THIS EMPLOYMENT AGREEMENT (this “ Agreement ”) is made and entered into as of this 5th day of
February, 2007 by and between Greg Conley (“ Executive ) and HFF, Inc., a Delaware Corporation (the
WHEREAS , HFF Holdings LLC, a Delaware limited liability company (“ HFF Holdings ”) is party to
that certain Sale and Merger Agreement, dated as of January 30, 2007, among HFF Holdings, the Company,
and the other parties thereto (the “ Sale and Merger Agreement ”), pursuant to which the Company will
acquire 100% of HFF Partnership Holdings LLC, a Delaware limited liability company (“ Holdco ”) (through its
wholly-owned subsidiary, Holliday GP Corp. (the “ General Partner ”), which is the current general partner of
Holliday Fenoglio Fowler, L.P., a Texas limited partnership (“ HFF LP ”)).
WHEREAS , conditioned upon the closing of the transactions contemplated by the Sale and Merger
Agreement (the “ Closing ”) and the effectiveness of a Registration Statement on Form S-1 registering the
Company’s Class A common stock (the “ Registration Statement ”), the Company desires to continue the
employ of Executive, and Executive desires to continue to be employed by the Company, under the terms
specified in this Agreement.
NOW, THEREFORE , in consideration of the premises and other good and valuable consideration, receipt
of which is hereby acknowledged, the parties hereto agree as follows:
1. Employment . Provided that the Closing occurs and the Registration Statement becomes effective, the
Company agrees, during the Term (as defined in Section 2 below), to employ Executive as an employee of the
Company and Executive agrees to accept such employment, upon the terms and conditions hereinafter set forth.
2. Term . Subject to earlier expiration under Section 6 below, Executive’s employment by the Company
hereunder shall be for a term commencing on the date that of the Closing (the “ Effective Date ”) and expiring