Document:

Exhibit 10.4

 Exhibit 10.4 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is dated as of May __, 2009, and is by and between FBR CAPITAL MARKETS
CORPORATION, a corporation organized under the laws of the Commonwealth of Virginia (“CMC”), and FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. (d/b/a ARLINGTON ASSET INVESTMENT CORP.), a corporation organized under the laws of the
Commonwealth of Virginia (“Group”). CMC and Group are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
 RECITALS 
 WHEREAS, pursuant to that
certain Stock Repurchase Agreement, dated as of May __, 2009, by and between CMC, FBR TRS Holdings, Inc. (“FBR TRS”), and Group (the “Repurchase Agreement”), CMC has agreed to repurchase certain shares of capital
stock of CMC that are currently held of record by FBR TRS and beneficially owned by Group; and 
 WHEREAS, in connection with the entering
into of the Repurchase Agreement, Group desires to assign to CMC, and CMC desires to accept and receive from Group, all of Group’s contract rights under certain agreements to which it is a party all upon the terms and subject to the conditions
set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 AGREEMENT 
 Section 1. Assignment and Assumption. Group hereby assigns, sells, transfers and conveys each applicable
Assigned Contract (as hereinafter defined) (with such assignment, sale, transfer and conveyance deemed to have been effective as of the original date of each applicable Assigned Contract) (the “Assignment”) to CMC and all of the
rights, title and interest of Group in and to, and all of Group’s obligations in connection with, each of the agreements identified on Exhibit A hereto (together with any agreements identified in accordance with the terms of
Section 2, the “Assigned Contracts”). CMC hereby accepts the Assignment and assumes and agrees (with such assumption and agreement deemed to have been effective as of the original date of each applicable Assigned
Contract) to perform all of the duties and obligations of Group under the Assigned Contracts; provided, however, that notwithstanding the foregoing, Group shall retain all responsibility for, and CMC shall have no obligation or
liabilities with respect to, any such contracts to the extent that such contracts pertain solely to Group separate and apart from CMC or any subsidiary thereof. 
 Section 2. Additional Agreements. The Parties agree that in the event that Group or CMC later identifies any agreement to which Group is a party that the Parties mutually agree in good faith relates at such
time, previously related, or will relate primarily to CMC’s business, 

 
Group will assign such agreement to CMC and CMC will assume Group’s duties and obligations thereunder, subject to the proviso in Section 1.

 Section 3. Approvals and Consents; Further Actions. 
 (a) In the event an Assigned Contract and any claim, right, benefit, duty or obligation arising thereunder or resulting therefrom is not assignable or assumable without the consent of the other party(ies) thereto, the
Parties will use commercially reasonable efforts to obtain as expeditiously as possible the written consent of the other party(ies) to such contract for the assignment or, if required, novation thereof to CMC, and will execute and deliver any other
documents and instruments as are reasonably necessary in furtherance of such assignment or novation. The Parties agree to equally share all out-of-pocket costs and expenses (but not internal or employee costs or expenses or allocations therefor)
incurred in connection with this Section 3(a). In furtherance of the foregoing, as soon as practicable following the date hereof, CMC shall submit to the other party or parties to any such contract documentation seeking the written
waiver or approval of such other contracting party or parties thereto to the transfer, assignment, novation, or amendment of all of the applicable Group claims, rights, benefits, and liabilities thereunder to CMC. In no event shall Group or CMC be
obligated to pay any money (other than a de minimis amount) to any person or entity or to offer or grant other financial or other accommodations to any person or entity in connection with obtaining any consent, waiver, confirmation, novation,
amendment, or approval with respect to any Assigned Contract. 
 (b) Until such time as any required consent, waiver, confirmation, novation,
or approval is obtained with respect to any Assigned Contract, the Parties will cooperate diligently and in good faith to establish a lawful and commercially reasonable arrangement under which CMC would obtain, to the fullest extent practicable and
not prohibited by applicable law, the economic claims, rights, and benefits and assume the corresponding economic burdens and obligations thereunder in accordance with this Agreement (including by means of any subcontracting, sublicensing, or
subleasing arrangement) or under which Group would enforce such Assigned Contract at the direction of and for the benefit of CMC, provided, that all reasonable out-of-pocket expenses of such cooperation and related actions shall be paid by CMC. In
such event (i) Group will promptly pay, assign, and remit to CMC when received all monies and other consideration received by it under any such Assigned Contract or any claim, right, or benefit arising thereunder, and (ii) CMC will
promptly pay, perform, or discharge when due any obligation or liability arising thereunder. 
 (c) Notwithstanding anything in this Agreement
to the contrary, this Agreement shall not constitute an agreement to assign or assume any Assigned Contract or any claim, right, benefit, duty or obligation arising thereunder or resulting therefrom if an attempted assignment or assumption thereof,
without the consent of a third party thereto, would constitute a breach or other contravention thereof, be ineffective with respect to any party thereto or in any way adversely affect the rights of Group or CMC thereunder. 
 (d) Each of the Parties covenants and agrees to execute and deliver, at the request of the other Party, such further instruments of transfer and
assignment and to take such 

  

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other action as such other Party may reasonably request to more effectively consummate the assignment and assumption of the Assigned Contracts as
contemplated by this Agreement. 
 Section 4. Notices. All notices to be given or otherwise made to any Party to this Agreement shall
be delivered in accordance with the terms set forth in the Repurchase Agreement. 
 Section 5. Successors and Assigns. This Agreement
shall be binding upon, and shall inure to the benefit of, the Parties and their respective successors and permitted assigns. 
 Section 6.
Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the Commonwealth of Virginia, without giving effect to any choice of law or conflict of law provisions or rule (whether of
the Commonwealth of Virginia or any other jurisdiction) that would cause the application of the laws of any other jurisdiction other than the Commonwealth of Virginia. The Parties agree, for the purposes of any action arising out of or relating to
this Agreement, to commence any such action solely in the state or federal courts located in the Commonwealth of Virginia. 
 Section 7.
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY DISPUTE ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 8. Amendments; Modifications. This Agreement may not be amended, supplemented or modified except by an agreement in writing that makes
specific reference to this Agreement and which is signed by an authorized representative of each of the Parties. The failure of a Party to assert any of its rights hereunder shall not constitute a waiver of such rights nor in any way affect the
validity of this Agreement or any part hereof or the right of such Party thereafter to enforce each and every provision of this Agreement. No waiver of any breach of or noncompliance with this Agreement shall be held to be a waiver of any other or
subsequent breach or noncompliance. 
 Section 9. Entire Agreement. This Agreement and all exhibits hereto constitutes the entire
agreement of the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, between the Parties with respect to the subject matter hereof. 
 Section 10. Specific Performance. The Parties acknowledge and agree that irreparable damage would occur if any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the Parties agrees that, in the event of any breach of the provisions of this Agreement, the non-breaching Party, without prejudice to any
rights to judicial relief it may otherwise have, shall be entitled to seek equitable relief, including injunction, and to enforce specifically the terms and provisions of this Agreement. Each of the Parties (to the extent such Party is the breaching
Party) further agrees that it will not oppose the granting of such relief on the basis that the non-breaching Party has an adequate remedy at law. 
  

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 Section 11. Severability. Wherever possible, each provision hereof shall be interpreted in such a
manner as to be effective and valid under applicable law. In case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision or provisions shall be
ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability, and the remainder of the provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated so long as the economic or legal substance of the transactions contemplated hereunder are not affected in any manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in a reasonably acceptable manner so that the transactions contemplated hereunder may be consummated as originally contemplated to the fullest extent possible.

 Section 12. No Third-Party Beneficiaries. Nothing contained in this Agreement or in any instrument or document executed by any
Party in connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any Person that is not a Party or a successor or permitted assign of such a Party. 
 Section 13. Interpretation; Construction. For purposes of this Agreement: (a) the words “include,” “includes” and
“including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,”
“hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein (i) to Sections mean the Sections of this Agreement and (ii) to an agreement, instrument or other
document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement. Titles and headings to articles or sections herein are
inserted for the convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. Ambiguities, inconsistencies or conflicts in this Agreement will not be strictly construed against either
Party but will be resolved by applying the most reasonable interpretation under the circumstances, giving full consideration to the Parties’ intentions at the time this Agreement is entered into and common practice in the industry. This
Agreement shall be construed as if drafted jointly by all of the Parties. 
 Section 14. Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed to be an original, but both of which together shall constitute one and the same instrument. This Agreement shall become binding when both counterparts have been signed by the Parties and delivered to
each of the Parties by electronic means or otherwise. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year first
above written. 
  

			
	FBR CAPITAL MARKETS CORPORATION
		
	By:	 	 
		 	 Name:
 Title:

  

			
	FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. (d/b/a ARLINGTON ASSET INVESTMENT CORP.)
		
	By:	 	 
		 	 Name:
  
 Title:

 Signature Page to Assignment and Assumption AgreementExhibit 10.5

 Exhibit 10.5 
 FORM OF TRADEMARK AND COPYRIGHT ASSIGNMENT 
 TRADEMARK AND COPYRIGHT ASSIGNMENT 
 THIS TRADEMARK AND COPYRIGHT ASSIGNMENT (this “Assignment”) is dated as of May __, 2009, and is by and between FRIEDMAN, BILLINGS,
RAMSEY GROUP, INC. (d/b/a ARLINGTON ASSET INVESTMENT CORP.), a corporation organized under the laws of the Commonwealth of Virginia (“Assignor”), and FBR CAPITAL MARKETS CORPORATION, a corporation organized under the laws of the
Commonwealth of Virginia (“Assignee”). Assignor and Assignee are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
 RECITALS 
 WHEREAS, Assignor and its
majority-owned subsidiaries collectively own all right, title and interest in and to the Marks (as such term is defined herein); 
 WHEREAS,
Assignor and its majority-owned subsidiaries collectively own all right, title and interest in and to the Copyrights (as such term is defined herein); 
 WHEREAS, pursuant to that certain Stock Repurchase Agreement, dated as of May __, 2009 (“Repurchase Agreement”), by and between Assignor, FBR TRS Holdings, Inc., and Assignee, Assignor agreed to
assign to Assignee, and Assignee agreed to accept, the assignment of all rights in the Marks and the Copyrights. 
 NOW THEREFORE, for good
and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the Parties hereby agree as follows: 
 AGREEMENT

 1. “Marks” shall mean all right, title and interest of Assignor and its majority-owned subsidiaries in and to all
trademarks and service marks listed on Schedule A hereto and any other trademarks or service marks registered by Assignor or any of its majority-owned subsidiaries and any other trademarks or service marks owned by Assignor or any of its
majority-owned subsidiaries, in each case, that relate to the business of the Assignee, including without limitation all trademarks or services marks containing the terms “Friedman,” “Billings,” “Ramsey,”
“FBR,” “Pegasus,” or combinations, modifications or versions thereof (collectively, the “FBR Terms”), but specifically excluding any trademarks or services marks containing the terms “Arlington,”
“Asset”, “Investment” or “AAIC” or combinations, modifications or versions thereof without containing any of the FBR Terms (provided, however, that all trademarks and service marks containing the term
“Arlington” shall be excluded from Marks regardless of any FBR Terms or other terms contained in such trademark or service mark). “Marks” shall include and all related common law rights and any applications and registrations
pertaining to the Marks, including any and all rights, priorities and privileges of Assignor provided under United States, state or foreign law, or multinational law, compact, treaty, protocol convention or organization, with respect to the
foregoing, and all goodwill associated therewith. 
  

 2. “Copyrights” means all right, title and interest in and to all registered or
unregistered copyright(s) and/or copyright registration(s) and/or application(s) related thereto owned by Assignor or its majority-owned subsidiaries and that relate to the business of the Assignee (collectively, the “Copyrights”).

 3. Assignor does hereby assign, sell and transfer to Assignee, its successors and assigns, without any warranty of any kind, all right,
title and interest of Assignor or its majority-owned subsidiaries in and to the Marks and all of the goodwill associated therewith and all right, title and interest of Assignor or its majority-owned subsidiaries in and to the Copyrights (without
limitation, and all rights to renewal and extension of copyright, to the full term of terms for which the Copyrights may be issued), the same to be held and enjoyed by Assignee, its successors and assigns to the same extent that it would have been
held and enjoyed by Assignor or its majority-owned subsidiaries if this Assignment had not been made, together with all claims for damages by reason of past infringement of said Copyrights with the right to sue and collect the same for its own use
or for the use of its successors, assigns or other legal representatives, in each case in the United States and all applicable jurisdictions, if any, outside the United States, without limitation, in each case together with the right to recover
damages and profits and all other remedies for past infringements thereof. 
 4. To the extent that Assignee desires that Assignor or its
majority-owned subsidiaries deliver copies of documents, data, records or other information included in the Copyrights, the Parties will cooperate and act in mutual good faith to cause the delivery of such materials, with each of Assignee and
Assignor bearing one half (1/2) of the actual, reasonable costs of such delivery. 
 5. Assignor hereby authorizes the Register of
Copyrights of the United States and other empowered officials of the United States Copyright Office and the United States Patent and Trademark Office and/or the appropriate empowered officials in relevant jurisdictions outside the United States to
transfer all registrations for the Copyrights and the Marks to Assignee as assignee of the entire right, title and interest therein or otherwise as Assignee may direct, in accordance with this instrument of assignment. 
 6. Assignor will take, or cause to be taken, all such other and further action as may reasonably be required by Assignee in order to effect the
assignment contemplated hereby, including without limitation, to the extent required, filing affidavits of use, completing registrations for pending Marks and subsequently transferring such Marks to Assignee in accordance with the terms hereof.

 7. Assignor shall cause its majority-owned subsidiaries to perform any and all actions necessary to effect the performance of this
Agreement. 
 8. This Assignment is executed and delivered pursuant to the Repurchase Agreement. Nothing contained in this Assignment shall
in any way supersede, modify, replace, amend, change or rescind the provisions, including the warranties, covenants, agreements, conditions, or in general, any rights, remedies or obligations of the parties as set forth in the Repurchase Agreement,
and in the event of any conflict between the terms and conditions of the 

 
Repurchase Agreement and the terms and conditions of this Assignment, the Repurchase Agreement shall control. 
 9. This Assignment shall be binding upon, and shall inure to the benefit of, the Parties and their respective successors and permitted assigns.

 10. This Assignment shall be governed by and construed in accordance with the internal laws of the Commonwealth of Virginia, without
giving effect to any choice of law or conflict of law provisions or rule (whether of the Commonwealth of Virginia or any other jurisdiction) that would cause the application of the laws of any other jurisdiction other than the Commonwealth of
Virginia. The Parties agree, for the purposes of any action arising out of or relating to this Assignment, to commence any such action solely in the state or federal courts located in the Commonwealth of Virginia. 
 11. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY DISPUTE ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 12. This Assignment may not be amended, supplemented or modified except by an agreement in writing
that makes specific reference to this Assignment and which is signed by an authorized representative of each of the Parties. The failure of a Party to assert any of its rights hereunder shall not constitute a waiver of such rights nor in any way
affect the validity of this Assignment or any part hereof or the right of such Party thereafter to enforce each and every provision of this Assignment. No waiver of any breach of or noncompliance with this Assignment shall be held to be a waiver of
any other or subsequent breach or noncompliance. 
 13. Wherever possible, each provision hereof shall be interpreted in such manner as to be
effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective in the jurisdiction
involved to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a
construction would be unreasonable. 
 14. Nothing contained in this Assignment shall create any rights in, or be deemed to have been
executed for the benefit of, any Person that is not a Party or a successor or permitted assign of such a Party. 
 15. Ambiguities,
inconsistencies or conflicts in this Assignment will not be strictly construed against either Party but will be resolved by applying the most reasonable interpretation under the circumstances, giving full consideration to the Parties’
intentions at the time this Assignment is entered into and common practice in the industry. This Assignment shall be construed as if drafted jointly by all of the Parties. 
 16. This Assignment may be executed in counterparts, each of which shall be deemed to be an original, but both of which together shall constitute one and
the same 

 
instrument. This Assignment shall become binding when both counterparts have been signed by the Parties and delivered to each of the Parties by electronic
means or otherwise. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Assignment as of the date first written above.

  

			
	FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. (d/b/a ARLINGTON ASSET INVESTMENT CORP.)
		
	By:	 	 
		 	 Name:
 Title:

					
	 STATE OF
	  	)
	 	  	
		  	)
	 COUNTY OF
	  	)
	 	  	

 On this      day of May, 2009, personally appeared before me
                                         
           , known to me to be                 
                      of
                                    , who acknowledged that
he/she signed this instrument as a free act on behalf of                 
                         . 
  

	
	 
	
	Notary Public
	My commission expires:_____________________

  

			
	 AGREED AND ACKNOWLEDGED
  
 FBR CAPITAL MARKETS CORPORATION

		
	By:	 	 
		 	 Name:
 Title:

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