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 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 TSR Performance Periods are as follows: · January 1, 2018 through December 31, 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), 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 agreementAward 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 shall be a number of PRSUs equal to (a) divided by (b), where (a) is equal to 50% of the PRSU Grant Date Value and (b) is equal to the grant date fair value per unit of one Absolute TSR PRSU. The Relative TSR Target Award shall be a number of PRSUs equal to (a) divided by (b), where (a) is equal to 50% of the PRSU Grant Date Value and (b) is equal to the grant date fair value per unit of one Relative TSR PRSU. The PRSU Grant Date Value shall be equal to $480,000, provided that, the Committee may increase or decrease such amount for any annual grant of PRSUs made in 2022 and future years, upon reasonable notice and consultation with the Executive. Each TSR Performance Periods are as follows: · Period shall be the three-year period beginning on January 1, 2018 through December 31, 2020 · January 1, 2019 through December 31, 2021 1st of the calendar year in which the applicable grant of PRSUs is made. The PRSUs will vest on December 31 the last day 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 set forth in the applicable Award Agreement, as described in Sections 5(a), 5(b), 5(c), ) and 5(g5(f) of the Agreement. Any unvested PRSUs shall be forfeited as of the date of Executive’s termination of employment, except as provided in the applicable Award Agreement, as described in Sections 5(a), 5(b), 5(c) and 5(g5(f) of the Agreement. Within 30 days following Upon the settlement date on which set forth in the PRSUs vestapplicable Award Agreement, the Executive will receive one share of common stock of MFA for each PRSU that vestsvested PRSU. Notwithstanding anything to the contrary in this Exhibit B, the fair market value of the shares of MFA common stock delivered, measured as of the last day of the Performance Period (or, if earlier, the date on which the PRSUs are settled pursuant to terms of the applicable Award Agreement), shall not exceed 400% of the fair market value of the target amount of PRSUs measured on the grant date (the “Maximum Cap”), and any and all amounts otherwise payable pursuant to the applicable Award Agreement in excess of the Maximum Cap shall be forfeited, provided that, payment with respect to the dividend equivalent rights described below for dividends declared and paid following the end of the Performance Period shall not count against the Maximum Cap. 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, 2018 2020 through December 31, 2020 2022 · January 1, 2019 2021 through December 31, 2021 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 agreementAward 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 shall be a number of PRSUs equal to (a) divided by (b), where (a) is equal to 50% of the PRSU Grant Date Value and (b) is equal to the grant date fair value per unit of one Absolute TSR PRSU. The Relative TSR Target Award shall be a number of PRSUs equal to (a) divided by (b), where (a) is equal to 50% of the PRSU Grant Date Value and (b) is equal to the grant date fair value per unit of one Relative TSR PRSU. The PRSU Grant Date Value shall be equal to $1,810,000, provided that, the Committee may increase or decrease such amount for any annual grant of PRSUs made in 2022 and future years, upon reasonable notice and consultation with the Executive. Each TSR Performance Periods are as follows: · Period shall be the three-year period beginning on January 1, 2018 through December 31, 2020 · January 1, 2019 through December 31, 2021 1st of the calendar year in which the applicable grant of PRSUs is made. The PRSUs will vest on December 31 the last day 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 set forth in the applicable Award Agreement, 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 the applicable Award Agreement, as described in Sections 5(a), 5(b), 5(c), 5(d) and 5(g) of the Agreement. Within 30 days following Upon the settlement date on which set forth in the PRSUs vestapplicable Award Agreement, the Executive will receive one share of common stock of MFA for each PRSU that vestsvested PRSU. Notwithstanding anything to the contrary in this Exhibit B, the fair market value of the shares of MFA common stock delivered, measured as of the last day of the Performance Period (or, if earlier, the date on which the PRSUs are settled pursuant to terms of the applicable Award Agreement), shall not exceed 400% of the fair market value of the target amount of PRSUs measured on the grant date (the “Maximum Cap”), and any and all amounts otherwise payable pursuant to the applicable Award Agreement in excess of the Maximum Cap shall be forfeited, provided that, payment with respect to the dividend equivalent rights described below for dividends declared and paid following the end of the Performance Period shall not count against the Maximum Cap. 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 61,250 Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of 22,500 61,250 Relative TSR PRSUs (the “Relative TSR Target Award”). The TSR Performance Periods are as follows: · January 1, 2017 through December 31, 2019 · January 1, 2018 through December 31, 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 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) $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, 2018 2020 through December 31, 2020 2022 · January 1, 2019 2021 through December 31, 2021 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 22,500 52,500 Absolute TSR PRSUs (the “Absolute TSR Target Award”) and a target grant of 22,500 52,500 Relative TSR PRSUs (the “Relative TSR Target Award”). The TSR Performance Periods are as follows: · January 1, 2017 through December 31, 2019 · January 1, 2018 through December 31, 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: