Exhibit 10.11



 Exhibit 10.11 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of July 20, 2006, by and among FBR Capital Markets Corporation, a Virginia corporation (together with any successor entity thereto, the “Company”), Forest Holdings
(ERISA) LLC (“Crestview ERISA”) and Forest Holdings LLC (“Crestview LLC” and, together with Crestview ERISA, the “Crestview Holders”). 
 This Agreement is made pursuant to the terms of that certain Investment Agreement, dated as of July 19, 2006, by and among the Company and the
Crestview Holders (the “Investment Agreement”) pursuant to which, among other things, the Crestview Holders have agreed to purchase, and the Company has agreed to sell, in a direct private placement, an aggregate of 5,172,813 shares
of the Company’s common stock (together with such additional shares of the Company’s common stock that the Crestview Holders may purchase, including upon exercise of stock options granted, in accordance with the terms and conditions of the
Investment Agreement or through a private purchase under Rule 144A or another available exemption from the registration requirements of the Securities Act, the “Crestview Shares”). In order to induce Crestview to enter into the
Investment Agreement and to purchase the Crestview Shares in accordance with the terms thereof, the Company has agreed to provide the Crestview Holders with the registration rights set forth in this Agreement. The execution of this Agreement is a
condition to the closing of the transactions contemplated by the Investment Agreement. 
 The closing of the transactions contemplated by the
Investment Agreement and the execution and delivery by the Crestview Holders of this Agreement are also conditioned on the concurrent closing by the Company of the purchase and sale or placement of an aggregate of 12,066,667 shares of the
Company’s common stock (plus up to an additional 1,810,000 shares to cover additional allotments, if any) to third party investors pursuant to the terms of that certain Purchase/Placement Agreement (the “Purchase/Placement
Agreement”), dated as of July 14, 2006, by and among the Company and FBR. In connection with, and as a condition to, the offering and sale of such shares of the Company’s common stock pursuant to the terms and conditions of the
Purchase/Placement Agreement (the “Concurrent Offering”), the Company has agreed to provide the registration rights to the holders of the shares of the Company’s common stock issued and sold in the Concurrent Offering as set
forth in that certain Registration Rights Agreement, dated of even date herewith, by and between the Company and FBR (as it may be amended from time to time, the “Concurrent Registration Rights Agreement”). A copy of the Concurrent
Registration Rights Agreement is attached hereto as Exhibit A. 
 The Company and the Crestview Holders have agreed that the
Crestview Holders shall have registration rights that are at least as favorable to the Crestview Holders as the registration rights provided to the purchasers of the Company’s common stock in the Concurrent Offering as set forth in the
Concurrent Registration Rights Agreement, as well as certain additional demand and piggy-back registration rights that are set forth herein. 
 All capitalized terms not defined in this Agreement shall have the same meaning as defined under the Concurrent Registration Rights Agreement. 







 AGREEMENT 
 Therefore, the parties agree as follows: 
  

	1.	Registration Rights Under the Concurrent Registration Rights Agreement 

 (a) In order to ensure that the Crestview Holders shall have registration rights with respect to the Crestview Shares that are at least as favorable as the registration rights provided to the purchasers of the
Company’s common stock in the Concurrent Offering as set forth in the Concurrent Registration Rights Agreement, the parties agree that, except as provided in the second sentence of the lead in to Section 2, the Crestview Shares (upon
original issuance thereof and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any shares or other securities issued in respect of such Registrable Shares by reason of or in
connection with any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combinations of shares, recapitalization, merger or
consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock) shall be deemed to be Registrable Shares as defined in Section 1 of the Concurrent Registration Rights Agreement
and the Crestview Holders shall be deemed to be Holders as that term is defined in Section 1 of the Concurrent Registration Rights Agreement. As a result, the Crestview Holders shall have the same registration rights and other rights with
respect to the Crestview Shares that the Holders of Registrable Shares have under the Concurrent Registration Rights Agreement with respect to the Registrable Shares thereunder as if the Crestview Holders were parties to the Concurrent Registration
Rights Agreement. 
 (b) This Agreement hereby incorporates by reference all of the terms and provisions set forth in the Concurrent
Registration Rights Agreement attached hereto as Exhibit A that are necessary in order to ensure that the Crestview Holders shall have or be subject to the same rights, obligations and procedural requirements with respect to any
registration of the Crestview Shares that apply to the Holders of Registrable Shares under the Concurrent Registration Rights Agreement. 
  

	2.	Additional Demand Registration Rights 

 In
addition to the registration rights provided to the Crestview Holders under Section 1 above, the Company hereby agrees to provide the Crestview Holders with the following additional demand registration rights to the extent the Crestview Shares
are not registered pursuant to the provisions of Section 1 above. For purposes of this Section 2, the Crestview Shares shall be deemed to be Registrable Shares regardless of whether the Crestview Shares are saleable under Rule 144(k)
promulgated by the Commission pursuant to the Securities Act of 1933, as amended, (the “Securities Act”). 
 (a) Requests
for Registration. Commencing on the first anniversary of the date of this Agreement, the Crestview Holders shall have the rights specified in Section 2(b) below to request registration for disposition in accordance with the intended method
or methods of disposition stated in such request under the Securities Act of all or any portion of the Crestview Shares on Form S-1 or any successor form of registration statement (“Long-Form  

  

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Registrations”), and the Crestview Holders shall have the rights specified in Section 2(c) below to request registration for disposition in
accordance with the intended method or methods of disposition stated in such request under the Securities Act of all or any portion of the Crestview Shares on Form S-3 (including pursuant to Rule 415 under the Securities Act) or any successor form
of registration statement (“Short-Form Registrations”), if available. All registrations requested pursuant to this Section 2 are referred to herein as “Demand Registrations.” Each request for a Demand
Registration shall specify the approximate number of securities requested to be registered and the anticipated per share price range for such offering. 
 (b) Long-Form Registrations. The Crestview Holders shall be entitled to request two Long-Form Registrations in which the Company shall pay all Registration Expenses; provided, however, that the aggregate
gross proceeds of the securities requested to be registered in any Long-Form Registration must equal at least $15 million or, if the aggregate gross proceeds attributable to the remaining Crestview Shares then held by the Crestview Holders is less
than $15 million, such lesser amount. A registration shall not count as one of the permitted Long Form Registrations hereunder unless the Crestview Holders are able to register and sell at least 75% of the securities the Crestview Holders requested
to be included in such registration; provided, however, that in any event the Company shall pay all Registration Expenses in connection with any registration initiated as a permitted Long-Form Registration whether or not it has become
effective and whether or not such registration is counted as one of the permitted Long-Form Registrations. All Long-Form Registrations shall be underwritten registrations. 
 (c) Short-Form Registrations. In addition to the Long-Form Registrations provided pursuant to Section 2(b), commencing on the date that the
Company becomes eligible to use Form S-3 or any successor short-form of registration statement, the Crestview Holders shall be entitled to request an unlimited number of Short-Form Registrations in which the Company shall pay all Registration
Expenses; provided, however, that the aggregate gross proceeds of the securities requested to be registered in any Short-Form Registration must equal at least $15 million or, if the aggregate gross proceeds attributable to the remaining
Crestview Shares then held by the Crestview Holders is less than $15 million, such lesser amount. Demand Registrations shall be Short-Form Registrations whenever the Company is permitted to use Form S-3 or any successor short form of registration
statement. 
 (d) Underwriter Cut-Backs in Demand Registrations. The Company shall not include in any Demand Registration any
securities pursuant to one or more written registration rights agreements granting the holders of such securities the right to have their securities registered in such Demand Registration without the prior written consent of the Crestview Holders.
The Company shall have the right, without the need for any approval of the Crestview Holders, to grant to any person the right to request the Company to register any equity securities of the Company, or any securities, options, or rights convertible
or exchangeable into or exercisable for such securities so long as such rights do not adversely affect the rights of the Crestview Holders hereunder. If a Demand Registration is an underwritten offering and the managing underwriters advise the
Company in writing that, in their opinion, the number of Crestview Shares and other permitted registrable securities requested to be included in such offering exceeds the number that can be sold therein without adversely affecting the marketability
of the offering, then the Company shall have the right to reduce the number of securities requested to be included in such Demand Registration in the following order of priority: first, securities requested to be included 

  

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by holder of securities other than the Crestview Shares shall be reduced pro rata among all such holders who have requested that their securities be included
in such Demand Registration on the basis of the number of securities requested to be included in such Demand Registration by each such holder and, second, Crestview Shares requested to be included by holders of the Crestview Shares shall be
reduced pro rata among all such holders of Crestview Shares who have requested that their Crestview Shares be included in such Demand Registration on the basis of the number of Crestview Shares requested to be included in such Demand Registration by
each such holder, such that in each case the total number of securities registered in such offering can, in the opinion of such underwriters, be sold in an orderly manner within the price range specified for such offering. 
 (e) Restrictions on Long-Form Registrations. The Company shall not be obligated to effect any Demand Registration within 90 days after the
effective date of a previous Demand Registration or a previous registration in which the Crestview Holders were given piggy-back rights pursuant to Section 3 hereof and in which there was no reduction in the number of Registrable Securities
requested to be included. If the Board of Directors of the Company in good faith determines that the filing or effectiveness of a registration statement in connection with any requested Demand Registration would be reasonably likely to materially
and adversely affect any material contemplated acquisition, divestiture, registered primary offering or other transaction as to which the Company has then taken substantial steps, or would require disclosure of facts or circumstances which
disclosure would be reasonably likely to materially and adversely affect any material contemplated acquisition, divestiture, registered primary offering or other transaction as to which the Company has then taken or expects to take in the immediate
future substantial steps, then the Company may delay such registration for a period of up to 180 days so long as the Company is still pursuing the transaction that allowed such delay (it being agreed that the Company may not delay requested
registrations pursuant to this clause (e) for more than an aggregate of 180 days during any 360 consecutive days). 
 (f) Selection
of Underwriters. The Company shall have the right to select the investment banker(s) and manager(s) reasonably acceptable to the Crestview Holders to administer any offering under a Demand Registration; provided, that the parties hereto
agree that Friedman, Billings, Ramsey & Co., Inc. shall be reasonably acceptable to the Crestview Holders. 
 (g) Revocation of
Registration Request. The Initial Crestview Holders may, at any time prior to the effective date of the registration statement relating to any requested registration under this Section 2, revoke such request, without liability to any
Crestview Holder, by providing a written notice to the Company revoking such request. 
 (h) Effectiveness of Registrations.
Notwithstanding any other provision of this Agreement to the contrary, a registration pursuant to this Section 2 shall not be deemed to have been effected (and, therefore, rights of a Crestview Holder shall be deemed not to have been exercised
for purposes of this Section 2) (i) unless such registration has become effective, (ii) if, after such registration has become effective, such registration is interfered with by any stop order, injunction or other order or requirement
of the Commission or other governmental agency or court for any reason other than a misrepresentation or an omission by such Crestview Holder and, as a result thereof, the Registrable Shares requested to be registered cannot be completely
distributed in accordance with the plan of distribution set forth in the related registration 

  

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statement or (iii) if the conditions to closing specified in any purchase agreement or underwriting agreement entered into in connection with such
registration are not satisfied or waived other than solely by reason of some act or omission by such Crestview Holder. 
 (i) Cooperation
of the Company and Appropriate Officers. If the Company is required to effect the registration of any Registrable Shares under the Securities Act as provided in this Section 2, the Company shall as promptly as practicable have appropriate
officers of the Company (i) attend any “road shows” and analyst and investor presentations scheduled in connection with any such registration and (ii) use its reasonable best efforts to cooperate as reasonably requested by the
Crestview Holders in the marketing of the Registrable Securities, and all reasonable out-of-pocket costs and expenses incurred by the Company or such officers in connection with such attendance or cooperation shall be paid by the Company.

 (j) Registration Procedures and Other Rights and Obligations Incorporated by Reference. The parties agree that, to the extent not
addressed in this Agreement, all of the registration procedures and related rights, obligations and requirements set forth in the Concurrent Registration Rights Agreement shall apply to any registration of the Crestview Shares under this
Section 2 to the extent such registration procedures and related rights, obligations and requirements can reasonably be so applied. 
  

	3.	Piggyback Registrations 

 In addition to the
registration rights provided to the Crestview Holders under Section 1 and Section 2 above, the Company hereby agrees to provide the Crestview Holders with the following additional piggyback registration rights to the extent the Crestview
Shares are not registered pursuant to the provisions of Section 1 or Section 2 above. 
 (a) Right to Piggyback. Whenever
the Company proposes to register any of its securities (including any proposed registration of the Company’s securities by any third party) under the Securities Act (other than in connection with (i) any registration pursuant to
Section 1 or Section 2 of this Agreement, (ii) registrations on Form S-4, S-8 or any successor or similar forms, (iii) a registration relating to a reorganization of the Company or other transaction under Rule 145 of the
Securities Act, (iv) in connection with a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Crestview Shares or (v) a
registration in which the only securities being registered are common stock issuable upon conversion of debt securities that are also being registered) and the registration form to be used may be used for the registration of the Crestview Shares (a
“Piggyback Registration”), the Company shall give prompt written notice (and in any event within three business days after its receipt of notice of any exercise of demand registration rights other than under this Agreement) to the
Crestview Holders of its intention to effect such a registration and shall include in such registration all Crestview Shares with respect to which the Company has received written requests from the Crestview Holders for inclusion therein within 20
days after the receipt of the Company’s notice. The Company’s notice shall state the last day on which the Crestview Holders and the holders of any other registrable securities that have similar piggyback rights may request inclusion in
the registration. 
  

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 (b) Piggyback Expenses. The Registration Expenses of the Company and the Crestview Holders shall
be paid by the Company in all Piggyback Registrations. 
 (c) Priority and Underwriter Cut-backs in Piggyback Registrations. If a
Piggyback Registration is part of an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such
registration exceeds the number which can be sold therein without adversely affecting the marketability of the offering, then the Company shall include in such registration (i) first, the securities the Company proposes to sell, and
(ii) second, the registrable securities requested to be included in such registration, including but not limited to any Crestview Shares, subject to reduction of the total number of such secondary securities pro rata among such holders on the
basis of the number of registrable securities requested to be included in such registration by all such holders in order to ensure that that the total number of securities registered in such offering can be sold in an orderly manner within the price
range specified for such offering. 
 (d) Selection of Underwriters. The Company shall have the right to select the investment
banker(s) and manager(s) to administer any offering that includes a Piggyback Registration. 
 (e) Other Registrations. If the Company
has previously filed a registration statement for an underwritten offering with respect to Crestview Shares pursuant to Section 1, Section 2 or this Section 3, and if such previous registration has not been withdrawn or abandoned,
then the Company shall not be obligated to file or cause to be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except
on Form S-8 or any successor form), whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least 90 days has elapsed from the effective date of such previous registration. 
 (f) Registration Procedures and Other Rights and Obligations Incorporated by Reference. The parties agree that, to the extent not addressed in
this Agreement, all of the registration procedures and related rights, obligations and requirements set forth in the Concurrent Registration Rights Agreement shall apply to any registration of the Crestview Shares under this Section 3 to the
extent such registration procedures and related rights, obligations and requirements can reasonably be so applied. 
  

	4.	Notices under Concurrent Registration Rights Agreement 

 Notwithstanding anything to the contrary contained herein, to the extent that FBR, as representative of the Holders of Registrable Shares under the Concurrent Registration Rights Agreement, is entitled to receive any
notice from the Company on behalf of the Holders thereunder, the Company shall provide the same notice directly and concurrently to the Crestview Holders. 
  

	5.	Selling Shareholders’ Counsel for Crestview Holders. 

 Notwithstanding anything to the contrary contained herein or in the Concurrent Registration Rights Agreement, the parties understand and agree that the Crestview Holders shall 

  

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have the right to engage Davis Polk & Wardwell as their counsel in connection with any registration of the Crestview Shares pursuant to Sections 2
or 3 of this Agreement, and the fees and expenses of such counsel up to $75,000 shall be included in Registration Expenses. 
  

	6.	Miscellaneous 

 (a) Remedies;
Indemnification and Contribution. With respect to any registration of the Crestview Shares pursuant to this Agreement, the Crestview Holders shall be entitled to all of the remedies to which Holders under the Concurrent Registration Rights
Agreement are entitled in accordance with the terms thereof, including but not limited to the rights and remedies set forth in Section 6 of the Concurrent Registration Rights Agreement under the caption “Indemnification and
Contribution.” 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and the Crestview Holders. 
 (c) Notices. All notices and other communications, provided for or permitted hereunder shall be made in writing by delivered by facsimile (with
receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram 
  

	 	(i)	if to the Crestview Holders: 

 c/o
Crestview Capital Partners, L.P. 
 667 Madison Avenue 
 New York, NY 10021 
 Attention: Jacob Capps 
 Telecopy Number: (212) 907-0750 
 with a copy to: 
 Davis Polk & Wardwell 
 450 Lexington Avenue 
 New York, NY 10017 
 Attention: Carole Schiffman, Esq. 
 Telecopy Number: (212) 450-3800 
 and 
  

	 	(ii)	if to the Company, at the offices of the Company at: 

 1001 Nineteenth Street, North 
 Arlington, Virginia 22209 
 Attention: General Counsel 
 facsimile: 703-469-1140 
  

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 with a copy to: 
 Hunton & Williams LLP 
 951 East Byrd Street 
 Richmond, Virginia 23219 
 Attention: Daniel M. LeBey, Esq. 
 facsimile: 804-788-8218 
 (d) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of each of the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent holders of the Crestview Shares for so long as such shares
are Registrable Shares. Notwithstanding the preceding sentence, for so long as any of the Crestview Shares are Registrable Shares, the Company shall not, without the prior written consent of the holders of a majority of such Crestview Shares, assign
any of its rights or obligations under this Agreement, other than in connection with any merger, consolidation or share exchange, any sale of all or substantially all of the outstanding shares of capital stock or assets of the Company or any other
similar business combination transaction. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR
ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF
THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (h) WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL 

  

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PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (j) Entire Agreement; Conflicts between this Agreement and the Concurrent Registration Rights Agreement. This Agreement, together with the
Concurrent Registration Rights Agreement, is intended by the parties hereto as a final, complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. In the
event of a conflict between the provisions of this Agreement and the Concurrent Registration Rights Agreement, the provisions of this Agreement shall control. 
 (k) Adjustments for Stock Splits, etc. Whenever in this Agreement there is a reference to a specific number of shares, then upon the occurrence of any subdivision, combination or stock dividend of such shares, the
specific number of shares so referenced in this Agreement shall automatically be proportionately adjusted to reflect the effect of such subdivision, combination or stock dividend. 
 (l) Survival. This Agreement is intended to survive the consummation of the transactions contemplated by the Purchase/Placement Agreement and the
Investment Agreement. The indemnification and contribution obligations of the Company under Section 6 of the Concurrent Registration Rights Agreement, which are incorporated by reference herein and deemed to be a part hereof, shall survive the
termination of the Company’s obligations under this Agreement. 
 (m) Attorneys’ Fees. In any action or proceeding brought
to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other
available remedy. 
  

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

  

			
	FBR CAPITAL MARKETS CORPORATION
		
	By:	 	/s/ William J. Ginivan
	 Name:
	 	William J. Ginivan
	 Title:
	 	SVP, General Counsel and Secretary
	
	FOREST HOLDINGS LLC
		
	By:	 	/s/ Thomas S. Murphy, Jr.
	 Name:
	 	Thomas S. Murphy, Jr.
	 Title:
	 	President
	
	FOREST HOLDINGS (ERISA) LLC
		
	By:	 	/s/ Thomas S. Murphy, Jr.
	 Name:
	 	Thomas S. Murphy, Jr.
	 Title:
	 	President


  

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 EXHIBIT A 
 CONCURRENT REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of July 20, 2006, by and between FBR Capital Markets Corporation, a Virginia corporation (together with any successor entity thereto, the “Company”), and Friedman, Billings,
Ramsey & Co., Inc., a Delaware corporation (“FBR”), for the benefit of FBR, the purchasers of the Company’s common stock, par value $0.001 per share, as participants (“Participants”) in the private
placement by the Company of shares of its common stock (the “Private Placement”), and the direct and indirect transferees of FBR, and each of the Participants. 
 This Agreement is made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement Agreement”), dated as of July 14, 2006, by
and among the Company and FBR in connection with the purchase and sale or placement of an aggregate of 12,066,667 shares of the Company’s common stock (plus an additional 1,810,000 shares to cover additional allotments, if any). In order to
induce FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to FBR, the Participants, and their respective direct and indirect transferees. The execution of this
Agreement is a condition to the closing of the transactions contemplated by the Purchase/Placement Agreement. 
 The parties
hereby agree as follows: 
  

	1.	Definitions 

 As used in this Agreement, the
following terms shall have the following meanings: 
 Accredited Investor Shares: Shares initially sold by the Company
to “accredited investors” (within the meaning of Rule 501(a) promulgated under the Securities Act) as Participants. 
 Agreement: As defined in the preamble. 
 Affiliate: As to any specified Person, (i) any Person
directly or indirectly owning, controlling or holding, with power to vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person ten percent or more of whose outstanding voting securities are directly or
indirectly owned, controlled or held, with power to vote, by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director,
trustee or general partner of such Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. An indirect relationship shall include circumstances in which a Person’s spouse,
children, parents, siblings or mother-, father-, sister- or brother-in-law is or has been associated with a Person. For purposes of Section 9, 10(b) and 10(j) of this Agreement, Forest Holdings LLC and Forest Holdings (ERISA) LLC shall not be deemed
to be Affiliates of the Company. 
 Business Day: With respect to any act to be performed hereunder, each Monday,
Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to
close. 
 Closing Date: July 20, 2006 or such other time or such other date as FBR and the Company may agree.

 Commission: The Securities and Exchange Commission. 
 Common Stock: The common stock, par value $0.001 per share, of the Company. 
  







 Company: As defined in the preamble. 
 Controlling Person: As defined in Section 6(a) hereof. 
 End of Suspension Notice: As defined in Section 5(b) hereof. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
pursuant thereto. 
 FBR: As defined in the preamble. 
 FBR Group: As defined in Section 2(f) hereof. 
 Filing Deadline: As defined in Section 2(f) hereof. 
 Filing Default: As defined in Section 2(f) hereof. 
 Holder: Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates. 
 Indemnified Party: As defined in Section 6(c) hereof. 
 Indemnifying Party: As defined in Section 6(c) hereof. 
 IPO: As defined in Section 2(b) hereof. 
 IPO Registration Statement: As defined in Section 2(b) hereof. 
 Liabilities: As defined in Section 6(a) hereof. 
 NASD: The National Association of Securities Dealers, Inc. 
 No Objections Letter: As defined in Section 4(t) hereof. 
 Offering Memorandum: The Offering Memorandum of the Company dated July 14, 2006 pursuant to which the Rule 144A Shares, the
Regulation S Shares and the Accredited Investor Shares are offered and sold. 
 Participant: As defined in the
preamble. 
 Person: An individual, partnership, corporation, trust, unincorporated organization, government or agency
or political subdivision thereof, or any other legal entity. 
 Private Placement: As defined in the preamble.

 Proceeding: An action, claim, suit or proceeding (including without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened. 
 Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 
 Purchase/Placement
Agreement: As defined in the preamble. 









 Purchaser Indemnitee: As defined in Section 6(a) hereof. 
 Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares and the Regulation S Shares, upon original issuance
thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any shares or other securities issued in respect of such Registrable Shares by reason of or in connection with any
stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combination of shares, recapitalization, merger or consolidation, or any other
equity securities issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in the case of any such Rule 144A Share, Accredited Investor Share or Regulation S Share, the earliest to occur of (i) the date on
which it has been registered effectively pursuant to the Securities Act and disposed of in accordance with the Registration Statement relating to it, (ii) the date on which either it is distributed to the public pursuant to Rule 144 (or any
similar provision then in effect) or is saleable pursuant to Rule 144(k) promulgated by the Commission pursuant to the Securities Act or (iii) the date on which it is sold to the Company. 
 Registration Expenses: Any and all expenses incident to the performance of or compliance with this Agreement, including, without
limitation: (i) all Commission, securities exchange, NASD registration, listing, inclusion and filing fees, (ii) all fees and expenses incurred in connection with compliance with international, federal or state securities or blue sky laws
(including, without limitation, any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the preparation of a blue sky memorandum and
compliance with the rules of the NASD), (iii) all expenses in preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any Prospectus, any amendments or supplements
thereto, any underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement, (iv) all fees and expenses incurred in connection with the listing or
inclusion of any of the Registrable Shares on any securities exchange or The Nasdaq Stock Market pursuant to Section 4(n) of this Agreement, (v) the fees and disbursements of counsel for the Company and of the independent public
accountants of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) reasonable fees and disbursements of Hogan & Hartson
L.L.P., as counsel for the Holders, or other counsel reasonably acceptable to the Company, selected by the Holders holding a majority of the Registrable Shares (such counsel, “Selling Holders’ Counsel”) and (vii) any fees
and disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection with any Registration Statement); provided, however, that Registration Expenses shall
exclude brokers’ or underwriters’ discounts and commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder. 
 Registration Statement: Any registration statement of the Company that covers the resale of Registrable Shares pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements
to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement.

 Regulation S: Regulation S (Rules 901-904) promulgated by the Commission under the Securities Act, as such rules
may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such regulation. 
 Regulation S Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to “non-U.S. persons”
(in accordance with Regulation S) in an “offshore transaction” (in accordance with Regulation S). 









 Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act,
as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to “qualified institutional buyers” (as such term is defined in Rule 144A). 
 Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 174: Rule 174 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a
replacement thereto having substantially the same effect as such rule. 
 Rule 415: Rule 415 promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a
replacement thereto having substantially the same effect as such rule. 
 Securities Act: The Securities Act of 1933,
as amended, and the rules and regulations promulgated by the Commission thereunder. 
 Shares: The shares of Common
Stock being offered and sold pursuant to the terms and conditions of the Purchase/Placement Agreement. 
 Shelf
Registration Statement: As defined in Section 2(a) hereof. 
 Suspension Event: As defined in
Section 5(b) hereof. 
 Suspension Notice: As defined in Section 5(b) hereof. 
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for reoffering to the public.

  

	2.	Registration Rights 

 (a) Mandatory Shelf
Registration. As set forth in Section 4 hereof, the Company agrees to file with the Commission no later than the date that is 120 days after the Closing Date a shelf Registration Statement on Form S-1 or such other form under the Securities
Act then available to the Company providing for the resale of any Registrable Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”). 

  









 
The Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as
practicable after the date on which such Shelf Registration Statement is first filed with the Commission; provided that, if the Company files an IPO Registration Statement (as defined herein) prior to or after the filing of such Shelf
Registration Statement but before such Shelf Registration Statement is declared effective by the Commission, the Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to become effective no later than 60
days after the effectiveness of the IPO Registration Statement. Any Shelf Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation,
an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the Internet) by the Holders of any and all Registrable Shares. 
 (b) IPO Registration. If the Company proposes to file a registration statement on Form S-1 or such other form under the Securities Act (the
“IPO Registration Statement”) providing for the underwritten initial public offering of shares of Common Stock (the “IPO”), the Company will notify each Holder, within five (5) Business Days after the date on
which the IPO Registration Statement is first filed with the Commission, of the filing and afford each Holder an opportunity to include in the IPO Registration Statement all or any part of the Registrable Shares then held by such Holder. Each Holder
desiring to include in the IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and
in such notice shall inform the Company of the number of Registrable Shares such Holder wishes to include in the IPO Registration Statement. Any election by any Holder to include any Registrable Shares in the IPO Registration Statement will not
affect the inclusion of such Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been sold under the IPO Registration Statement. 
 (i) Right to Terminate IPO Registration. The Company shall have the right to terminate or withdraw the IPO Registration Statement
initiated by it referred to in this Section 2(b) prior to the effectiveness of such registration whether or not any Holder has elected to include Registrable Shares in such registration. 
 (ii) Selection of Underwriter. The Company shall have the sole right to select the managing underwriter(s) for its initial public
offering, regardless of whether any Registrable Shares are included in the IPO Registration Statement or otherwise. 
 (iii)
Shelf Registration not Impacted by IPO Registration Statement. The Company’s obligation to file the Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of the IPO
Registration Statement. 
 (c) Underwriting. The Company shall advise all Holders of the underwriter for the Underwritten Offering
proposed under the IPO Registration Statement. The right of any such Holder’s Registrable Shares to be included in the IPO Registration Statement pursuant to Section 2(b) shall be conditioned upon such Holder’s participation in such
underwriting and the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Shares through such underwriting shall enter into an underwriting
agreement in customary form with the managing underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, securities escrow agreements and other documents reasonably required under the
terms of such underwriting, and furnish to the Company such information as the Company may reasonably request in writing for inclusion in the Registration Statement; provided, however, that no Holder shall be required to make any
representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder and such Holder’s intended method of distribution and any other representation
required by law or reasonably requested by the underwriters. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on the number of shares to be
included, then the managing underwriter(s) may exclude shares (including Registrable Shares) from the IPO Registration Statement and Underwritten Offering, and any shares included in such IPO Registration 

  









 
Statement and Underwritten Offering shall be allocated first, to the Company, and second, to each of the Holders requesting inclusion of their
Registrable Shares in such IPO Registration Statement (on a pro rata basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion); provided, however, that the number of
Registrable Shares to be included in the IPO Registration Statement shall not be reduced unless all other securities of the Company held by (i) officers, directors, other employees of the Company and consultants; and (ii) other holders of
the Company’s capital stock with registration rights that are inferior (with respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely excluded from the underwriting and registration;
provided, further, however, that Holders of Registrable Shares shall be permitted to include Registrable Shares comprising at least 25% of the total securities included in the Underwritten Offering proposed under the IPO
Registration Statement. 
 If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by
written notice to the Company and the underwriter, delivered at least five (5) Business Days prior to the date of the preliminary prospectus printed for use in the road show in connection with the IPO. Any Registrable Shares excluded or
withdrawn from such underwriting shall be excluded and withdrawn from the registration. 
 (d) Form S-3. As soon as the Company
becomes eligible to use Form S-3, any Holder shall have the right, upon written request, to require the Company to file a Registration Statement on Form S-3, with respect to any Registrable Shares owned by it, unless and until the Registrable Shares
owned by such Holder would otherwise be eligible to be sold under a previously effective Registration Statement. Such Form S-3 shall be treated as a Shelf Registration Statement for purposes of this Agreement, except that the initial filing
requirement for a Shelf Registration Statement (i.e., on or prior to a date 120 days after the Closing Date) shall not apply to such Form S-3, which instead shall be filed as soon as reasonably practicable after the written request shall have
been received by the Company. 
 (e) Expenses. The Company shall pay all Registration Expenses in connection with the registration of
the Registrable Shares pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such
registration) of all discounts and commissions payable to underwriters or brokers in connection with a registration of Registrable Shares pursuant to this Agreement. 
 (f) Failure to Timely File Registration Statement. Subject to Section 2(a), if the Company does not file a Registration Statement registering the resale of the Registrable Shares within 120 days after the
Closing Date (the “Filing Deadline”), other than as a result of the Commission being unable to accept such filings (a “Filing Default”), the quarterly installment of the Fee (as defined in the Management Services
Agreement, dated as of             , 2006, by and between the Company and Friedman, Billings, Ramsey Group, Inc. (“FBR Group”)) shall be reduced as follows: 
 (1) by 0.0056 times the Company’s pre-tax quarterly earnings for each of the first 30 days after the Filing Deadline that occurs
during such quarterly period during which the Filing Default continues. 
 (2) by 0.0111 times the Company’s pre-tax
quarterly earnings for each of the 31st—60th days after the Filing Deadline that occurs during such quarterly period during which the Filing Default continues. 
 (3) by 0.0167 times the Company’s pre-tax quarterly earnings for each day from and after the 61st day after the Filing Deadline that occurs during such quarterly period during which the Filing Default continues. 
  










	3.	Rules 144 and 144A Reporting 

 With a view to making
available the benefits of certain rules and regulations of the Commission that may at any time permit the resale of the Registrable Shares to the public without registration, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the
effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 
 (b) use commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the Securities Act and the Exchange Act (at any time after it has become
subject to such reporting requirements); 
 (c) so long as a Holder owns any Registrable Shares, if the Company is not required to file
reports and other documents under the Securities Act and the Exchange Act, it will make available other information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in any event
shall make available (either by mailing a copy thereof, by posting on the Company’s website, or by press release) to each Holder a copy of: 
 (i) the Company’s annual consolidated financial statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity and statements of cash flows) prepared in
accordance with U.S. generally accepted accounting principles, accompanied by an audit report of the Company’s independent accountants, no later than ninety (90) days after the end of each fiscal year of the Company; and 
 (ii) the Company’s unaudited quarterly financial statements (including at least balance sheets, statements of profit and loss,
statements of stockholders’ equity and statements of cash flows) prepared in a manner consistent with the preparation of the Company’s annual financial statements, no later than forty-five (45) days after the end of each fiscal
quarter of the Company; and 
 (d) so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a
written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its
securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual or quarterly report of the
Company, and (iii) such other reports and documents of the Company, and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable
Shares without registration. 
  

	4.	Registration Procedures 

 In
connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect or cause to be effected the registration of the Registrable Shares under
the Securities Act to permit the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended method or methods of distribution, and the Company shall: 
 (a) notify FBR and Selling Holders’ Counsel, in writing, at least ten (10) Business Days prior to filing a Registration Statement, of its
intention to file a Registration Statement with the Commission and, at least five 

  









 
(5) Business Days prior to filing, provide a copy of the Registration Statement to FBR, its counsel, and Selling Holders’ Counsel for review and
comment; prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s), which Registration Statement(s) (x) shall comply as to form in all material respects with the requirements of the applicable form and
include all financial statements required by the Commission to be filed therewith and (y) shall be reasonably acceptable to FBR, its counsel and Selling Holders’ Counsel; notify FBR and Selling Holders’ Counsel in writing, at least
five (5) Business Days prior to filing of any amendment or supplement to such Registration Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBR, its counsel and Selling
Holders’ Counsel for review and comment; promptly (but in any event, not later than 24 hours) following receipt from the Commission, provide to FBR, its counsel and Selling Holders’ Counsel copies of any comments made by the staff of the
Commission relating to such Registration Statement and of the Company’s responses thereto for review and comment; and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after
filing and to remain effective, subject to Section 5 hereof, until the earlier of (i) such time as all Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares,
(ii) there are no Registrable Shares outstanding or (iii) the second anniversary of the effective date of such Registration Statement (subject to extension as provided in Section 5(c) hereof); provided, however, that the
Company shall not be required to cause the IPO Registration Statement to remain effective for any period longer than 180 days following the effective date of the IPO Registration Statement (subject to extension as provided in Section 5(c)
hereof); provided, further, that if the Company has an effective Shelf Registration Statement on Form S-1 under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the
Securities Act, the Company may, upon thirty (30) Business Days prior written notice to all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement on such a short-form Shelf
Registration Statement and, once the short-form Shelf Registration Statement is declared effective, de-register such shares under the previous Registration Statement or transfer the filing fees from the previous Registration Statement (such transfer
pursuant to Rule 429, if applicable) unless any Holder registered under the initial Shelf Registration Statement notifies the Company within twenty (20) Business Days of receipt of the Company notice that such a registration under a new
Registration Statement and de-registration of the initial Shelf Registration Statement would interfere with its distribution of Registrable Shares already in progress; 
 (b) subject to Section 4(i) hereof, (i) prepare and file with the Commission such amendments and post-effective amendments to each such Registration Statement as may be necessary to keep such Registration
Statement effective for the period described in Section 4(a) hereof; (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any
similar rule that may be adopted under the Securities Act; and (iii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in
accordance with the intended method or methods of distribution by the selling Holders thereof; 
 (c) furnish to the Holders, without charge,
as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the
Registrable Shares; the Company consents to the use of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 
 (d) use its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable Shares by
the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as FBR or any Holder of Registrable Shares covered by a Registration
Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective pursuant to Section 4(a) and do any and all other
acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such 










 
Registrable Shares owned by such Holder; provided, however, that the Company shall not be required to (i) qualify generally to do business in any
jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Section 4(d) and except as may be required by the Securities Act, (ii) subject itself to taxation in
any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 
 (e) use its commercially
reasonable efforts to cause all Registrable Shares covered by such Registration Statement to be registered and approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the
disposition of such Registrable Shares; 
 (f) notify FBR and each Holder promptly (but in any event, not later than 24 hours) and, if
requested by FBR or any Holder, confirm such advice in writing (i) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the Commission
or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iii) of any request by the Commission or any other federal, state or foreign
governmental authority for amendments or supplements to a Registration Statement or related Prospectus or for additional information, (iv) of the happening of any event during the period a Registration Statement is effective as a result of
which such Registration Statement or the related Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading (which information shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) and (v) at the request of any such Holder, promptly to furnish to such
Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 
 (g) make
every reasonable effort to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration Statement or suspending of the qualification (or exemption from qualification)
of any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 
 (h) upon request, furnish to each requesting
Holder of Registrable Shares, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested); 
 (i) except as provided in Section 5, upon the occurrence of any event contemplated by Section 4(f)(iv) hereof, use
its commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; 
 (j) if requested by the representative of the underwriters, if
any, or any Holders of Registrable Shares being sold in connection with such offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters, if any, or such
Holders indicate relates to them or that they reasonably request be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has received
notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
  









 (k) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to each
Holder of Registrable Shares covered by such Registration Statement and the underwriters a signed counterpart, addressed to each such Holder and the underwriters, of: (i) an opinion of counsel for the Company, dated the date of each closing
under the underwriting agreement, reasonably satisfactory to such Holder and the underwriters; and (ii) a “comfort” letter, dated the effective date of such Registration Statement and the date of each closing under the underwriting
agreement, signed by the independent public accountants who have certified the Company’s financial statements included in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the
Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such
other financial matters as such Holder and the underwriters may reasonably request; 
 (l) enter into customary agreements (including in the
case of an Underwritten Offering, an underwriting agreement in customary form) and take all other action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement
and, in the case of an Underwritten Offering, make representations and warranties to the Holders covered by such Registration Statement and to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten
offerings and confirm the same to the extent customary if and when requested; 
 (m) make available for inspection by representatives of the
Holders and the representative of any underwriters participating in any disposition pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial and other records, pertinent
corporate documents and properties of the Company and cause the respective officers, directors and employees of the Company to supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel
thereto or accountants in connection with a Registration Statement; provided, however, that such records, documents or information that the Company determines, in good faith, to be confidential and notifies such representatives,
representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by the representatives, representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records,
documents or information is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction, or (iii) such records, documents or information have been generally made available to the public; 
 (n) use its commercially reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list or include all Registrable Shares
on the New York Stock Exchange or The Nasdaq Stock Market; 
 (o) prepare and file in a timely manner all documents and reports required by
the Exchange Act and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Registration Statement as required by
Section 4(a) hereof, the Company shall register the Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by Section 4(a) hereof; 
 (p) provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement; 
 (q) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, (ii) make
generally available to its stockholders, as soon as reasonably practicable, earnings statements covering at least 12 months that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under
the Securities Act ) thereunder, but in no event later than forty-five (45) days after the end of each fiscal year of the Company and (iii) not file any Registration Statement or Prospectus or amendment or supplement to such Registration
Statement or Prospectus to which any Holder of 

  









 
Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such Registration Statement or Prospectus or
amendment or supplement does not comply in all material respects with the requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two (2) Business Days prior to the filing thereof; 
 (r) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement from and after a
date not later than the effective date of such Registration Statement; 
 (s) in connection with any sale or transfer of the Registrable
Shares (whether or not pursuant to a Registration Statement) that will result in the security being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any transfer restrictive legends (other than as required by The Depository Trust Company or the Company’s Charter) and to
enable such Registrable Shares to be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may request at least two (2) Business Days prior to any sale of the Registrable Shares;

 (t) in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to
Section 2(a) hereof, prepare and, within one Business Day of such filing with the Commission, file with the NASD all forms and information required or requested by the NASD in order to obtain written confirmation from the NASD that the NASD
does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation, a “No Objections Letter”) relating to the resale of
Registrable Shares pursuant to the Shelf Registration Statement, including, without limitation, information provided to the NASD through its COBRADesk system, and pay all costs, fees and expenses incident to the NASD’s review of the Shelf
Registration Statement and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to the NASD and the legal expenses, filing fees and other disbursements of FBR and
any other NASD member that is the holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member filing); 
 (u) in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a)
hereof, provide to FBR and its representatives, the opportunity to conduct due diligence, including, without limitation, an inquiry of the Company’s financial and other records, and make available members of its management for questions
regarding information which FBR may request in order to fulfill any due diligence obligation on its part, and, concurrent with the initial filing of a Shelf Registration Statement with the Commission pursuant to Section 2(a) hereof, pay the sum
of $75,000 to FBR, by wire transfer of immediately available funds, to cover FBR’s costs and expenses associated with its due diligence review of the Shelf Registration Statement and the information contained therein; and 
 (w) upon effectiveness of the first Registration Statement filed under this Agreement, the Company will take such actions and make such filings as are
necessary to effect the registration of the Common Stock under the Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement. 
 The Company may require the Holders to furnish to the Company such information regarding the proposed distribution by such Holder of such Registrable
Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares, and no Holder shall be entitled to be named as a selling stockholder in any Registration
Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such information to the Company. Each Holder further agrees to furnish promptly to the Company in writing all information required
from time to time to make the information previously furnished by such Holder not misleading. 
  









 Each Holder agrees that, upon receipt of any written notice from the Company of the happening of any
event of the kind described in Section 4(f)(iii) or 4(f)(iv) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s receipt of the copies of the
supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder’s possession, of the
Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
  

	5.	Black-Out Period 

 (a) Subject to the
provisions of this Section 5 and a good faith determination by a majority of the independent members of the Board of Directors of the Company that it is in the best interests of the Company to suspend the use of the Registration Statement,
following the effectiveness of a Registration Statement (and the filings with any international, federal or state securities commissions), the Company, by written notice to FBR and the Holders, may direct the Holders to suspend sales of the
Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is necessary and advisable (but in no event for more than an aggregate of ninety (90) days in any consecutive twelve (12)-month
period commencing on the Closing Date or more than forty-five (45) days in any consecutive 90-day period), if any of the following events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares
by the Company has advised the Company that the sale of Registrable Shares pursuant to the Registration Statement would have a material adverse effect on the Company’s initial public offering; (ii) the majority of the independent members
of the Board of Directors of the Company shall have determined in good faith that (A) the offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed material financing, offer or sale of securities,
acquisition, corporate reorganization or other material transaction involving the Company, (B) after the advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material
information not otherwise required to be disclosed under applicable law, and (C) (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse
effect on the Company or the Company’s ability to consummate such transaction, or (z) renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to
cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the independent members of the Board of
Directors of the Company shall have determined in good faith, after the advice of counsel, that it is required by law, rule or regulation or that it is in the best interests of the Company to supplement the Registration Statement or file a
post-effective amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section 10(a)(3) of the
Securities Act; (2) reflecting in the prospectus included in the Registration Statement any facts or events arising after the effective date of the Registration Statement (or of the most-recent post-effective amendment) that, individually or in
the aggregate, represents a fundamental change in the information set forth therein; or (3) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in
the Registration Statement or any material change to such information. Upon the occurrence of any such suspension, the Company shall use its best efforts to cause the Registration Statement to become effective or to promptly amend or supplement the
Registration Statement on a post-effective basis or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales
of the Registrable Shares as soon as possible. 
 (b) In the case of an event that causes the Company to suspend the use of a Registration
Statement pursuant to Section 5(a) (a “Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state
generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its best efforts and taking all reasonable steps to terminate suspension of the
use of the 
 Registration Statement as promptly as possible. The Holders shall not effect any sales of the Registrable Shares 

  









 
pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an
End of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the Prospectus
covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following further written notice to such
effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders and FBR in the manner described above promptly following the conclusion of any Suspension Event and
its effect. 
 (c) Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice pursuant to this
Section 5, the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt
by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and copies of the supplemented or amended Prospectus necessary to resume sales. 
  

	6.	Indemnification and Contribution 

 (a)
The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the Securities Act) for such Holder (including, if applicable, FBR), (ii) each Person, if any, who controls
(within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), any such Person described in clause (i) (any of the Persons referred to in this clause (ii) being hereinafter referred to as a
“Controlling Person”), and (iii) the respective officers, directors, partners, members employees, representatives and agents of any such Person or any Controlling Person (any Person referred to in clause (i), (ii) or
(iii) may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and all losses, claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the
“Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (as amended or supplemented if the Company shall have furnished to such Purchaser Indemnitee any amendments or supplements thereto), or any preliminary
Prospectus or any other document used to sell the Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, except insofar as such Liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any
Purchaser Indemnitee furnished to the Company or any underwriter in writing by such Purchaser Indemnitee expressly for use therein, or (ii) any untrue statement contained in or omission from a preliminary Prospectus if a copy of the Prospectus
(as then amended or supplemented, if the Company shall have furnished to or on behalf of the Holder participating in the distribution relating to the relevant Registration Statement any amendments or supplements thereto) was not sent or given by or
on behalf of such Holder to the Person asserting any such Liabilities who purchased Shares, if such Prospectus (or Prospectus as amended or supplemented) is required by law to be sent or given at or prior to the written confirmation of the sale of
such Shares to such Person and the untrue statement contained in or omission from such preliminary Prospectus was corrected in the Prospectus (or the Prospectus as amended or supplemented). The Company shall notify the Holders promptly of the
institution, threat or assertion of any claim, proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement which involves the Company or a
Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 
 (b) In connection with any Registration Statement in which a Holder of Registrable Shares is participating, such Holder agrees, severally and not
jointly, to indemnify and hold harmless the Company, each Person who 

  









 
controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the respective partners,
directors, officers, members, representatives, employees and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or
omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with information relating to such Purchaser Indemnitee furnished to the Company in writing by such Purchaser Indemnitee expressly for use in any
Registration Statement or Prospectus, any amendment or supplement thereto or any preliminary Prospectus. The liability of any Purchaser Indemnitee pursuant to this paragraph shall in no event exceed the net proceeds received by such Purchaser
Indemnitee from sales of Registrable Shares giving rise to such obligations. 
 (c) If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified
Party”), shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”), in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it
from any liability which it may have under this Section 6, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain
counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such proceeding and shall pay the reasonable fees and expenses actually incurred by such
counsel related to such proceeding. Notwithstanding the foregoing, in any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified
Party, unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the
defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties to any such action
(including any impleaded parties), include both such Indemnified Party and the Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may
be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the
Indemnifying Party or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct the defense of such action on behalf of such Indemnified Party, it being understood, however, that the
Indemnifying Party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses
of more than one separate firm of attorneys (in addition to any local counsel), for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such
Indemnified Parties and any such separate firm for the Company, the directors, the officers and such control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of
any proceeding effected without its written consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified
Party from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect
of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such proceeding. 
 (d) If the indemnification provided for in paragraphs (a) and (b) of this
Section 6 is for any reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified
thereunder, then each Indemnifying Party under such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such


  









 
proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying Party(ies) on the other in
connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and any
Purchaser Indemnitees on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata
allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph 6(d) above. The amount paid or
payable by an Indemnified Party as a result of any Liabilities referred to paragraph 6(d) shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of the amount by which proceeds
received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission. For purposes of this Section 6, each Person, if any, who controls (within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to
contribution as FBR or such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act) the Company, and each officer, director, partner, employee,
representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party
in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties
from whom contribution may be sought from any obligation it or they may have under this Section 6 or otherwise, except to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (f) The indemnity and contribution agreements contained in this Section 6 will be in addition to any liability which the Indemnifying Parties may
otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 6 are several in proportion to the respective number of Shares sold by each of the Purchaser
Indemnitees hereunder and not joint. 
  

	7.	Market Stand-off Agreement 

 Each Holder that
elects to include Registrable Shares in an IPO Registration Statement of the Company hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell
(including without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable Shares or other shares of Common Stock of the Company or any securities convertible into or exchangeable or exercisable for shares of
Common Stock of the Company then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a period of up to one hundred and eighty (180) days, or such shorter period as an underwriter may
require, following the effective date of an IPO Registration Statement of the Company filed under the Securities Act; provided, however, that: 
 (a) the restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration Statement; 
  









 (b) all executive officers and directors of the Company then holding shares of Common Stock of the
Company or securities convertible into or exchangeable or exercisable for shares of Common Stock of the Company enter into similar agreements; 
 (c) the Holders shall be allowed any concession or proportionate release allowed to any officer or director that entered into similar agreements (with such proportion being determined by dividing the number of shares being released with
respect to such officer or director by the total number of issued and outstanding shares held by such officer or director); provided, that nothing in this Section 7(c) shall be construed as a right to proportionate release for the
executive officers and directors of the Company upon the expiration of the 60-day period applicable to all Holders other than the executive officers and directors of the Company; 
 (d) this Section 7 shall not be applicable if a Shelf Registration Statement of the Company filed under the Securities Act has been declared
effective prior to the filing of an IPO Registration Statement. 
 In order to enforce the foregoing covenant, the Company shall have the
right to place restrictive legends on the certificates representing the securities subject to this Section 7 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of each Holder (and the
securities of every other Person subject to the foregoing restriction) until the end of such period. 
  

	8.	Termination of the Company’s Obligation 

 The Company shall have no obligation pursuant to this Agreement at such time as no Registrable Securities are outstanding; provided that the Company’s obligations under Sections 3, 6 and 10 of the
Agreement shall remain in full force and effect. 
  

	9.	Limitations on Subsequent Registration Rights 

 From and after the date of this Agreement, except pursuant to that certain registration rights agreement, dated of even date herewith, among the Company, Forest Holdings LLC and Forest Holdings (ERISA) LLC, the Company shall not, without
the prior written consent of Holders beneficially owning not less than a majority of the then outstanding Registrable Shares (provided, however, that for purposes of this Section 9, Registrable Shares that are owned, directly or
indirectly, by an Affiliate of the Company shall not be deemed to be outstanding), enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include
such securities in any Registration Statement filed pursuant to the terms hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion
of his securities will not reduce the amount of Registrable Shares of the Holders that is included, or (b) to have his securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty
(180) days of, the effective date of any Registration Statement filed pursuant to this Agreement. 
  

	10.	Miscellaneous 

 (a) Remedies. In the
event of a breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights provided herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted by law,
including recovery of damages, will be entitled to specific performance of its rights under this Agreement. Subject to Section 6, the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less than a majority of the then outstanding Registrable Shares;
provided, however, that for purposes of this 
 Section 10(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the
Company shall not 

  









 
be deemed to be outstanding. No amendment shall be deemed effective unless it applies uniformly to all Holders. Notwithstanding the foregoing, a waiver or
consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect,
impair, limit or compromise the rights of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately
preceding sentence. 
 (c) Notices. All notices and other communications, provided for or permitted hereunder shall be made in writing
by delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram 
 (i) if to a Holder, at the most current address given by the transfer agent and registrar of the Shares to the Company; 
 with a copy to: 
 Hogan & Hartson L.L.P. 
 555 Thirteenth Street, NW 
 Washington, D.C. 20004 
 Attention: Stuart A. Barr, Esq. 
 facsimile: 202-637-5910; 
 and 
 (ii) if to the Company or FBR at the offices of the Company or FBR at: 
 1001 Nineteenth Street, North 
 Arlington, Virginia 22209 
 Attention: Compliance Department 
 facsimile: 703-312-9698; 
 with a copy to each of: 
 Hunton & Williams LLP 
 951 East Byrd Street 
 Richmond, Virginia 23219 
 Attention: Daniel M. LeBey, Esq. 
 facsimile: 804-343-4541; 
 and 
 Hogan & Hartson L.L.P. 
 555 Thirteenth Street, NW 
 Washington, D.C. 20004 
 Attention: Stuart A. Barr, Esq. 
 facsimile: 202-637-5910. 
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, including, without limitation and without the need for an express assignment or
assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and the Company, and each Holder shall have the right to enforce such agreements directly to the extent it
deems such enforcement necessary or advisable to protect its rights hereunder; provided, however, that such Holder fulfills all of its obligations hereunder. 
  









 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR
ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF
THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (h) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have
executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (i) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. 
 (j)
Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Shares is required hereunder, Registrable Shares held by the Company or its Affiliates shall not be
counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (k) Adjustment for Stock
Splits, etc. Wherever in this Agreement there is a reference to a specific number of shares or liquidated damages payable with respect to any Registrable Shares, then upon the occurrence of any subdivision, combination, or stock dividend of such
shares, the specific number of shares or amount of liquidated damages payable with respect to any Registrable Shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of
such class or series of stock by such subdivision, combination, or stock dividend. 
 (l) Survival. This Agreement is intended to
survive the consummation of the transactions contemplated by the Purchase/Placement Agreement. The indemnification and contribution obligations under Section 6 of this Agreement shall survive the termination of the Company’s obligations
under Section 2 of this Agreement. 
  









 (m) Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this
Agreement, or where any provision hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other available remedy. 
 (n) Waiver of Jury Trial. Each of the parties hereby irrevocably waives any and all right to trial by jury in any
legal proceeding arising out of or in connection with this agreement and the transactions contemplated hereby. 
  









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

  

			
	FBR CAPITAL MARKETS CORPORATION
		
	By:	 	/S/  WILLIAM J. GINIVAN
	 Name:
	 	William J. Ginivan
	 Title:
	 	 Senior Vice President,
 General Counsel and
Secretary



  

			
	FRIEDMAN, BILLINGS, RAMSEY & CO., INC.
		
	By:	 	/S/  JAMES R. KLEEBLATT
	 Name:
	 	James R. Kleeblatt
	 Title:
	 	Senior Managing Director