Common use of Position, Duties and Responsibilities Clause in Contracts

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall will be employed by the REIT Operator and will serve as Co-Chief Investment Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA the REIT and Chairman of the Board of Directors of the REIT (the “CEOBoard of Directors” or the “Board”), with such authorityreporting directly to the Board. In this capacity, duties Executive shall have the duties, authorities and day-to-day management responsibilities as are customarily maintained required by Executive’s position commensurate with the duties, authorities and performed by responsibilities of persons holding such offices at in similar capacities in similarly situated mortgage REITs sized companies, and such other duties duties, authorities and responsibilities as may reasonably be assigned to Executive as the Board of Directors shall designate from time to time that are not inconsistent with Executive’s position and that are consistent with the bylaws of the REIT, the limited partnership agreement of the Operating Partnership, and the operating agreement of REIT Operator, each as may be mutually agreed upon between amended from time to time, including, but not limited to, managing the Executive and affairs of the CEOCompany. (b) During the Term of Employment, the Executive shallwill, without additional compensation, also serve on the board Board of directors Directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA the Company as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, Executive will serve the Executive shall serve MFA Company faithfully, diligently diligently, and to the best of his ability and shall will devote substantially all of his business time and efforts attention to his employment and the performance of his duties under this Agreement. Nothing hereunder, and shall have no other employment (unless approved by the Board of Directors); provided, that, nothing contained herein shall preclude the prohibit Executive from (i) participating in trade associations or industry organizations in furtherance of the Company’s interests, (ii) engaging in charitable charitable, civic, educational or political activities, (iii) engaging in passive personal investment activities for himself and community affairs his family, (iv) devoting time as he determines in good faith to be necessary or appropriate to fulfill his duties to Bluerock Real Estate, LLC and managing his personalits affiliates (“Bluerock”), financial and legal affairsor (v) accepting directorships or similar positions (together, the “Personal Activities”), in each case so long as such activities the Personal Activities do not materially interfere unreasonably interfere, individually or in the aggregate, with his carrying out his the performance of Executive’s duties to the Company under this Agreement or the restrictive covenants set forth in Section 10 of this Agreement. (d) During the Term of Employment, Executive shall perform the services required by this Agreement at the Company’s principal offices located in New York, New York (the “Principal Location”), except for travel to other locations as may be necessary to fulfill Executive’s duties and responsibilities under this Agreementhereunder.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer Chairman and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “CEO”)Company and be responsible, with such authoritysubject to the control of the Board, for the establishment and implementation of corporate policy and general management of the Company. In that capacity the Executive shall have the duties and day-to-day management responsibilities as are customarily maintained normally associated with the positions of Chairman and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between Chief Executive Officer. It is the intention of the Parties that the Executive serve as a member of the Board and as a member of the CEOExecutive Committee during the Term of Employment. The Executive, in carrying out his duties under this Agreement, shall report to, and be subject to the supervision of, the Board. At any time that the Company does not have another person acting as the President and Chief Operating Officer of the Company, Executive shall also have such titles and serve in such capacities, it being understood that the relinquishment of such titles by Executive upon employment of a President and Chief Operating Officer by the Company shall not constitute a breach by the Company of its obligations under this Agreement. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and Anything herein to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein contrary notwithstanding, nothing shall preclude the Executive from (i) serving on the boards of directors of a reasonable number of other corporations not engaged in competition with the Company or the boards of a reasonable number of trade associations and/or charitable organizations, (ii) engaging in charitable activities and community affairs, (iii) managing his personal investments and affairs and managing his personal(iv) being involved in other business transactions, financial and legal affairs, so long as provided that such activities do not materially interfere with his carrying out the proper performance of his duties and responsibilities under this Agreementas the Company's Chairman and Chief Executive Officer.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-the Chief Investment Executive Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer Board of Directors of MFA (the “CEOBoard of Directors”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOBoard of Directors. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall will be employed as Co-Chief Investment Officer and Senior Vice President the General Counsel of MFAthe Company, reporting directly and solely to the Chief Executive Officer of MFA the Company. Executive will (i) be responsible for, and, along with the Company’s Chief Executive Officer, have authority over, the Company’s legal functions, and (ii) have such other duties and responsibilities as are assigned to him by the Company’s Chief Executive Officer or the Board of Directors of the Company (the “CEOBoard of Directors”), ) (not inconsistent in any significant respect with such authority, the duties and dayresponsibilities typically assigned to the general counsel of a publicly-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOtraded REIT). (b) During the Term of Employment, the Executive shallwill, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA the Company as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall will have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, Executive will serve the Executive shall serve MFA Company faithfully, diligently and to the best of his ability and shall will devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall will preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-the President and Chief Investment Operating Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Senior Vice President, Chief Investment Accounting Officer and Senior Vice President Treasurer of MFA, reporting directly and solely to the Chief Executive Financial Officer of MFA (the “CEO”"CFO"), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the Chairman and Chief Executive Officer of MFA (the "CEO") and/or the CFO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO, the CFO and/or the Board of Directors of MFA (the “"Board of Directors”") or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his her ability and shall devote substantially all of his business her time and efforts to his her employment and the performance of his her duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, her personal financial and legal affairs, so long as such activities do not materially interfere with his her carrying out his her duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer the President and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA the Company and shall have such duties, responsibilities and authority as shall be reasonably determined from time to time by the Board. The Executive shall also serve as a member of the Board without additional compensation therefor. Further, the Executive shall (i) serve on such committees of the “CEO”)Board, with (ii) serve on such authorityboards of directors of subsidiaries of the Company and/or (iii) hold such corporate officer titles and positions of the Company and of its subsidiaries, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between requested by the Executive and the CEO. (b) During the Term of EmploymentBoard in its sole discretion, the Executive shall, in any such case without additional compensationcompensation therefor. The Executive, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of in carrying out his duties under this Agreement, shall report directly to the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) Board. During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts attention to his employment and the performance of his duties under this Agreement. hereunder and shall use his reasonable best efforts, skills and abilities to promote the Company’s interests. (b) Nothing herein shall preclude the Executive from (i) continuing to serve as a director and advisor on the boards of directors set forth on Schedule I hereto, (ii) serving on up to one other board of directors (or advisory committee) of a corporation or entity with the prior express written consent of the Board (which consent will not be unreasonably withheld), (iii) serving on the boards of a reasonable number of trade associations and/or charitable organizations, (iv) engaging in a reasonable number of charitable activities and community affairs affairs, and (v) managing his personalpersonal investments and affairs (including those of his immediate family), financial and legal affairs, so long as provided that such activities set forth in this Section 3(b) do not conflict or materially interfere with his carrying out the effective discharge of his duties and responsibilities under this AgreementSection 3(a) above.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-the Chief Investment Executive Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer Board of Directors of MFA (the “CEOBoard of Directors”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOBoard of Directors. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Senior Vice President, Chief Investment Accounting Officer and Senior Vice President Treasurer of MFA, reporting directly and solely to the Chief Executive Financial Officer of MFA (the “CEO”"CFO"), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the Chief Executive Officer of MFA (the "CEO") and/or the CFO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO, the CFO and/or the Board of Directors of MFA (the “"Board of Directors”") or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his her ability and shall devote substantially all of his business her time and efforts to his her employment and the performance of his her duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, her personal financial and legal affairs, so long as such activities do not materially interfere with his her carrying out his her duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term (as defined in Section 2.01 below), Employee shall serve as SVP and General Manager of EmploymentEmployer (or, the Executive shall be employed as Co-Chief Investment Officer and Senior if requested by Employer, in such other position with a title of at least Vice President of MFAor its equivalent that is consistent with Employee’s education, reporting directly background and solely to the Chief Executive Officer of MFA (the “CEO”experience), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and well as in such other duties positions or capacities as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as reasonably requested by the Board of Directors of MFA (the “Board of Directors”as defined below) or the CEO (as defined below) and shall have such duties and responsibilities as are customary for, and are consistent with, such position(s) as may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as be assigned by the “Company.” For purposes Board of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act Directors of 1934, as amended Employer (the “ActBoard”). (c) During the Term of Employment, the Chief Executive Officer of Employer (the “CEO”) and/or the CEO’s nominee. Employee’s employment by Employer shall be full-time and exclusive to Employer and Employee shall (a) comply with Employer’s policies and procedures in place from time to time, and (b) serve MFA faithfully, diligently Employer faithfully and to the best of his ability Employee’s ability. During the Term, and except for vacation and other paid time off in accordance with the terms of Section 3.01(E) below or absences due to illness or incapacity, Employee shall devote substantially all of his Employee’s business time time, attention, skill and efforts exclusively to his employment the business and affairs of Employer (including its affiliates) and the performance promotion of its interests. Notwithstanding anything contained herein to the contrary, Employee may (i) engage in charitable, educational, religious, civic and similar types of activities and manage his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personalpersonal investments, financial and legal affairs, so long as provided that such activities do not materially interfere inhibit or prohibit the performance of Employee’s duties hereunder or inhibit or conflict with his carrying out his duties the business of Employer and/or its affiliates, and responsibilities under this Agreement(ii) with the consent of the Board (which consent shall not be unreasonably withheld), serve on the board of directors (or its equivalent) of one (1) other business enterprise.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and General Counsel, Senior Vice President – Business Development and Secretary of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “"CEO”)") and, with such authorityas such, duties and day-to-day management responsibilities as are customarily maintained and shall (i) perform, administer, manage, monitor and/or coordinate all legal services required to be performed by persons holding such offices at similarly situated mortgage REITs or on behalf of MFA and its subsidiaries, (ii) be responsible for analyzing, developing and implementing new business initiatives for MFA and its subsidiaries and (iii) perform such other duties of an executive, managerial or administrative nature as may shall be mutually agreed upon between specified and designated from time to time by the Executive and CEO and/or the CEOBoard of Directors of MFA (the "Board of Directors"). (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the The Executive shall be employed as Co-Chief Investment Officer the Chairman and Senior Vice President of MFACEO, reporting directly and solely to the Chief Executive Officer Board of Directors of MFA (the “CEOBoard of Directors”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO.Board of Directors (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, Employee shall serve as, and with the titles, offices and authority of, Executive Chairman of the Board and Chief Science Officer of the Company, shall report only to the Board of Directors of the Company (the "Board"), shall be the Executive Chairman of the Company and, as such, shall be employed as Co-Chief Investment Officer have effective oversight of the activities of the Company, through the supervision and Senior Vice control of the President of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “CEO”)Company and participation on boards and committees of the Company's various investments; assist the Company in investor relation activities; and, with such authorityas Chief Scientific Officer, duties shall be primarily responsible for the quality and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between innovativeness, but not the Executive and conduct, of the CEOCompany's research programs. (b) During the Term of Employment, the Executive shallCompany shall use its best efforts to cause Employee to be elected and re-elected (i) as a member of the Board, without additional compensation, also serve on the board (ii) as a member of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (any affiliate of the “Company on which Board of Directors”) or Directors Employee is serving on the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes date of this Agreement, and (iii) as a member of the term “affiliate” shall have Board of Directors of any entity which becomes a majority-owned subsidiary of the meaning ascribed thereto Company after the date of this Agreement on which Board of Directors the Executive Chairman of the Board of the Company would customarily serve. Employee agrees to serve on the foregoing Boards of Directors during the Term of Employment, without compensation in Rule 12b-2 excess of that provided under the Securities Exchange Act of 1934, as amended (the “Act”)this Agreement. (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently Employee agrees to devote his best efforts and to the best of his ability and shall devote substantially all of his business time time, efforts and efforts skills to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement, to be loyal to the Company and to refrain from rendering services for any enterprise other than the Company and its affiliates.

Position, Duties and Responsibilities. (a) During the Term (as defined in Section 2.01 below), Employee shall serve as VP Finance of EmploymentEmployer (or, the Executive shall be employed as Co-Chief Investment Officer and Senior if requested by Employer, in such other position with a title of at least Vice President of MFAor its equivalent that is consistent with Employee's education, reporting directly background and solely to the Chief Executive Officer of MFA (the “CEO”experience), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and well as in such other duties positions or capacities as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as reasonably requested by the Board of Directors of MFA (the “Board of Directors”as defined below) or the CEO (as defined below) and shall have such duties and responsibilities as are customary for, and are consistent with, such position(s) as may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as be assigned by the “Company.” For purposes Board of this AgreementDirectors of Employer (the "Board"), the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act Chief Executive Officer of 1934, as amended Employer (the “Act”). "CEO") and/or the CEO's nominee. Employee's employment by Employer shall be full-time and exclusive to Employer and Employee shall (ca) During the Term of Employmentcomply with Employer's policies and procedures in place from time to time, the Executive shall and (b) serve MFA faithfully, diligently Employer faithfully and to the best of his ability Employee's ability. During the Term, and except for vacation and other paid time off in accordance with the terms of Section 3.01(E) below or absences due to illness or incapacity, Employee shall devote substantially all of his Employee's business time time, attention, skill and efforts exclusively to his employment the business and affairs of Employer (including its affiliates) and the performance promotion of its interests. Notwithstanding anything contained herein to the contrary, Employee may (i) engage in charitable, educational, religious, civic and similar types of activities and manage his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personalpersonal investments, financial and legal affairs, so long as provided that such activities do not materially interfere inhibit or prohibit the performance of Employee's duties hereunder or inhibit or conflict with his carrying out his duties the business of Employer and/or its affiliates, and responsibilities under this Agreement(ii) with the consent of the Board (which consent shall not be unreasonably withheld), serve on the board of directors (or its equivalent) of one (l) other business enterprise.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and General Counsel, Senior Vice President and Corporate Secretary of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “"CEO”)") and, with such authorityas such, duties and day-to-day management responsibilities as are customarily maintained and shall (i) perform, administer, manage, monitor and/or coordinate all legal services required to be performed by persons holding such offices at similarly situated mortgage REITs or on behalf of MFA and its subsidiaries, and (ii) perform such other duties of an executive, managerial or administrative nature as may shall be mutually agreed upon between specified and designated from time to time by the Executive and CEO and/or the CEOBoard of Directors of MFA (the "Board of Directors"). (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior First Vice President of MFA, reporting directly and solely to the Chief Executive Officer Vice President (currently ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇) of MFA (the “CEOExecutive Vice President”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOExecutive Vice President. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, (ii) serve as an officer of, and/or (iii) perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. request MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the the· meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Financial Officer/Executive Vice President of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA the (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Executive Vice President of MFA, reporting directly and solely to the Chairman and Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-President and Chief Investment Executive Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer Board of Directors of MFA (the “CEOBoard of Directors”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOBoard of Directors. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Vice President of MFA, reporting directly and solely to the President and Chief Financial Officer (currently ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇), Executive Vice President and Chief Investment and Administrative Officer (currently ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇), and Executive Vice President (currently ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇) of MFA (the “CEONamed Executives”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEONamed Executives. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, (ii) serve as an officer of, and/or (iii) perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. request MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the the· meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Financial Officer/Executive Vice President of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Executive Vice President and Chief Portfolio Officer of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Executive Vice President of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “"CEO”"), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “"Board of Directors”") or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Executive Vice President and Chief Investment Officer and Senior Vice President of MFA, reporting directly to each of the President and solely to the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive Executive, the President and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the President, the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Executive Vice President and Chief Investment Officer and Senior Vice President of MFA, reporting directly to each of the President and solely to the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive Executive, the President and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the President, the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During The Executive shall be employed as Chairman, President and Chief Executive Officer until June 30, 2008. Effective July 1, 2008, and during the remainder of the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer the Chairman and Senior Vice President of MFACEO, reporting directly and solely to the Chief Executive Officer Board of Directors of MFA (the “CEOBoard of Directors”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOBoard of Directors. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-the Chief Investment Financial Officer of the Company and Senior Vice President of MFAshall have such duties, reporting directly responsibilities and solely authority as shall be reasonably determined from time to time by the Chief Executive Officer of MFA the Company (the “CEO”). Further, with the Executive shall (i) serve on such authorityboards of directors of subsidiaries of the Company and/or (ii) hold such corporate officer titles and positions of the Company and any of its subsidiaries, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between requested by the Executive and CEO in his sole discretion, in any such case without additional compensation therefor. The Executive, in carrying out his duties under this Agreement, shall report directly to the CEO. (b) . During the Term of Employment, the Executive shall, without additional compensation, also serve on the board subject to Section 3(b) and except for permitted vacation periods and reasonable periods of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employmentillness, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts attention to his employment and the performance of his duties under this Agreement. hereunder and shall use his reasonable best efforts, skills and abilities to promote the Company’s interests. (b) Nothing herein shall preclude the Executive from engaging in (i) continuing to serve as a director and advisor on the board of directors of the corporations and entities set forth on Schedule I hereto, (ii) serving on up to one other board of directors (or advisory committee) of a corporation or entity with the prior express written consent of the Board (which consent will not be unreasonably withheld), (iii) serving on the boards of a reasonable number of trade associations and civic or charitable organizations and community affairs and (iv) managing his personal, financial and legal affairspersonal investments, so long as such activities set forth in this Section 3(b) do not conflict or materially interfere with his carrying out the effective discharge of his duties and responsibilities under this AgreementSection 3(a) above.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-President and Chief Investment Financial Officer and Senior Vice President of MFA, reporting directly and solely to the Chairman and Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the : (a) Executive shall will be employed as Co-Chief Investment Officer President and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA OSM, reporting directly to the Board of Directors of OSM (the “CEOBoard of Directors”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs steel companies and such other duties as may be mutually agreed upon between the Executive and the CEOBoard of Directors. (b) During the Term of Employment, the Executive shallwill, without additional compensation, also (i) serve on the Board of Directors of OSM; and (ii) serve on the board of directors or management committees of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA OSM as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA OSM and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall will serve MFA OSM faithfully, diligently and to the best of his ability and shall will devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall in this Agreement will preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement. (d) The employment relationship of Executive will also be governed by the general employment policies and practices of the Company reasonably adopted from time to time, except to the extent inconsistent and in conflict with the terms of this Agreement. Executive agrees to execute and comply with the Company’s standard form of Confidentiality Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chairman, President and Chief Investment Executive Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer Board of Directors of MFA (the “CEO”"Board of Directors"), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOBoard of Directors. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Vice the President of MFA, reporting directly and solely to the Chairman and Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA the Company and shall have such duties, responsibilities and authority as shall be reasonably determined from time to time by the Board. The Executive shall also serve as a member of the Board without additional compensation therefor. Further, the Executive shall (i) serve on such committees of the “CEO”)Board, with (ii) serve on such authorityboards of directors of subsidiaries of the Company and/or (iii) hold such corporate officer titles and positions of the Company and of its subsidiaries, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between requested by the Executive and the CEO. (b) During the Term of EmploymentBoard in its sole discretion, the Executive shall, in any such case without additional compensationcompensation therefor. The Executive, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of in carrying out his duties under this Agreement, shall report directly to the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) Board. During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts attention to his employment and the performance of his duties under this Agreement. hereunder and shall use his reasonable best efforts, skills and abilities to promote the Company’s interests. (b) Nothing herein shall preclude the Executive from (i) continuing to serve as a director and advisor on the boards of directors set forth on Exhibit A hereto, (ii) serving on up to one other board of directors (or advisory committee) of a corporation or entity with the prior express written consent of the Board (which consent will not be unreasonably withheld), (iii) serving on the boards of a reasonable number of trade associations and/or charitable organizations, (iv) engaging in a reasonable number of charitable activities and community affairs affairs, and (v) managing his personalpersonal investments and affairs (including those of his immediate family), financial and legal affairs, so long as provided that such activities set forth in this Section 3(b) do not conflict or materially interfere with his carrying out the effective discharge of his duties and responsibilities under this AgreementSection 3(a) above.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Executive Vice President of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-President and Chief Investment Executive Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer Board of Directors of MFA (the “CEO”"Board of Directors"), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEOBoard of Directors. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive Employee shall be employed and serve as Co-the Chief Investment Operating Officer and Senior Vice President of MFA, reporting directly and solely to the Company (together with such other position or positions consistent with Employee's title as the Chief Executive Officer of MFA (the “CEO”)Spheris, Inc. and/or board of directors of Spheris, Inc. shall specify from time to time) and shall have such duties typically associated with such authority, duties and day-to-day management responsibilities title. Employee shall report to the Chief Executive Officer. Employee also agrees to serve as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between an officer and/or director of any subsidiary of the Executive and the CEO. (b) Company without additional compensation. During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, Employee shall serve as an officer ofof Spheris, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the Board of Directors of MFA Inc. (the “Board of Directors”b) or the CEO may, from time to Employee shall devote his full business time, request. MFA attention, skill and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the reasonable best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this AgreementAgreement and shall not engage in any other business or occupation during the Term of Employment without the written permission of the Board, including, without limitation, any activity that (x) conflicts with the interests of the Company, (y) interferes with the proper and efficient performance of his duties for the Company, or (z) interferes with the exercise of his judgment in the Company's best interests. Nothing Notwithstanding the foregoing, nothing herein shall preclude Employee from (i) serving, with the Executive from prior written consent of the Board, as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (H) engaging in charitable activities and community affairs affairs, and (Hi) managing his personalpersonal investments and affairs; provided, financial however, that the activities set out in clauses (i), (H) and legal affairs(Hi) shall be limited by Employee so as not to materially interfere, so long as such activities do not materially interfere individually or in the aggregate, with his carrying out the performance of his duties and responsibilities under this Agreementhereunder.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-President and Chief Investment Financial Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of EmploymentConsulting Term, the Executive Consultant shall be employed serve as Co-Chief Investment Officer and Senior Vice President of MFA, reporting directly and solely to the Chief Executive Restructuring Officer of MFA (the “CEO”), with such authority, Company. The Consultant shall provide services and have duties and dayresponsibilities commensurate with those of chief restructuring officers of similarly-to-day management responsibilities as are customarily maintained sized companies and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as shall report to the Board of Directors of MFA the Company (the “Board Board”). Such duties and responsibilities shall include: (i) oversight and management of Directors”(1) pending and anticipated securities, corporate, insurance and other significant litigation involving the Company or its affiliates, (2) the CEO may, from time to time, request. MFA disposition of the contract mining business and such subsidiaries other businesses and affiliates are hereinafter referred toentities in which the Company holds an interest as may be determined by the Board, collectivelyand (3) such other matters as agreed upon by the Consultant and the Board; (ii) advising the Board and senior management of the Company with respect to other significant restructuring matters, as and (iii) such other duties and responsibilities on which the “Company.” For purposes of this AgreementBoard and the Consultant shall mutually agree. During the Consulting Term, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and Consultant shall devote substantially all of his such business time and efforts in his capacity as a non-exclusive consultant of the Company, as determined in good faith by the Consultant, as are reasonably necessary or appropriate to fulfill his employment and the performance of his duties under this Agreement. Nothing obligations hereunder, provided that nothing herein shall preclude the Executive Consultant from (i) managing his and his family’s passive personal investments, (ii) serving on other boards, (iii) engaging in civic or charitable and community affairs and managing his personalactivities, financial and legal affairs(iv) investing in or providing employment or consulting services to other businesses or (v) engaging in the practice of law, so long as such activities do not materially interfere with his carrying out the performance of his duties hereunder. During the Consulting Term, the Consultant shall have the right to serve as a director of the Company and, in addition to the compensation specified herein, shall be entitled to receive such compensation and responsibilities under this Agreementbenefits provided by the Company to its non-employee directors from time to time for service on the Board.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and General Counsel, Senior Vice President – Business Development and Corporate Secretary of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “"CEO”)") and, with such authorityas such, duties and day-to-day management responsibilities as are customarily maintained and shall (i) perform, administer, manage, monitor and/or coordinate all legal services required to be performed by persons holding such offices at similarly situated mortgage REITs or on behalf of MFA and its subsidiaries, (ii) be responsible for analyzing, developing and implementing new business initiatives for MFA and its subsidiaries and (iii) perform such other duties of an executive, managerial or administrative nature as may shall be mutually agreed upon between specified and designated from time to time by the Executive and CEO and/or the CEOBoard of Directors of MFA (the "Board of Directors"). (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Financial Officer/Executive Vice President of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “"CEO”"), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “"Board of Directors”") or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and General Counsel, Senior Vice President - Business Development and Secretary of MFA, reporting directly and solely to the President and Chief Executive Officer of MFA (the “"CEO”)") and, with such authorityas such, duties and day-to-day management responsibilities as are customarily maintained and shall (i) perform, administer, manage, monitor and/or coordinate all legal services required to be performed by persons holding such offices at similarly situated mortgage REITs or on behalf of MFA and its subsidiaries, (ii) be responsible for analyzing, developing and implementing new business initiatives for MFA and its subsidiaries and (iii) perform such other duties of an executive, managerial or administrative nature as may shall be mutually agreed upon between specified and designated from time to time by the Executive and CEO and/or the CEOBoard of Directors of MFA (the "Board of Directors"). (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, personal financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and General Counsel, Senior Vice President – Business Development and Corporate Secretary of MFA, reporting directly and solely to the Chairman and Chief Executive Officer of MFA (the “"CEO”)") and, with such authorityas such, duties and day-to-day management responsibilities as are customarily maintained and shall (i) perform, administer, manage, monitor and/or coordinate all legal services required to be performed by persons holding such offices at similarly situated mortgage REITs or on behalf of MFA and its subsidiaries, (ii) be responsible for analyzing, developing and implementing new business initiatives for MFA and its subsidiaries and (iii) perform such other duties of an executive, managerial or administrative nature as may shall be mutually agreed upon between specified and designated from time to time by the Executive and CEO and/or the CEOBoard of Directors of MFA (the "Board of Directors"). (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “"Company.” " For purposes of this Agreement, the term “"affiliate” " shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “"Act”"). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, Executive shall serve as the Executive shall be employed as Co-Chief Investment Officer and Senior Vice President and General Counsel of MFAthe Company and of such of its subsidiaries as the Board may request, reporting directly and solely to the Chief Executive Officer of MFA the Company (the “CEO”)) and the Board, with and shall perform such authority, lawful duties and day-to-day management responsibilities as are customarily maintained and performed specified from time to time by persons holding such offices at similarly situated mortgage REITs and such other duties the CEO and/or the Board that are commensurate with her position as may be mutually agreed upon between the Executive and the CEOGeneral Counsel. (b) During the Term of Employment, Executive shall perform Executive’s duties faithfully and to the Executive shallbest of Executive’s abilities and shall devote all of Executive’s business time, on a full time basis, to the business and affairs of the Company and shall use Executive’s best efforts to advance the best interest of the Company and shall comply with all of the written policies of the Company, including, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf oflimitation, such subsidiaries or affiliates written policies with respect to legal compliance, conflicts of MFA interest, confidentiality, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, code of conduct and business ethics as the Board of Directors of MFA (the “Board of Directors”) or the CEO may, are from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, time in effect (collectively, and as amended or modified from time to time by the Board in its discretion, the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “ActPolicies”). (c) During the Term of Employment, Executive hereby agrees that Executive’s services will be rendered exclusively to the Company and Executive shall serve MFA faithfullynot directly or indirectly render services to, diligently and to or otherwise act in a business or professional capacity on behalf of or for the best benefit of, any other Person (as defined below) as an employee, advisor, member of his ability and shall devote substantially all a board or similar governing body, sole proprietor, independent contractor, agent, consultant, representative or otherwise, whether or not compensated, except as may otherwise be explicitly permitted by the Board in writing in accordance with the Policies following receipt of his business time and efforts to his employment and notice from Executive regarding any such matter. During the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.Term

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Executive Vice President of MFA, reporting directly to the President and solely to Chief Operating Officer of MFA (the “COO”) or such other executive officer as may be designated by the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed shall be determined from time to time by persons holding such offices at similarly situated mortgage REITs and the COO or such other duties as may be mutually agreed upon between the Executive and the CEOexecutive officer. (b) During the Term of Employment, the Executive shall, without additional compensation, also serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Executive Vice President of MFA, reporting directly and solely to the Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, (ii) serve as an officer of, and/or (iii) perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.

Position, Duties and Responsibilities. (a) During the Term of Employment, the Executive shall be employed as Co-Chief Investment Officer and Senior Executive Vice President of MFA, reporting directly and solely to the Chairman and Chief Executive Officer of MFA (the “CEO”), with such authority, duties and day-to-day management responsibilities as are customarily maintained and performed by persons holding such offices at similarly situated mortgage REITs and such other duties as may be mutually agreed upon between the Executive and the CEO. (b) During the Term of Employment, the Executive shall, without additional compensation, also (i) serve on the board of directors of, serve as an officer of, and/or perform such executive and consulting services for, or on behalf of, such subsidiaries or affiliates of MFA as the CEO and/or the Board of Directors of MFA (the “Board of Directors”) or the CEO may, from time to time, request. MFA and such subsidiaries and affiliates are hereinafter referred to, collectively, as the “Company.” For purposes of this Agreement, the term “affiliate” shall have the meaning ascribed thereto in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Act”). (c) During the Term of Employment, the Executive shall serve MFA faithfully, diligently and to the best of his ability and shall devote substantially all of his business time and efforts to his employment and the performance of his duties under this Agreement. Nothing herein shall preclude the Executive from engaging in charitable and community affairs and managing his personal, financial and legal affairs, so long as such activities do not materially interfere with his carrying out his duties and responsibilities under this Agreement.