Document:

Exhibit 10.3
    

    
      ANNALY CAPITAL MANAGEMENT, INC.

    

    
      TERMINATION AGREEMENT
    

    
                          WHEREAS,
      the undersigned Executive is employed by Annaly Capital Management, Inc.
      (“Company”); and
    

    
                          WHEREAS,
      the Executive is signatory and subject to an Employment Agreement
      (“Agreement”); and
    

    
                          WHEREAS,
      on May 23, 2013, the stockholders of the Company approved the entry into
      a management agreement with Annaly Management Company LLC (the
      “Manager”) under which the Manager will take responsibility for the
      management of Annaly effective July 1, 2013 (the “Effective Date”); and
    

    
                          WHEREAS,
      Executive has been offered employment with the Manager;
    

    
                          NOW,
      THEREFORE, the Executive and the Company, intending to be legally
      bound, hereby agree as follows:
    

    
      1.        That the Agreement is terminated, as of the Effective Date,
      and shall be of no force or effect thereafter.
    

    
      2.        That the termination of the Agreement does not entitle the
      Executive to the acceleration of any benefits or termination payments,
      including, but not limited to, those set forth in Section 8 of the
      Agreement; provided, however, that the Company acknowledges that if the
      Executive is terminated in the future by the Manager, such Executive
      shall be entitled to similar accelerated benefits pursuant to the
      Executive’s then existing employment agreement with the Manager.
    

    
      3.        That the offer to the Executive of employment with the Manager
      is good and valuable consideration, the sufficiency of which is hereby
      acknowledged by Executive, for the promises and agreements made by
      Executive herein.
    

    	
          
            /s/Kevin G. Keyes
          

        	
           
        	
          Date:
        	
          
            6/20/2013
          

        	

        
	
          
            Name: Kevin G. Keyes
          

        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	
          ANNALY CAPITAL MANAGEMENT, INC.
        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	

        	
           
        
	
          
            By:
          

        	
          
            /s/Wellington J. Denahan
          

        	

        	
          Date:
        	
          
            6/24/2013
          

        	

        
	

        	
          
            Wellington J. Denahan, CEOExhibit 10.4
    

    
      ANNALY CAPITAL MANAGEMENT, INC.

    

    
      TERMINATION AGREEMENT
    

    
                          WHEREAS,
      the undersigned Executive is employed by Annaly Capital Management, Inc.
      (“Company”); and
    

    
                          WHEREAS,
      the Executive is signatory and subject to an Employment Agreement
      (“Agreement”); and
    

    
                          WHEREAS,
      on May 23, 2013, the stockholders of the Company approved the entry into
      a management agreement with Annaly Management Company LLC (the
      “Manager”) under which the Manager will take responsibility for the
      management of Annaly effective July 1, 2013 (the “Effective Date”); and
    

    
                          WHEREAS,
      Executive has been offered employment with the Manager;
    

    
                          NOW,
      THEREFORE, the Executive and the Company, intending to be legally
      bound, hereby agree as follows:
    

    
      1.        That the Agreement is terminated, as of the Effective Date,
      and shall be of no force or effect thereafter.
    

    
      2.        That the termination of the Agreement does not entitle the
      Executive to the acceleration of any benefits or termination payments,
      including, but not limited to, those set forth in Section 8 of the
      Agreement; provided, however, that the Company acknowledges that if the
      Executive is terminated in the future by the Manager, such Executive
      shall be entitled to similar accelerated benefits pursuant to the
      Executive’s then existing employment agreement with the Manager.
    

    
      3.        That the offer to the Executive of employment with the Manager
      is good and valuable consideration, the sufficiency of which is hereby
      acknowledged by Executive, for the promises and agreements made by
      Executive herein.
    

    	
          
            /s/Kathryn Fagan
          

        	
           
        	
          Date:
        	
          
            6/20/2013
          

        	

        
	
          
            Name: Kathryn Fagan
          

        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	
          ANNALY CAPITAL MANAGEMENT, INC.
        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	

        	
           
        
	
          
            By:
          

        	
          
            /s/Wellington J. Denahan
          

        	

        	
          Date:
        	
          
            6/24/2013
          

        	

        
	

        	
          
            Wellington J. Denahan, CEOExhibit 10.5
    

    
      ANNALY CAPITAL MANAGEMENT, INC.

    

    
      TERMINATION AGREEMENT
    

    
                          WHEREAS,
      the undersigned Executive is employed by Annaly Capital Management, Inc.
      (“Company”); and
    

    
                          WHEREAS,
      the Executive is signatory and subject to an Employment Agreement
      (“Agreement”); and
    

    
                          WHEREAS,
      on May 23, 2013, the stockholders of the Company approved the entry into
      a management agreement with Annaly Management Company LLC (the
      “Manager”) under which the Manager will take responsibility for the
      management of Annaly effective July 1, 2013 (the “Effective Date”); and
    

    
                          WHEREAS,
      Executive has been offered employment with the Manager;
    

    
                          NOW,
      THEREFORE, the Executive and the Company, intending to be legally
      bound, hereby agree as follows:
    

    
      1.        That the Agreement is terminated, as of the Effective Date,
      and shall be of no force or effect thereafter.
    

    
      2.        That the termination of the Agreement does not entitle the
      Executive to the acceleration of any benefits or termination payments,
      including, but not limited to, those set forth in Section 8 of the
      Agreement; provided, however, that the Company acknowledges that if the
      Executive is terminated in the future by the Manager, such Executive
      shall be entitled to similar accelerated benefits pursuant to the
      Executive’s then existing employment agreement with the Manager.
    

    
      3.        That the offer to the Executive of employment with the Manager
      is good and valuable consideration, the sufficiency of which is hereby
      acknowledged by Executive, for the promises and agreements made by
      Executive herein.
    

    	
          
            /s/James P. Fortescue
          

        	
           
        	
          Date:
        	
          
            6/20/2013
          

        	

        
	
          Name: James P. Fortescue
        	

        	

        	

        	

        
	

        	

        	

        	

        	
           
        
	
          ANNALY CAPITAL MANAGEMENT, INC.
        	

        	

        	

        	

        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	
          
            By:
          

        	
          
            /s/Wellington J. Denahan
          

        	

        	
          Date:
        	
          
            6/24/2013
          

        	

        
	

        	
          
            Wellington J. Denahan, CEOExhibit 10.6
    

    
      ANNALY CAPITAL MANAGEMENT, INC.

    

    
      TERMINATION AGREEMENT
    

    
                          WHEREAS,
      the undersigned Executive is employed by Annaly Capital Management, Inc.
      (“Company”); and
    

    
                          WHEREAS,
      the Executive is signatory and subject to an Employment Agreement
      (“Agreement”); and
    

    
                          WHEREAS,
      on May 23, 2013, the stockholders of the Company approved the entry into
      a management agreement with Annaly Management Company LLC (the
      “Manager”) under which the Manager will take responsibility for the
      management of Annaly effective July 1, 2013 (the “Effective Date”); and
    

    
                          WHEREAS,
      Executive has been offered employment with the Manager;
    

    
                          NOW,
      THEREFORE, the Executive and the Company, intending to be legally
      bound, hereby agree as follows:
    

    
      1.        That the Agreement is terminated, as of the Effective Date,
      and shall be of no force or effect thereafter.
    

    
      2.        That the termination of the Agreement does not entitle the
      Executive to the acceleration of any benefits or termination payments,
      including, but not limited to, those set forth in Section 8 of the
      Agreement; provided, however, that the Company acknowledges that if the
      Executive is terminated in the future by the Manager, such Executive
      shall be entitled to similar accelerated benefits pursuant to the
      Executive’s then existing employment agreement with the Manager.
    

    
      3.        That the offer to the Executive of employment with the Manager
      is good and valuable consideration, the sufficiency of which is hereby
      acknowledged by Executive, for the promises and agreements made by
      Executive herein.
    

    	
          
            /s/Kristopher Konrad
          

        	
           
        	
          Date:
        	
          
            6/25/2013
          

        	

        
	
          Name: Kristopher Konrad
        	

        	

        	

        	

        
	

        	

        	

        	

        	
           
        
	
          ANNALY CAPITAL MANAGEMENT, INC.
        	

        	

        	

        	

        
	

        	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	

        	
           
        
	
          
            By:
          

        	
          
            /s/Wellington J. Denahan
          

        	

        	
          Date:
        	
          
            6/25/2013
          

        	

        
	

        	
          
            Wellington J. Denahan, CEO

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