0001371446-08-000006 Sample Contracts

DIRECTOR AGREEMENT
Director Agreement • December 22nd, 2008 • FBR Capital Markets Corp • Security brokers, dealers & flotation companies • Virginia

This DIRECTOR AGREEMENT (this “Agreement ”), dated as of December 21, 2008, is hereby entered into by and between FBR Capital Markets Corporation, a Virginia corporation with its principal place of business at 1001 19th Street North, Arlington, VA 22909 (the “Company ”), and Eric F. Billings, an individual residing at the address set forth on the signature page hereof (the “Director ”).

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RETIREMENT AGREEMENT
Retirement Agreement • December 22nd, 2008 • FBR Capital Markets Corp • Security brokers, dealers & flotation companies • Virginia

This RETIREMENT AGREEMENT (this “Agreement ”), dated as of December 21, 2008, is hereby entered into by and between FBR Capital Markets Corporation, a Virginia corporation with its principal place of business at 1001 19th Street North, Arlington, VA 22909 (the “Company ”), and Eric F. Billings, an individual residing at the address set forth on the signature page hereof (the “Executive ”).

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