Document:

Exhibit 10.16

 Exhibit 10.16 
 FBR CAPITAL MARKETS CORPORATION 
 WHEREAS, pursuant to resolutions of the
Board duly adopted by unanimous written consent in lieu of a meeting on January 26, 2007 (the “Prior Board Resolutions”), the Board appointed Andrew M. Alper, Thomas J. Hynes, Jr., Richard A. Kraemer and Arthur J. Reimers to
the Board (the “Additional Directors,” as defined in the Prior Board Resolutions) and, 
 *  *  *

 Subscription of Shares Pursuant to Director Stock Purchase Plan 
 WHEREAS, pursuant to the Prior Board Resolutions, the Board approved the opportunity for of each of the Additional Directors to subscribe
from the Company for up to $1 million of shares of the Company’s common stock, without payment of any broker’s commission or fee, at a purchase price equal to the fair market value of the Company’s common stock at the time of the
appointment of the Additional Directors to the Board, and 
 WHEREAS, pursuant to the Prior Board Resolutions, the Board
approved the issuance and sale of up to an aggregate of 266,668 shares of the Company’s common stock to the Additional Directors at a price of $15.00 per share, subject to the terms and conditions set forth in the Prior Board Resolutions and
the subscription letters between each of the Additional Directors and the Company (collectively, the “Subscription Letters”), and pursuant to the Prior Board Resolutions and the Subscription Letters, the issuance and sale of an aggregate
of 163,334 shares of the Company’s common stock at a purchase price of $15.00 per share were made to the Additional Directors (in the following specific amounts: Mr. Alper, 66,667 shares; Mr. Hynes, 10,000 shares; Mr. Kramer,
20,000 shares; and Mr. Reimers, 66,667 shares) (collectively, the “Additional Director Subscriptions”); 
 WHEREAS, the Board wishes to approve the opportunity for John T. Wall, and for any outside director who is elected or appointed to the Board in the future, to subscribe for up to $1 million of shares of the Company’s common stock,
without payment of any broker’s commission or fee, at a purchase price equal to the fair market value of the Company’s common stock at the time of his or her election or appointment to the Board of Directors, 
 WHEREAS, the Board wishes to confirm that the Additional Director Subscriptions, the subscription by John T. Wall of up to 65,573 shares
of Common Stock at a purchase price of $15.25 per share, and any similar subscription by outside directors who are appointed or elected in the future, were, are or will be made pursuant to a director stock purchase plan established for the purpose
of better aligning the interests of each such director with the interests of the Company’s shareholders; 
  

 RESOLVED, that the Designated Officers are, and each of them hereby is, authorized and
directed to cause the Company to issue and sell: up to 65,573 shares of the Company’s common stock, $0.001 par value per share to John T. Wall at a price of $15.25 per share pursuant to a subscription letter in the form of Exhibit A
attached hereto (the “Subscription Letter”); 
 RESOLVED, that the Board of Directors has determined in good
faith that the consideration to be received for the shares of Common Stock to be issued and sold to Mr. Wall pursuant to the foregoing resolution represents adequate consideration for such shares; and that, an aggregate of 65,573 shares of
Common Stock is hereby reserved for issuance in accordance with the foregoing resolutions, and that, upon the issuance of such shares in exchange for payment therefor in accordance with the terms of the Subscription Letter, such shares shall be
validly issued, fully paid and non-assessable, and no personal liability shall attach to the ownership of such shares. 
 RESOLVED, that the Additional Director Subscriptions subject to the terms and conditions of the Prior Board Resolutions and the Subscription Letters, the issuance and sale of up to 65,573 shares of the Company’s common stock at a
purchase price of $15.25 per share subject to the terms of these resolutions and the Subscription Letter, and any similar subscription by an outside director appointed or elected in the future, were, are or will be made pursuant to an approved
director stock purchase plan (the "plan") established to enable each of the Company’s newly elected or appointed outside directors and any outside director that is elected or appointed in the future to purchase directly from the Company up to
$1 million of shares of the Company’s Common Stock, without payment of any broker’s commission or fee, at a purchase price equal to the fair market value of the Company’s common stock at the time of his or her election or appointment
to the Board of Directors, in order to better align the interests of each of the Company’s outside directors and any outside director that is elected or appointed to the Board of Directors in the future with the interests of the Company’s
shareholders. 
 General and Enabling 
 RESOLVED, that the Designated Officers are, and each of them hereby is, authorized in the name and on behalf of the Company to do and perform, or cause to be done and performed, all such acts, deeds and things to make, or cause to be made,
all such payments and to make, execute and deliver, or cause to be made, executed and delivered, all such agreements, undertakings, documents, instruments or certificates in the name and on behalf of the Company or otherwise as each such officer may
deem necessary or appropriate to effectuate or carry out fully the purpose and intent of the foregoing resolutions and the transactions contemplated thereby. 
 Effective Date 
 RESOLVED, that the effective date of these resolutions shall be April 30, 2007.Exhibit 10.17

 Exhibit 10.17 
 AMENDMENT NO. 1 TO 
 CORPORATE AGREEMENT 
 THIS AMENDMENT NO. 1 TO CORPORATE AGREEMENT (this “Amendment”) is entered into as of April 5, 2007, by and between FBR CAPITAL
MARKETS CORPORATION, a Virginia corporation (“FBR Capital Markets”), and FRIEDMAN, BILLINGS, RAMSEY GROUP, INC., a Virginia corporation (“FBR Group”). 
 WHEREAS, FBR Capital Markets and FBR Group are parties to that certain Corporate Agreement, dated as of July 20, 2006, as the same is amended hereby
and may be further amended, modified or supplemented from time to time (the “Corporate Agreement”); 
 WHEREAS, pursuant to
Section 7.3 of the Corporate Agreement, the parties desire to amend the Corporate Agreement as provided in this Amendment; and 
 WHEREAS, capitalized terms not otherwise defined herein shall have the meaning set forth in the Corporate Agreement. 
 NOW
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, FBR Capital Markets and FBR Group hereby agree as follows: 
 1. Defined Terms. Capitalized terms used but not defined in this Amendment are as defined in the Corporate Agreement. 
 2. Amendments to the Corporate Agreement. 
 (a) Section 1.1 of the Corporate Agreement shall be amended by inserting after the defined term “Finally Determined” a new defined term, which reads as follows: 
 ““Fully-Diluted Ownership Percentage” means, at any time, the fraction, expressed as a percentage and rounded to
the next highest thousandth of a percent, whose numerator is the number of shares of the Applicable Stock and whose denominator is the number of outstanding shares of Common Stock of FBR Capital Markets on a fully-diluted basis; provided,
however, that any shares of Common Stock issued by FBR Capital Markets in violation of its obligations under Article V of this Agreement shall not be deemed outstanding for the purpose of determining the Ownership Percentage.”

 (b) Section 5.1(b) of the Corporate Agreement is hereby amended and restated in its entirety to read as
follows: 
 “The provisions of Section 5.1(a) hereof notwithstanding, the Option granted pursuant to
Section 5.1(a) shall not apply and shall not be exercisable in connection with the issuance by FBR Capital Markets of any shares of Common Stock pursuant to any stock option or other director, executive or employee benefit or
compensation plan maintained by FBR Capital Markets unless such issuance would cause the Fully-Diluted Ownership Percentage to decrease to 50% or less.” 
  

 (c) Section 7.8 of the Corporate Agreement is hereby amended and restated in
its entirety to read as follows: 
 “Governing Law. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE COMMONWEALTH OF VIRGINIA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE COMMONWEALTH OF
VIRGINIA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE COMMONWEALTH OF VIRGINIA. 
 3. Representations and Warranties. 
 (a) FBR Capital Markets represents and warrants to FBR Group that:
(i) FBR Capital Markets has taken all action necessary to permit it to execute and deliver this Amendment and to carry out the terms hereof; (ii) this Amendment, when duly executed and delivered by FBR Capital Markets, will constitute a
valid and binding obligation of FBR Capital Markets, enforceable against FBR Capital Markets in accordance with its terms; and (iii) FBR Capital Markets is not required to obtain any order, consent, approval or authorization of, or to make any
declaration or filing with, any third party or governmental authority in connection with the execution and delivery of this Amendment or the consummation of the transactions contemplated hereby, except for such order, consent, approval,
authorization, declaration or filing as which has been obtained or made. 
 (b) FBR Group represents and warrants to FBR
Capital Markets that: (i) FBR Group has taken all action necessary to permit it to execute and deliver this Amendment and to carry out the terms hereof; (ii) this Amendment, when duly executed and delivered by FBR Group, will constitute a
valid and binding obligation of FBR Group, enforceable against FBR Group in accordance with its terms; and (iii) FBR Group is not required to obtain any order, consent, approval or authorization of, or to make any declaration or filing with,
any third party or governmental authority in connection with the execution and delivery of this Amendment or the consummation of the transactions contemplated hereby, except for such order, consent, approval, authorization, declaration or filing as
which has been obtained or made. 
 4. No Other Change. Except as otherwise provided herein, all of the terms, covenants and other
provisions of the Corporate Agreement shall continue to be in full force and effect in accordance with their respective terms. After the date hereof, all references to the Corporate Agreement shall refer to the Corporate Agreement, as amended by
this Amendment. 
 5. No Waiver or Consent. Except as specifically set forth herein, the execution and delivery hereof by the parties
hereto shall not constitute a consent or waiver of any provisions of the Corporate Agreement. No waiver by any party of any breach or violation or, default under or inaccuracy in any representation, warranty or covenant hereunder or under the
Corporate Agreement, whether intentional or not, will be deemed to extend to any prior or subsequent breach, violation, default of, or inaccuracy in, any such representation, warranty or covenant 

  

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hereunder or thereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. No delay or omission on the part of any
party in exercising any right, power or remedy under this Amendment or the Corporate Agreement will operate as a waiver hereof or thereof. 
 6. Counterparts. For the convenience of the parties, any number of counterparts of this Amendment may be executed by any two or more parties hereto, and each such executed counterpart shall be, and shall be deemed to be, an original,
but all of which shall constitute, and shall be deemed to constitute, in the aggregate but one and the same instrument. 
 7. Governing
Law. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE COMMONWEALTH OF VIRGINIA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW
OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE COMMONWEALTH OF VIRGINIA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE COMMONWEALTH OF VIRGINIA. 
 [Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to Corporate
Agreement as of the day and year first above written. 
  

	
	 FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

	
	By: /s/ J. Rock Tonkel, Jr.
	 Name: J. Rock Tonkel, Jr.
 Title: President and Chief Operating Officer

	
	 FBR CAPITAL MARKETS CORPORATION

	
	By: /s/ Richard J. Hendrix
	 Name: Richard J. Hendrix

	 Title: President and Chief Operating Officer

 [Signature Page to Amendment No. 1 to Corporate Agreement]

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