FBR Capital Markets Gives Bonuses to 2 Executives

FBR Capital Markets said in a regulatory filing that two executives are getting bonuses, even though no performance bonuses were earned under the company's Incentive Compensation Plan because the goals weren't met. The executives are CFO Bradley J. Wright and general counsel William J. Ginivan. The bonuses were approved, the filing said, "in recognition of the fact that these two executives perform functions that are not directly related to the corporate performance of the Company."

Wright received a bonus of $400,000, $345,654 of which was in stock and the rest in restriction stock units. Ginivan got $275,000, of which $237,708 was in cash.

The Arlington company also said it gave Richard J. Hendrix, who became chief executive Jan. 1, options to purchase 500,000 shares in recognition of his new position. The options' exercise price is its closing price on Feb. 23, or $2.95 a share, and they will vest in four equal installments on the anniversary of the grant date.

By Terri Rupar  |  March 3, 2009; 10:52 AM ET  | Category:  Economy Watch , Finance
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Here we go again. I can see why Wright gets a bonus since he has to work double overtime calculating FBR Capital Markets seemingly endless losses, but the other two I still can't figure out.

Posted by: jginboca | March 3, 2009 10:57 PM

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