Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 79

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 79
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 of intent not to renew at least 90 days prior to December 31, 2024 (the expiration of the most recent renewal term). Accordingly, each of the Knutson Employment Agreement and the Wulfsohn Employment Agreement currently remains in effect until December 31, 2025 (subject to any further renewal).

| MFA Financial, Inc. | 62 | 2025 Proxy Statement |

TABLE OF CONTENTS Base Salary The Employment Agreements provide for each of Mr. Knutson and Mr. Wulfsohn to receive a base salary. For 2024, Mr. Knutson was paid a base salary of $800,000 per annum and Mr. Wulfsohn was paid a base salary of $625,000. Each of the Employment Agreements provides that the Compensation Committee of the Board shall review the executive’s base salary annually to determine whether an increase or decrease is appropriate. Generally, the executive’s base salary may be increased, but not decreased unless in connection with an overall reduction of base salaries for the Company’s senior executives. Annual Performance-Based Bonus The Knutson Employment Agreement and the Wulfsohn Employment Agreement provide that each executive is eligible to receive an annual performance-based bonus (the “Annual Bonus”) based on the Company’s and each executive’s individual performance during the 12-month period beginning each December 1st during the term and ending on November 30th of the next succeeding year (each 12-month period being a performance period). Pursuant to the terms of their respective employment agreements, For the 2024 Performance Period Mr. Knutson’s 2024 target annual bonus (the “Overall Target Bonus”) was $2,000,000 and Mr. Wulfsohn’s Overall Target Bonus was $1,100,000. Generally, the executive’s Overall Target Bonus may be increased by the Compensation Committee, but not decreased unless in connection with an overall reduction in target bonuses for the Company’s senior executives. The Employment Agreements provide that each executive’s Annual Bonus is comprised of two components. In the case of each executive (i) a portion of his Annual Bonus is payable based on the achievement of objective performance goals established by the Compensation Committee on an annual basis, which may include performance goals based on ROAE as well as other objective performance measures that the Compensation Committee shall determine are appropriate for a given performance period and (ii) a portion of his Annual Bonus is based on the executive’s individual performance and other factors determined by the Compensation Committee. More