Common use of Annual Grants Clause in Contracts

Annual Grants. To the extent that the Executive is still employed by MFA on each applicable grant date, within the first five trading days of each calendar year during the Term of Employment, the Executive shall receive grants of restricted stock units subject to time vesting (“TRSUs”) and restricted stock units which vest based on the achievement of performance goals (“PRSUs”). The TRSU and PRSU grants shall be subject to the terms of the applicable Award Agreements and the Equity Compensation Plan.

Annual Grants. To the extent that the Executive is still employed by MFA on each the applicable grant date, within 25 business days following the first five trading days of each calendar year during the Term of EmploymentEffective Date and in February 2021, the Executive shall receive grants of restricted stock units subject to time vesting (“TRSUs”) and restricted stock units which vest based on the achievement of performance goals (“PRSUs”). The TRSU and PRSU grants shall be subject to the terms of the applicable Award Agreements award agreements and the Equity Compensation Plan.

Annual Grants. To the extent that the Executive is still employed by MFA on each the applicable grant date, within 25 business days following the first five trading days Effective Date of the Agreement and in February of each calendar year during the Term of Employment2021 and 2022, the Executive shall receive grants of restricted stock units subject to time vesting (“TRSUs”) and restricted stock units which vest based on the achievement of performance goals (“PRSUs”). The TRSU and PRSU grants shall be subject to the terms of the applicable Award Agreements award agreements and the Equity Compensation Plan.