii) if you have not been employed for three full calendar years, the
average of your Compensation for 2010 plus your Compensation for any full calendar year thereafter (if any) during which you are employed by the Company prior to the calendar year in which your Separation from Service date occurs.
Compensation for purposes of your Base Amount shall mean $722,500 for 2010 and your annual taxable W-2 compensation plus any deferred cash incentive compensation that is paid or deferred during any full calendar year after 2010. 

7 For purposes of this Agreement, Additional Severance
Amount shall mean an amount equal to the product of your Base Amount multiplied by 3 minus the amount permitted to be paid pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)(A). 

 

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 3. Vesting of Equity Interests. Any unvested equity interests that are not
subject to Section 409A (such as stock options and restricted stock) and that were issued to you before your Separation from Service date will become vested but will remain exercisable for the balance of their terms; and any unvested equity
interests that are subject to Section 409A (such as restricted stock units) and that were issued to you before your Separation from Service date will become vested but not payable until their original vesting dates. 

4. Health Care and Other Benefits. You will be entitled to the following healthcare and other welfare benefits. 

(a) For the 36-month period following your Separation from Service date (the “Continuation Period”), you and
your dependents and beneficiaries will be provided with Company-paid life insurance, medical, dental, hospitalization, financial counseling and tax consulting benefits (the “Continuation Period Benefits”) that are the same or the
equivalent of such benefits provided to other similarly situated executives who continue in the employ of the Company during the Continuation Period and their dependents and beneficiaries. To the extent that any such Continuation Period Benefits are
subject to the provisions of Section 409A, in compliance with Section 409A and notwithstanding any other provision of the Company’s plans, contracts, or other arrangements in effect from time to time: (i) the amount of expenses
eligible for reimbursement and the provision of in-kind benefits during any calendar year shall not affect the amount of expenses eligible for reimbursement or the provision of in-kind benefits in any other calendar year; (ii) the reimbursement
of an eligible expense shall be made on or before December 31 of the calendar year following the calendar year in which the expense was incurred; (iii) the right to reimbursement or the right to in-kind benefits shall not be subject to
liquidation or exchange for another benefit; and (iv) to the extent that such Continuation Period Benefits constitute “nonqualified deferred compensation” subject to Section 409A and you are a “specified employee”
within the meaning of Section 409A, you shall pay the Company and employee, if any, costs for the first six months following the Termination Date, and the Company shall reimburse you for such costs in the first payroll period thereafter. The
obligations of the Company to provide you and your dependents and beneficiaries with the Continuation Period Benefits will not restrict or limit the Company’s right to terminate, amend or modify the benefits made available by the Company to its
similarly situated executives or other employees, and following any such termination, amendment or modification, the Continuation Period Benefits that you (and your dependents and beneficiaries) are receiving will be so terminated, amended or
modified. The Company’s obligations hereunder with respect to the foregoing benefits will be limited to the extent that you obtain any such benefits pursuant to a subsequent employer’s benefit plans, in which case, the Company may reduce
the coverage of any benefits it is required to provide you hereunder as long as the coverages and benefits of the combined benefit plans are no less favorable to you than the coverages and benefits required to be provided hereunder. This
Section 4(a) will not be interpreted so as to negate any benefits to which you or your dependents or beneficiaries may be entitled under any of the Company’s employee benefit plans, programs or practices following your Separation from
Service. 
  

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 (b) The Company shall provide you with outplacement services suitable to your position for a
period of 12 months or, if earlier, until the first acceptance by you of an offer of employment. 
 5. Excise Tax
Adjustments. 
 (a) In the event you become entitled to severance benefits under this Section B and the Company determines
that the benefits provided in this Section B (with the severance benefits, the “Total Payments”) will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”), or any similar tax that may hereafter be imposed, the Company shall compute the “Net After-Tax Amount,” and the “Reduced Amount,” and shall adjust the Total Payments as described below. The Net After-Tax Amount
shall mean the present value of all amounts payable to you hereunder, net of all federal income, excise and employment taxes imposed on you by reason of such payments. The Reduced Amount shall mean the largest aggregate amount of the Total Payments
that, if paid to you, would result in you receiving a Net After-Tax Amount that is equal to or greater than the Net After-Tax Amount that you would have received if the Total Payments had been made. If the Company determines that there is a Reduced
Amount, the Total Payments will be reduced to the Reduced Amount. Such reduction shall be made by the Company with respect to benefits in the order and in the amounts suggested by the Tax Counsel (as defined below) taking into account the costs or
administrative burdens of the Company. As a rule, reduction shall occur in the following order: (i) reduction of cash payments; (ii) cancellation of accelerated vesting of stock awards; and (iii) reduction of employee benefits. If
acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of your stock awards. 

(b) For purposes of determining whether the Total Payments will be subject to the Excise Tax and the amounts of such Excise Tax and for
purposes of determining the Reduced Amount and the Net After-Tax Amount: 
 (i) Any other payments or benefits received or to be
received by you in connection with a Change in Control or your Separation of Service (whether pursuant to the terms of this Agreement or any other plan, arrangement, or agreement with the Company, or with any persons whose actions result in a Change
in Control or any person affiliated with the Company or such persons) shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute payments” within the meaning of
Section 280G(b)(1) of the Code shall be treated as subject to the Excise Tax, unless, in the opinion of a tax advisor selected by the Company and reasonably acceptable to you (“Tax Counsel”), such other payments or benefits (in whole
or in part) should be treated by the courts as representing reasonable compensation for services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code), or otherwise not subject to the Excise Tax. 

(ii) The amount of the Total Payments that shall be treated as subject to the Excise Tax shall be equal to the lesser of (A) the
total amount of the Total Payments or (B) the amount of excess parachute payments within the meaning of Section 280G(b)(1) of the Code (after applying subparagraph (i) above). 

 

 - 5 - 

 (iii) In the event that you dispute any calculation or determination made by the Company,
the matter shall be determined by Tax Counsel. All fees and expenses of Tax Counsel shall be borne solely by the Company; provided that, as required by Section 409A, the Company shall bear such costs, to the extent necessary, during a period of
time no longer than ten years following a Change in Control; the right to such benefit in kind is not subject to liquidation or exchange for another benefit; payment shall be made on or before the last day of the taxable year following the taxable
year in which the expense was incurred; and the amount of such benefit in one year shall not affect any other benefits to be provided in any other year. 

(iv) You shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in
which the Total Payments or Reduced Amount is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of your residence on the effective date of employment, net of the maximum reduction in
federal income taxes which could be obtained from deduction of such state and local taxes, taking into account the reduction in itemized deduction under Section 68 of the Code. 

 

	C.	Compliance with Section 409A 

Except as permitted under Section 409A, no acceleration of the time or form of payment of deferred compensation under this Agreement shall be
permitted. Notwithstanding any other provision in Agreement to the contrary, if and to the extent that Section 409A is deemed to apply to the Agreement, it is the intention of the parties that the Agreement shall comply with Section 409A,
and the Agreement, to the extent practicable, shall be construed in accordance therewith. Without in any way limiting the effect of the foregoing, in the event that the provisions of Section 409A require any special terms, provisions or
conditions be included in the Agreement, then such terms, provisions, and conditions, to the extent practicable, shall be deemed to be made a part of the Agreement. Notwithstanding the foregoing, the parties agree that the Company, any Affiliate,
the Board of Directors of the Company or their designees or agents shall not be liable for any taxes, penalties, interest or other monetary amount that may be owed by you as a result of any deferral of payments under the Agreement or as a result of
the administration of amounts subject to the Agreement. 
  

	D.	Covenants 

 In order to be eligible to
receive any severance benefits under this Agreement, during the 12-month period following any Separation from Service, you hereby covenant and agree: 

(a) to comply with your obligations under the Invention and Confidentiality Agreement, Code of Ethics and Nonsolicitation Agreements that
you enter into with the Company; 
  

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 (b) that you will acquire and have knowledge of confidential and proprietary information
concerning the current salary, benefits, skills, and capabilities of Company employees and that it would be improper for you to use such Company proprietary information in any manner adverse to the Company’s interests; 

(c) you will not recruit or solicit for employment, directly or indirectly, any employee of the Company during such 12-month period;

 (d) except for the benefit of the Company, in any way, directly or indirectly, through affiliates, subsidiaries, employees or
agents or otherwise, not to manage, direct, operate, control, to be employed by, associated with, or engage in, or participate in any of the foregoing or otherwise advise or assist in any way or be connected with or directly or indirectly own as
partner, shareholder, proprietor, advisor or consultant or otherwise or have any investment, interest in or right with respect to any enterprise, entity or business which competes with the Company’s business; and 

(e) that the non-compete provisions of this Agreement are reasonable in scope and duration and that you possesses sufficient skills such
that you could be gainfully employed post termination from the Company without violating such provisions. If, in any judicial proceeding, a court refuses to enforce any of the covenants set forth in this letter (or any part thereof), then such
unenforceable covenant (or such part) shall be eliminated from this letter to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced. In the event that the provisions of this Agreement are deemed to
exceed the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope limitations, as the case may be, permitted by applicable laws. 

Your entitlement to the benefits set forth in this Agreement is also subject to your execution of a Full
Release.8 If you desire to accept the provisions set forth
herein, please sign and date where indicated below, whereupon this letter will become an agreement between you and the Company. As to the matters expressly dealt with herein, when accepted by you this letter agreement will supersede the
Company’s general severance policies as in effect from time to time as otherwise applicable to you. 
  

8 For purposes of this Agreement, Full Release shall
mean a written release, which is executed and received by the Company within 60 days of your Separation from Service date and is fully effective, not subject to revocation, and which is in a form satisfactory to the Company (and substantially
similar to the Release set forth in Exhibit A attached to this Agreement), pursuant to which you fully and completely release the Company from all claims that you may have against the Company (other than any claims that may arise or have arisen
under this Agreement). 
  

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 Very truly yours, 

ICF INTERNATIONAL, INC. 

By:       /s/ Candice Mendenhall 

Title:    SVP, Human Resources 

ACCEPTED AND AGREED: 

By:    /s/ Ronald P. Vargo 

Printed Name: Ronald P. Vargo 
 Date: March 1,
2010 
  

 - 8 -Form of Restricted Stock Unit Award Agreement

 Exhibit 10.13.6 

JMP GROUP INC. 

2007 EQUITY INCENTIVE PLAN 

NOTICE OF RESTRICTED STOCK UNIT AWARD 
  

			
	 Grantee’s Name and Address:
	 	  

		
		 	  

		
		 	  

You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”), subject to the terms and
conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the JMP Group Inc. 2007 Equity Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit Agreement (the “Agreement”)
attached hereto, as follows. Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 
  

			
		
	 Award Number
	 	  

		
	 Date of Award
	 	  

		
	 Vesting Commencement Date
	 	  

		
	 Total Number of Restricted Stock

Units Awarded (the “Units”)
	 	  

		
	 Expiration Date
	 	  

Vesting Schedule: 

Subject to the Grantee’s Continuous Service, Section 4 of the Agreement, and other limitations set forth in this Notice, the
Agreement and the Plan, the Units will “vest” in accordance with the following schedule (the “Vesting Schedule”). 

The Units will become eligible to vest on the date on which the Chief Financial Officer of the Company (the “CFO”) certifies
the EPS (as defined in this Notice) for the period from the Date of Award through
[                                ]. 

[Insert Performance-based RSU Vesting Schedule.] 

Notwithstanding the foregoing, no more than 100% of the Total Number of Restricted Stock Units Awarded shall become vested. For purposes
of clarity, the Grantee’s Continuous Service must remain in effect through a given Certification Date for any Units to vest pursuant to the EPS for the preceding year. Each Certification Date is anticipated to coincide with the filing of the
Company’s Form 10-K with respect to the preceding year; provided, however, that the Administrator in its sole and absolute discretion may determine that any Certification Date shall occur on a different date. 

In the event of a Change in Control, one hundred percent (100%) of the Units shall vest immediately prior to the effective date of
such Change in Control; provided for the avoidance of doubt, however, that this provision shall not apply in the event of any Corporate Transaction that is not a Change in Control. 

 In the event of the Grantee’s change in status from Employee to Consultant or Director,
the determination of whether such change in status results in a termination of Continuous Service will be determined in accordance with Section 409A of the Code. 

For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Units, that such Units are no
longer subject to forfeiture to the Company. If the Grantee would become vested in a fraction of a Unit, such Unit shall not vest until the Grantee becomes vested in the entire Unit. 

Vesting shall cease upon the date the Grantee terminates Continuous Service for any reason, including death or Disability. In the event
the Grantee terminates Continuous Service for any reason, including death or Disability, any unvested Units held by the Grantee immediately following such termination of the Grantee’s Continuous Service shall be forfeited and deemed reconveyed
to the Company and the Company shall thereafter be the legal and beneficial owner of such reconveyed Units and shall have all rights and interest in or related thereto without further action by the Grantee. 

 

 2 

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the
Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement. 
  

			
	 JMP GROUP INC.

a Delaware corporation

		
	By:	 	  

		
	Title:	 	  

		
	Date:	 	  

THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE UNITS SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE OR AS OTHERWISE
SPECIFICALLY PROVIDED HEREIN (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT, NOR IN THE PLAN, SHALL CONFER UPON THE
GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF THE GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE AT ANY TIME, WITH
OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 

 

 3 

 Grantee Acknowledges and Agrees: 

The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and
provisions thereof, and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of
counsel prior to executing this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A of the
Code. 
 The Grantee further acknowledges that, from time to time, the Company may be in a “blackout period” and/or
subject to applicable federal securities laws that could subject the Grantee to liability for engaging in any transaction involving the sale of the Company’s Shares. The Grantee further acknowledges and agrees that, prior to the sale of any
Shares acquired under this Award, it is the Grantee’s responsibility to determine whether or not such sale of Shares will subject the Grantee to liability under insider trading rules or other applicable federal securities laws. 

The Grantee understands that the Award is subject to the Grantee’s consent to access this Notice, the Agreement, the Plan and the
Plan prospectus (collectively, the “Plan Documents”) in electronic form on the Company’s intranet or otherwise. By signing below (or by providing an electronic signature) and accepting the grant of the Award, the Grantee:
(i) consents to access electronic copies (instead of receiving paper copies) of the Plan Documents via the Company’s intranet; (ii) represents that the Grantee has access to the Company’s intranet or otherwise;
(iii) acknowledges receipt of electronic copies, or that the Grantee is already in possession of paper copies, of the Plan Documents; and (iv) acknowledges that the Grantee is familiar with and accepts the Award subject to the terms and
provisions of the Plan Documents. 
 The Grantee hereby agrees that all questions of interpretation and administration relating
to this Notice, the Plan and the Agreement shall be resolved by the Administrator in accordance with Section 8 of the Agreement. The Grantee further agrees to the venue and jurisdiction selection in accordance with Section 9 of the
Agreement. The Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice. 
  

							
	Date:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	  

		 		 		 	Grantee’s Printed Name
				
		 		 		 	  

		 		 		 	Address
				
		 		 		 	  

		 		 		 	City, State & Zip

  

 4 

Award Number:                   
               
 JMP GROUP INC. 

2007 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AGREEMENT 

1. Issuance of Units. JMP Group Inc., a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Unit Award (the “Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the
Notice, this Restricted Stock Unit Agreement (the “Agreement”) and the terms and provisions of the JMP Group Inc. 2007 Equity Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference.
Unless otherwise provided herein, the terms in this Agreement shall have the same meaning as those defined in the Plan. 
 2.
Conversion of Units and Issuance of Shares. 
 (a) General. Subject to Section 2(b) and Section 4, one
share of Common Stock shall be issuable for each Unit subject to the Award (the “Shares”) upon vesting. Immediately prior to the specified effective date of a Change in Control (as defined in the Plan) and subject to Section 2(b),
vesting shall accelerate and one Share shall be issuable for each Unit subject to the Award. Within ten (10) business days thereafter, or as soon as administratively feasible, the Company will transfer the appropriate number of Shares to the
Grantee after satisfaction of any required tax or other withholding obligations. Notwithstanding the foregoing, but subject to Section 4, the relevant number of Shares shall be issued no later than March 15th of the year following the
calendar year in which the Award vests. Any fractional Unit remaining after the Award is fully vested shall be discarded and shall not be converted into a fractional Share. Notwithstanding the foregoing, the Company may, in its sole discretion, make
a cash payment in lieu of the issuance of the Shares in an amount equal to the value of one share of Common Stock multiplied by the number of then vested Units subject to the Award. 

(b) Delay of Conversion. The conversion of the Units into the Shares under Section 2(a) above shall be delayed in the event
the Company reasonably anticipates that the issuance of the Shares would constitute a violation of federal securities laws or other Applicable Law. If the conversion of the Units into the Shares is delayed by the provisions of this
Section 2(b), the conversion of the Units into the Shares shall occur at the earliest date at which the Company reasonably anticipates issuing the Shares will not cause a violation of federal securities laws or other Applicable Law. For
purposes of this Section 2(b), the issuance of Shares that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of Applicable Law. 

(c) Delay of Issuance of Shares. The Company shall have the authority to delay the issuance of any Shares under this
Section 2 to the extent it deems necessary or appropriate to comply with Section 409A(a)(2)(B)(i) of the Code (relating to payments made to 

 certain “specified employees” of certain publicly-traded companies); in such event, any Shares to
which the Grantee would otherwise be entitled during the six (6) month period following the date of the Grantee’s termination of Continuous Service will be issuable on the first business day following the expiration of such six
(6) month period. 
 3. Right to Shares. Subject to the further restrictions of Section 4, the Grantee shall
not have any right in, to or with respect to any of the Shares (including any voting rights or rights with respect to dividends paid on the Common Stock) issuable under the Award until the Award is settled by the issuance of such Shares to the
Grantee. 
 4. Transfer Restrictions. 

(a) Units. The Units may not be transferred in any manner other than by will or by the laws of descent and distribution.

 (b) Shares Issued Pursuant to Units. Subject to Section 4(c) below, Shares issued to the Grantee hereunder upon
settlement of the Units as set forth in Section 2(a) prior to                             
(“Restricted Shares”) may not be sold, transferred by gift, pledged, hypothecated, or otherwise transferred or disposed of by the Grantee prior to
                             (the “Lockup Period”). During the Lockup Period, the Grantee
will have voting rights and rights with respect to dividends paid on the Common Stock in respect of the Restricted Shares. In addition, subject to Section 4(c), the Restricted Shares shall be subject to forfeiture to the Company if, prior to
the expiration of the Lockup Period: 
 (i) the Grantee’s Continuous Service is terminated by the Company for Cause;

 (ii) the Grantee discloses any Confidential Information. For purposes of this Agreement, “Confidential
Information” means information concerning the Company’s and its client’s businesses, strategies, operations, financial affairs, organizational and personnel matters (including information regarding any aspect of any Employee’s
Continuous Service with the Company or of the termination of such service), policies, procedures and other non-public matters, or concerning those of third parties. Confidential Information may have been or be provided in written or electronic form
or orally. In consideration of, and as a condition to, continued access to Confidential Information, and without prejudice to or limitation on any other confidentiality obligations imposed by agreement or by law, the Grantee hereby undertakes to use
and protect Confidential Information in accordance with any restrictions placed on its use or disclosure. Without limiting the foregoing, except as authorized by the Company or as required by Applicable Law, the Grantee may not disclose or allow
disclosure of any Confidential Information, or of any information derived therefrom, in whatever form, to any person unless such person is a director, officer, partner, employee, attorney or agent of the Company and, in the Grantee’s reasonable
good faith judgment, has a need to know the Confidential Information or information derived therefrom in furtherance of the business of the Company. The foregoing obligations will survive, and remain binding and enforceable notwithstanding any
termination of the Grantee’s Continuous Service and any settlement of the financial rights and obligations arising from the Grantee’s Continuous Service. Without limiting the foregoing, the existence of, and any information concerning, any
dispute between the Grantee and the Company shall 
  

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 constitute Confidential Information except that the Grantee may disclose information concerning such dispute
to the arbitrator that is considering such dispute, or to the Grantee’s legal counsel (provided that such counsel (A) does not represent any other Employee of the Company in an employment related matter, (B) does not represent a
competitor of the Company, and (C) agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute); 

(iii) without the prior written consent of the Executive Committee of the Board (the “Executive Committee”), which consent may
be withheld in its sole and absolute discretion, the Grantee (A) forms, or acquires a five percent (5%) or greater equity ownership, voting or profit participation interest in, any Competitive Enterprise (as defined herein); or
(B) associates (including, but not limited to, association as an officer, employee, partner, director, consultant, agent or advisor) with any Competitive Enterprise and in connection with such association engages in, or directly or indirectly
manages or supervises personnel engaged in, any activity (x) which is similar or substantially related to any activity in which the Grantee was engaged, in whole or in part, at the Company, and (y) for which the Grantee had direct or
indirect managerial or supervisory responsibility at the Company. For purposes of this Agreement, a “Competitive Enterprise” is a business enterprise that engages in, or owns or controls a significant interest in any entity that engages in
financial services such as in any activity that competes directly or indirectly with the Company, including, without limitation, investment banking, underwriting, placement agent activities, public or private finance, financial advisory services,
investment advice, merchant banking, asset or hedge fund management, private equity or other public or private investment funds, real estate investments, services or vehicles, securities research, brokerage, sales, lending, custody, clearance,
settlement or trading, or any similar activities, services or products (all of the foregoing for anyone other than the Grantee and members of the Grantee’s family and in such case, the Grantee shall provide full, complete and accurate
disclosure to the Board upon its request with respect to such activities (including, without limitation, supporting trade data)); 

(iv) the Grantee, in any manner, directly or indirectly, (A) Solicits a Client (each as defined herein) to transact business with a
Competitive Enterprise or to reduce or refrain from doing any business with the Company or (B) interferes with or damages (or attempts to interfere with or damages) any relationship between the Company and a Client. For purposes of this
Agreement, the term “Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, encouraging or requesting any person or entity, in any manner, to take or refrain from
taking any action and the term “Client” means any client or prospective client of the Company to whom the Grantee provided services, or for whom the Grantee transacted business, or whose identity became known to the Grantee in connection
with the Grantee’s Continuous Service with the Company; 
 (v) the Grantee in any manner, directly or indirectly, Solicits
any person who is an Employee to resign from the Company or to apply for or accept employment with any Competitive Enterprise; or 

(vi) during the Coverage Period, the Grantee fails to take all actions and do all such things as may be reasonably requested by the
Executive Committee from time to time to maintain for the Company the business, goodwill, and business relationships with any of 
  

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 the Company’s Clients with whom the Grantee worked during the Grantee’s Continuous Service. During
the Coverage Period, the Executive Committee may, in its sole and absolute discretion, continue paying the Grantee’s salary and require that the Grantee refrain from engaging in any other employment or business activities until the Executive
Committee determines the Client relationships are transferred to the Company. For purposes of this Agreement, the term “Coverage Period” means, at the discretion of the Executive Committee, either the 90-day period beginning on the date on
which notice of the Grantee’s termination of Continuous Service is delivered to or by the Company or the 90-day period beginning on the date of termination of the Grantee’s Continuous Service. 

Subject to Section 4(c) below, if the Grantee participates in any of the foregoing activities, the Restricted Shares shall be deemed reconveyed to
the Company and the Company shall thereafter be the legal and beneficial owner of the Restricted Shares and shall have all rights and interest in or related thereto without further action by the Grantee. 

(c) Change in Control Events. In the event of a Change in Control occurring during the Lockup Period, the transfer restrictions
and forfeiture provisions described in Section 4(b) above (inclusive of any related requirements set forth in this Agreement or other supplemental agreement by and between the Company and the Grantee) shall terminate and be of no further
effect. For the avoidance of doubt, the provisions of the foregoing Section 4(b) shall remain in effect per its terms in the event of any Corporate Transaction that is not a Change in Control. 

(d) Security of Stock. For purposes of facilitating the enforcement of the provisions of this Agreement, the Grantee agrees,
promptly upon request of the Company, to take all actions requested to secure the Company’s interest in the Restricted Shares, including, but not limited to, delivering the certificate(s) for the Restricted Shares, together with an Assignment
Separate from Certificate in the form provided by the Company, executed in blank by the Grantee with respect to each such stock certificate, to the Secretary or Assistant Secretary of the Company, or their designee, to hold in escrow for so long as
such Restricted Shares are subject to the Lockup Period, with the authority to take all such actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance
with the terms hereof. The Grantee hereby acknowledges that the appointment of the Secretary or Assistant Secretary of the Company (or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company
to make this Agreement and that such appointment is coupled with an interest and is accordingly irrevocable. The Grantee agrees that the Restricted Shares may be held electronically in a book entry system maintained by the Company’s transfer
agent or other third party and that all the terms and conditions of this Section 4 applicable to certificated Restricted Shares will apply with the same force and effect to such electronic method for holding the Restricted Shares. The Grantee
agrees that such escrow holder shall not be liable to any party hereto (or to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto. The escrow holder may rely upon any letter, notice or other
document executed by any signature purported to be genuine and may resign at any time. Upon the expiration of the Lockup Period, the escrow holder will, without further order or instruction, transmit to the Grantee the certificate evidencing such
Shares. Notwithstanding the foregoing, in the event of a Change in Control during the Lockup Period as set forth in Section 4(c) above, the escrow holder will, upon instruction from the Administrator and promptly following the occurrence of
such Change in Control, transmit to the Grantee the certificate evidencing such Shares. 
  

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 5. Taxes. 

(a) Tax Liability. The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award,
regardless of any action the Company or any Related Entity takes with respect to any tax withholding obligations that arise in connection with the Award. Neither the Company nor any Related Entity makes any representation or undertaking regarding
the treatment of any tax withholding in connection with the grant or vesting of the Award, the release of any forfeiture provisions applicable to Shares issuable pursuant to the Award, or the subsequent sale of Shares issuable pursuant to the Award.
The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability. The Grantee does not have discretion to direct the Company to withhold any amount in excess of the minimum
statutory tax withholding requirements, to make any such excess tax payments on behalf of the Grantee, or to withhold or pay any amount in satisfaction of the Grantee’s other tax liabilities. 

(b) Payment of Withholding Taxes. Prior to any event in connection with the Award (e.g., vesting) that the Company determines may
result in any tax withholding obligation, whether United States federal, state, local or non-U.S., including any employment tax obligation (the “Tax Withholding Obligation”), the Grantee must arrange for the satisfaction of the minimum
amount of such Tax Withholding Obligation in a manner acceptable to the Company. Under no circumstances will the Company be obligated to withhold any amount in excess of the minimum Tax Withholding Obligation, or to withhold or pay any additional
amount in satisfaction of the Grantee’s other tax liabilities. 
 (i) By Share Withholding. The Grantee authorizes
the Company to, upon the exercise of its sole discretion, withhold from those Shares issuable to the Grantee the whole number of Shares sufficient to satisfy the minimum applicable Tax Withholding Obligation. The Grantee acknowledges that the
withheld Shares may not be sufficient to satisfy the Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll
withholding, any amount of the Tax Withholding Obligation that is not satisfied by the withholding of Shares described above. 

(ii) By Sale of Shares. Unless the Grantee determines to satisfy the Tax Withholding Obligation by some other means in accordance
with clause (iii) below, the Grantee’s acceptance of this Award constitutes the Grantee’s instruction and authorization to the Company and any brokerage firm determined acceptable to the Company for such purpose to, upon the exercise
of Company’s sole discretion, sell on the Grantee’s behalf a whole number of Shares from those Shares issuable to the Grantee as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the minimum
applicable Tax Withholding Obligation. Such Shares will be sold on the day such Tax Withholding Obligation arises (e.g., a vesting date) or as soon thereafter as practicable. The Grantee will be responsible for all broker’s fees and other costs
of sale, and the Grantee agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. To the extent the proceeds of 

 

 5 

 such sale exceed the Grantee’s minimum Tax Withholding Obligation, the Company agrees to pay such
excess in cash to the Grantee. The Grantee acknowledges that the Company or its designee is under no obligation to arrange for such sale at any particular price, and that the proceeds of any such sale may not be sufficient to satisfy the
Grantee’s minimum Tax Withholding Obligation. Accordingly, the Grantee agrees to pay to the Company or any Related Entity as soon as practicable, including through additional payroll withholding, any amount of the Tax Withholding Obligation
that is not satisfied by the sale of Shares described above. 
 (iii) By Check, Wire Transfer or Other Means. At any
time not less than five (5) business days (or such fewer number of business days as determined by the Administrator) before any Tax Withholding Obligation arises (e.g., a vesting date), the Grantee may elect to satisfy the Grantee’s Tax
Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient to satisfy the Tax Withholding Obligation by (x) wire transfer to such account as the Company may direct, (y) delivery of a certified
check payable to the Company, or (z) such other means as specified from time to time by the Administrator. 
 Notwithstanding the
foregoing, the Company or a Related Entity also may satisfy any Tax Withholding Obligation by offsetting any amounts (including, but not limited to, salary, bonus and severance payments) payable to the Grantee by the Company and/or a Related Entity.

 6. Entire Agreement; Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the
parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s
interest except by means of a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and governed by the internal laws of the State of California without giving effect to any choice of law rule that
would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the parties. Should any provision of the Notice or this Agreement be determined to be illegal or
unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 
 7. Construction.
The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and
the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

8. Administration and Interpretation. Any question or dispute regarding the administration or interpretation of the Notice, the
Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons. 

9. Venue and Jurisdiction. The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the
Plan or this Agreement shall be brought exclusively in the United States District Court for the Northern District of California (or should such court lack 
  

 6 

 jurisdiction to hear such action, suit or proceeding, in a California state court in the County of San
Francisco) and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding
brought in such court. If any one or more provisions of this Section 9 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to
make it or its application valid and enforceable. 
 10. Notices. Any notice required or permitted hereunder shall be
given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are
within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 

11. Amendment and Delay to Meet the Requirements of Section 409A. The Grantee acknowledges that the Company, in the exercise
of its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any Shares issuable pursuant to this Agreement to the minimum extent necessary to meet the requirements of
Section 409A of the Code as amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable. 

END OF AGREEMENT 
  

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