RESTRICTED STOCK AGREEMENTRestricted Stock Agreement • February 25th, 2011 • Kbw, Inc. • Security brokers, dealers & flotation companies
THIS AGREEMENT (this "Agreement"), between KBW, Inc., a Delaware corporation (the "Company"), and the employee executing this agreement (the "Employee"), dated as of the Date of Grant (the "Grant Date") in the notice dated February 7, 2011 (the "February 7 Notice") (which notice insofar as it specifies the Date of Grant, Share Price on Grant Date, Number of Shares and Market Value of Grant Date is expressly made a part hereof).
QuickLinks -- Click here to rapidly navigate through this documentKbw, Inc. • February 25th, 2011 • Security brokers, dealers & flotation companies
This exhibit amends the agreement between KBW, Inc. and the executive that was included as an exhibit to KBW Inc.'s previously filed periodic reports with the Securities and Exchange Commission. The agreement was amended as set forth below in order to comply with certain technical requirements of Section 409A of the Internal Revenue Code.
QuickLinks -- Click here to rapidly navigate through this documentKbw, Inc. • February 25th, 2011 • Security brokers, dealers & flotation companies
This exhibit amends the agreement between KBW, Inc. and the executive that was included as an exhibit to KBW Inc.'s previously filed periodic reports with the Securities and Exchange Commission. The agreement was amended as set forth below in order to comply with certain technical requirements of Section 409A of the Internal Revenue Code.
