Document:

Form of Amended and Restated 2005 Incentive Plan 2010-2012 Performance Stock

 Exhibit 10.2 

ACCO BRANDS CORPORATION 

AMENDED AND RESTATED 2005 INCENTIVE PLAN 

2010 – 2012 PERFORMANCE STOCK UNIT AWARD AGREEMENT 

THIS AGREEMENT is made, entered into and effective this
                , 2010 (the “Grant Date”) by and between ACCO Brands Corporation, a Delaware corporation (collectively with all Subsidiaries, the
“Company”) and                  (“Grantee”). 

WHEREAS, Grantee is a Key Employee of the Company and in compensation for Grantee’s services and Grantee’s agreement to certain
employment and post-employment covenants, the Board deems it advisable to grant to Grantee an Award of Performance Stock Units representing shares of the Company’s Common Stock, pursuant to the Amended and Restated ACCO Brands Corporation 2005
Incentive Plan (“Plan”), which may be earned and vested by Grantee upon Grantee’s continuous service and the satisfaction of performance objectives as set forth herein. 

NOW THEREFORE, subject to the terms and conditions set forth herein: 

1. Plan Governs; Capitalized Terms. This Agreement is made pursuant to the Plan, and the terms of the Plan are incorporated into
this Agreement, except as otherwise specifically stated herein. Capitalized terms used in this Agreement that are not defined in this Agreement shall have the meanings as used or defined in the Plan. References in this Agreement to any specific Plan
provision shall not be construed as limiting the applicability of any other Plan provision. 
 2. Award of Performance Stock
Units. The Company hereby grants to Grantee on the Grant Date an Award of Performance Stock Units at Target, or such lesser or greater number of Performance Stock Units, as may be earned upon the attainment of applicable performance objectives
set forth in Schedule I attached hereto and made a part hereof during the 2010, 2011 and 2012 fiscal years (each fiscal year a “Performance Period”) as follows: 

 

							
	 Performance Period
	  	 Number of Performance Stock Units

That May Be Earned At Target

	 2010
	  		  	  
	  	
	 2011
	  		  	  
	  	
	 2012
	  		  	  
	  	

 Each Performance Stock Unit constitutes an unfunded and unsecured promise of the Company to
deliver (or cause to be delivered) to Grantee, subject to the terms and conditions of this Agreement, one (1) share of Common Stock. Each Performance Stock Unit shall be 

 
earned and vested in accordance with Section 3 and shall be payable to Grantee in accordance with Section 4. The Company shall hold the Performance Stock Units in
book-entry form. Grantee shall have no direct or secured claim in any specific assets of the Company or the shares of Common Stock that may become issuable to Grantee under Section 4, and shall have the status of a general unsecured
creditor of the Company. THIS AWARD IS CONDITIONED ON GRANTEE SIGNING THIS AGREEMENT AND RETURNING IT TO THE COMPANY BY                 , 2010 AND IS SUBJECT TO
ALL TERMS, CONDITIONS AND PROVISIONS OF THE PLAN AND THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, CERTAIN COVENANTS SET FORTH ON ATTACHMENT A HERETO THAT APPLY DURING, AND FOLLOWING A TERMINATION OF, GRANTEE’S EMPLOYMENT FOR ANY
REASON. FOR PURPOSES OF ATTACHMENT A, GRANTEE’S SECTION 4.1 RESTRICTION SHALL BE FOR          MONTHS AND GRANTEE’S SECTION 4.2 RESTRICTION SHALL BE FOR
         MONTHS, EXCEPT AS GRANTEE AND THE CHIEF EXECUTIVE OFFICER (AND SHOULD THE CHIEF EXECUTIVE OFFICER BE THE GRANTEE, THE COMPENSATION COMMITTEE OF THE BOARD) MAY OTHERWISE AGREE IN WRITING. 

3. Vesting. 

(a) Generally. The Performance Periods set forth in Schedule I shall commence on January 1 and end on December 31
of the 2010, 2011 and 2012 fiscal years, respectively. Subject to acceleration of the vesting of the Performance Stock Units pursuant to Section 3(b) or 3(f), or the forfeiture and termination of the Performance Stock Units
pursuant to Sections 3(e) or 4(c), the Performance Stock Units shall be wholly or partially earned and vested and become nonforfeitable for a Performance Period to the extent of the attainment of the performance objectives for such
Performance Period set forth in Schedule I, provided that Grantee has been continuously employed by the Company through December 31, 2012 (except as provided in Section 3(c), 3(d) and 3(f)(ii)). 

(b) Death; Disability. Upon the death of Grantee while employed by the Company, or Grantee’s separation from service from the
Company and all members of the Company controlled group (within the meaning of Treasury Regulation Sections 1.409A-1(g) and (h)) (“Separation from Service”) due to his Disability, in either such case before December 31, 2012, a
number of Performance Stock Units shall become earned and vested equal to the sum of: 
 (i) the number of
Performance Stock Units, if any, that have been earned, based on the attainment of the applicable performance objectives set forth in Schedule I, during such of the 2010 and 2011 Performance Periods as have been completed on or prior to the
date of Grantee’s death or Separation from Service; plus 
 (ii) the number of Performance Stock Units as
would have become earned and vested, based on the deemed attainment of a target-level of performance set forth in Schedule I, for such of the incomplete Performance Period in which such death or Separation from Service occurs and any
Performance Periods that had not yet commenced by the date of the Grantee’s death or Separation from Service. 
  

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 Grantee shall forfeit any amount of the Award not becoming earned and vested under this
Section 3(b)(i) and 3(b)(ii) upon Grantee’s death or Separation from Service. 
 (c) Retirement.
Upon Grantee’s Separation from Service due to his Retirement before December 31, 2012, a number of Performance Stock Units shall become earned and vested equal to the sum of: 

(i) the number of Performance Stock Units, if any, that have been earned, based on the attainment of the applicable
performance objectives set forth in Schedule I, during such of the 2010 and 2011 Performance Periods as have been completed on or prior to the date of Grantee’s Separation from Service; plus 

(ii) a number of Performance Stock Units, if any, equal to the product of (A) the fraction the numerator of which is
the number of days Grantee was continuously employed from the first day of the Performance Period during which such Separation from Service occurs to the date of Separation from Service and the denominator of which is 365 (or 366 if occurring during
the 2012 Performance Period) (“Pro Rata Portion”) multiplied by (B) the number of Performance Stock Units that would have become earned for the Performance Period in which such Separation from Service occurs, in accordance with
the attainment of the performance objectives set forth in Schedule I, had Grantee remained continuously employed to the last day of such Performance Period. 

Grantee shall forfeit any Performance Stock Units not becoming earned and vested under Section 3(c)(i) and 3(c)(ii)
upon Grantee’s Separation from Service, including for any Performance Period commencing after Grantee’s Separation from Service. 

(d) Involuntary Termination. Upon Grantee’s involuntary Separation from Service by the Company without Cause after
June 30, 2012 and before December 31, 2012 (an “Involuntary Termination”), a number of Performance Stock Units shall become earned and vested equal to the sum of: 

(i) the number of Performance Stock Units, if any, that have been earned, based on the attainment of the applicable
performance objectives set forth in Schedule I, during each of the 2010 and 2011 Performance Periods; plus 

(ii) a number of Performance Stock Units, if any, equal to the product of (A) the Pro Rata Portion multiplied by
(B) the number of Performance Stock Units that would have become earned for the 2012 Performance Period, in accordance with the attainment of the performance objectives set forth in Schedule I, had Grantee remained continuously employed
to December 31, 2012. 
 Grantee shall forfeit any Performance Stock Units not becoming earned and vested under
Section 3(d)(i) and 3(d)(ii) upon Grantee’s Separation from Service. 
 (e) Other Terminations.
Upon a termination of Grantee’s employment for any reason prior to December 31, 2012, other than due to Grantee’s death or his Separation 

 

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from Service due to Disability, Retirement or an Involuntary Termination, or due to a Divestiture (defined below), all of the Performance Stock Units shall be immediately forfeited. Any
Performance Stock Units forfeited under this Section 3 shall be cancelled and shall terminate. 
 (f) Change in
Control; Divestiture. 
 (i) Upon the occurrence of a Change in Control while Grantee is employed by the
Company and on or before December 31, 2012, a number of Performance Stock Units shall become earned and vested equal to the sum of: 

(1) the number of Performance Stock Units, if any, that have been earned, based on the attainment of the applicable
performance objectives set forth in Schedule I, during such of the 2010 and 2011 Performance Periods as have been completed prior to the date of the Change in Control; plus 

(2) the number of Performance Stock Units that could have become earned, based on the deemed attainment of a maximum-level
of performance set forth in Schedule I, for the Performance Period in which such Change in Control occurs and any Performance Periods that had not yet commenced by the date of the Change in Control. 

Upon the Change in Control, Grantee shall forfeit any Performance Stock Units not becoming earned and vested under
Section 3(f)(i)(1) and 3(f)(i)(2). 
 (ii) Upon the occurrence of a transaction, before
December 31, 2012, by which the Subsidiary that is Grantee’s principal employer ceases to be a Subsidiary of the Company and Grantee’s employment with the Company and all other Subsidiaries ceases (“Divestiture”), a
number of Performance Stock Units shall become earned and vested equal to the sum of: 
 (1) the number of
Performance Stock Units, if any, that have been earned, based on the attainment of the applicable performance objectives set forth in Schedule I, during such of the 2010 and 2011 Performance Periods as have been completed on or prior to the
date of such Divestiture; plus 
 (2) for the incomplete Performance Period in which such Divestiture occurs, a
number of Performance Stock Units equal to the product of (A) the fraction the numerator of which is the number of days Grantee was continuously employed from the first day of such Performance Period to the Divestiture Date and the denominator
of which is 365 (or 366 if occurring during the 2012 Performance Period) multiplied by (B) the number of Performance Stock Units that would have become earned and vested, based on the deemed attainment of a target-level of performance set forth
in Schedule I, for such Performance Period. 
  

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 Upon such Divestiture, Grantee shall forfeit any Performance Stock Units not
becoming earned and vested under Section 3(f)(ii)(1) and 3(f)(ii)(2). 
 (g) Payment on Vesting. To
the extent earned and vested, Performance Stock Units shall be paid to Grantee as provided in Section 4 hereof. 

4. Delivery of Shares. 

(a) Issuance of Shares. Subject to Sections 4(c) and 8(j)(ii), the Company (or its successor) shall cause its
transfer agent for Common Stock to register shares in book-entry form in the name of Grantee (or, in the discretion of the Committee, issue to Grantee a stock certificate) representing a number of shares of Common Stock equal to the number of
Performance Stock Units then earned and vested pursuant to Section 3 upon the attainment (or deemed attainment upon Grantee’s death, Separation from Service due to Disability, the occurrence of a Change in Control, or the occurrence
of a Divestiture) of the performance objectives set forth in Schedule I: 
 (i) As soon as may be
practicable after December 31, 2012, but not later than March 15th, 2013, in any case other as provided in Section 4(a)(ii) or (a)(iii); 

(ii) As soon as may be practicable after December 31 of the Performance Period in which Grantee’s Retirement
occurs (or Grantee’s Separation from Service is due to Disability at time when Grantee was eligible for Retirement) but not later than March 15 following such December 31; and 

(iii) Within 60 days following the occurrence of Grantee’s death, Separation from Service due to Disability (except
when Section 4(a)(ii) applies), a Change in Control or a Divestiture. 
 Provided, in the event that the occurrence
of a Change in Control is not a change in the ownership or effective control of the Company or of a substantial portion of the assets of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5), or a Divestiture is not a
Separation from Service of Grantee, such issuance of shares shall be postponed until the earliest to occur of (1) such a change in the ownership or effective control of the Company or of a substantial portion of the assets of the Company,
(2) Grantee’s Separation from Service (subject to Section 8(j)(ii)) or (3) the date for payment under Section 4(a)(i). 

(b) Withholding Taxes. At the time shares of Common Stock are issued to Grantee, or any earlier such time in which income or
employment taxes may become due and payable, the Company shall satisfy the minimum statutory Federal, state and local withholding tax obligation (including the FICA and Medicare tax obligation) required by law with respect to the distribution of
shares (or other taxable event) by withholding from shares issuable to Grantee hereunder having an aggregate Fair Market Value equal to the amount of such required withholding, unless Grantee requests (and the Committee agrees) that the Company
satisfy such obligation as provided below. In lieu of share withholding, the Committee, if requested by Grantee, may cause the Company to satisfy such withholding tax 

 

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by withholding cash compensation then accrued and payable to Grantee of such required withholding amount or by permitting Grantee to tender a check or other payment of cash to the Company of such
required withholding amount. 
 (c) Forfeiture Upon Breach of Covenant. The provisions of Section 3 to the
contrary notwithstanding, any unissued shares issuable under this Section 4 respecting Grantee’s Performance Stock Units shall be immediately forfeited and cancelled in the event of Grantee’s breach of any covenant set forth
SECTION 3, 4.1 or 4.2 of Attachment A in addition to any other remedy set forth at SECTION 7 of Attachment A. 

5. No Transfer or Assignment of Performance Stock Units; Restrictions on Sale. Except as otherwise provided in this Agreement, the
Performance Stock Units and the rights and privileges conferred thereby shall not be sold, pledged or otherwise transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar
process until the shares of Common Stock represented by the Performance Stock Units are delivered to Grantee or his designated representative. Grantee shall not sell any shares of Common Stock, after issuance pursuant to Section 4, at
any time when applicable laws or Company policies prohibit a sale. This restriction shall apply as long as Grantee is an employee of the Company or an Affiliate (as defined in Attachment A). 

6. Legality of Initial Issuance. No shares of Common Stock shall be issued unless and until the Company has determined that
(a) any applicable listing requirement of any stock exchange or other securities market on which the Common Stock is listed has been satisfied; and (b) all other applicable provisions of state or federal law have been satisfied.

 7. Grantee Covenants. In consideration of this Award, Grantee agrees to the covenants, Company remedies for a breach
thereof, and other provisions set forth in Attachment A, attached hereto, incorporated into, and being a part of this Agreement. 

8. Miscellaneous Provisions. 

(a) Rights as a Stockholder. Neither Grantee nor Grantee’s representative shall have any rights as a stockholder with respect
to any shares underlying the Performance Stock Units until the date that the Company is obligated to deliver such shares of Common Stock to Grantee or Grantee’s representative. 

(b) Dividend Equivalents. As of each dividend date with respect to shares of Common Stock, an unvested dividend equivalent shall
be awarded to Grantee in the dollar amount equal to the amount of the dividend that would have been paid on the number of shares of Common Stock equal to the number of Performance Stock Units held by Grantee as of the close of business on the record
date for such dividend. Such dividend equivalent amount shall be converted into a number of Performance Stock Units equal to the number of whole and fractional shares of Common Stock that could have been purchased at the closing price on the
dividend payment date with such dollar amount. In the case of any dividend declared on shares of Common Stock which is payable in shares of Common Stock, Grantee shall be awarded an unvested dividend equivalent of an additional number of Performance
Stock Units equal to the product of (i) the number of his Performance Stock Units then held 
  

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on the related dividend record date multiplied by the (ii) the number of shares of Common Stock (including any fraction thereof) distributable as a dividend on a share of Common Stock. All
such dividend equivalents credited to Grantee shall be added to and in all respects thereafter be treated as additional Performance Stock Units to which such dividend equivalents relate hereunder. 

(c) No Retention Rights. Nothing in this Agreement shall confer upon Grantee any right to continue in the employment or service of
the Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or of Grantee, which rights are hereby expressly reserved by each, to terminate his employment or service at any time and
for any reason, with or without cause. 
 (d) Inconsistency. To the extent any terms and conditions herein conflict with
the terms and conditions of the Plan, the terms and conditions of the Plan shall control. 
 (e) Notices. Any notice
required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery, upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or upon
deposit with a reputable overnight courier. Notice shall be addressed to the Company at its principal executive office and to Grantee at the address that he most recently provided to the Company. 

(f) Entire Agreement; Amendment; Waiver. This Agreement constitutes the entire agreement between the parties hereto with regard to
the subject matter hereof. This Agreement supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof; provided, if Grantee is bound by any
restrictive covenant contained in a previously-executed agreement with the Company or an Affiliate, such restrictions shall be read together with Attachment A of this Agreement to provide the Company and its Affiliates with the greatest
amount of protection, and to impose on Grantee the greatest amount of restriction, allowed by law. No alteration or modification of this Agreement shall be valid except by a subsequent written instrument executed by the parties hereto. No provision
of this Agreement may be waived except by a writing executed and delivered by the party sought to be charged. Any such written waiver shall be effective only with respect to the event or circumstance described therein and not with respect to any
other event or circumstance, unless such waiver expressly provides to the contrary. 
 (g) Choice of Law; Venue; Jury Trial
Waiver. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Illinois, as such laws are applied to contracts entered into and performed in such State, without giving effect to the choice of law
provisions thereof. The Company and Grantee stipulate and consent to personal jurisdiction and proper venue in the state or federal courts of Cook County, Illinois and waive each such party’s right to objection to an Illinois court’s
jurisdiction and venue. Grantee and the Company hereby waive their right to jury trial on any legal dispute arising from or relating to this Agreement, and consent to the submission of all issues of fact and law arising from this Agreement to the
judge of a court of competent jurisdiction as otherwise provided for above. 
  

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 (h) Successors. 

(i) This Agreement is personal to Grantee and, except as otherwise provided in Section 5 above, shall not be
assignable by Grantee otherwise than by will or the laws of descent and distribution, without the written consent of the Company. This Agreement shall inure to the benefit of and be enforceable by Grantee’s legal representatives. 

(ii) This Agreement shall inure to the benefit of and be binding upon the Company and its Affiliates and the successors
thereof. 
 (i) Severability. If any provision of this Agreement for any reason should be found by any court of competent
jurisdiction to be invalid, illegal or unenforceable, in whole or in part, such declaration shall not affect the validity, legality or enforceability of any remaining provision or portion thereof, which remaining provision or portion thereof shall
remain in full force and effect as if this Agreement had been adopted with the invalid, illegal or unenforceable provision or portion thereof eliminated. 

(j) Section 409A. 

(i) Anything herein to the contrary notwithstanding, this Award Agreement shall be interpreted so as to comply with or
satisfy an exemption from Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively, “Section 409A”). The Committee may in good faith make the minimum of modifications to this
Agreement as it may deem appropriate to comply with Section 409A while to the maximum extent reasonably possible maintaining the original intent and economic benefit to Grantee and the Company of the applicable provision. 

(ii) To the extent required by Section 409A(a)(2)(B)(i), payment of Performance Stock Units to Grantee, who is a
“specified employee” that is due upon Grantee’s Separation from Service shall be delayed and paid in a lump sum within seven (7) days (and the Company shall have sole discretion to determine the taxable year in which it is paid)
after the earlier of the date that is six (6) months after the date of such Separation from Service or the date of Grantee’s death after such Separation from Service. For purposes hereof, whether Grantee is a “specified employee”
shall be determined in accordance with the default provisions of Treasury Regulation Section 1.409A-1(i), with the “identification date” to be December 31 and the “effective date” to be the April 1 following the
identification date (as such terms are used under such regulation). 
 (k) Headings; Interpretation. The headings,
captions and arrangements utilized in this Agreement shall not be construed to limit or modify the terms or meaning of this Agreement. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include
the singular and the plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter. 
  

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 (l) Counterparts. This Agreement may be executed simultaneously in one or more
counterparts, each of which shall be deemed an original, but all of which shall constitute but one and the same instrument. 

[Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement the date and year first
written above. 
  

			
	ACCO BRANDS CORPORATION
		
	By:	 	
		
	Name:	 	
		
	Its:	 	
	
	  

	Grantee Name
	
	  

	Grantee Signature

  

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 SCHEDULE I 

Performance Objectives for the 2010, 2011 and 2012 Performance Periods 

 

							
	 	  	Percentage Of
Award That May
Be Earned Each
Performance
Period	 	 Percentage of Award Earned
at Performance
Levels
	  	 Performance Objective

				
		  		 	 50%

(Threshold)
	  	
	2010	  	33 1/3 %	 	 100%

(Target)
	  	
		  		 	 150%

(Maximum)
	  	
				
		  		 	 50%

(Threshold)
	  	2011 performance objectives to be determined by the Committee by March 31, 2011 and provided to Grantee, at which time, this Schedule I shall be deemed modified
accordingly.
	2011	  	33 1/3%	 	 100%

(Target)
	  
		  		 	 150%

(Maximum)
	  
				
		  		 	 50%

(Threshold)
	  	2012 performance objectives to be determined by the Committee by March 30, 2012 and provided to Grantee, at which time, this Schedule I shall be deemed modified
accordingly.
	2012	  	33 1/3%	 	 100%

(Target)
	  
		  		 	 150%

(Maximum)
	  

 Provided, the number of Performance Stock Units earned during
each Performance Period shall be interpolated on a linear basis for the attainment of performance objectives for such Performance Period between Threshold and Target and between Target and Maximum. 

 ATTACHMENT A 

Grantee Covenants 

SECTION 1 Position of Special Trust and Confidence. 

1.1 The Company is placing Grantee in a special position of trust and confidence. As a result of this Agreement and Grantee’s
position with the Company, Grantee will receive Confidential Information (defined below) related to his position, authorization to communicate and develop goodwill with Company customers, and/or specialized training related to the Company’s
business. Grantee agrees to use these advantages of employment to further the business of the Company and not to knowingly cause harm to the business of the Company. The Company’s agreement to provide Grantee with these benefits, and the Award
hereunder, gives rise to an interest in reasonable restrictions on Grantee’s competitive and post-employment conduct. 

1.2 Grantee shall dedicate his full working time and efforts to the business of the Company and shall not undertake or prepare to
undertake any conflicting business activities while employed with the Company. These duties supplement and do not replace or diminish the common law duties Grantee would ordinary have to the Company as the employer. 

SECTION 2 Consideration. In exchange for Grantee’s promises and obligations herein, the Company is granting Grantee the Award
hereunder. The Company also agrees to provide Grantee with portions of its Confidential Information, authorization to communicate and develop goodwill with the Company customers, and/or specialized training related to the Company’s business.
Grantee understands and agrees that the foregoing promises and benefits have material value and benefit to the Company, above and beyond any continuation of Company employment, and that Grantee would not be entitled to such consideration unless he
signs and agrees to be bound by this Attachment A. The Company agrees to provide Grantee the consideration described in this SECTION 2 only in exchange for his compliance with all the terms of this Attachment A. 

SECTION 3 Confidentiality and Business Interests. 

3.1 Grantee agrees to keep secret and confidential and neither use nor disclose, by any means, either during or after a termination of his
employment for any reason, any Confidential Information except as provided below or required in his employment with, or authorized in writing by, the Company. Grantee agrees to keep confidential and not disclose or use, either during or after a
termination of his employment for any reason, any confidential information or trade secrets of others which Grantee receives during the course of his employment with the Company for so long as and to the same extent as the Company is obligated to
retain such information or trade secrets in confidence. 
 3.2 The obligations under this SECTION 3 shall not apply to
Confidential Information to the extent that it: (a) is or becomes publicly known by means other than 

 
Grantee’s failure to perform his obligations under this Attachment A; (b) was known to Grantee prior to disclosure to Grantee by or on behalf of the Company and Grantee; or
(c) is received by Grantee in good faith from a third party (not an Affiliate) which has no obligation of confidentiality to the Company with respect thereto. Notwithstanding anything contained herein to the contrary, Confidential Information
shall not lose its protected status under this Attachment A if it becomes generally known to the public or to other persons through improper means. The Company’s confidential exchange of Confidential Information with a third party for
business purposes shall not remove it from protection under this Attachment A. 
 3.3 If disclosure of Confidential
Information is compelled by law, Grantee shall give the Company as much written notice as possible under the circumstances, shall refrain from use or disclosure for as long as the law allows, and shall cooperate with the Company to protect such
information, including taking every reasonable step necessary to protect against unnecessary disclosure. 
 3.4 Grantee agrees
not to disclose to the Company nor to utilize in Grantee’s work for the Company any confidential information or trade secrets of others known to Grantee and obtained prior to Grantee’s employment by the Company (including prior employers).

 3.5 Grantee shall deliver to the Company promptly upon the end of Grantee’s employment all written and other materials
which constitute or contain Confidential Information or which are the property of the Company (regardless of media), and shall not remove, erase, destroy, impede the Company’s access to, or take any such written and other materials. Grantee
shall preserve records on the Company customers, prospects, vendors, suppliers, and other business relationships, and shall not knowingly use these records to harm the Company’s business interests. Upon termination of Grantee’s employment,
Grantee shall return all such records, and any copies (tangible and intangible) to the Company. The Company is only authorizing Grantee to access and use the Company’s computers, email, or related computer systems to pursue matters that are
consistent with the Company’s business interests. Access or use of such systems to pursue personal business interests apart from the Company, to compete or to prepare to compete, or to otherwise knowingly undermine the Company’s interests
(such as, by way of example, removing, erasing, impeding the Company’s access to, or destroying its records or programs) is strictly prohibited and outside the scope of Grantee’s authorized use of the Company’s systems. 

SECTION 4 Non-Interference Covenants. Grantee agrees that the following covenants are (a) ancillary to the other
enforceable agreements contained in this Attachment A, and (b) reasonable and necessary to protect the Company’s legitimate business interests. 

4.1 Restriction on Interfering with Employee Relationships. Grantee agrees that for the period of time, set forth as the
“SECTION 4.1 Restriction” in Section 2 of the Agreement, following the end of his employment with the Company for any reason, Grantee shall not interfere with the Company’s business relationship with any Company
employee, by soliciting or communicating with such an employee to induce or encourage 
  

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him to leave the Company’s employ (regardless of who initiates the communication), by helping another person or entity evaluate a Company employee as an employment candidate, or by otherwise
helping any person or entity hire an employee away from the Company. 
 4.2 Restriction on Interfering with Customer
Relationships. Grantee agrees that for the period of time, set forth as the “SECTION 4.2 Restriction” in Section 2 of the Agreement, following the end of his employment with the Company for any reason, Grantee
shall not interfere with the Company’s business relationships with a Covered Customer, by: (a) participating in, supervising, or managing (as an employee, consultant, contractor, officer, owner, director, or otherwise) any Competing
Activities for, on behalf of, or with respect to a Covered Customer; or (b) soliciting or communicating (regardless of who initiates the communication) with a Covered Customer to induce or encourage the Covered Customer to: (i) stop or
reduce doing business with the Company, or (ii) to buy a Conflicting Product or Service. 
 4.3 Notice and Survival of
Restrictions. 
 (a) Before accepting new employment, Grantee shall advise every future employer of the restrictions in this
Attachment A. Grantee agrees that the Company may advise a future employer or prospective employer of this Attachment A and its position on the potential application of this Attachment A. 

(b) This Attachment A’s post-employment obligations shall survive the termination of Grantee’s employment with the
Company for any reason. If Grantee violates one of the post-employment restrictions in this Attachment A on which there is a specific time limitation, the time period for that restriction shall be extended by one day for each day Grantee
violates it, up to a maximum extension equal to the length of time prescribed for the restriction, so as to give the Company the full benefit of the bargained-for length of forbearance. 

(c) It is the intention of the Parties that, if any court construes any provision or clause of this Attachment A, or any portion
thereof, to be illegal, void or unenforceable, because of the duration of such provision, the scope or the subject matter covered thereby, such court shall reduce the duration, scope, or subject matter of such provision, and, in its reduced form,
such provision shall then be enforceable and shall be enforced. 
 (d) If Grantee becomes employed with an Affiliate without
entering into a new nondisclosure, nonsolicitation, noncompetition agreement that is substantially the same as this Attachment A, the Affiliate shall be regarded as the Company for all purposes under this Attachment A, and shall be
entitled to the same protections and enforcement rights as the Company. 
 4.4 California Modification (California Residents
Only). To the extent that Grantee is a resident of California and subject to its laws: (a) the restriction in SECTION 4.2(a) shall not apply; (b) the restriction in SECTION 4.2(b) shall be limited

  

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so that it only applies where Grantee is aided by the use or disclosure of Confidential Information; (c) the restriction in SECTION 4.1 is deemed rewritten to provide as follows: For a
period of two (2) years immediately following the termination of Grantee’s employment with the Company for any reason, Grantee shall not, either directly or indirectly, solicit any of the Company’s employees, with whom Grantee worked
at any time during his employment with the Company, to leave their employment with the Company or to alter their relationship with the Company to the Company’s detriment; and (d) the jury trial waiver in Section 7(e) of the Agreement
shall not apply. 
 SECTION 5 Definitions. For purposes of the Agreement, the following terms shall have the meanings
assigned to them below: 
 5.1 “Affiliate” means the Company’s successors in interest, affiliates (as
defined in Rule 12b-2 under Section 12 of the Securities and Exchange Act), subsidiaries, parents, purchasers, and assignees (collectively “Affiliates”). 

5.2 “Competing Activities” are any activities or services undertaken on behalf of a Competitor that are the same or
similar in function or purpose to those Grantee performed for the Company in the two (2) year period preceding the end of Grantee’s employment with the Company, or that are otherwise likely to result in the use or disclosure of
Confidential Information. Competing Activities are understood to exclude: activities on behalf of an independently operated subsidiary, division, or unit of a diversified corporation or similar business that has common ownership with a competitor so
long as the independently operated business unit does not involve a Conflicting Product or Service; and, a passive and non-controlling ownership interest in a competitor through ownership of less than 2% of the stock in a publicly traded company.

 5.3 “Confidential Information” includes but is not limited to any technical or business information,
know-how or trade secrets, patentable or not, in any form, including but not limited to data; diagrams; business, marketing or sales plans; notes; drawings; models; prototypes; specifications; manuals; memoranda; reports; customer or vendor
information; pricing or cost information; and computer programs, which are furnished to Grantee by the Company or which Grantee procures or prepares, alone or with others, in the course of his employment with the Company. 

5.4 “Conflicting Product or Service” is a product or service that is the same or similar in function or purpose to a
Company product or service, such that it would replace or compete with: (a) a product or service the Company provides to its customers; or (b) a product or service that is under development or planning by the Company but not yet provided
to customers and regarding which Grantee was provided Confidential Information in the course of employment. Conflicting Products or Services do not include a product or service of the Company if the Company is no longer in the business of providing
such product or service to its customers at the relevant time of enforcement. 
 5.5 “Covered Customer” is a
Company customer (natural person or entity) that Grantee had business-related contact or dealings with, or received Confidential Information about, in the two (2) year period preceding the end of Grantee’s employment

  

 A-4 

 
with the Company. References to the end of Grantee’s employment in this Attachment A refer to the end, whether by resignation or termination, and without regard for the reason
employment ended. 
 5.6 “Competitor” is any person or entity engaged in the business of providing a
Conflicting Product or Service. 
 5.7 Section references in this Attachment A are to sections of this
Attachment A. 
 SECTION 6 Notices. While employed by the Company, and for two (2) years thereafter, Grantee
shall: (a) give the Company written notice at least thirty (30) days prior to going to work for a Competitor; (b) provide the Company with sufficient information about his new position to enable the Company to determine if
Grantee’s services in the new position would likely lead to a violation of this Attachment A; and (c) within thirty (30) days of any request made by the Company to do so, participate in a mediation or in-person conference to
discuss and/or resolve any issues raised by Grantee’s new position. Grantee shall be responsible for all consequential damages caused by failure to give the Company notice as provided in this SECTION 6. 

SECTION 7 Remedies. If Grantee breaches or threatens to breach this Attachment A, the Company may recover: (a) an order of
specific performance or declaratory relief; (b) injunctive relief by temporary restraining order, temporary injunction, and/or permanent injunction; (c) damages; (d) attorney’s fees and costs incurred in obtaining relief; and
(e) any other legal or equitable relief or remedy allowed by law. One Thousand Dollars ($1,000.00) is the agreed amount for the bond to be posted if an injunction is sought by the Company to enforce the restrictions in this Attachment A
on Grantee. 
 SECTION 8 Return of Consideration. Grantee specifically recognizes and agrees that the covenants set forth in
this Attachment A are material and important terms of this Agreement, and Grantee further agrees that should all or any part or application of SECTION 4.2 be held or found invalid or unenforceable for any reason whatsoever by a court of
competent jurisdiction in an action between Grantee and the Company (despite, and after application of, any applicable rights to reformation that could add or renew enforceability), the Company shall be entitled to receive from Grantee the cash
equivalent of the Market Value of all shares of Common Stock paid to Grantee pursuant to the terms of this Agreement, which Market Value shall be determined as of December 31, 2012. The return of consideration provided for in this SECTION 8 is
in addition to the remedies for breach provided for in SECTION 7. 
  

 A-5Employment Agreement by and between Christopher Ricciardi and Cohen & Co. Inc.

 EXHIBIT 10.2 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT is dated as of February 18, 2010, by and among Cohen Brothers LLC (the “Company”), a
subsidiary of Cohen & Company Inc. (“Parent”), Parent, each of which has its principal place of business at 2929 Arch Street, Philadelphia, PA 19104, and Christopher Ricciardi (the “Executive”). 

WHEREAS, the Company wishes to employ the Executive as its President, and the Executive wishes to accept such employment, on the terms
set forth below, effective as of December 17, 2009 (“Effective Date”); 
 NOW THEREFORE, the parties hereto agree
as follows: 
 1. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for an initial
term commencing as of the Effective Date and continuing through December 31, 2012, unless sooner terminated in accordance with the provisions of Section 4 or Section 5, with such employment to continue for successive one-year periods
in accordance with the terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party of non-renewal in writing prior to three months before the expiration of the initial term and each annual renewal, as
applicable. (The period during which the Executive is employed hereunder being hereinafter referred to as the “Term”). 
 2.
Duties. During the Term, the Executive shall be employed by the Company as its President, reporting directly to the Chief Executive Officer. During the Term, Executive shall also serve as the President of Parent and Chief Executive
Officer of the Company’s broker-dealer business. The Executive shall faithfully perform for the Company the duties of said offices and shall perform such other duties of an executive, managerial or administrative nature as shall be specified
and designated from time to time by the board of directors of Parent (the “Board”) or the Company’s Chief Executive Officer. 

3. Compensation. 

3.1 Base Salary. The Company shall pay the Executive during the Term a salary at a minimum rate of $1,000,000.00 per annum
for the period beginning on the Effective Date through December 31, 2010 (the “Base Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives. For each year thereafter, the
Compensation Committee of the Board shall review the Executive’s Base Salary and may provide for such increases therein as it may, in its discretion, deem appropriate. (Any such increased salary shall constitute the “Base Salary” as
of the time of the increase.) 
 3.2 Performance Bonus. During the Term, in addition to the Base Salary, for each
fiscal year of the Company ending during the Term, the Executive shall have the opportunity to receive an annual bonus in an amount and on such terms to be determined by the Compensation Committee of the Board (“Performance Bonus”). The
Compensation Committee of the Board shall further have the discretion to grant Executive annual bonuses in such amounts and on such terms as it shall determine in its sole discretion. Nothing contained in the foregoing shall limit the
Executive’s eligibility to receive any other bonus under any other bonus plan, stock option or equity–based plan, or other policy or program of Parent or the Company. With respect to Executive’s performance in 2009, the Company shall
pay to Executive a bonus of $2,000,000.00 under the Company’s 2010 Executive Officers’ Cash Bonus Plan. 

 3.3 Equity Incentive Compensation. Executive shall be entitled to participate
in any equity compensation plan of Parent or the Company in which he is eligible to participate, and may, without limitation, be granted in accordance with any such plan options to purchase units of Company membership interest, shares of
Parent’s common stock, shares of restricted stock, and other equity awards in the discretion of the Compensation Committee of the Board. 

3.4 Benefits-In General. The Executive shall be permitted during the Term to participate in any group life, hospitalization
or disability insurance plans, health programs, retirement plans, fringe benefit programs and other benefits that may be available to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under
the terms of such plans or programs. 
 3.5 Vacation. The Executive shall be entitled to vacation of no less than
20 business days per year, to be credited in accordance with ordinary Company policies. 
 3.6 Expenses-In
General. The Company shall pay or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses actually incurred (and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the
Executive’s services under this Agreement, in accordance with the Company’s policies regarding such reimbursements. 
 4.
Termination upon Death or Disability. If the Executive dies during the Term, the Term shall terminate as of the date of death, and the obligations of the Company to or with respect to the Executive shall terminate in their entirety
upon such date except as otherwise provided under this Section 4. If the Executive is unable to perform substantially and continuously the duties assigned to him due to a disability as defined for purposes of the Company’s long-term
disability plan then in effect, or, if no such plan is in effect, by virtue of ill health or other disability for more than 180 consecutive or non-consecutive days out of any consecutive 12-month period, the Company shall have the right, to the
extent permitted by law, to terminate the employment of the Executive upon notice in writing to the Executive. Upon termination of employment due to death or disability, (i) the Executive (or the Executive’s estate or beneficiaries in the
case of the death of the Executive) shall be entitled to receive any Base Salary and other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the
date of termination); (ii) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall be entitled to receive a single-sum payment equal to the value of his Base Salary that would have been
paid to him for the remainder of the year in which the termination occurs; (iii) without duplication of any amounts due under clauses (i) and (ii), the Executive (or the Executive’s estate or beneficiaries in the case of the death of
the Executive) shall receive a single-sum payment equal to the value of the highest bonus earned by the Executive in the one year period preceding the date of termination, multiplied by a fraction (x) the numerator of which is the number of
days in the fiscal year preceding the termination and (y) the denominator of which is 365; (iv) all outstanding unvested equity-based awards held by the Executive shall fully vest and become immediately exercisable, as applicable, subject
to the terms of such awards; and (v) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall have no further rights to any other compensation or benefits hereunder, or any other rights
hereunder (but, for the avoidance of doubt, shall receive such disability and death benefits as may be provided under the Company’s plans and arrangements in accordance with their terms). Unless the payment is required to be delayed pursuant to
Section 7.14(b) below, the cash amounts payable pursuant to clauses (i), (ii) and (iii) above shall be paid to the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) within 60 days
following the date of his termination of employment on account of death or disability. 
  

 2 

 5. Certain Terminations of Employment; Certain Benefits. 

5.1 Termination by the Company for Cause; Termination by the Executive without Good Reason. 

(a) For purposes of this Agreement, “Cause” shall mean the Executive’s: 

(i) commission of, and indictment for or formal admission to a felony, or any crime of moral turpitude, dishonesty, breach of trust or
unethical business conduct, or any crime involving the Company; 
 (ii) engagement in fraud, misappropriation or embezzlement;

 (iii) continued failure to materially adhere to the directions of the Company’s Chief Executive Officer or the Board,
or Parent’s or the Company’s written policies and practices; or 
 (iv) material breach of any of the provisions of
Section 6; 
 provided, that the Company shall not be permitted to terminate the Executive for Cause except on written notice given to the
Executive at any time not more than 30 days following the occurrence of any of the events described in clause (ii) through (iv) above (or, if later, the Company’s knowledge thereof). No termination for Cause under clauses
(ii) through (iv) shall be effective unless the Board makes a determination that Cause exists after notice to the Executive, and the Executive has been provided with an opportunity (with counsel of his choice) to contest the determination
at a meeting of the Board. 
 (b) The Company may terminate this Agreement and the Executive’s employment hereunder for
Cause, and the Executive may terminate his employment on at least 30 days’ written notice given to the Company. If the Company terminates the Executive for Cause, or the Executive terminates his employment and the termination by the Executive
is not for Good Reason in accordance with Section 5.2, (i) the Executive shall receive Base Salary and other benefits (including any bonus for a fiscal year completed before termination and awarded but not yet paid) earned and accrued
under this Agreement prior to the termination of employment (and reimbursement under this Agreement for expenses incurred prior to the termination of employment); and (ii) the Executive shall have no further rights to any other compensation or
benefits under this Agreement on or after the termination of employment. Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable to the Executive under this Section 5.1(b) shall be paid to
the Executive in a single-sum payment within 60 days following the date of his termination of employment with the Company pursuant to this Section 5.1(b). 
  

 3 

 5.2 Termination by the Company without Cause; Termination by the Executive for Good
Reason. 
 (a) For purposes of this Agreement, “Good Reason” shall mean, unless otherwise consented to by the
Executive, 
 (i) the material reduction of the Executive’s title, authority, duties and responsibilities or the
assignment to the Executive of duties materially inconsistent with the Executive’s position or positions with Parent and the Company; 

(ii) a material reduction in Base Salary of the Executive; 

(iii) the Company’s material breach of this Agreement; or 

(iv) Executive is required to relocate his office more than 30 miles outside of the Borough of Manhattan, New York. 

Notwithstanding the foregoing, (i) Good Reason shall not be deemed to exist unless notice of termination on account thereof (specifying a
termination date no later than 30 days from the date of such notice) is given no later than 30 days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or arises and (ii) if there exists (without
regard to this clause (ii)) an event or condition that constitutes Good Reason, the Company shall have 15 days from the date notice of such a termination is given to cure such event or condition and, if the Company does so, such event or condition
shall not constitute Good Reason hereunder. 
 (b) The Company may terminate the Executive’s employment and the Executive
may terminate the Executive’s employment with the Company at any time for any reason or no reason. If the Company terminates the Executive’s employment (and the termination is not covered by Section 4 or 5.1), the Executive terminates
his employment for Good Reason, or the Company does not renew this Agreement as described in Section 1: 
 (i) the
Executive shall receive a single-sum payment equal to accrued but unpaid Base Salary and other benefits (including any bonus for a calendar year completed before termination) earned and accrued under this Agreement prior to the termination of
employment (and reimbursement under this Agreement for expenses incurred prior to the termination of employment); 
 (ii) the
Executive shall receive a single-sum payment of an amount equal to 3.0 times (a) the average of the Base Salary amounts paid to Executive over the three calendar years prior to the date of Termination, (b) if less than three years have
elapsed between the date of this Agreement and the date of termination, the highest Base Salary paid to Executive in any calendar year prior to the date of Termination, or (c) if less than 12 months have elapsed from the date of this Agreement
to the date of termination, the highest Base Salary received in any month times 12; and 
  

 4 

 (iii) all outstanding unvested equity-based awards (including without limitation stock
options and restricted stock) held by the Executive shall fully vest and shall become immediately exercisable, as applicable. 
 Unless the
payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable to the Executive under this Section 5.2(b) shall be paid to the Executive within 60 days following the date of his termination of employment with
the Company pursuant to this Section 5.2(b). 
 5.3 Change of Control. Without duplication of the foregoing,
upon a “Change of Control” (as defined below) while the Executive is employed, all outstanding unvested equity-based awards shall fully vest and shall become immediately exercisable, as applicable. After such Change of Control, there will
be transition period (“Transition Period”) which will begin on date of the Change of Control and end on the first anniversary of such Change of Control. If the Executive terminates his employment with the Company within the six-month
period following the Transition Period, such termination shall be deemed a termination by the Executive for Good Reason covered by Section 5.2. For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of
the following: 
 (i) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but excluding Executive, Daniel G. Cohen, any Family Member of Executive or Daniel G. Cohen, the Company, any entity or person controlling, controlled by or under
common control with Executive, Daniel G. Cohen, any Family Member of Executive or Daniel G. Cohen, any employee benefit plan of the Company or any such entity, and any “group” (as such term is used in Section 13(d)(3) of the Exchange
Act) of which the Executive is a member) is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of Parent representing 30% or more of either (A) the combined
voting power of Parent’s then outstanding securities or (B) the then outstanding Common Stock of Parent (in either such case other than as a result of an acquisition of securities directly from Parent or the Company); provided, however,
that, in no event shall a Change of Control be deemed to have occurred upon a public offering of the Common Stock under the Securities Act of 1933, as amended (for purposes hereof, “Family Member” means (I) a person’s spouse,
parent, sibling and descendants (whether natural or adopted), (II) any family limited partnership, limited liability company or other entity wholly owned, directly or indirectly, by such person and/or such person’s spouse, parent, sibling
and/or descendants (whether natural or adopted), and (III) any estate or trust for the benefit of such person and/or such person’s spouse, parent, sibling and/or descendants (whether natural or adopted)); or 

(ii) any consolidation or merger of Parent where the stockholders of Parent, immediately prior to the consolidation or merger, would
not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the
securities of the entity issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any); 
  

 5 

 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of Parent or the Company, other than a sale or disposition by Parent or the Company of all or substantially all
of Parent or the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of Parent or
the Company, as applicable, immediately prior to such sale or (B) the approval by stockholders of Parent or members of the Company of any plan or proposal for the liquidation or dissolution of Parent or the Company, as applicable; or

 (iv) the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent
Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s stockholders, was approved by a
vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Director. 

5.4 Parachutes. If any amount payable to or other benefit receivable by the Executive pursuant to this Agreement would be
deemed to constitute a Parachute Payment (as defined below), alone or when added to any other amount payable or paid to or other benefit receivable or received by the Executive which is deemed to constitute a Parachute Payment (whether or not under
an existing plan, arrangement or other agreement), and would result in the imposition on the Executive of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Parachute Payments
shall be reduced (but not below zero) so that the maximum amount of the Parachute Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Parachute Payments to be subject to the excise tax imposed by
Section 4999 of the Code. Any such reduction shall be made by first reducing severance benefits (if any). Notwithstanding the foregoing, if the reduction of Parachute Payments under this Section 5.4 would be equal to or greater than
$50,000, then there shall be no such reduction and the full amount of the Parachute Payment shall be payable. “Parachute Payment” shall mean a “parachute payment” as defined in Section 280G of the Code. The calculation under
this Section 5.4 shall be as determined by the Company’s accountants. 
 Unless the payment is required to be delayed pursuant to
Section 7.14(b) below, any additional payment payable to the Executive pursuant to this Section shall be paid by the Company to the Executive within 5 days of receipt of the Company’s accountants’ determination, which such
determination shall be made to the Company within 30 days of any event requiring payment to the Executive hereunder. 
 5.5
Execution of Release. The Executive acknowledges that, if required by the Company prior to making the payments and benefits set forth in this Section 5 (other than accrued but unpaid Base Salary and other benefits), all such
payments and benefits are subject to his execution of a general release from liability of the Company, Parent, and their respective Officers (including his successor), Directors/Managers and employees, and such release becoming irrevocable by its
terms. If Executive fails to execute such release, or such release does not become irrevocable, all such payments and benefits set forth in this Section 5 shall be forfeited. 

 

 6 

 6. Covenants of the Executive. 

6.1 Confidentiality. The Executive acknowledges that (i) the primary businesses of the Company are its asset
management business (managing assets through listed and private companies, funds, managed accounts and collateralized debt obligations) and its capital markets business (credit-related fixed income sales and trading as well as new issue placements
in corporate and securitized products) (the “Businesses”); (ii) the Company is one of the limited number of persons who have such a business; (iii) the Company’s Businesses are, in part, national and international in scope;
(iv) the Executive’s work for the Company has given and will continue to give him access to the confidential affairs and proprietary information of the Company; (v) the covenants and agreements of the Executive contained in this
Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6. Accordingly, the Executive
covenants and agrees during and after the period of the Executive’s employment with the Company and its affiliates, the Executive (x) shall keep secret and retain in strictest confidence all confidential matters relating to the
Company’s Business and the business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or any of its affiliates (the “Confidential
Company Information”), and (y) shall not disclose such Confidential Company Information to anyone outside of the Company except with the Company’s express written consent and except for Confidential Company Information which is at the
time of receipt or thereafter becomes publicly known through no wrongful act of the Executive or is received from a third party not under an obligation to keep such information confidential and without breach of this Agreement. 

6.2 Noncompetition. For a period of six months following the end of the Term (the “Non-Compete Period”),
Executive shall not, directly or indirectly, engage or participate in, or become employed by, or affiliated with, or render advisory or any other services to, any person or business entity or organization, of whatever form, that competes with the
Company. Executive specifically acknowledges that the temporal limitations hereof, in view of the nature of the Company’s Businesses, are reasonable and necessary to protect the Company’s legitimate business interests. 

6.3 Rights and Remedies upon Breach. The Executive acknowledges and agrees that any breach by him of any of the provisions
of Sections 6.1 and 6.2 (the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the Executive breaches, or threatens to commit a breach of, any
of the provisions of Sections 6.1 or 6.2, the Company and its affiliates, in addition to, and not in lieu of, any other rights and remedies available to the Company and its affiliates under law or in equity (including, without limitation, the
recovery of damages), shall have the right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders
and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants. 

 

 7 

 7. Other Provisions. 

7.1 Severability. The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel
in connection with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects. If it is determined that any of the provisions of this Agreement, including, without limitation,
any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions. 

7.2 Duration and Scope of Covenants. If any court or other decision-maker of competent jurisdiction determines that any of
the Executive’s covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then, after such
determination has become final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be
enforced. 
 7.3 Enforceability; Jurisdiction; Arbitration. Any controversy or claim arising out of or relating to
this Agreement or the breach of this Agreement (other than a controversy or claim arising under Section 6, to the extent necessary for the Company (or its affiliates, where applicable) to avail itself of the rights and remedies referred to in
Section 6.2) that is not resolved by the Executive and the Company (or its affiliates, where applicable) shall be submitted to arbitration in Philadelphia, Pennsylvania in accordance with the law of the Commonwealth of Pennsylvania and the
procedures of the American Arbitration Association. The determination of the arbitrator(s) shall be conclusive and binding on the Company (or its affiliates, where applicable) and the Executive and judgment may be entered on the arbitrator(s)’
award in any court having jurisdiction. 
 7.4 Notices. Any notice or other communication required or permitted
hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered
personally, telegraphed, telexed or sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mails as follows: 
  

	 	(i)	If to the Company, to: 

Cohen & Company Inc. 

2929 Arch Street,
17th Floor 

Philadelphia, PA 19104 

Attention: General Counsel 
  

	 	(ii)	If to the Executive, to: 

  

			
	  
	 	
	  
	 	
	  
	 	

  

 8 

 Any such person may by notice given in accordance with this Section 7.4 to the other parties hereto
designate another address or person for receipt by such person of notices hereunder. 
 7.5 Entire Agreement. This
Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 

7.6 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof
may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such
right, power or privilege. 
 7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE COMMONWEALTH OF PENNSYLVANIA. 

7.8 Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors, heirs (in the case of the Executive) and assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred, subject
to Section 5.3, pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company; provided, however, that the assignee or
transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter
of law. 
 7.9 Withholding. The Company shall be entitled to withhold from any payments or deemed payments any
amount of tax withholding it determines to be required by law. 
 7.10 Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representatives. 

7.11 Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of two copies hereof each signed by one of the parties hereto. 

7.12 Survival. Anything contained in this Agreement to the contrary notwithstanding, the provisions of Sections 5 and 6 and
any other provisions of this Agreement expressly imposing obligations that survive termination of Executive’s employment hereunder, and the other provisions of this Section 7 to the extent necessary to effectuate the survival of such
provisions, shall survive termination of this Agreement and any termination of the Executive’s employment hereunder. 
  

 9 

 7.13 Existing Agreements. The Executive represents to the Company that he is
not subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Agreement or limit his ability to fulfill his responsibilities
hereunder. 
 7.14 Section 409A. 

(a) Interpretation. Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements
of section 409A of the Code, to the extent applicable, and this Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed and
interpreted to comply with section 409A. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the
earliest time thereafter when such sanctions will not be imposed. For purposes of section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment. In no event may the Executive, directly or indirectly,
designate the calendar year of payment. 
 (b) Payment Delay. Notwithstanding any provision to the contrary in
this Agreement, if on the date of the Executive’s termination of employment, the Executive is a “specified employee” (as such term is defined in section 409A(a)(2)(B)(i) of the Code and its corresponding regulations) as determined by
the Board (or its delegate) in its sole discretion in accordance with its “specified employee” determination policy, then all cash severance payments payable to the Executive under this Agreement that are deemed as deferred compensation
subject to the requirements of section 409A of the Code shall be postponed for a period of six months following the Executive’s “separation from service” with the Company (or any successor thereto). The postponed amounts shall be paid
to the Executive in a lump sum within 30 days after the date that is 6 months following the Executive’s “separation from service” with the Company (or any successor thereto). If the Executive dies during such six-month period and
prior to payment of the postponed cash amounts hereunder, the amounts delayed on account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate within 60 days after Executive’s death. If any of
the cash payments payable pursuant to this Agreement are delayed due to the requirements of section 409A of the Code, there shall be added to such payments interest during the deferral period at an annualized rate of interest equal to 5%.

 (c) Reimbursements. All reimbursements provided under this Agreement shall be made or provided in accordance
with the requirements of section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a short period of time specified in this Agreement),
(ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of all eligible expense will be made on or before the
last day of the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to the liquidation or exchange for another benefit. Any tax gross up payments to be made hereunder shall be
made not later than the end of the Executive’s taxable year next following the Executive’s taxable year in which the related taxes are remitted to the taxing authority. 

 

 10 

 7.15 Headings. The headings in this Agreement are for reference only and shall
not affect the interpretation of this Agreement. 
  

 11 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first
above written. 
  

			
	COHEN BROTHERS LLC
		
	By:	 	 /s/ DANIEL G. COHEN

	Name:	 	Daniel G. Cohen
	Title:	 	Chairman and Chief Executive Officer
	
	COHEN & COMPANY INC.
		
	By:	 	 /s/ DANIEL G. COHEN

	Name:	 	Daniel G. Cohen
	Title:	 	Chairman and Chief Executive Officer
	
	            /s/ CHRISTOPHER RICCIARDI

	            Christopher Ricciardi

[Signature Page to Christopher Ricciardi Employment Agreement]

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