Common use of PRSUs Clause in Contracts

PRSUs. As further described below, 50% of each annual grant of PRSUs (the “Absolute TSR PRSUs”) will vest based on MFA’s average total shareholder return (“Average TSR”) for the three year performance period beginning on January 1 of the year of grant (the “TSR Performance Period”), and 50% of each annual grant of PRSUs (the “Relative TSR PRSUs”) will vest based on MFA’s TSR compared to the TSR of designated peer group companies, as set forth in the applicable award agreement, during the TSR Performance Period. Each annual grant of PRSUs will provide for a target grant of Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of Relative TSR PRSUs (the “Relative TSR Target Award”). The Absolute TSR Target Award and the Relative TSR Target Award shall each be a number of PRSUs equal to the quotient of (a) $285,000 and (b) 85% of the average of the daily closing price of MFA common stock during the first 20 trading days in the year in which the PRSUs are granted, rounded to the nearest whole share. The TSR Performance Periods are as follows: · January 1, 2020 through December 31, 2022 · January 1, 2021 through December 31, 2023 The PRSUs will vest on December 31 of the applicable TSR Performance Period, to the extent that the total shareholder return performance goals described below are achieved; provided that the Executive remains employed for the entire vesting period and subject to vesting as described in Sections 5(a), 5(b), 5(c), 5(d), and 5(g) of the Agreement. Any unvested PRSUs shall be forfeited as of the date of Executive’s termination of employment, except as provided in Sections 5(a), 5(b), 5(c) and 5(g) of the Agreement. Within 30 days following the date on which the PRSUs vest, the Executive will receive one share of common stock of MFA for each PRSU that vests. For purposes of the PRSUs, TSR of MFA and each applicable peer group company for the vesting period shall be calculated as follows:

PRSUs. As further described below, 50% of each annual grant of PRSUs (the “Absolute TSR PRSUs”) will vest based on MFA’s average total shareholder return (“Average TSR”) for the three year performance period beginning on January 1 of the year of grant (the “TSR Performance Period”), and 50% of each annual grant of PRSUs (the “Relative TSR PRSUs”) will vest based on MFA’s TSR compared to the TSR of designated peer group companies, as set forth in the applicable award agreement, during the TSR Performance Period. Each annual grant of PRSUs will provide for a target grant of 22,500 Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of 22,500 Relative TSR PRSUs (the “Relative TSR Target Award”). The Absolute TSR Target Award and the Relative TSR Target Award shall each be a number of PRSUs equal to the quotient of (a) $285,000 and (b) 85% of the average of the daily closing price of MFA common stock during the first 20 trading days in the year in which the PRSUs are granted, rounded to the nearest whole share. The TSR Performance Periods are as follows: · January 1, 2020 2018 through December 31, 2022 2020 · January 1, 2021 2019 through December 31, 2023 2021 The PRSUs will vest on December 31 of the applicable TSR Performance Period, to the extent that the total shareholder return performance goals described below are achieved; provided that the Executive remains employed for the entire vesting period and subject to vesting as described in Sections 5(a), 5(b), 5(c), 5(d), and 5(g) of the Agreement. Any unvested PRSUs shall be forfeited as of the date of Executive’s termination of employment, except as provided in Sections 5(a), 5(b), 5(c) and 5(g) of the Agreement. Within 30 days following the date on which the PRSUs vest, the Executive will receive one share of common stock of MFA for each PRSU that vests. For purposes of the PRSUs, TSR of MFA and each applicable peer group company for the vesting period shall be calculated as follows:

PRSUs. As further described below, 50% of each annual grant of PRSUs (the “Absolute TSR PRSUs”) will vest based on MFA’s average total shareholder return (“Average TSR”) for the three year performance period beginning on January 1 of the year of grant (the “TSR Performance Period”), and 50% of each annual grant of PRSUs (the “Relative TSR PRSUs”) will vest based on MFA’s TSR compared to the TSR of designated peer group companies, as set forth in the applicable award agreement, during the TSR Performance Period. Each annual grant of PRSUs will provide for a target grant of Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of Relative TSR PRSUs (the “Relative TSR Target Award”). The Absolute TSR Target Award and the Relative TSR Target Award shall each be a number of PRSUs equal to the quotient of (a) $285,000 and 950,000 divided by (b) 85% of the average of the daily closing price of MFA common stock during the first 20 trading days in the year in which the PRSUs are granted, rounded to the nearest whole share. The TSR Performance Periods are as follows: · January 1, 2020 through December 31, 2022 · January 1, 2021 through December 31, 2023 · January 1, 2022 through December 31, 2024 The PRSUs will vest on December 31 of the applicable TSR Performance Period, to the extent that the total shareholder return performance goals described below are achieved; provided that the Executive remains employed for the entire vesting period and subject to vesting as described in Sections 5(a), 5(b), 5(c), 5(d), ) and 5(g) of the Agreement. Any unvested PRSUs shall be forfeited as of the date of Executive’s termination of employment, except as provided in Sections 5(a), 5(b), 5(c) and 5(g) of the Agreement. Within 30 days following the date on which the PRSUs vest, the Executive will receive one share of common stock of MFA for each PRSU that vests. For purposes of the PRSUs, TSR of MFA and each applicable peer group company for the vesting period shall be calculated as follows:

PRSUs. As further described below, 50% of each annual grant of PRSUs (the “Absolute TSR PRSUs”) will vest based on MFA’s average total shareholder return (“Average TSR”) for the three year performance period beginning on January 1 of the year of grant (the “TSR Performance Period”), and 50% of each annual grant of PRSUs (the “Relative TSR PRSUs”) will vest based on MFA’s TSR compared to the TSR of designated peer group companies, as set forth in the applicable award agreement, during the TSR Performance Period. Each annual grant of PRSUs will provide for a target grant of 52,500 Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of 52,500 Relative TSR PRSUs (the “Relative TSR Target Award”). The Absolute TSR Target Award and the Relative TSR Target Award shall each be a number of PRSUs equal to the quotient of (a) $285,000 and (b) 85% of the average of the daily closing price of MFA common stock during the first 20 trading days in the year in which the PRSUs are granted, rounded to the nearest whole share. The TSR Performance Periods are as follows: · January 1, 2020 2017 through December 31, 2022 2019 · January 1, 2021 2018 through December 31, 2023 2020 · January 1, 2019 through December 31, 2021 The PRSUs will vest on December 31 of the applicable TSR Performance Period, to the extent that the total shareholder return performance goals described below are achieved; provided that the Executive remains employed for the entire vesting period and subject to vesting as described in Sections 5(a), 5(b), 5(c), 5(d), ) and 5(g) of the Agreement. Any unvested PRSUs shall be forfeited as of the date of Executive’s termination of employment, except as provided in Sections 5(a), 5(b), 5(c) and 5(g) of the Agreement. Within 30 days following the date on which the PRSUs vest, the Executive will receive one share of common stock of MFA for each PRSU that vests. For purposes of the PRSUs, TSR of MFA and each applicable peer group company for the vesting period shall be calculated as follows:

PRSUs. As further described below, 50% of each annual grant of PRSUs (the “Absolute TSR PRSUs”) will vest based on MFA’s average total shareholder return (“Average TSR”) for the three year performance period beginning on January 1 of the year of grant (the “TSR Performance Period”), and 50% of each annual grant of PRSUs (the “Relative TSR PRSUs”) will vest based on MFA’s TSR compared to the TSR of designated peer group companies, as set forth in the applicable award agreement, during the TSR Performance Period. Each annual grant of PRSUs will provide for a target grant of 61,250 Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of 61,250 Relative TSR PRSUs (the “Relative TSR Target Award”). The Absolute TSR Target Award and the Relative TSR Target Award shall each be a number of PRSUs equal to the quotient of (a) $285,000 and (b) 85% of the average of the daily closing price of MFA common stock during the first 20 trading days in the year in which the PRSUs are granted, rounded to the nearest whole share. The TSR Performance Periods are as follows: · January 1, 2020 2017 through December 31, 2022 2019 · January 1, 2021 2018 through December 31, 2023 2020 · January 1, 2019 through December 31, 2021 The PRSUs will vest on December 31 of the applicable TSR Performance Period, to the extent that the total shareholder return performance goals described below are achieved; provided that the Executive remains employed for the entire vesting period and subject to vesting as described in Sections 5(a), 5(b), 5(c), 5(d), ) and 5(g) of the Agreement. Any unvested PRSUs shall be forfeited as of the date of Executive’s termination of employment, except as provided in Sections 5(a), 5(b), 5(c) and 5(g) of the Agreement. Within 30 days following the date on which the PRSUs vest, the Executive will receive one share of common stock of MFA for each PRSU that vests. For purposes of the PRSUs, TSR of MFA and each applicable peer group company for the vesting period shall be calculated as follows: