Company: MFAN
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001140361-25-014577
Chunk: 96

Company: MFA FINANCIAL, INC.
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 96
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, (2) meet New York Stock Exchange listing requirements, (3) allow for incentive stock options to meet the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), and (4) extend the term of the Existing Plan. If our stockholders do not approve the Amended Plan, the Existing Plan will remain in effect according to its terms. The principal changes made by the Amended Plan are to:

| 1. | Increase the number of shares of Common Stock reserved for issuance, so that the number of shares reserved for issuance under the Amended Plan on or after June 3, 2025 (the “Effective Date”) is 13,230,145, which is equal to the sum of (i) the number of shares subject to outstanding grants under the Existing Plan as of March 31, 2025, assuming target performance of performance-based grants (4,193,914 shares), (ii) 3,536,231 shares remaining available for grant under the Existing Plan (assuming target performance of performance-based grants) and (iii) 5,500,000 additional shares of Common Stock to be made available for grants, subject to adjustments as described in the Amended Plan. Accordingly, the increase represents an additional 5,500,000 shares over the number of shares currently available for grants under the Existing Plan. |

| 3. | Make corresponding and appropriate clarifying changes and updates. |

| MFA Financial, Inc. | 78 | 2025 Proxy Statement |

TABLE OF CONTENTS

Determination of Shares to be Available for Issuance As of March 31, 2025, the number of shares subject to outstanding grants under the Existing Plan was 4,193,914 shares and 3,536,231 shares remain available for grant under the Existing Plan (assuming target performance of performance-based grants). If this Proposal is approved by our stockholders at the Annual Meeting, subject to adjustments set forth in the Amended Plan, the maximum aggregate number of shares of Common Stock that may be issued under the Amended Plan on or after the Effective Date is 13,230,145, which is calculated as follows:

| • | 4,193,914 shares of Common Stock, which is the number of shares subject to outstanding grants under the Existing Plan as of March 31, 2025 (assuming target performance of outstanding performance-based grants), plus |

| • | 3,536,231 shares of Common Stock, which is