Document:

Amendment No.2 to the Rights Agreement

 Exhibit 4.3 
 AMENDMENT NO. 2 
 TO THE 
 RIGHTS AGREEMENT 
 dated as of 
 January 4, 2010 
 between 
 MF GLOBAL LTD. 
 and 
 Computershare Trust Company, N.A. 

 AMENDMENT NO. 2 TO THE RIGHTS AGREEMENT 
 AMENDMENT NO. 2 TO THE RIGHTS AGREEMENT, dated as of January 4, 2010 (this “Amendment”), between MF Global Ltd., a Bermuda
company and, upon changing its place of incorporation from Bermuda to the State of Delaware, MF Global Holdings Ltd., a Delaware corporation (said Bermuda company and, upon such change, said Delaware corporation, the “Company”), and
Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”), amends the Rights Agreement, dated July 9, 2007, as previously amended by Amendment No. 1 to the Rights Agreement, dated May 20, 2008 (said agreement
as previously so amended, the “Agreement”) and confirms the effect of certain provisions of the Agreement. 
 WITNESSETH: 
 WHEREAS, in compliance with applicable law, the Company desires to change its jurisdiction of
incorporation from Bermuda to the State of Delaware (the “Domestication”) and, upon completion of the Domestication (the date and time of the effectiveness of the Domestication shall be referred to herein as the “Effective
Time”), change its legal name from MF Global Ltd. to MF Global Holdings Ltd.; 
 WHEREAS, Section 5.4 of the Agreement
permits the Agreement to be amended by a written agreement executed by the Company and the Rights Agent; and 
 WHEREAS, the
Company and the Rights Agent desire to amend the Agreement to reflect the Domestication on the terms and conditions set forth below. 
 NOW THEREFORE, in consideration of the premises and the respective agreements set forth herein, the Agreement is hereby amended as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATIONS 
 1.1 Capitalized terms used in this Amendment shall have the meanings given to such terms in the Agreement, except to the extent otherwise
provided herein. As used in this Amendment, the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Amendment as a whole and not to any particular article, section or other
subdivision of this instrument. 
 ARTICLE II 
 AMENDMENTS TO THE RIGHTS AGREEMENT 
 2.1 Company. At and after the
Effective Time, the definition of “Company” contained in the recitals to, and any reference to MF Global Ltd. in, the Agreement shall mean MF Global Holdings Ltd., a Delaware corporation (herein called “MFG Delaware”).

 2.2 Common Shares. At and after the Effective Time, the definition of “Common Shares” contained in
Section 1.1 of the Agreement shall mean the shares of common stock, par value $1.00 per share, of MFG Delaware. 

 2.3 Bye-laws. At and after the Effective Time, references to the “Bye-laws”
of the Company in the Agreement shall mean the certificate of incorporation and by-laws of MFG Delaware. 
 2.4 Register of
Members. At and after the Effective Time, references to the “register of members” in the Agreement shall mean the register of stockholders of MFG Delaware. 
 2.5 Series A Preference Shares. At and after the Effective Time, references to the “Series A Preference Shares” in the Agreement (see Amendment No. 1 to the Rights Agreement, dated
May 20, 2008) shall mean the 6% Cumulative Convertible Preferred Stock, Series A, par value $1.00 per share, of MFG Delaware (as such series may be amended from time to time). 
 2.6 Exhibit A. At and after the Effective Time, Exhibit A to the Agreement shall be amended and restated so as to read in its
entirety as set forth in Exhibit A hereto. 
 2.7 Exhibit B. At and after the Effective Time, Exhibit B to the Agreement
shall be deleted in its entirety from, and no longer be part of, the Agreement and the absence of Exhibit B or any deed of covenant contemplated thereby shall have no effect on the rights of any holders of Rights, or on the obligations of the
Company, under the Agreement. 
 2.8 Bermuda Law. At and after the Effective Time, references in the Agreement to Bermuda
law, including the Companies Act 1981 of Bermuda, shall mean the law of the State of Delaware, including the General Corporation Law, as applicable. 
 2.9 Governing Law. At and after the Effective Time, Section 5.17 of the Agreement be amended and restated so as to read in its entirety as follows: 
 “THIS AGREEMENT AND EACH RIGHT ISSUED HEREUNDER SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF DELAWARE AND FOR
ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH SUCH LAWS APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH JURISDICTION. THE COMPANY AND EACH HOLDER OF RIGHTS HEREBY SUBMIT TO THE JURISDICTION OF THE COURTS OF
THE STATE OF DELAWARE FOR PURPOSES OF ANY PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, AND THE COMPANY AND EACH HOLDER OF RIGHTS
HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS (AND THE APPROPRIATE APPELLATE COURTS THEREFROM IN ANY SUCH PROCEEDING) AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING VENUE OF ANY SUCH PROCEEDING IN ANY SUCH COURT OR THAT ANY SUCH PROCEEDING WHICH IS BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.” 
  

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 ARTICLE III 
 CONTINUITY 
 3.1 Continuity. The provisions of the Agreement shall, as
amended hereby, continue in full force and effect and, at the Effective Time, the Agreement, as amended hereby, shall become a binding agreement of MFG Delaware, enforceable against MFG Delaware in accordance with its terms. 
 ARTICLE IV 
 MISCELLANEOUS 
 4.1 Incorporation of Terms. The provisions of Section 5.10 (Notices), Section 5.13
(Successors), Section 5.16 (Descriptive Headings; Section References), Section 5.17 (Governing Law), Section 5.18 (Counterparts), and Section 5.19 (Severability), in each case as amended hereby, shall be incorporated into this
Amendment as if set out in full herein and as if references to “this Agreement” in such provisions are references to this Amendment. 
 4.2 Effective Time. This Amendment shall not become effective unless and until, and shall become effective when, the Effective Time occurs. MFG Delaware shall provide the Rights Agent with notice
of the occurrence of the Effective Time promptly thereafter. 
 [Signature page follows] 
  

 -3- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written. 
  

					
	MF GLOBAL LTD.
		
	By	 	 /s/ Jacqueline M. Giammarco

		 	Name:	 	Jacqueline M. Giammarco
		 	Title:	 	Secretary

  

					
	Computershare Trust Company, N.A.
		
	By	 	 /s/ Dennis V. Moccia

		 	Name:	 	Dennis V. Moccia
		 	Title:	 	Manager, Contract Administration

 EXHIBIT A 
 [Form of Rights Certificate] 
 Certificate No. W-
             Rights 
 THE RIGHTS ARE SUBJECT TO REDEMPTION OR
MANDATORY EXCHANGE, AT THE OPTION OF THE COMPANY, ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. TO THE EXTENT PERMITTED BY APPLICABLE LAW, RIGHTS BENEFICIALLY OWNED BY ACQUIRING PERSONS OR AFFILIATES OR ASSOCIATES THEREOF (AS SUCH TERMS ARE
DEFINED IN THE RIGHTS AGREEMENT) OR TRANSFEREES OF ANY OF THE FOREGOING WILL BE VOID. 
 Rights Certificate 
 MF GLOBAL HOLDINGS LTD. 
 This certifies that                         , or registered assigns, is the registered holder of the number of Rights
set forth above, each of which entitles the registered holder thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of July 9, 2007 (as amended from time to time, the “Rights Agreement”), between
MF Global Holdings Ltd., a Delaware corporation and, formerly, an exempted company incorporated under the laws of Bermuda known as MF Global Ltd. (the “Company”), and Computershare Trust Company, N.A., as Rights Agent (the “Rights
Agent”, which term shall include any successor Rights Agent under the Rights Agreement), to purchase from the Company at any time after the Distribution Time (as such term is defined in the Rights Agreement) and prior to the Expiration Time (as
such term is defined in the Rights Agreement), one fully paid share of common stock, par value $1.00 per share (the “Common Shares”), of the Company (subject to adjustment as provided in the Rights Agreement) at the Exercise Price referred
to below, upon presentation and surrender of this Rights Certificate with the Form of Election to Exercise duly executed at the principal office of the Rights Agent in New York City. The Exercise Price shall initially be $• per Right and shall
be subject to adjustment in certain events as provided in the Rights Agreement. 
 In certain circumstances described in the
Rights Agreement, the Rights evidenced hereby may entitle the registered holder thereof to purchase securities of an entity other than the Company or securities or assets of the Company other than Common Shares, all as provided in the Rights
Agreement. 
 This Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which
terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and
immunities hereunder

 
of the Rights Agent, the Company and the holders of the Rights Certificates. Copies of the Rights Agreement are on file at the principal office of the Company and are available without cost upon
written request. 
 This Rights Certificate, with or without other Rights Certificates, upon surrender at the office of the
Rights Agent designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor evidencing an aggregate number of Rights equal to the aggregate number of Rights evidenced by the Rights Certificate or
Rights Certificates surrendered. If this Rights Certificate shall be exercised in part, the registered holder shall be entitled to receive, upon surrender hereof, another Rights Certificate or Rights Certificates for the number of whole Rights not
exercised. 
 Subject to the provisions of the Rights Agreement, each Right evidenced by this Certificate may be
(a) redeemed by the Company under certain circumstances, at its option, at a redemption price of $0.01 per Right or (b) exchanged by the Company under certain circumstances, at its option, for one Common Share per Right (or, in certain
cases, other securities or assets of the Company), subject in each case to adjustment in certain events as provided in the Rights Agreement. 
 No holder of this Rights Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose to be the holder of any securities which may at any time be issuable on the
exercise or exchange hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors
or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in the Rights Agreement), or to
receive dividends or subscription rights, or otherwise, until the Rights evidenced by this Rights Certificate shall have been exercised or exchanged as provided in the Rights Agreement. 
  

 Exhibit A-2 

 This Rights Certificate shall not be valid or obligatory for any purpose until it shall have been
countersigned by the Rights Agent. 
 WITNESS the facsimile signature of the proper officers of the Company. 
  

			
	 Date:
	 	  

  

			
	MF GLOBAL HOLDINGS LTD.
		
	By:	 	  

		 	Secretary
	
	Countersigned:
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	  

		 	Authorized Signature

  

 Exhibit A-3Unassociated Document

    AMENDED
AND RESTATED

    EMPLOYMENT
AGREEMENT

     

    THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement") is
entered into as of the 31st day
of December, 2009 by and between MFA FINANCIAL, INC., a Maryland corporation
("MFA"), and
TIMOTHY W. KORTH II, residing at the address set forth on the signature page
hereof (the "Executive").

     

    W I T N E
S S E T H:

     

    WHEREAS,
MFA and the Executive entered into an amended and restated employment agreement
effective as of January 1, 2008 and amended as of December 10, 2008 (the "Employment
Agreement");

     

    WHEREAS,
MFA and the Executive desire to amend the terms of the Executive’s employment
and extend the period of employment set forth in the Employment Agreement to
December  31, 2011 on the terms and conditions set forth in this Agreement;
and

     

    WHEREAS,
the Executive wishes to continue serving MFA and MFA wishes to secure the
continued exclusive services of the Executive under the terms and conditions
described below.

     

    NOW
THEREFORE, in consideration of the foregoing premises and the mutual agreements
herein contained, the parties hereto agree to amend and restate the Employment
Agreement in its entirety to read as follows:

     

    1.      Term of
Employment.

     

    (a)      MFA
hereby employs the Executive, and the Executive hereby accepts employment with
MFA, in the positions and with the duties and responsibilities as set forth in
Paragraph 2 below for the Term of Employment, subject to the terms and
conditions of this Agreement.

     

    (b)      The
term of employment (the "Term of Employment")
under this Agreement shall include the Initial Term and each Renewal
Term.  The Initial Term, which commences on January 1, 2010, shall
continue until December 31, 2011.  The Term of Employment shall
automatically renew for a one-year period (each such renewal, a "Renewal Term") at the
end of the Initial Term and each Renewal Term, unless either party shall give
notice to the other not less than six months prior to the end of the Initial
Term or any Renewal Term, as the case may be, of his or its intent not to renew
such Initial Term or Renewal Term, as the case may
be.  Notwithstanding the foregoing sentences of this
Paragraph 1(b), the Term of Employment may be terminated before the
expiration of the Initial Term or any Renewal Term in accordance with
Paragraph 5 hereof.

     

    2.      Position; Duties and
Responsibilities.

     

    (a)      During
the Term of Employment, the Executive shall be employed as General Counsel,
Senior Vice President and Corporate Secretary of MFA, reporting to the Chief
Executive Officer of MFA (the "CEO") and, as such,
shall (i) perform, administer, manage, monitor and/or coordinate all legal
services required to be performed by or on behalf of MFA and its subsidiaries,
and (ii) perform such other duties of an executive, managerial or
administrative nature as shall be specified and designated from time to time by
the CEO and/or the Board of Directors of MFA (the "Board of
Directors").

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)      During
the Term of Employment, the Executive shall, without additional compensation,
also serve on the board of directors of, serve as an officer of, and/or perform
such executive and consulting services for, or on behalf of, such subsidiaries
or affiliates of MFA as the CEO and/or the Board of Directors may, from time to
time, request.  MFA and such subsidiaries and affiliates are
hereinafter referred to, collectively, as the "Company."  For purposes
of this Agreement, the term "affiliate" shall have the meaning ascribed thereto
in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the
"Act").

     

    (c)      During
the Term of Employment, the Executive shall serve MFA faithfully, diligently and
to the best of his ability and shall devote substantially all of his time and
efforts to his employment and the performance of his duties under this
Agreement.  Nothing herein shall preclude the Executive from engaging
in charitable and community affairs and managing his personal, financial and
legal affairs, so long as such activities do not materially interfere with his
carrying out his duties and responsibilities under this Agreement.

     

    3.      Compensation.

     

    (a)      Base
Salary.  During the Term of Employment, MFA shall pay to the
Executive a base salary (the "Base Salary") equal
to $334,000 per annum.  The Base Salary shall be paid in accordance
with MFA's normal payroll practices.

     

    (b)      Performance
Bonus.  The Executive shall be eligible to receive an annual
performance bonus (the “Performance Bonus”) in such amount as shall be
recommended by the CEO and approved by the Compensation Committee of the Board
of Directors (the "Compensation
Committee") or the Board of Directors, as the case may be.  The
Performance Bonus shall be paid as soon as practicable  after it is
vested and nonforfeitable, but in no event later than January 16th of the next
following calendar year.

     

    (c)      Equity
Compensation.  The Executive shall be eligible to receive such
stock option, restricted stock, phantom share or dividend equivalent rights
grants or other equity awards as the Compensation Committee or the Board of
Directors, as the case may be, shall deem appropriate.

     

    (d)      Discretion to Increase
Compensation.  Nothing in this Agreement shall preclude the
Board of Directors or the Compensation Committee from increasing or considering
increasing the Executive's compensation during the Term of
Employment.  The Base Salary as adjusted to reflect any increase shall
be the Base Salary for all purposes of this Agreement.

     

    4.      Employee Benefit Programs and Fringe
Benefits.

     

    During
the Term of Employment, the Executive shall be entitled to four weeks of
vacation each calendar year and to participate in all executive incentive and
employee benefit programs of MFA now or hereafter made available to MFA's senior
executives or salaried employees generally, as such programs may be in effect
from time to time.  MFA shall reimburse the Executive for any and all
necessary, customary and usual business expenses, properly receipted in
accordance with MFA's policies, incurred by Executive in connection with his
employment.

     

    
      
        
        

      

      
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    5.      Termination of
Employment.

     

    (a)      Termination Due to Death or
Disability.  If the Executive's employment is terminated during
the Term of Employment by reason of the Executive's death or Disability, the
Executive's Term of Employment shall terminate automatically without further
obligations to the Executive, his legal representative or his estate, as the
case may be, under this Agreement except for (i) any compensation earned but not
yet paid, including and without limitation, any amount of Base Salary accrued or
earned but unpaid and any other payments payable to the Executive pursuant to
Paragraph 5(e) below, which amounts shall be promptly paid in a lump sum to
the Executive, his legal representative or his estate, as the case may be, and
(ii) a lump sum payment in an amount equal to the sum of (A) the Executive’s
Base Salary, and (B) the Average Performance Bonus, which shall be paid to the
Executive, his legal representative or his estate, as the case may be, as soon
as possible (without undue delay), but in no event later than March 15th
following the calendar year in which such termination occurs.  In the
event of such termination due to his Disability, the Executive's health
insurance coverage shall be continued at MFA's expense for the duration of such
Disability; provided, that, if such coverage cannot be provided under MFA's
health insurance policy for the duration of such Disability, such coverage or
the cost of comparable coverage shall be provided by MFA until the Executive's
attainment of age 65 or such later date through which coverage is permissible
under MFA's health insurance policy.

     

    (b)      Termination Without Cause or
for Good Reason.  In the event the Executive's employment is
terminated by MFA without Cause (which shall not include any non-renewal of this
Agreement by MFA pursuant to Paragraph 1(b)) or by the Executive for Good
Reason, unless any such termination is preceded by the Executive's giving notice
of his determination not to renew the Initial Term or any Renewal Term pursuant
to Paragraph 1(b), the Executive shall be entitled to both (i) a payment
(referred to below as the “Severance Amount”) equal to the sum of (A) the
Executive’s Base Salary that would be payable pursuant to Paragraph 3(a) from
the date of such termination through the later of (I) the expiration of the Term
of Employment and (II) the first anniversary of such termination of employment
(the period with respect to which the Severance Amount is payable, the
“Severance Period”), and (B) the Average Performance Bonus, and (ii) continued
health insurance coverage at MFA’s expense, for the Severance
Period.  Fifty percent of the Severance Amount shall be paid within
five (5) days after the date the Executive’s employment is terminated as
described above, and the remaining 50% of the Severance Amount shall be paid in
three equal monthly installments beginning on the first business day of the
month following the month of such termination; provided, however, in no event
shall any portion of the Severance Amount be payable after March 15th of the
year following the year in which such termination occurs.

     

    (c)      Termination by MFA for Cause
or Voluntary Termination by the Executive.  In the event the
Executive's employment is terminated by MFA for Cause or is terminated by the
Executive on his own initiative for other than a Good Reason (including pursuant
to Paragraph 1(b)), the Executive shall be entitled to any compensation
earned but not yet paid, including and without limitation, any amount of Base
Salary accrued or earned but unpaid and any other payments payable to the
Executive pursuant to Paragraph 5(e) below, as of the date of
termination.

     

    (d)      Termination Related to
Change in Control.  In the event of (1) the termination of
the Executive's employment by MFA without Cause (which shall include any
non-renewal of this Agreement by MFA pursuant to Paragraph 1(b)) that occurs
both within two months before a Change in Control and following the occurrence
of a Pre-Change-in-Control Event, (2) the resignation of his employment by
the Executive for any reason within two and one half months following a Change
in Control, or (3) the termination of the Executive's employment by MFA
other than for Cause (which shall include any non-renewal of this Agreement by
MFA pursuant to Paragraph 1(b)) or the Executive's resignation of his employment
for Good Reason within twelve months following a Change in Control,

     

    (i)           MFA
shall immediately pay to Executive in a lump sum, but in all events within two
and one half months following the calendar year in which the termination of
employment occurs, an amount equal to 250% of the sum of (a) the
Executive's then current Base Salary and (b) the Average Performance Bonus;
and

     

    
      
        
        

      

      
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    (ii)           the
Executive and his immediate family shall continue to participate in all health,
life insurance, retirement and other benefit programs at MFA's expense for the
balance of the Term of Employment, to the same extent as though the Executive's
employment had not terminated.

     

    To the extent necessary to avoid
imposition of the excise tax under Section 4999 of the Code in connection with a
Change in Control, the amounts payable or benefits to be provided to the
Executive shall be reduced such that the reduction of compensation to be
provided to the Executive is minimized.  In applying this principle,
the reduction shall be made in a manner consistent with the requirements of
Section 409A of the Code, and where two economically equivalent amounts are
subject to reduction but payable at different times, such amounts shall be
reduced on a pro rata basis (but not below zero).

     

    (e)      Other
Payments.  Upon the termination of the Executive's employment,
in addition to the amounts payable under any Paragraph above, the Executive
shall be entitled to receive the following:

     

    (i)           any
annual bonus earned during one or more preceding years but not
paid;

     

    (ii)          any
vested deferred compensation (including any interest accrued on or appreciation
in value of such deferred amounts), in accordance with the applicable plan
documents;

     

    (iii)         reimbursement
for reasonable business expenses incurred but not yet reimbursed by
MFA;

     

    (iv)         any
other benefits to which the Executive or his legal representative may be
entitled under the 2004 Equity Compensation Plan and under all other applicable
plans and programs of MFA, as provided in Paragraph 4 above;
and

     

    (v)          upon
the termination of the Executive's employment pursuant to Paragraphs 5(a), 5(b)
or 5(d) above, or due to any non-renewal of this Agreement by MFA pursuant to
Paragraph 1(b), all of the Executive's outstanding restricted stock,
phantom shares and stock options shall immediately vest in full and such options
shall remain exercisable, and any dividend equivalents associated therewith
shall continue to be payable until the earlier of (a) 90 days following the date
of such termination, and (b) the date on which each such option would have
expired had the Executive's employment not terminated.

     

    (f)      No Mitigation; No
Offset.  In the event of any termination of the Executive's
employment under this Agreement, he shall be under no obligation to seek other
employment or otherwise in any way to mitigate the amount of any payment
provided for in this Paragraph 5, and there shall be no offset against
amounts due him under this Agreement on account of any remuneration attributable
to any subsequent employment that he may obtain.

     

    (g) Payments Subject to
Section 409A.  Notwithstanding anything herein to the
contrary, the Executive shall not be entitled to any payment pursuant to this
Paragraph 5 prior to the earliest date permitted under Section 409A of
the Code, and applicable Treasury regulations thereunder.  To the
extent any payment pursuant to this Paragraph 5 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 Executive's termination of employment, and, unless provided otherwise,
with the first such payment being a lump sum equal to the aggregate payments the
Executive 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 Executive on the first day of the
seventh month following the Executive’s termination of
employment.  Notwithstanding any other provision contained herein, to
the extent any payments or distributions due to the Executive upon termination
of his employment under this Agreement are subject to Section 409A of the Code
(i) a termination of the Executive’s employment shall be interpreted in a manner
that is consistent with the definition of a “separation from service” under
Section 409A of the Code and the applicable Treasury regulations thereunder and
(ii) as applicable, such payments shall be treated as a series of separate
payments for purposes of Section 409A of the Code.

     

    
      
        
        

      

      
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    (h) Mutual
Release.  MFA’s obligation to make any payment or provide any
benefit pursuant to this Paragraph 5 shall be contingent upon, and is the
consideration for, the Executive executing and delivering to MFA a general
release (the “Release”),
substantially in the form annexed hereto as Exhibit A, releasing MFA, and all
current and former members, officers and employees of MFA, from any claims
relating to the Executive’s employment hereunder, other than claims relating to
continuing obligations under, or preserved by, (x) this Agreement or
(y) any compensation or benefit plan, program or arrangement in which the
Executive was participating as of the date of termination of his employment, and
no such amounts shall be provided until the Executive executes and delivers to
MFA a letter which provides that the Executive had not revoked such Release
after seven days following the date of the Release.  In all events,
the Release shall be executed by the Executive within 60 days of termination of
employment in order for the Executive to receive any severance benefits
hereunder.  The Release shall also be executed by MFA and delivered to
the Executive as part of the consideration for the Executive’s execution and
delivery of the Release, and, except as otherwise provided under the terms of
the Release, shall release the Executive from any and all claims MFA may have
against the Executive.

     

    6.      Definitions.

     

    For
purposes of this Agreement, the following terms shall be defined as set forth
below:

     

    (a)      Average Performance
Bonus.  “Average Performance Bonus” shall mean the average
Performance Bonus payable to the Executive with respect to the three years
preceding the year in which the Executive's termination of employment
occurs.  For purposes of determining the Average Performance Bonus, if
any portion of the Performance Bonus was paid in the form of equity, the full
amount of such Performance Bonus (valued, for the avoidance of doubt, as of the
date such equity was granted) shall be taken into account as if paid entirely in
cash.

     

    (b)      Cause.  "Cause"
shall mean the Executive's (i) conviction, or entry of a guilty plea or a
plea of nolo contendre with respect to, a felony, a crime of moral turpitude or
any crime committed against MFA, other than traffic violations;
(ii) engagement in willful misconduct, willful or gross negligence, or
fraud, embezzlement or misappropriation relating to significant amounts, in each
case in connection with the performance of his duties under this Agreement;
(iii) failure to adhere to the lawful directions of the CEO and/or the
Board of Directors that are reasonably consistent with his duties and position
provided for herein; (iv) breach in any material respect of any of the
provisions of Paragraph 7 of this Agreement resulting in material and
demonstrable economic injury to MFA; (v) chronic or persistent substance
abuse that materially and adversely affects his performance of his duties under
this Agreement; or (vi) breach in any material respect of the terms and
provisions of this Agreement resulting in material and demonstrable economic
injury to MFA.  Notwithstanding the foregoing, (i) the Executive
shall be given written notice of any action or failure to act that is alleged to
constitute Cause (a "Default"), and an
opportunity for 20 business days from the date of such notice in which to cure
such Default, such period to be subject to extension in the discretion of the
CEO or, in his absence, the Board of Directors; and (ii) regardless of
whether the Executive is able to cure any Default, the Executive shall not be
deemed to have been terminated for Cause without (x) reasonable prior
written notice to the Executive setting forth the reasons for the decision to
terminate the Executive for Cause, (y) an opportunity for the Executive,
together with his counsel, to be heard by the CEO or, in his absence, the Board
of Directors, and (z) delivery to the Executive of a notice of termination
approved by said CEO or, in his absence, the Board of Directors, stating his or
its good faith opinion that the Executive has engaged in actions or conduct
described in the preceding sentence, which notice specifies the particulars of
such action or conduct in reasonable detail; provided, however, MFA may suspend
the Executive with pay until such time as his right to appear before the CEO or
the Board of Directors, as the case may be, has been exercised, so long as such
appearance is within two weeks of the date of suspension.

     

    
      
        
        

      

      
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    (c)      Change in
Control.  A "Change in Control" shall mean the occurrence of
any one of the following events:

     

    (i)           any
"person," as such term is used in Sections 13(d) and 14(d) of the Act
(other than MFA, any of its affiliates or any trustee, fiduciary or other person
or entity holding securities under any employee benefit plan or trust of MFA or
any of its affiliates) together with all affiliates and "associates" (as such
term is defined in Rule 12b-2 under the Act) of such person, shall become
the "beneficial owner" (as such term is defined in Rule 13d-3 under the
Act), directly or indirectly, of securities of MFA representing 30% or more of
either (A) the combined voting power of MFA's then outstanding securities
having the right to vote in an election of the Board of Directors ("voting securities"),
or (B) the then outstanding shares of common stock of MFA ("Shares") (in either
such case other than as a result of an acquisition of securities directly from
MFA); or

     

    (ii)           persons
who, as of the effective date of this Agreement, constitute MFA's Board of
Directors (the "Incumbent Directors")
cease for any reason, including, without limitation, as a result of a tender
offer, proxy contest, merger or similar transaction, to constitute at least a
majority of the Board of Directors, provided that any person becoming a Director
of MFA subsequent to the effective date whose election or nomination for
election was approved by a vote of at least a majority of the Incumbent
Directors shall, for purposes of this Agreement, be considered an Incumbent
Director; or

     

    (iii)           there
shall occur (A) any consolidation or merger of MFA or any subsidiary where
the stockholders of MFA, immediately prior to the consolidation or merger, would
not, immediately after the consolidation or merger, beneficially own (as such
term is defined in Rule 13d-3 under the Act), directly or indirectly,
shares representing in the aggregate 60% or more of the voting securities of the
corporation issuing cash or securities in the consolidation or merger (or of its
ultimate parent corporation, if any), (B) any sale, lease, exchange or
other transfer (in one transaction or a series of transactions contemplated or
arranged by any party as a single plan) of all or substantially all of the
assets of MFA, or (C) any plan or proposal for the liquidation or
dissolution of MFA.

     

    Notwithstanding
the foregoing, a "Change in Control" shall not be deemed to have occurred for
purposes of the foregoing clause (i) solely as the result of an acquisition
of securities by MFA which, by reducing the number of Shares or other voting
securities outstanding, increases (x) the proportionate number of Shares
beneficially owned by any person to 30% or more of the Shares then outstanding
or (y) the proportionate voting power represented by the voting securities
beneficially owned by any person to 30% or more of the combined voting power of
all then outstanding voting securities; provided, however, that, if any person
referred to in clause (x) or (y) of this sentence shall thereafter become
the beneficial owner of any additional Shares or other voting securities (other
than pursuant to a stock split, stock dividend, or similar transaction), then a
"Change in Control" shall be deemed to have occurred for purposes of this
Paragraph 6(c).

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (d)      Disability.  "Disability"
shall mean the Executive's inability for a period of six consecutive months to
render substantially the services provided for in this Agreement by reason of
mental or physical disability, whether resulting from illness, accident or
otherwise, other than by reason of chronic or persistent abuse of any substance
(such as narcotics or alcohol).  Notwithstanding the foregoing, no
circumstances or condition shall constitute a Disability to the extent that, if
it were, a 20% tax would be imposed under Section 409A of the Code; provided
that, in such a case, the event or condition shall continue to constitute a
Disability to the maximum extent possible (e.g., if applicable, in respect of
vesting without an acceleration of distribution) without causing the imposition
of such 20% tax.  In addition, nothing herein shall limit or restrict
the payment of any amount subject to Section 409A of the Code upon an otherwise
permitted payment event under Section 409A of the Code, including upon a
separation from service.

     

    (e)      Good
Reason.  "Good Reason" shall mean:

     

    (i)           a
material diminution in the Executive's title, duties or
responsibilities;

     

    (ii)          relocation
of the Executive's place of employment without his consent outside the New York
City metropolitan area;

     

    (iii)         the
failure of MFA to pay within thirty (30) business days any material payment due
from MFA;

     

    (iv)         the
failure of MFA to pay within a reasonable period after the date when amounts are
required to be paid to the Executive under any benefit programs or plans;
or

     

    (v)          the
failure by MFA to honor any of its material obligations herein.

     

    (f)      Pre-Change-in-Control
Event.  A "Pre-Change-in-Control Event" shall mean the
occurrence of any one of the following events:

     

    (i)           the
Board shall adopt a resolution to the effect that any person has taken actions
which, if consummated, would result in such person acquiring effective control
of the business and affairs of MFA;

     

    (ii)          there
shall commence a tender offer or proxy contest resulting in any of the
transactions specified in subparagraphs (i)-(iii) of
Paragraph 6(c);

     

    (iii)         MFA
shall make any agreement resulting in any of the transactions specified in
subparagraphs (i)-(iii) of Paragraph 6(c);

     

    (iv)         there
shall be a public announcement of a transaction of the kind specified in
subparagraphs (i)-(iii) of Paragraph 6(c); or

     

    (v)          any
other meeting, writing or written communication with, by or to the Board of
Directors or any officer or executive of MFA, that is held, made or undertaken
in good faith in anticipation of a Change in Control.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    7.      Restrictive
Covenants.

     

    (a)       Confidentiality.  During
the Term of Employment, and at all times thereafter, the Executive shall
maintain the confidentiality of all confidential or proprietary information of
MFA and any of its subsidiaries or affiliates, if any, or of any other person or
entity with which the Executive has been involved as a direct or indirect result
of his employment by, or performance of consulting or other services (including,
without limitation, as a director, officer, advisor, agent, consultant or other
independent contractor) for, MFA or any of its subsidiaries or affiliates
(“Confidential
Information”), and, except in furtherance of the Business of MFA or as
specifically required by law or by court order, he shall not directly or
indirectly disclose any such information to any person or entity; nor shall he
use Confidential Information for any purpose except for the benefit of
MFA.  For purposes of this Agreement, “Confidential Information”
includes, without limitation:  client or customer lists, identities,
contacts, business and financial information; investment strategies; pricing
information or policies, fees or commission arrangements of MFA; marketing
plans, projections, presentations or strategies of MFA; financial and budget
information of MFA; personnel information, personnel lists, resumes, personnel
data, organizational structure, compensation and performance evaluations;
information regarding the existence or terms of any agreement or relationship
between MFA or any of its subsidiaries or affiliates and any other party; and
any other information of whatever nature, which gives to MFA or any of its
subsidiaries or affiliates an opportunity to obtain an advantage over its
competitors who or which do not have access to such information.  This
restriction shall apply regardless of whether such Confidential Information is
in written, graphic, recorded, photographic, data or any machine readable form
or is orally conveyed to, or memorized by, the Executive; provided, however,
that this Paragraph 7(a) shall not apply to Confidential Information that: (i)
is or becomes publicly known through no act or omission on the Executive's part;
(b) was rightfully known by the Executive without confidentiality restriction
before disclosure to the Executive by MFA; or (c) becomes rightfully known
by the Executive without confidentiality restriction from a source other than
MFA that does not owe a duty of confidentiality to MFA with respect
thereto.

     

    (b)       Prohibited
Activities.  Since the Executive’s services to MFA are
essential and because the Executive has access to MFA’s Confidential
Information, the Executive covenants and agrees that, during the Term of
Employment and the one-year period following the termination of the Executive’s
employment with MFA for any reason, the Executive will not, without the prior
written consent of MFA, 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 MFA to terminate employment with MFA, or to become employed by,
or to enter into a business relationship with, any other person or entity; or
(ii) engage in any activity intentionally to interfere with, disrupt or damage
the business of MFA of acquiring mortgage-backed securities, or its
relationships with any client, supplier or other business relationship of
MFA.

     

    (c)       MFA
Materials.  The Executive acknowledges that all originals and
copies of materials, records and documents generated by him or coming into his
possession during his employment by MFA are the sole property of MFA (“MFA
Materials”).  During his employment, and at all times
thereafter, the Executive shall not remove, or cause to be removed, from the
premises of MFA, copies of any record, file, memorandum, document, computer
related information or equipment, or any other item relating to the business of
MFA, except in furtherance of his duties under this Agreement.  When
the Executive terminates his employment with MFA, or upon request of MFA at any
time, the Executive shall promptly deliver to MFA all originals and copies of
MFA Materials in his possession or control and shall not retain any originals or
copies in any form.

     

    (d)       No
Disparagement.  Each of the Executive and MFA agrees that,
except as required by applicable law or compelled by process of law, during and
after the Term of Employment they shall not with willful intent to damage the
other, make any derogatory, disparaging or critical statement about the other
party hereto or, further in the case of statements by the Executive, about (i)
MFA, its parent, affiliates, or subsidiaries, if any; (ii) any product or
service provided by MFA and its parent, affiliates or subsidiaries, if any; or
(iii) MFA’s and its parent’s, affiliates’ or subsidiaries’, if any, prospects
for the future.  Nothing in this Paragraph shall prohibit either MFA
or the Executive from testifying truthfully in any legal or administrative
proceeding or from truthfully responding to any untrue statement by the other
party.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (e)       Transition.  Regardless
of the reason for his departure from MFA, the Executive agrees that at MFA’s
sole costs and expense, for a period of not more than 30 days after termination
of the Executive, he shall take all steps reasonably requested by MFA to effect
a successful transition of client and customer relationships to the person or
persons designated by MFA, subject to the Executive’s obligations to his new
employer.

     

    (f)       Cooperation with Respect to
Litigation.  During the Term of Employment and at all times
thereafter, the Executive agrees to give prompt written notice to MFA of any
claim relating to MFA and to cooperate fully, in good faith and to the best of
his ability with MFA in connection with any and all pending, potential or future
claims, investigations or actions which directly or indirectly relate to any
action, event or activity about which the Executive may have knowledge in
connection with or as a result of his employment by MFA hereunder. Such
cooperation will include all assistance that MFA, its counsel or its
representatives may reasonably request, including reviewing documents, meeting
with counsel, providing factual information and material, and appearing or
testifying as a witness; provided, however, that MFA will reimburse the
Executive for all reasonable expenses, including travel, lodging and meals,
incurred by him in fulfilling his obligations under this Paragraph 7(f) and,
except as may be required by law or by court order, should the Executive then be
employed by an entity other than MFA, such cooperation will not materially
interfere with the Executive’s then current employment.

     

    8.      Indemnification.

     

    MFA shall
indemnify the Executive to the fullest extent permitted by Maryland law as
amended from time to time in connection with the Executive's duties with MFA,
against all costs, expenses, liabilities and losses (including, without
limitation, attorneys' fees, judgments, fines, penalties, ERISA excise taxes and
amounts paid in settlement) actually and reasonably incurred by the Executive in
connection with an action, suit or proceeding.  During the Term of
Employment and for six years following the date of the Executive's termination
as an officer of MFA, MFA (or any successor thereto) shall provide comprehensive
coverage under its officers and directors insurance policy (or policies) on
substantially the same terms and levels that it provides to its senior executive
officers, at MFA's sole cost.

     

    9.      Assignability; Binding
Nature.

     

    This
Agreement shall inure to the benefit of MFA and the Executive and their
respective successors, heirs (in the case of the Executive) and
assigns.  No rights or obligations of MFA under this Agreement may be
assigned or transferred by MFA except that any such rights or obligations may be
assigned or transferred pursuant to a merger or consolidation in which MFA is
not the continuing entity, or the sale or liquidation of all or substantially
all of the assets of MFA, provided that the assignee or transferee is the
successor to all or substantially all of the assets of MFA and such assignee or
transferee assumes the liabilities, obligations and duties of MFA, as contained
in this Agreement, either contractually or as a matter of law.  This
Agreement shall not be assignable by the Executive.

     

    10.      Representation.

     

    MFA
represents and warrants that it is fully authorized and empowered to enter into
this Agreement and that its entering into this Agreement and the performance of
its obligations under this Agreement will not violate any agreement between MFA
and any other person, firm or organization or any law or governmental
regulation.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    11.      Entire Agreement.

     

    This
Agreement contains the entire agreement between MFA and the Executive concerning
the subject matter hereof and supersedes all prior agreements, understandings,
discussions, negotiations and undertakings, whether written or oral, between
them with respect thereto.

     

    12.      Amendment or
Waiver.

     

    This
Agreement cannot be changed, modified or amended without the consent in writing
of both the Executive and MFA.  No waiver by either MFA or the
Executive at any time of any breach by the other party of any condition or
provision of this Agreement shall be deemed a waiver of a similar or dissimilar
condition or provision at the same or at any prior or subsequent
time.  Any waiver must be in writing and signed by the Executive or an
authorized officer of MFA, as the case may be.

     

    13.      Severability.

     

    In the
event that any provision or portion of this Agreement shall be determined to be
invalid or unenforceable for any reason, in whole or in part, the remaining
provisions of this Agreement shall be unaffected thereby and shall remain in
full force and effect to the fullest extent permitted by law.

     

    14.      Reasonableness.

     

    To the
extent that any provision or portion of this Agreement is determined to be
unenforceable by a court of law or equity, that provision or portion of this
Agreement shall nevertheless be enforceable to the extent that such court
determines is reasonable.

     

    15.      Survivorship.

     

    The
respective rights and obligations of the parties hereunder shall survive any
termination of this Agreement to the extent necessary to the intended
preservation of such rights and obligations.

     

    16.      Governing Law.

     

    This
Agreement and all rights thereunder, and any controversies or disputes arising
with respect thereto, shall be governed by and construed and interpreted in
accordance with the laws of the State of New York, applicable to agreements made
and to be performed entirely within such State, without regard to conflict of
laws provisions thereof that would apply the law of any other
jurisdiction.

     

    17.      Dispute
Resolution.

     

    In the
event of any dispute, controversy or claim arising out of or relating to this
Agreement or Executive's employment or termination thereof (other than a
controversy or claim arising under Paragraph 7, to the extent necessary for MFA
(or its affiliates, where applicable) to enforce the provisions thereof), the
parties hereby agree to settle such dispute, controversy or claim in a binding
arbitration by a single arbitrator in accordance with the Commercial Arbitration
Rules of the American Arbitration Association, which arbitration shall be
conducted in New York, New York.  The parties agree that the arbitral
award shall be final and non-appealable and shall be the sole and exclusive
remedy between the parties hereunder.  The parties agree that judgment
on the arbitral award may be entered in any court having competent jurisdiction
over the parties or their assets.  All reasonable fees and expenses
related to any such arbitration (including reasonable attorneys' fees and
related disbursements) shall be paid by MFA.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    18.      Legal Fees.

     

    MFA shall
pay directly all reasonable legal fees incurred by the Executive in connection
with the negotiation, preparation and execution of this Agreement.

     

    19.      Notices.

     

    Any
notice given to either party shall be in writing and shall be deemed to have
been given when delivered personally or sent by certified or registered mail,
postage prepaid, return receipt requested, duly addressed to the party
concerned, if to MFA, at its principal office, and if to the Executive, at the
address of the Executive shown on MFA's records or at such other address as such
party may give notice of.

     

    20.      Headings.

     

    The
headings of the paragraphs contained in this Agreement are for convenience only
and shall not be deemed to control or affect the meaning or construction of any
provision of this Agreement.

     

    21.      Counterparts.

     

    This
Agreement may be executed in two or more counterparts.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first written above.

     

    MFA
Financial, Inc.

     

    
      	
               
      

            	
              By:

            	
              /s/ Stewart Zimmerman

            	 

    

    
      	
               
      

            	
              Name:

            	
              Stewart
      Zimmerman

            

    

    
      	
               
      

            	
              Title:

            	
              Chairman
      and Chief Executive Officer

            

    

     

    
      	
               
      

            	
              By:

            	
              /s/ Timothy W. Korth

            	 

    

    
      	
               
      

            	
              Name:

            	
              Timothy
      W. Korth II

            

    

    
      	
               
      

            	
              Title:

            	
              General
      Counsel, Senior Vice President and Corporate
  Secretary

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

     

    Mutual
Release

     

    This
Mutual Release of Claims (this “Release”) is made as
of _____________, by and between MFA FINANCIAL, INC. (the “Company”) and
_________________ (the “Executive”).

     

    
      	
               
      

            	
              1.

            	
              Release by the
      Company.

            

    

     

    (a)           The
Company on behalf of itself, its agents, successors, affiliated entities and
assigns, in consideration for the Executive’s execution and delivery of this
Release, hereby forever releases and discharges the Executive, and his agents,
heirs, successors, assigns, executors and administrators, from any and all known
and unknown causes of action, actions, judgments, liens, indebtedness, damages,
losses, claims, liabilities, and demands of whatsoever kind and character in any
manner whatsoever arising on or prior to the date of this Release, including but
not limited to (i) any claim for breach of contract, breach of implied
covenant, breach of oral or written promise, defamation, interference with
contract relations or prospective economic advantage, negligence,
misrepresentation; (ii) any and all liability that was or may have been
alleged against or imputed to the Executive by the Company or by anyone acting
on its behalf; (iii) any punitive, compensatory or liquidated damages; and
(iv) all rights to and claims for attorneys’ fees and costs except as
otherwise provided in his amended and restated employment agreement with the
Company dated December [__], 2009 (the “Employment
Agreement”).

     

    (b)           The
Company shall not file or cause to be filed any action, suit, claim, charge or
proceeding with any federal, state or local court or agency relating to any
claim within the scope of this Release.  In the event there is
presently pending any action, suit, claim, charge or proceeding within the scope
of this Release, or if such a proceeding is commenced in the future, the Company
shall promptly withdraw it, with prejudice, to the extent it has the power to do
so.  The Company represents and warrants that its has not assigned any
claim released herein, or authorized any other person to assert any claim on its
behalf.

     

    (c)           Anything
to the contrary notwithstanding in this Release or the Employment Agreement,
this Release shall not apply to claims or damages based on (i) any right or
claim that arises after the date on which the Company executes this Release,
including any right to enforce the Employment Agreement with respect to
provisions pertaining to matters that arise after the date of the Release and
that survive termination of employment or (ii) any act of willful misconduct,
gross negligence, fraud or misappropriation of funds.

     

    
      	
               
      

            	
              2.

            	
              Release by the
      Executive.

            

    

     

    (a)           The
Executive, on behalf of himself, his agents, heirs, successors, assigns,
executors and administrators, in consideration for the termination payments and
other consideration provided for under the Employment Agreement, hereby forever
releases and discharges the Company, and its successors, its affiliated
entities, and, in such capacities, its past and present directors, employees,
agents, attorneys, accountants, representatives, plan fiduciaries, successors
and assigns from any and all known and unknown causes of action, actions,
judgments, liens, indebtedness, damages, losses, claims, liabilities, and
demands of whatsoever kind and character in any manner whatsoever arising on or
prior to the date of this Release, including but not limited to (i) any
claim for breach of contract, breach of implied covenant, breach of oral or
written promise, wrongful termination, intentional infliction of emotional
distress, defamation, interference with contract relations or prospective
economic advantage, negligence, misrepresentation or employment discrimination,
and including without limitation alleged violations of Title VII of the
Civil Rights Act of 1964, as amended, prohibiting discrimination based on race,
color, religion, sex or national origin; the Family and Medical Leave Act; the
Americans With Disabilities Act; the Age Discrimination in Employment Act; other
federal, state and local laws, ordinances and regulations; and any unemployment
or workers’ compensation law, excepting only those obligations of the Company
pursuant to Paragraph 5 of the Employment Agreement or otherwise continuing
under the Employment Agreement and any claims to benefits under any compensation
or benefit plan, program or arrangement in which the Executive was participating
as of the date of termination of his employment; (ii) any and all liability
that was or may have been alleged against or imputed to the Company by the
Executive or by anyone acting on his behalf; (iii) all claims for wages,
monetary or equitable relief, employment or reemployment with the Company in any
position, and any punitive, compensatory or liquidated damages; and
(iv) all rights to and claims for attorneys’ fees and costs except as
otherwise provided in the Employment Agreement.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (b)           The
Executive shall not file or cause to be filed any action, suit, claim, charge or
proceeding with any federal, state or local court or agency relating to any
claim within the scope of this Release.  In the event there is
presently pending any action, suit, claim, charge or proceeding within the scope
of this Release, or if such a proceeding is commenced in the future, the
Executive shall promptly withdraw it, with prejudice, to the extent he has the
power to do so.  The Executive represents and warrants that he has not
assigned any claim released herein, or authorized any other person to assert any
claim on his behalf.

     

    (c)           In
the event any action, suit, claim, charge or proceeding within the scope of this
Release is brought by any government agency, putative class representative or
other third party to vindicate any alleged rights of the Executive, (i) the
Executive shall, except to the extent required or compelled by law, legal
process or subpoena, refrain from participating, testifying or producing
documents therein, and (ii) all damages, inclusive of attorneys’ fees, if
any, required to be paid to the Executive by the Company as a consequence of
such action, suit, claim, charge or proceeding shall be repaid to the Company by
the Executive within ten (10) days of his receipt thereof.

     

    (d)           BY
HIS SIGNATURE BELOW, THE EXECUTIVE ACKNOWLEDGES THAT:

     

    (1)           HE
HAS RECEIVED A COPY OF THIS RELEASE AND WAS OFFERED A PERIOD OF TWENTY-ONE
(21) DAYS TO REVIEW AND CONSIDER IT;

     

    (2)           IF
HE SIGNS THIS RELEASE PRIOR TO THE EXPIRATION OF TWENTY-ONE DAYS, HE KNOWINGLY
AND VOLUNTARILY WAIVES AND GIVES UP THIS RIGHT OF REVIEW;

     

    (3)           HE
HAS THE RIGHT TO REVOKE THIS RELEASE FOR A PERIOD OF SEVEN (7) DAYS AFTER
HE SIGNS IT BY MAILING OR DELIVERING A WRITTEN NOTICE OF REVOCATION TO THE
COMPANY’S GENERAL COUNSEL, NO LATER THAN THE CLOSE OF BUSINESS ON THE SEVENTH
DAY AFTER THE DAY ON WHICH HE SIGNED THIS RELEASE;

     

    (4)           THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE SEVEN DAY REVOCATION
PERIOD HAS EXPIRED WITHOUT THE RELEASE HAVING BEEN REVOKED (THE “EFFECTIVE
DATE”);

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (5)           THIS
RELEASE WILL BE FINAL AND BINDING AFTER THE EXPIRATION OF THE REVOCATION PERIOD
REFERRED TO IN SECTION 2(d)(3).  HE AGREES NOT TO CHALLENGE ITS
ENFORCEABILITY;

     

    (6)           HE
IS AWARE OF HIS RIGHT TO CONSULT AN ATTORNEY, HAS BEEN ADVISED IN WRITING TO
CONSULT WITH AN ATTORNEY, AND HAS HAD THE OPPORTUNITY TO CONSULT WITH AN
ATTORNEY, IF DESIRED, PRIOR TO SIGNING THIS RELEASE;

     

    (7)           NO
PROMISE OR INDUCEMENT FOR THIS RELEASE HAS BEEN MADE EXCEPT AS SET FORTH IN THIS
RELEASE;

     

    (8)           HE
IS LEGALLY COMPETENT TO EXECUTE THIS RELEASE AND ACCEPT FULL RESPONSIBILITY FOR
IT; AND

     

    (9)           HE
HAS CAREFULLY READ THIS RELEASE, ACKNOWLEDGES THAT HE HAS NOT RELIED ON ANY
REPRESENTATION OR STATEMENT, WRITTEN OR ORAL, NOT SET FORTH IN THIS DOCUMENT,
AND WARRANTS AND REPRESENTS THAT HE IS SIGNING THIS RELEASE KNOWINGLY AND
VOLUNTARILY.

     

    IN
WITNESS WHEREOF, the parties have hereunto set their hands this _____ day of
___________________.

     

    
      	 	 	 	 
	
                

            	
              By:
      

            	  
      	 
	 	 	
              Name:

            	 
	 	 	
              
                Title:  Executive

              

            	 
	 	 	 	 
	 	 	 	 

    

    
      	 	MFA
      FINANCIAL, INC.	 
	 	 	 	 
	 	 	 	 
	
                

            	
              By:
      

            	  
      	 
	 	 	
              Name:

            	 
	 	 	
              
                
                  Title:

                

              

            	 
	 	 	 	 

    

     

    15

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