Document:

Exhibit 10.10

 

 

 

 

 

 

 

 

 

 

 

Shenzhen Premises Lease

 

 

 

 

Contract

 

(For residence)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by Rental Property Management
Office of Shenzhen Municipality

  

     

     

    

 

Premises Lease Contract

 

	Lessor
    (Party A): 	Chen
    Hong	 	 

 

	Premises
    information code card:	 	 	 

 

	Correspondence address: 	Building No. 24, Zhonglv International Mansion Phase II, Futian District,Shenzhen

 

	Post
    code:	 	Contact
    number: 	13714007833

 

	Social
    credit code or valid certificate number: 	441402196809270027	 	 

 

	Authorized
    agent: 	 	 	 

 

	Correspondence
    address: 	 	 	 

 

	Post
    code: 	 	Contact
    number: 	 

 

	Social
    credit code or valid certificate number: 	 	 	 

 

 

	Lessee (Party B): 	Fit Boxx Import and Export Trading (Shenzhen) Company Limited	 

  

	Correspondence address: 	Room 1102, Shenrong Building, Huanggang Port, Futian District, Shenzhen

 

	Post
    code: 	518000	Contact
    number: 	0755-83584540

 

	Social
    credit code or valid certificate number: 	91440300055133812U	 	 

 

	Authorized
    agent: 	Huang
    Jiachuan	 	 

 

	Correspondence address: 	Room 1102, Shenrong Building, Huanggang Port, Futian District, Shenzhen

  

	Post
    code: 	518000	Contact
    number: 	15919415751

 

	Social
    credit code or valid certificate number: 	ID
    card 445281199403174416	 	 

 

In accordance with the provisions of the
Contract Law of the People’s Republic of China, Law of the People’s Republic of China on Urban Real Estate
Administration, Measures for the Administration of the Lease of Commodity Houses, and Decision of the Standing Committee
of Shenzhen Municipal People’s Congress on Strengthening Security Responsibilities in Premises Lease, both Parties hereby
enter into this Contract through negotiation.

 

Article 1 Party A leases out the
premises located at Rooms 701, 702 and 703, Shenrong Building, Huanggang Port, Futian District, Shenzhen (hereinafter referred
to as the “Premises”) to Party B for residential use.

 

The Premises consists of 3 (suites/rooms),
and the area thereof for lease totals 156.98 square meters. The property owner or legal user thereof is Chen Hong;
the name and number of the real estate rights certificate or other valid certificates evidencing their property right (right of
use) are: 441402196809270027.

 

Article 2 The term of lease of
the Premises by Party B is from Apr. 18, 2018 to Apr. 17, 2020.

 

Party A shall deliver the Premises to
Party B prior to Apr. 18, 2018. Where Party A delays the delivery of the Premises, it shall pay liquidated damages to Party
B in the amount of RMB _______ yuan (in words: ______________ yuan) for each day delayed.

 

Article 3 The monthly rent of the
Premises totals RMB 12,000 yuan (in words: twelve thousand yuan).

 

Party B shall pay the rent to Party A
prior to the 18th day of every month (the ______ day in the ______ month of every quarter). Where any payment
for rent is delayed by Party B for more than one month, Party A may dissolve this Contract.

 

Article 4 Party B agrees to pay
at the time of delivery by Party A of the Premises a security deposit in an amount equivalent to 2 months’ (no more than
three months’) rent, i.e., RMB 24,000 yuan (in words: twenty-four thousand yuan).

 

    1

     

    

 

Party A shall issue a receipt to Party
B for the collection of the security deposit.

 

Conditions for the return by Party A of
the security deposit to Party B are:

 

	1.
    	There is no rent
    in arrears.
	 	 
	2.	 
	 	 
	3.	 

 

Terms and time of return of the security
deposit: upon the termination hereof without any renewal.

 

Circumstances under which Party A may
refuse to return the security deposit:

 

	1.
    	Rent
    in arrears
	 	 
	2.	 
	 	 
	3.	 

 

All terms of this clause shall be performed
by both Parties conscientiously. In case of any breach of contract by either Party, such Party shall bear the liability for breach
of contract in accordance with legal provisions.

 

Article 5 During the lease term,
Party A shall be responsible for paying the taxes involved in the lease of the Premises, and fees for the use and ——
of the land occupied by the Premises; Party B shall be responsible for paying in a timely manner the water and electricity
bills, sanitation fee, property management fee for the Premises (building), —— fee, and other fees arising
from the use of the Premises.

 

Article 6 Party B may not arbitrarily
alter the use of the Premises. Where Party B uses the Premises for any purpose other than residence, Party A may dissolve this
Contract.

 

Article 7 Party A shall ensure
the security and safe use of the Premises and its internal facilities.

 

Where any damage or failure which hinders
the safe and normal use of the Premises and its internal facilities is incurred or occurs, Party B shall notify Party A in a timely
manner, and take effective measures; Party A shall make repairs within 7 days upon notification by Party B. Where Party
B is unable to notify Party A, or Party A fails to perform its obligation to make repairs within the aforesaid time limit, Party
B may make repairs on behalf of Party A, with the cost of repairs to be borne by Party A.

 

Article 8 Party B shall make normal
and reasonable use of the Premises and its ancillary facilities. Where due to any improper or unreasonable use by Party B, any
damage is incurred to or any failure occurs in the Premises or its ancillary facilities, Party B shall be responsible for making
repairs or compensation in a timely manner.

 

Where Party B intends to alter the internal
structure or decoration of the Premises, or install any equipment which impacts the structure of the Premises, the construction
work may begin only after the design scale, scope, process, materials, and other plans are approved by Party A in writing. Upon
the expiry of the lease term or surrender of tenancy for reasons on the part of Party B, unless otherwise agreed to by both Parties,
Party A may choose one of the following rights:

 

☐
To own the decorations to the Premises;

 

þ
To request Party B to restore the Premises to
its original status;

 

☐
To charge Party B the costs actually incurred in the restoration project.

 

(One
of the three options above shall be selected by both Parties jointly, and a “ü”
shall be drawn in the  ☐ in front of the option selected.)

 

Article 9 Without the written consent
of Party A, Party B may not sublease the Premises in full or in part to others. In case of sublease with the consent of Party
A, the sublease term may not exceed the original term of lease by Party B.

 

In case of sublease by Party B without
authorization, Party A may dissolve this Contract.

 

Article 10 During the lease term,
both Parties shall fully perform their obligations hereunder, and may not dissolve this Contract without cause. In case of dissolution
hereof by either Party ex parte in accordance with the provisions of this Contract or the law, an application may be filed for
the cancellation of the premises lease registration ex parte.

 

Article 11 After the termination
hereof upon the expiry of the term hereof (or for other reasons), Party B shall move out of the Premises within 7 days.
Where Party B fails to move out of or return the Premises within such time limit, it shall pay double rent to the Lessor during
the period of delay. If it does not reside in the Premises, Party A may recover the Premises, and file a lawsuit with the people’s
court.

 

    2

     

    

 

Article 12 Any dispute between
both Parties arising from the performance hereof shall be settled through negotiation; where such negotiation fails, an application
may be filed with the competent authority in charge of premises lease for mediation, or:

 

☐
An application may be filed with Shenzhen Court of International Arbitration for arbitration;

 

☐
An application may be filed with Shenzhen Arbitration Commission for arbitration;

 

þ
A lawsuit may be filed with the people’s court at the place where the Premises is located.

 

(One
of the above means of dispute settlement shall be selected by both Parties through negotiation, and a “ü”
shall be drawn in the ☐ in front of the option selected.)

 

Article 13 Both Parties agree that
the following correspondence addresses are those for the delivery of both Parties’ notices or documents:

 

Party A’s address for service: Room
906, Building No. 1, Xiangmi Yuanzhu, Futian District, Shenzhen

 

Party B’s address for service: Room
1102, Shenrong Building, Huanggang Port, Futian District, Shenzhen

 

In absence of the above addresses, the
correspondence addresses of both Parties specified herein shall be the addresses for service.

 

The addresses for service shall remain
valid without notification on the change thereof. Any notice or document sent by either Party to the other Party shall be deemed
served upon mailing to the address for service. Where any document mailed to any of the above addresses is returned by the post
office, the date of return shall be deemed as the date of service.

 

Article 14 Both Parties shall execute
a Letter of Responsibility for Premises Lease Security Management in Shenzhen.

 

Article 15 The content of the attached
sheet is an integral part hereof, and shall take effect upon signature and seal by both Parties.

 

During the lease term, both Parties may
negotiate about matters not covered herein, and specify the same in a supplementary agreement, which shall be registered and filed
with the original premises lease registration authority within thirty days upon the execution thereof.

 

This Contract is made in 3 copies,
with Party A holding 1 copy, Party B holding 1 copy, and the contract registration authority holding 1 copy
(copies) respectively.

 

This Contract shall take effect as of
the date of execution.

 

	Party
    A (signature and seal): Chen Hong	 
	Legal
    representative:	 
	Contact
    number: 13714007833	 
	Bank
    account number: Zhonglv Sub-branch, Construction Bank of China, 720157998011017974
	Authorized
    agent (signature and seal):	Apr.
    18, 2018
	 	 
	Party
    B (signature and seal): (Seal: Fit Boxx Import and Export Trading (Shenzhen) Company Limited)
	Legal
    representative:	 
	Contact
    number: 0755-83584540, 15919415751
	Bank
    account number:	 
	Authorized
    agent (signature and seal):	Apr.
    18, 2018

 

 

    3

     

    

 

(Attached sheet)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Letter of Responsibility for

  

 

Premises Lease Security Management in Shenzhen

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared and printed by Shenzhen Flowing
Population and Rental Property Comprehensive Management Office

 

     

     

    

 

This letter of responsibility is formulated
in accordance with the provisions of relevant laws and regulations in order to implement the Decision of the Standing Committee
of Shenzhen Municipal People’s Congress on Strengthening Security Responsibilities in Premises Lease, further specify
security responsibilities in premises lease, strengthen rental property security management, and safeguard the life and property
safety of the masses.

 

I. The lessors and lessees of premises
for production and operation (including running commodity markets and their stalls and counters), offices, residence, and other
premises within the administrative division of Shenzhen are persons responsible for the security of rental properties.

 

II. A lessor shall have a premises ownership
certificate or other documentation required by Shenzhen municipal government to lease the premises. Where any person is entrusted
with the lease of any premises, the premises owner shall execute a written entrustment agreement with such person to specify their
respective security responsibilities. Sublessors, other persons who are actually engaged in any lease, and premises lenders shall
bear security responsibilities as lessors.

 

III. Lessors shall ensure that the buildings
for lease and their exits and entrances, passages, and fire, gas, and electric facilities shall in compliance with the provisions
of relevant laws and regulations and security standards provided for by relevant administrative authorities. Where relevant license
or approval document is required for lease as provided for by laws and regulations, the same shall be obtained by the lessors.

 

IV. Where any lessee uses any rental property
for production and operation, the lessor shall request it to present prior to its commencement of business relevant certificate
proving that fire-fighting formalities have been handled and industrial and commercial business license or license for commencement
of business.

 

V. Lessors shall inspect the safe use
and nature of use of the rental properties and make written records at least once every quarter, for which the lessees shall render
cooperation and sign on such records; where for objective reasons any lessor is unable to conduct inspection in person, it shall
entrust others with the inspection.

 

VI. Where any lessor finds out through
inspection that any rental property poses security risk, or the lessee alters without authorization the nature of use of the rental
property, it shall report to the rental property comprehensive management authority or other relevant administrative authority.

 

VII. Lessees shall use premises in a safe
and reasonable manner in accordance with the provisions of laws and regulations and premises lease contracts, and may not arbitrarily
alter the structure and nature of use of the premises; where any lessee finds out that any rental property poses security risk,
it shall forthwith notify the lessor, and at the same time report to the rental property comprehensive management authority or
other relevant administrative authority.

 

VIII. Lessees may not arbitrarily alter
the functions of rental properties, and the use of any rental property to engage in the hotel industry, catering, entertainment,
internet cafes, workshops, and other business activities shall be in compliance with relevant provisions;

 

It is forbidden to use any rental property
for gambling, drug abuse and trafficking, prostitution, pornography, forgery of documents, printing of illegal publications, manufacture
and sale of counterfeit and fake commodities, harboring of criminals, harboring and sale of stolen goods, and other illegal and
criminal acts;

 

It is forbidden to use any rental property
for pyramid sale or the same in disguised forms, unlicensed operations, unlicensed clinics, illegal medical practice, illegal
exploitation of renewable resources, and other illegal acts;

 

It is forbidden to use any rental property
for unlicensed employment agency, matchmaking agency, training, real estate agency, and other fraud activities;

 

It is forbidden to use any rental property
for the production, storage and operation of flammable, explosive, toxic, radioactive, and other dangerous articles.

 

IX. Both Parties to any lease shall assist
and cooperate with the rental property comprehensive management authority in the inspection and management of the security of
the rental property, and truthfully provide relevant materials and information.

 

X. Where any lessor or lessee fails to
perform its security responsibilities in accordance with the law, which results in any personal or property damage to others,
the victims may request the lessor or lessee to bear corresponding liability for compensation in accordance with the law.

 

	Lessor:
    (signature and seal) (Signature: Chen Hong)	 	Lessee:
    (signature and seal)
	 	 	 
	Agent
    and custodian: (signature and seal)	 	(Seal:
                                         Fit Boxx Import and Export Trading

                                                                (Shenzhen)
                                         Company Limited)

	 	 	 
	Contact
    number: 13714007833	 	Contact
    number:

 

Apr. 18, 2018EXHIBIT 10.1

 

Form of Phantom Share Award Agreement

Time-Based Vesting

 

MFA FINANCIAL, INC.

EQUITY COMPENSATION PLAN

 

[AMENDED AND RESTATED] PHANTOM SHARE AWARD AGREEMENT

(TIME-BASED VESTING)

 

This [AMENDED AND RESTATED] PHANTOM SHARE AWARD AGREEMENT, dated as of the     day of      , 2018 [amends and restates the Agreement dated as of the     day of           , 20  ](1) (the “Grant Date”), by and between MFA Financial, Inc., a Maryland corporation (the “Company”), and [              ] (the “Grantee”).

 

WHEREAS, the Company maintains the MFA Financial, Inc. Equity Compensation Plan, as it may be amended from time to time (the “Plan”) (capitalized terms used but not defined herein shall have the respective meanings ascribed thereto by the Plan);

 

WHEREAS, the Grantee, as an employee of the Company, is an Eligible Person; and

 

WHEREAS, the Committee has determined that it is in the best interests of the Company and its stockholders to grant Phantom Shares to the Grantee subject to the terms and conditions set forth below.

 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.                                      Grant of Phantom Shares.

 

The Company hereby grants the Grantee [     ] Phantom Shares. The Phantom Shares are subject to the terms and conditions of this Agreement and are also subject to the provisions of the Plan.  The Plan is hereby incorporated by reference as though set forth herein in its entirety.

 

2.                                      Vesting.

 

The Phantom Shares shall be subject to the terms and conditions set forth in this Section 2.

 

(a)                                 Except as otherwise provided herein, 100% of the Phantom Shares shall vest on December 31, 20  , provided that the Grantee has not had a Termination of Service prior to such date.

 

(b)                                 In the event that, prior to December 31, 20  , the Grantee experiences a Termination of Service on account of death or Disability, then the Phantom Shares shall become fully vested as of the date of the Grantee’s Termination of Service.

 

(1)  Amendment and restatement language to be included, as applicable, only in connection with awards granted prior to December 2018.

 

 

(c)                                  In the event that, prior to December 31, 20   and upon or within 12 months following a Change of Control, the Grantee experiences a Termination of Service by the Company without Cause (other than for Disability), then the Phantom Shares shall become fully vested as of the Grantee’s Termination of Service.

 

(d)                                 Except as otherwise provided in Section 2(b) and Section 2(c), if the Grantee experiences a Termination of Service for any reason, any unvested Phantom Shares shall, with no further action, be forfeited and cease to be outstanding as of the Grantee’s Termination of Service.

 

3.                                      Settlement.

 

Each vested and outstanding Phantom Share shall be settled in one share of Common Stock of the Company (a “Share”) within 30 days following the date on which such Phantom Share vests as set forth in Section 2 above (the “Settlement Date”), subject to delay to the extent required by Section 409A of the Code as set forth in Section 6(o) below.

 

4.                                      Dividend Equivalents.

 

With respect to each outstanding Phantom Share (whether or not vested) that has not been forfeited in accordance with Section 2, the Grantee shall have the right to receive cash in an amount equal to the cash dividend distributions declared in the ordinary course on a Share (each, a “Dividend Payment”).  The Company shall provide such cash payment within 30 days of the date on which the Dividend Payment is paid to the Company’s stockholders, and in any event no later than December 31 of the year in which the Dividend Payment is paid.

 

5.                                      Confidentiality, Non-Competition and Non-Solicitation.

 

(a)                                 In consideration for the Grant under this Agreement, during the Grantee’s term of employment and at all times thereafter, the Grantee hereby agrees to maintain the confidentiality of all confidential or proprietary information of the Company and any of its subsidiaries or affiliates, if any, or of any other person or entity with which the Grantee is involved as a direct or indirect result of the Grantee’s employment by, or performance of consulting or other services (including, without limitation, as a director, officer, advisor, agent, consultant or other independent contractor) for, the Company or any of its subsidiaries or affiliates, and, except in furtherance of the business of the Company or as specifically required by law or by court order, the Grantee shall not directly or indirectly disclose any such information to any person or entity nor shall the Grantee use any such confidential information for any purpose except for the legal benefit of the Company.  This restriction shall apply regardless of whether such information is in written, graphic, recorded, photographic, data or any machine readable form or is orally conveyed to, or memorized by the Grantee.

 

(b)                                 Reserved.

 

(c)                                  Reserved.

 

(d)                                 In consideration for the Grant under this Agreement, during the Grantee’s employment with the Company and the one year period immediately following the Grantee’s Termination of Service for any Reason, the Grantee agrees that the Grantee will not, without the prior written consent of the Company, directly or indirectly (individually, or through or on behalf of another

 

 

entity as owner, partner, agent, employee, consultant, or in any other capacity), (i) solicit, encourage, or engage in any activity to induce any employee of the Company or its affiliates to terminate employment with the Company or its affiliates, or to become employed by, or to enter into a business relationship with, any other person or entity; or (ii) hire or retain any person who was an employee of the Company or its affiliates within the six month period preceding such action; provided that, (x) this Section 5(d) shall not apply to any administrative employee of the Company or its affiliates or any person who was an administrative employee of the Company or its affiliates and (y) any hiring or solicitation pursuant to a general solicitation conducted by an entity that has hired or agreed to hire the Grantee and that does not directly or indirectly target current or former employees of the Company or its affiliates, or by a headhunter employed by such entity, which in either case does not involve the Grantee, shall not be a violation of this Section 5(d).

 

(e)                                  The Grantee acknowledges, agrees and represents that the type and periods of restrictions imposed in this Section 5 are fair and reasonable, and that such restrictions are intended solely to protect the legitimate interests of the Company, rather than to prevent the Grantee from earning a livelihood.  The Grantee further acknowledges and agrees that the business of the Company is highly competitive and that the Company’s confidential information and proprietary materials have been developed by the Company at significant expense and effort, and that the restrictions contained in this Section 5 are reasonable and necessary to protect the legitimate business interests of the Company. The Grantee represents that: (i) the Grantee is familiar with the covenants set forth in this Section 5, (ii) the Grantee is fully aware of his or her obligations hereunder, including, without limitation, the length of time, scope and geographic coverage of these covenants, (iii) the Grantee finds the length of time, scope and geographic coverage of these covenants to be reasonable and (iv) the Grantee is receiving valuable and sufficient consideration for the Grantee’s covenants not to compete and not to solicit.

 

(f)                                   The Grantee acknowledges that each of the covenants in this Section 5 has a unique, very substantial and immeasurable value to the Company, that the Grantee has sufficient assets and skills to provide a livelihood while such covenants remain in force and that, as a result of the foregoing, in the event that the Grantee breaches such covenants, monetary damages would be an insufficient remedy for the Company and equitable enforcement of the covenants would be proper.  The Grantee therefore agrees that the Company, in addition to any other remedies available to it, will be entitled to preliminary and permanent injunctive relief against any breach by the Grantee of any of the covenants in this Section 5, without the necessity of showing actual monetary damages or the posting of a bond or other security.  The Grantee also agrees that, in addition to any other remedies available to the Company and notwithstanding any provision of this Agreement to the contrary, in the event the Grantee breaches in any material respect any of his obligations under this Section 5, the Phantom Shares granted under this Agreement (whether vested or unvested) may be immediately forfeited, and the Company may require that the Grantee repay any Shares delivered or other amounts paid (each on an after-tax basis) with respect to the Phantom Shares granted hereunder.

 

(g)                                  The Grantee and the Company further agree that, in the event that any provision of this Section 5 is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, that provision will be deemed to be modified to permit its enforcement to the maximum extent permitted by law.

 

 

(h)                                 The provisions of this Section 5 shall not affect the Company’s ability to enforce the provisions of any other agreement in effect between the Company and the Grantee, including without limitation, the covenants contained in any offer letter or employment agreement.

 

(i)                                     Nothing in this Agreement, including the obligations set forth in this Section 5, restricts or prohibits the Grantee from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. The Grantee does not need the prior authorization of the Company to engage in such communications with the Regulators, respond to such inquiries from the Regulators, provide confidential information or documents to the Regulators, or make any such reports or disclosures to the Regulators.  The Grantee is not required to notify the Company that he has engaged in such communications with the Regulators.

 

(j)                                    The Company hereby notifies the Grantee that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law.  Nothing in this Agreement is intended to limit any rights under such federal law.

 

6.                                      Miscellaneous.

 

(a)                                 The value of a Phantom Share may decrease depending upon the Fair Market Value of a Share from time to time. Neither the Company nor the Committee, nor any other party associated with the Plan, shall be held liable for any decrease in the value of the Phantom Shares. If the value of such Phantom Shares decreases, there will be a decrease in the underlying value of what is distributed to the Grantee under the Plan and this Agreement.

 

(b)                                 With respect to this Agreement, (i) the Phantom Shares are bookkeeping entries and the Grantee shall not have any rights of a shareholder with respect to Common Stock unless and until the Phantom Shares vest and are settled by the issuance of such Shares of Common Stock, (ii) the obligations of the Company under the Plan are unsecured and constitute a commitment  by the Company to make benefit payments in the future, (iii) to the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any general unsecured creditor of the Company, (iv) all payments under the Plan (including distributions of Shares) shall be paid from the general funds of the Company and (v) no special or separate fund shall be established or other segregation of assets made to assure such payments (except that the Company may in its discretion establish a bookkeeping reserve to meet its obligations under the Plan). The award of Phantom Shares is intended to be an arrangement that is unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended.

 

 

(c)                                  THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.  This Agreement may not be amended or modified except by a written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

 

(d)                                 The Committee may construe and interpret this Agreement and establish, amend and revoke such rules, regulations and procedures for the administration of this Agreement as it deems appropriate. In this connection, the Committee may correct any defect or supply any omission, or reconcile any inconsistency in this Agreement or in any related agreements, in the manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. All decisions and determinations by the Committee in the exercise of this power shall be final and binding upon the Company and the Grantee.

 

(e)                                  All notices hereunder shall be in writing and, if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Committee and, if to the Grantee, shall be delivered personally or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 6(e).

 

(f)                                   The failure of the Grantee or the Company to insist upon strict compliance with any provision of this Agreement or the Plan, or to assert any right the Grantee or the Company, respectively, may have under this Agreement or the Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement or the Plan.

 

(g)                                  Nothing in this Agreement shall (i) confer on the Grantee any right to continue in the service of the Company or its Subsidiaries or otherwise confer any additional rights or benefits upon the Grantee with respect to the Grantee’s employment with the Company or (ii) interfere in any way with the right of the Company or its Subsidiaries and its stockholders to terminate the Grantee’s service at any time.

 

(h)                                 If any change is made to the outstanding Common Stock or the capital structure of the Company, the Phantom Shares shall be adjusted in accordance with the Plan.

 

(i)                                     The Phantom Shares and the rights relating thereto shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish, or levy or execute on the Phantom Shares and the rights relating thereto shall be void.

 

(j)                                    The Company may assign any of its rights under this Agreement.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Grantee and the Grantee’s beneficiaries, executors, administrators and the person(s) to whom the Phantom Shares may be transferred by will or the laws of descent or distribution.

 

(k)                                 The Plan is discretionary and may be amended, suspended or discontinued by the Company at any time, in its discretion. The grant of the Phantom Shares in this Agreement does

 

 

not create any contractual right or other right to receive any Phantom Shares or other Grants in the future. Future Grants, if any, will be at the sole discretion of the Company. Any amendment, suspension or discontinuation of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee’s employment with the Company.

 

(l)                                     The issuance and transfer of Shares shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Shares may be listed.  No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel.

 

(m)                             The Grantee shall be required to pay to the Company or make arrangements satisfactory to the Company regarding payment of any federal, state or local taxes of any kind that are required by law to be withheld with respect to the Phantom Shares.  Except as may be otherwise permitted by the Committee, to satisfy such obligation the Company shall withhold a number of Shares to be issued pursuant to this Agreement with an aggregate Fair Market Value as of the date withholding is effected that would satisfy the withholding amount due; provided, however, that no Shares shall be withheld with an aggregate value exceeding the minimum amount of tax required to be withheld by law or such higher amount that does not result in adverse accounting treatment for the Company, as approved in advance by the Committee.  Notwithstanding anything contained in the Plan or this Agreement to the contrary, the Grantee’s satisfaction of any tax withholding requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to provide Shares to the Grantee, and the failure of the Grantee to satisfy such requirements with respect to this Grant shall cause this Grant to be forfeited.

 

(n)                                 The Phantom Shares shall be subject to any applicable clawback policy implemented by the Board from time to time.

 

(o)                                 The Phantom Shares are intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code and administered in accordance with Section 28 of the Plan.  To the extent any payment pursuant to this Agreement is required to be delayed six months pursuant to the special rules of Section 409A of the Code related to “specified employees,” each affected payment shall be delayed until six months after the Grantee’s Termination of Service with the first such payment being a lump sum equal to the aggregate payments the Grantee would have received during such six-month period if no payment delay had been imposed. Any payments or distributions delayed in accordance with the prior sentence shall be paid to the Grantee on the first day of the seventh month following the Grantee’s Termination of Service (or the Grantee’s death, if earlier).  Each payment hereunder shall be treated as a separate payment for purposes of Section 409A of the Code.  Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A of the Code.

 

(p)                                 This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto,

 

 

[including the agreement previously provided to the Grantee in respect of the Phantom Shares (Time Based Vesting) dated as of              , 20  ](2).

 

IN WITNESS WHEREOF, the Company and the Grantee have executed this Agreement as of the day and year first above written.

 

	
 
    	
MFA   FINANCIAL, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

The Grantee hereby agrees and acknowledges that (a) the Grantee will be bound by the terms and conditions of this Agreement and the Plan, (b) all determinations by the Committee will be final and binding on all persons, and [(c) this Agreement supersedes the agreement previously provided to the Grantee in respect of the Phantom Shares (Time Based Vesting) dated as of              , 20  ](3).

 

	
 
    	
 
    
	
 
    	
Name:
    

 

(2)  Language in brackets to be included, as applicable, only in the case of awards granted prior to December 2018.

(3)  Language in brackets to be included, as applicable, only in the case of awards granted prior to December 2018.

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