Document:

Exhibit 10.9

 Exhibit 10.9 
  

 VOTING AGREEMENT 
 by and among 
 FRIEDMAN, BILLINGS, RAMSEY GROUP, INC., 
 FBR TRS HOLDINGS, INC., 
 FBR CAPITAL
MARKETS CORPORATION, 
 FOREST HOLDINGS (ERISA) LLC, 
 and 
 FOREST HOLDINGS LLC 
 dated as of 
 July 20, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1
	
	DEFINITIONS
			
	Section 1.1	  	Definitions	  	1
	
	ARTICLE 2
	
	BOARD COMPOSITION
			
	Section 2.1	  	Composition of the Board	  	2
	Section 2.2	  	Composition of Subsidiary Boards	  	4
	Section 2.3	  	Continuing Committee Representation	  	4
	Section 2.4	  	Scale-Back of Purchaser Board Representation	  	4
	Section 2.5	  	Scale-Back of FBR TRS Board Representation	  	4
	Section 2.6	  	Implementation	  	5
	Section 2.7	  	Observer Status	  	5
	
	ARTICLE 3
	
	AFFILIATE TRANSACTIONS
			
	Section 3.1	  	Affiliate Transactions	  	6
	
	ARTICLE 4
	
	REPRESENTATIONS AND WARRANTIES
			
	Section 4.1	  	Representations and Warranties	  	6
	
	ARTICLE 5
	
	MISCELLANEOUS
			
	Section 5.1	  	Term	  	7
	Section 5.2	  	Counterparts	  	7
	Section 5.3	  	Governing Law	  	7
	Section 5.4	  	Entire Agreement	  	7
	Section 5.5	  	Specific Performance	  	8
	Section 5.6	  	Notices	  	8
	Section 5.7	  	Assignment, Transfers	  	9
	Section 5.8	  	Headings	  	9
	Section 5.9	  	Amendments and Waivers	  	9
	Section 5.10	  	Interpretation; Absence of Presumption	  	9

					
	 	  	 	  	Page
	 Section 5.11
	  	Severability	  	10
	 Section 5.12
	  	Jurisdiction	  	10
	 Section 5.13
	  	Waiver of Jury Trial.	  	10
	 Section 5.14
	  	Further Assurances	  	10
	 Section 5.15
	  	Recapitalization, Etc.	  	10
	 Section 5.16
	  	FBR Group Guarantee	  	11
	 Section 5.17
	  	FBR TRS Acknowledgment	  	11

  

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 THIS VOTING AGREEMENT (the “Agreement“), dated as of July 20, 2006, is made by and
among Friedman, Billings, Ramsey Group, Inc., a Virginia corporation, (“FBR Group“), FBR TRS Holdings, Inc., a Virginia corporation, (“FBR TRS“), FBR Capital Markets Corporation, a Virginia corporation,
(“FBR“ or the “Company“), Forest Holdings (ERISA) LLC, a Delaware limited liability company, (“Crestview ERISA“) and Forest Holdings LLC, a Delaware limited liability company, (“Crestview
LLC“ and together with Crestview ERISA, “Purchaser“). 
 RECITALS: 
 WHEREAS, FBR Group, FBR TRS, FBR and Purchaser entered into a letter agreement on June 22, 2006, as amended on July 14, 2006, setting forth the
principal terms and conditions pursuant to which Purchaser would acquire shares of common stock of the Company (“Shares“) concurrently with the 144A private placement of Shares, and be granted options to acquire additional Shares
(the “Options“) from the Company, which letter agreement contemplated that the parties thereto would further memorialize their agreements with respect to such transactions in definitive agreements; 
 WHEREAS, FBR and Purchaser entered into an Investment Agreement, dated as of July 19, 2006, (the “Investment Agreement“) setting
forth, inter alia, the terms and conditions pursuant to which Purchaser is acquiring the Shares from the Company and is being granted the Options; 
 WHEREAS, following consummation of the transactions contemplated by the Investment Agreement, Purchaser will own a significant percentage of the equity interests in the Company; and 
 WHEREAS, the parties hereto desire to enter into this Agreement to provide for certain voting rights of the parties hereto in accordance with
Section 13.1-671 of the Virginia Stock Corporation Act. 
 NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.1 Definitions. Capitalized terms not defined herein shall have their respective meanings specified in the Investment Agreement. As
used in this Agreement, the following terms shall have the following respective meanings: 
 “Cause“ shall mean the
Director’s commission of a felony or any other crime involving moral turpitude or of a material dishonest act or fraud against the Company or any of its Affiliates, or any act or omission by the Director that is the result of misconduct or bad
faith and that is, or may reasonably be expected to be, materially injurious to the Company or any of its Affiliates. 
  

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 “Director“ shall mean a member of the Board. 
 “FBR TRS Designees“ shall have the meaning specified in Section 2.1. 
 “Independent Directors“ shall have the meaning specified in Section 2.1. 
 “Original Shares“ shall mean the number of Shares acquired by Purchaser with the Invested Capital (including Shares issued in respect
of, in exchange for or in substitution of such Shares by reason of any Reorganization). 
 “Purchaser Designees“ shall have
the meaning specified in Section 2.1. 
 “Reorganization“ shall mean any reorganization, recapitalization, stock
dividend, stock split or any similar change in the capital structure of the Company. 
 ARTICLE 2 
 BOARD COMPOSITION 
 Section 2.1
Composition of the Board. Each of the parties to this Agreement agrees that it and its Affiliates which it controls will vote all of the Shares under its control to cause the Board, effective from and after the Closing, to have the following
size and composition: 
  

	 	(a)	Initial Board. (i) The Board will initially consist of nine Directors, who shall be nominated as follows: 

  

	 	(A)	one Director shall be designated for election or appointment, as applicable, by Crestview ERISA and one Director shall be designated for election or appointment, as applicable, by
Crestview LLC (collectively, the “Purchaser Designees“); 

  

	 	(B)	three Directors shall be designated for election or appointment, as applicable, by FBR TRS (the “FBR TRS Designees“); and 

  

	 	(C)	four Directors who shall be independent within the meaning of the rules promulgated by the SEC and the exchange(s) on which the Shares are listed (the “Independent
Directors“) shall be designated for election or appointment, as applicable, by FBR TRS who shall be reasonably acceptable to Purchaser. 

  

	 	(ii)	The Purchaser Designees and FBR TRS Designees will be elected or appointed, as applicable, and seated as Directors no later than the Closing, and the Independent Directors shall be
designated for appointment, and shall be appointed, to fill the four vacancies existing on the Board 

  

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 immediately following the Closing as promptly as reasonably practicable thereafter (it being understood
that it may take some time following the Closing until all of the Independent Directors are identified). 
 (b) Removal
and Replacement of Directors. Directors may be removed from office and replaced as follows (it being understood that the following shall be effected in a manner that is not in violation of the Virginia Stock Corporation Act or the Articles of
Incorporation or Bylaws of the Company regarding removal of directors. That is, removal of any director shall be subject to the approval of the holders of a majority of the outstanding shares of common stock of the Company): 
  

	 	(i)	Any party hereto may designate any or all of its own designees for removal from the Board and may designate a nominee for appointment to the Board to fill any vacancy resulting from
any such removal. 

  

	 	(ii)	For so long as Purchaser has the right to designate one Director nominee for election or appointment, as applicable, to the Board pursuant to this Article 2, FBR TRS may not take
any action to cause the removal of a Purchaser Designee except for Cause and in that event the relevant Purchaser entity may nominate a replacement for the Director so removed. 

  

	 	(iii)	FBR TRS shall have the right to designate for removal any or all of the Independent Directors at any time and shall have the right to designate an Independent Director nominee to
fill the vacancy resulting from any such removal; provided that FBR TRS shall consult Purchaser with respect to the selection of a replacement for any such Independent Director. 

  

	 	(iv)	For so long as Purchaser has the right to designate one Director nominee for election or appointment, as applicable, to the Board pursuant to this Article 2, in the event of a
vacancy created by the departure (for any reason, including death, disability, retirement, resignation or removal (with or without cause)) of an Independent Director, FBR TRS shall have the right to designate a replacement Independent Director who
shall be reasonably acceptable to Purchaser for appointment to fill the vacancy resulting from such departure; provided that if FBR TRS and Purchaser are unable to agree on the replacement Independent Director (x) FBR TRS shall have the
right to designate the replacement Independent Director for appointment to fill the vacancy resulting from such departure to serve until such time as FBR TRS and Purchaser can agree on a permanent replacement and (y) if FBR TRS and Purchaser
are unable to agree on a permanent replacement Independent Director within 45 days after the creation of such vacancy, the remaining permanent Independent Directors, if any, shall have the right to designate the permanent replacement Independent
Director for appointment to fill the vacancy resulting from such departure after consultation with both FBR TRS and Purchaser. 

  

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 Section 2.2 Composition of Subsidiary Boards. Each of the parties to this Agreement agrees
that, for so long as Purchaser has the right to designate one Director nominee for election or appointment, as applicable, to the Board pursuant to this Article 2, Purchaser shall have the right to designate one of the Purchaser Designees (or
another representative reasonably acceptable to FBR TRS) for election or appointment, as applicable, to the board of directors of each Subsidiary of the Company other than the direct and indirect Subsidiaries of the Company that are registered
investment advisers; provided that to the extent that applicable Law does not permit such Purchaser Designee (or other representative reasonably acceptable to FBR TRS) to serve as a member of any such Subsidiary board of directors, such
Purchaser Designee shall be entitled to observer status on such board of directors. The Company hereby agrees to take such action (and to cause its officers and Subsidiaries to take such action), including but not limited to voting its shares of
capital stock in each of its Subsidiaries, as shall be necessary in order to carry out the intents and purposes of this Section 2.2. 
 Section 2.3 Continuing Committee Representation. Each of the parties to this Agreement agrees that, for so long as Purchaser has the right to designate one Director nominee for election or appointment, as applicable, to the
Board pursuant to this Article 2, each Committee of the Board, to the extent permitted by applicable Law (including the rules of the exchange on which the Shares are listed), shall have as a member at least one Purchaser Designee and one FBR TRS
Designee; provided that to the extent such applicable Law does not permit such designee(s) to be full members of such Committees, such designee(s) shall be entitled to observer status on such Committees. 
 Section 2.4 Scale-Back of Purchaser Board Representation. Each of the parties to this Agreement agrees that: 
 (a) From the time that (1) Purchaser and its Affiliates who become parties to this Agreement cease to own at least 66 2/3% of the Original Shares, Crestview LLC shall no longer be entitled to designate a nominee for election or
appointment to the Board and (2) Purchaser and its Affiliates who become parties to this Agreement cease to own at least 33 1/3% of the number of Original Shares, Crestview ERISA shall no longer be entitled to designate a nominee for election or appointment to the Board, and upon either of the foregoing, the applicable Purchaser Designee shall be
replaced by an additional Independent Director nominee designated for election or appointment to the Board by FBR TRS who shall be, in the case of clause (1) above only, reasonably acceptable to Purchaser. 
 (b) From and after such time as Purchaser and its Affiliates cease to own at least 66 2/3% of the Original Shares, Purchaser shall have no further approval rights with respect to Independent Directors. 
 Section 2.5 Scale-Back of FBR TRS Board Representation. Each of the parties to this Agreement agrees that: 
 (a) If FBR TRS sells, transfers or otherwise disposes of greater than 50% of its Shares (measured as of the Closing but including Shares issued in respect
of, in exchange for or in substitution of such Shares by reason of any Reorganization), FBR TRS shall no longer have the rights described in Section 2.1 above to select nominees for election or appointment to the Board as Independent Directors.

  

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 (b) FBR TRS shall retain the right to designate for election or appointment to the Board the three FBR
TRS Designees unless both (i) FBR TRS sells, transfers or otherwise disposes of greater than 50% of its Shares (measured as of the Closing but including Shares issued in respect of, in exchange for or in substitution of such Shares by reason of
any Reorganization) and (ii) none of Eric F. Billings, Richard J. Hendrix or J. Rock Tonkel, Jr. remains with the Company in a senior executive position. 
 Section 2.6 Implementation. 
 (a) Each of the parties to this Agreement agrees that it shall (and
shall cause its Affiliates to) cooperate in facilitating any action described in or required by this Agreement, including by voting all of the Shares under its control in support of such action. Without limiting the generality of the foregoing, each
of the parties to this Agreement agrees that it shall (and shall cause its Affiliates to) vote its Shares or execute consents, as the case may be, and take all other necessary action (including nominating such designees and calling an annual or
special meeting of stockholders) in order to ensure that the composition of the Board is as set forth in this Article 2 and otherwise to give effect to the provisions of this Article 2. Each party shall vote its Shares, and shall take all other
actions necessary, to ensure that the Articles of Incorporation and Bylaws of the Company facilitate and do not at any time conflict with any provision of this Agreement; provided that no action shall be required to be taken that is, and no
amendment to the Articles of Incorporation or Bylaws shall be adopted that is, inconsistent with any provision in the Virginia Stock Corporation Act. 
 (b) The Company agrees that it will (and will cause its officers and its Subsidiaries to) take all such action as shall be necessary (including by voting all shares of capital stock or other equity interests that it
holds in each of its Subsidiaries, either in a meeting or in an action by written consent) to ensure that the articles of incorporation and bylaws or other applicable governing documents of each of its Subsidiaries are consistent with, and do not
conflict with, any provision of this Agreement and that the boards of directors, general partners, managing members or other applicable governing body or persons for each such Subsidiary shall act in accordance with the provisions of this Agreement
and that each Subsidiary board of directors or other applicable governing body is as set forth in Article 2; provided that no action shall be required that is, and no amendment to the articles of incorporation, bylaws or other similar
organizational documents shall be adopted that is, inconsistent with any provision in the Virginia Stock Corporation Act. 
 Section 2.7
Observer Status. Each of the parties to this Agreement agrees that, during the periods described below in this Section 2.7, to the extent not inconsistent with the requirements of the Virginia Stock Corporation Act and to the extent
otherwise as permitted by Law, Crestview ERISA shall have the right to appoint one representative (the “Representative”) to attend each meeting of the Board as a non-voting observer, whether such meeting is conducted in person or by
teleconference. The Representative shall have the right to present matters for consideration by the Board and to speak on matters presented by others. The Company shall cause the Representative to be provided with all communications and materials
that are provided 
  

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 by the Company or its consultant to the members of the Board generally, at the same time and in the same manner that such
communications and materials are provided to such members, including all notices, board packages, reports, presentations, minutes and consents. The Representative shall be entitled to meet and consult with the senior executive management team of the
Company on a quarterly basis to discuss the quarterly and annual business plans of the Company and its Subsidiaries and to review the progress of the Company and its Subsidiaries in achieving their plans. In addition, upon request to the Chief
Executive Officer of the Company, the members of the senior executive management team of the Company shall make themselves available during normal business hours to meet with the Representative on an interim basis, as the Representative may
reasonably request from time to time. Upon reasonable request by the Representative to the Chief Executive Officer of the Company, the Representative shall be entitled, at the Representative’s cost and expense, to inspect the books and records
and the facilities of the Company and its Subsidiaries during normal business hours and to request and receive reasonable information regarding the financial condition and operations of the Company and its Subsidiaries. The right of Crestview ERISA
to appoint a Representative, and the rights of that Representative described above, shall exist (i) solely during the periods, if any, in which Crestview ERISA does not have the right to designate any member for nomination for election to the
Board or no person designated for nomination by Purchaser under Article 2 is serving as a member of the Board and (ii) solely for so long Crestview ERISA is intended to qualify (and only as reasonably required for Crestview to qualify) as a
“venture capital operating company” under U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3-101. Notwithstanding the foregoing, (1) the Company shall be permitted to exclude a Representative from meetings and from
receiving certain information if, based on the advice of counsel, such exclusion is necessary or advisable to protect the attorney-client or any other legal privilege, and (2) such Representative shall be subject to Sections 5.06 and 5.07 of
the Investment Agreement. 
 ARTICLE 3 
 AFFILIATE TRANSACTIONS 
 Section 3.1 Affiliate Transactions. Each of the parties to this Agreement agrees that any
transaction, agreement or arrangement (including amendments, waivers or terminations of agreements or arrangements) between the Company or any of its Subsidiaries, on the one hand, and FBR Group and its Affiliates (excluding the Company and its
Subsidiaries but including FBR TRS), on the other hand, shall be subject to approval by a majority of the Board other than the FBR TRS Designees (that is, by a majority of the Purchaser Designees and the Independent Directors). 
 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES

 Section 4.1 Representations and Warranties. Each of FBR Group, FBR TRS and the Company, on the one hand, and Crestview ERISA
and Crestview LLC, on the other hand, represents and warrants to the other that: 
 (a) it is an entity duly organized and
validly existing and in good standing under the laws of the its jurisdiction of formation, with requisite power and authority to execute and deliver this Agreement, and to consummate the transactions contemplated hereby; 
  

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 (b) the execution, delivery and performance by it of this Agreement, and the consummation
by it of the transactions contemplated hereby and compliance by it with the terms hereof will not conflict with, or result in any breach of or constitute a default under, (i) any provision of its certificate of incorporation or formation or
bylaws, or equivalent constitutive documents, (ii) any provision of any contract or other agreement or instrument to which it is a party or by which it or its properties are bound, or (iii) any federal, state, local or foreign law,
regulation or rule or any decree, judgment, permit or order applicable to it, except in the case of clauses (ii) or (iii) for such conflicts, breaches or defaults which have been validly waived or would not reasonably be expected to have a
material adverse effect on it or on its ability to perform its obligations under this Agreement; and 
 (c) this Agreement has
been duly authorized, executed and delivered by it and is enforceable against it in accordance with its terms, except in each case as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally, and by general principles of equity. 
 ARTICLE 5 
 MISCELLANEOUS 
 Section 5.1 Term. The rights and obligations specified in
this Agreement shall expire (unless earlier expired or terminated in accordance with the terms hereof) at such time as Purchaser and its Affiliates who are parties to this Agreement cease to own at least one percent (1%) of the Original Shares.

 Section 5.2 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and
the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to each other party hereto. Copies of executed counterparts transmitted by telecopy, telefax or other
electronic transmission service shall be considered original executed counterparts for purposes of this Section, provided receipt of copies of such counterparts is confirmed. 
 Section 5.3 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF VIRGINIA WITHOUT
REFERENCE TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 Section 5.4 Entire Agreement. This Agreement, together with the
Investment Agreement and the other agreements contemplated thereby, contains the entire agreement between the parties hereto with respect to the subject matter hereof and there are no agreements, understandings, representations or warranties between
the parties hereto other than those set forth or referred to herein. This Agreement is not intended to confer upon any Person not a party hereto (or their successors and assigns) any rights or remedies hereunder. 
  

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 Section 5.5. Specific Performance. The parties hereto acknowledge and agree that a breach or
threatened breach, of any agreement contained herein, including, without limitation, those contained in Article 2, will cause irreparable damage, and the other parties hereto will have no adequate remedy at law or in equity. Accordingly, each party
hereto agrees that injunctive relief or other equitable remedy, in addition to remedies at law or in damages, is the appropriate remedy for any such failure and will not oppose the granting of such relief. 
 Section 5.6 Notices. All notices, requests, demands or other communications required by or otherwise with respect to this Agreement shall be
in writing and shall be deemed to have been duly given to any party hereto when delivered by hand, by messenger, or by a nationally recognized overnight delivery company, when delivered by telecopy and confirmed by return telecopy, or when delivered
by first-class mail, postage prepaid and return receipt requested, in each case to the applicable addresses set forth below. Notices to FBR Group, FBR TRS, and FBR shall be addressed to such party in care of: 
 Friedman, Billings, Ramsey Group, Inc. 
 1001 Nineteenth Street North 
 Arlington, VA 22209 
 Attention: William J. Ginivan, Esq. 
 Telecopy Number: (703) 469-1140 
 with a copy to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street, 30th Floor 
 New York, NY 10019-6150

 Attention: Trevor S. Norwitz, Esq. 
 Telecopy Number: (212) 403-2333 
 or at
such other address and to the attention of such other Person as FBR Group, FBR TRS, or FBR may designate by written notice to Purchaser. Notices to Purchaser shall be addressed to: 
 Forest Holdings LLC 
 Forest Holdings (ERISA) LLC 
 c/o Crestview Capital Partners, L.P. 
 667 Madison Avenue 
 New York, NY 10021 
 Attention: Jacob Capps 
 Telecopy Number: (212) 906-0750 
 with a copy to: 
 Davis Polk & Wardwell 
 450 Lexington Avenue 
 New York, NY 10017 
 Attention: Carole Schiffman, Esq. 
 Telecopy Number: (212) 450-3800 
  

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 or at such other address and to the attention of such other Person as Purchaser may designate by written notice to FBR
Group, FBR TRS, and FBR. 
 Section 5.7 Assignment; Transfers. 
 (a) Assignment. Subject to the immediately following sentence, the rights of each party specified herein are personal to such party and will not
pass to any acquiror of such party’s Shares; provided that nothing herein shall prevent FBR TRS or its Affiliates from Transferring or causing any Affiliate to Transfer any of its Shares or, subject to the immediately following sentence
and Section 5.7(b) below, impose any obligations or restrictions on any acquiror of such Shares. If any party hereto other than the Company (or any of their respective permitted assignees) transfers Shares to any of their Affiliates (which
Transfers shall be expressly permitted hereunder, subject to compliance with the remainder of this sentence), such Affiliates shall become bound by all the provisions of this Agreement pursuant to an agreement reasonably satisfactory to such other
parties hereto. Except as otherwise specifically provided in this Agreement, neither this Agreement nor any right, remedy obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto. 
 (b) Transfers by FBR TRS. In the event FBR TRS sells or otherwise transfers Shares representing at least a 10% interest in the Company to any
Person or group of Persons, FBR TRS will require such Person or group to be bound by the obligations of FBR TRS set forth in Article 2 of this Agreement to vote for and otherwise support the provisions of Article 2 for the benefit of Purchaser.

 Section 5.8 Headings. The Section, Article and other headings contained in this Agreement are inserted for convenience of
reference only and will not affect the meaning or interpretation of this Agreement. 
 Section 5.9 Amendments and Waivers. This
Agreement may not be modified or amended except by an instrument or instruments in writing signed by the parties hereto. Any party hereto may, only by an instrument in writing, waive compliance by the other parties hereto with any term or provision
hereof on the part of such other parties hereto to be performed or complied with. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. 
 Section 5.10 Interpretation; Absence of Presumption. (a) For the purposes hereof, (i) words in the singular shall be held to
include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires, (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall,
unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section and paragraph references are to the Articles, Sections and paragraphs to this Agreement unless
otherwise specified, (iii) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified,
(iv) the word “or” shall not be exclusive, and (v) provisions shall apply, when appropriate, to successive events and transactions. 
  

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 (b) This Agreement shall be construed without regard to any presumption or rule requiring construction or
interpretation against the party drafting or causing any instrument to be drafted. 
 Section 5.11 Severability. If any provision
of this Agreement or the application of such provision to any Person or circumstances shall be held invalid or unenforceable by a court of competent jurisdiction, such provision or application shall be unenforceable only to the extent of such
invalidity or unenforceability, and the remainder of the provision held invalid or unenforceable and the application of such provision to Persons or circumstances, other than the party as to which it is held invalid, and the remainder of this
Agreement, shall not be affected. 
 Section 5.12 Jurisdiction. The parties agree that any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection with this Agreement or the transactions contemplated hereby or thereby shall be brought in the United States District Court for the Southern District of New York or any
New York State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from
a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court
has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party
agrees that service of process on such party as provided in Section 5.6 shall be deemed effective service of process on such party. 
 Section 5.13 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 OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Section 5.14 Further Assurances. The parties hereto agree that, from time to time, each of them will, and will cause
their respective Affiliates to, execute and deliver such further instruments and take such other action as may be necessary to carry out the purposes and intents hereof. 
 Section 5.15 Recapitalization, Etc. In the event that any capital stock or other securities are issued in respect of, in exchange for, or in substitution of, any Shares by reason of any Reorganization,
appropriate adjustments shall be made with respect to the relevant provisions of this Agreement so as to fairly and equitably preserve, as far as practicable, the original rights and obligations of the parties hereto under this Agreement.

  

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 Section 5.16 FBR Group Guarantee. FBR Group hereby guarantees to the Purchaser the prompt and
full discharge by FBR TRS of all of FBR TRS’ covenants, agreements and obligations under this Agreement including the due and punctual payment of all amounts which are or may become due and payable by FBR TRS hereunder, when and as the same
shall become due and payable in accordance with the terms hereof. 
 Section 5.17 FBR TRS Acknowledgment. FBR TRS hereby
acknowledges Section 5.07 of the Investment Agreement and agrees to waive any breach of fiduciary duty owed by the Purchaser or any of its Affiliates (including their respective designees serving on the Board or the boards of directors of the
Company’s Subsidiaries) to the extent (and subject to the obligations of the Purchaser) set forth in such Section 5.07. 
  

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 IN WITNESS WHEREOF, this Agreement has been signed by or on behalf of each of the parties hereto as of
the day first above written. 
  

					
	Forest Holdings LLC
		
	By:	 	Crestview Capital Partners, L.P., as Member
			
		 	By:	 	Crestview Partners, L.P., its General Partner
			
		 	By:	 	Crestview, L.L.C., its General Partner
		
	By:	 	 /s/ Thomas S. Murphy, Jr.

	Name:	 	Thomas S. Murphy, Jr.
	Title:	 	President
	
	Forest Holdings (ERISA) LLC
		
	By:	 	Crestview Capital Partners (ERISA), L.P., as Member
			
		 	By:	 	Crestview Partners, L.P., its General
		 		 	Partner
			
		 	By:	 	Crestview, L.L.C., its General Partner
		
	By:	 	 /s/ Thomas S. Murphy, Jr.

	Name:	 	Thomas S. Murphy, Jr.
	Title:	 	President
	
	Friedman Billings Ramsey Group, Inc.
		
	By:	 	 /s/ William J. Ginivan

	Name:	 	William J. Ginivan
	Title:	 	SVP and Chief Legal Officer
	
	FBR TRS Holdings, Inc.
		
	By:	 	 /s/ William J. Ginivan

	Name:	 	William J. Ginivan
	Title:	 	General Counsel
	
	FBR Capital Markets Corporation
		
	By:	 	 /s/ William J. Ginivan

	Name:	 	William J. Ginivan
	Title:	 	SVP, General Counsel and Secretary

 [SIGNATURE PAGE TO VOTING AGREEMENT] 
  

 -12-Exhibit 10.10

 Exhibit 10.10 
 PROFESSIONAL SERVICES AGREEMENT 
 This PROFESSIONAL SERVICES AGREEMENT, dated as of
July 20, 2006 (the “Agreement”), between FBR Capital Markets Corporation, a Virginia Corporation (the “Company”), and Crestview Advisors, L.L.C., a Delaware limited liability company
(“Crestview”). 
 W I T N E S S E T H: 
 WHEREAS, the Company entered into an Investment Agreement, dated as of July 19, 2006 (as amended from time to time, the “Investment Agreement”), pursuant to which the Company, among other things,
sold shares of its common stock to Forest Holdings LLC and Forest Holdings (ERISA) LLC (each an affiliate of Crestview, and together, the “Purchasers”); 
 WHEREAS, the Company and Crestview believe that the Company (and the value of the Purchaser’s investment in the Company) will benefit from Crestview’s experience and expertise; and 
 WHEREAS, in furtherance of the foregoing, the Company desires to receive advisory services from Crestview, and Crestview desires to provide such services
to the Company. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and for other good and
valuable consideration, the value, receipt and sufficiency of which are acknowledged, the parties hereby agree as follows: 
 Section 1.01. Engagement. The Company hereby engages Crestview as a consultant, and Crestview hereby agrees to provide advisory services to the Company, all on the terms and subject to the conditions set forth below. 

Section 1.02. Services. (a) Crestview hereby agrees during the term of this Agreement to assist, advise and consult with the Board of
Directors and management of the Company on business and management and financial matters relating to the Company, and provide such other consulting and advisory services as may be reasonably requested from time to time by the Company, including but
not limited to assistance, advice or consultation in developing and implementing corporate and business strategy and planning for the Company, including plans and programs for improving operating, marketing and financial performance, budgeting of
future corporate investments, acquisition and divestiture strategies, and reorganizational programs (collectively, the “Advisors Services”). 

 (b) The Company will furnish Crestview with such information as Crestview reasonably believes is
appropriate to its engagement hereunder (all such information so furnished being referred to herein as the “Information”). The Company recognizes and confirms that (i) Crestview will use and rely primarily on the Information
and on information available from generally recognized public sources in performing the services to be performed hereunder and (ii) Crestview does not assume responsibility for the accuracy or completeness of the Information and such other
information. Any Information provided to Crestview hereunder shall be subject to the confidentiality provisions set forth in the Investment Agreement. 
 Section 1.03. Compensation. (a) The Company agrees to pay Crestview, as compensation for the Advisory Services rendered and to be rendered hereunder, an annual fee (the “Advisory
Fee”), equal to $1,000,000, payable in arrears in equal quarterly installments on each January 1, April 1, July 1 and October 1 during the term of this Agreement, with the first such payment to be on
October 1, 2006 which payment shall be pro rata based on the number of days between the Closing Date (as defined in the Investment Agreement) and September 30, 2006. 
 (b) The Company agrees to reimburse Crestview for such reasonable and documented out-of-pocket expenses (“Expenses”) incurred by
Crestview in connection with its provision of Advisory Services hereunder. Crestview may submit monthly expense statements, which shall be payable within 30 days from the date of such submission. 
 Section 1.04. Term. (a) This Agreement shall be in effect until, and shall terminate upon: (i) such time as Purchasers and their
affiliates no longer own at least 50% of the number of Original Shares (as defined in the Governance Agreement, dated as of the date hereof among the Purchasers and the other parties thereto), (ii) 30 days’ prior notice to the Company by
Crestview, or (iii) the mutual written consent of the Company and Crestview. The provisions of Sections 1.06 and 1.07 shall survive any termination of this Agreement. 
 (b) Upon termination of this Agreement, a portion of the Advisory Fee pro rated, with respect to the quarter in which such termination occurs, for the
portion of such quarter prior to such termination, shall be immediately paid to Crestview. 
 Section 1.05. Independent Contractor
Status. The parties agree that Crestview shall perform services hereunder as an independent contractor, retaining control over and responsibility for its own operations and personnel. Neither Crestview nor any of its employees or agents shall,
solely by virtue of this Agreement or the arrangements hereunder, be considered employees or agents of the Company, nor shall any of them have authority to contract in the name of or bind the Company. Nothing herein shall in any way affect the
fiduciary duties of the Crestview representatives serving on the boards of directors of the Company and/or any of its Subsidiaries (as defined in the Investment Agreement). 
  

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 Section 1.06. Indemnification.  
 (a) The Company agrees to indemnify, defend and hold harmless Crestview and its successors and permitted assigns, and each of their respective directors,
officers, members, managers, employees, representatives and controlling persons (each, an “Indemnitee”) from and against any and all Losses (as defined in the Investment Agreement), whether incurred with respect to third parties or
otherwise, in any way arising out of based upon or relating to, the performance by Crestview of the Advisory Services, except to the extent that any such Losses are found in a final judgment by a court of competent jurisdiction to have resulted from
the gross negligence, bad faith or intentional misconduct of Crestview or any Indemnitee. 
 (b) The provisions set forth in
Section 9.04 of the Investment Agreement are hereby incorporated by reference herein or made a part hereof, mutatis mutandis. 
 (c) The
Company hereby agrees to advance costs and expenses, including without limitation reasonable attorney’s fees, incurred by Crestview (acting on its own behalf or, if requested by any such Indemnitee other than itself, on behalf of such
Indemnitee) or any Indemnitee in defending any claim in advance of the final disposition of such claim upon receipt of an undertaking by or on behalf of Crestview or such Indemnitee to repay amounts so advanced if it shall ultimately be determined
that Crestview or such Indemnitee, as the case may be, is not entitled to be indemnified by the Company as authorized by this Agreement. 
 (d) The rights of each Indemnitee to be indemnified under any other agreement, document, certificate or instrument or applicable law are independent of and in addition to (but without duplication of) any rights of such Indemnitee to be
indemnified under this Agreement. 
 (e) Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification
hereunder (1) in the event such indemnification would be contrary to applicable Law (as defined in the Investment Agreement), (2) to any representatives of Crestview serving on the Company’s or any of its subsidiaries’ board of
directors with respect to service in such capacity; or (3) in the event that the Company shall notify Crestview in writing that it no longer wishes to receive the Advisory Services (or any particular Advisory Service) and such Losses result
from, arise out of or in connection with, are based upon or relate to of Advisory Services provided by Crestview after the date of such notice by the Company and are contrary to the instructions provided by the Company in such notice. Further, any
indemnification granted by the Company shall be available only to the extent such Losses are not covered by indemnification granted by any other Person (as defined in the Investment Agreement). 
  

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 Section 1.07. Notices. All notices, requests, demands, waivers and other communications
required or permitted to be given under this Agreement shall be given or deemed given in the manner provided pursuant to the Investment Agreement, except that notice to Crestview shall be made to: 
 Crestview Advisors, L.L.C. 
 677 Madison Avenue 
 10th Floor 
 New York, New York 10021 
 Facsimile: (212) 906-0750 
 Attention: Jacob Capps 
 Section 1.08. Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and
their respective successors and permitted assigns and their respective successors, heirs and permitted assigns; provided that, neither Crestview nor the Company may assign any of its rights or obligations under this Agreement without the
express written consent of the other party hereto, except that Crestview may assign its right to receive the Advisory Fee to one of its affiliates. This Agreement is not intended to confer any right or remedy upon any person other than the parties
to this Agreement and their respective successors, heirs and permitted assigns. 
 Section 1.09. Incorporation of Certain
Provisions. The provisions contained in Sections 10.02, 10.04, 10.07, 10.08, 10.11, 10.12, and 10.14 of the Investment Agreement are hereby incorporated by reference herein and made a part hereof, mutatis mutandis. 
  
 Signature Page Follows 
  

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

  

					
	 FBR CAPITAL MARKETS CORPORATION
	 	
			
	 By:
	 	 /s/ William J. Ginivan
	 	
	 Name:
	 	 William J. Ginivan
	 	
	 Its:
	 	 SVP, General Counsel and Secretary
	 	
	
	 CRESTVIEW ADVISORS L.L.C.

			
	 By:
	 	 /s/ Thomas S. Murphy, Jr.
	 	
	 Name:
	 	 Thomas S. Murphy, Jr.
	 	
	 Its:
	 	 President
	 	

 [Signature page to Professional Services Agreement] 
  

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