Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 98

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 98
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500,000 additional shares of Common Stock to be available for grants made under the Amended Plan, and our “Fully Diluted Shares of Common Stock.” The additional 5,500,000 shares represent approximately 4.75% of our Fully Diluted Shares of Common Stock, as described in the table below. The Board believes that the increase in the number of shares of Common Stock under the Amended Plan represents a reasonable amount of potential equity dilution, which will allow us to continue awarding equity grants. Equity grants are an important component of our overall compensation program for our executive officers and other key employees, as well as our Non-Employee Directors.

| MFA Financial, Inc. | 79 | 2025 Proxy Statement |

TABLE OF CONTENTS

Potential Overhang with 5,500,000 Additional Shares

| Options Outstanding as of March 31, 2025                                                                              |     |         -0- |
| Weighted Average Exercise Price of Options Outstanding as of March 31, 2025                                           |     |         -0- |
| Weighted Average Remaining Term of Options Outstanding as of March 31, 2025                                           |     |         -0- |
| Outstanding Full Value Grants as of March 31, 2025(1)                                                                 |     |   4,193,914 |
| Total Equity Grants Outstanding as of March 31, 2025(2)                                                               |     |   4,193,914 |
| Shares Available for Grant under the Existing Plan as of March 31, 2025                                               |     |   3,536,231 |
| Additional Shares Requested                                                                                           |     |   5,500,000 |
| Total Potential Overhang under the Amended Plan(3)                                                                    |     |  13,230,145 |
| Common Stock Outstanding as of March 31, 2025                                                                         |     | 102,652,862 |
| Fully Diluted Shares of Common Stock                                                                                  |     | 115,883,807 |
| Potential Dilution of 5,500,000 Additional Shares as a Percentage of Fully Diluted Shares of Common Stock Outstanding |     |       4.75% |

| 1. | Consists of 359,405 fully vested RSUs (granted to the Company’s Non-Employee Directors as a component of their director fees), 188,308 vested but unsettled PRSUs, 1,266,674 TRSUs and 2,