Document:

AMENDED AND RESTATED DEFERRED COMPENSATION PLAN

 EXHIBIT 10.01 
 CAPSTEAD MORTGAGE CORPORATION 
 DEFERRED COMPENSATION PLAN 

As Amended and Restated 
 Effective January 1, 2005 

 PREAMBLE 

Capstead Mortgage Corporation (the “Company”) previously established the Capstead Mortgage Corporation Deferred
Compensation Plan, effective July 1, 1994, as amended and restated effective January 1, 1998 (the “Prior Plan”), as a fundamental strategy to encourage and reward the continued service of certain key executives who are essential
to overall corporate profitability. The Prior Plan is hereby frozen with respect to the Accounts of all Vested Recipients. With respect to the Accounts of all Participants, other than Vested Recipients, the Prior Plan is hereby amended and restated,
effective January 1, 2005, and is hereinafter referred to as the “Plan”. The maintenance and distribution of the Accounts of all Vested Recipients shall be governed by the terms of the Prior Plan. 

The Company intends that this Plan will be maintained for the exclusive benefit of Participants, who shall constitute a
select group of executives of the Company, and that any Participant or Beneficiary of the Plan shall have the status of an unsecured general creditor with respect to this Plan and the Trust Fund, if any, established in connection with the Plan.

 The terms of the Plan are as follows: 

ARTICLE I 

DEFINITIONS 
 1.1 “Account” shall mean the record maintained by the Administrator showing the monetary value of the individual interest of each Participant or Beneficiary, with respect to amounts deferred and
credited pursuant to Article III hereof. The term “Account” shall refer only to a bookkeeping entry and shall not be construed to require the segregation of assets on behalf of any Participant or Beneficiary. 

1.2 “Administrator” shall mean the Compensation Committee or, if applicable, its delegate. 

1.3 “Annual Compensation” shall mean the total amounts payable by the Company to a Participant as remuneration
for personal services rendered during each Plan Year, including bonuses and any other type of incentive compensation, as reported on the Participant’s federal income tax withholding statement or statements (IRS Form W-2 or its subsequent
equivalent), unreduced by any amounts not includable in such Participant’s gross income pursuant to Sections 125 or 402(g) of the Code and any amounts deferred by such Participant pursuant to Section 3.1 hereof, but Annual Compensation
shall not include (i) amounts, if any, realized from the exercise of a nonqualified stock option or when restricted stock (or property) held by a Participant either becomes freely transferable or is no longer subject to a substantial risk of
forfeiture; (ii) amounts payable to a Participant that do not represent salary, i.e., expense reimbursements; and (iii) dividends payable with respect to nonvested shares of restricted stock. 

  
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 1.4 “Beneficiary” shall mean the person or persons designated by
each Participant under the CapSave Plan; provided, however, that a Participant may designate a different Beneficiary hereunder by delivering to the Administrator a written beneficiary designation in the form provided by the Administrator and
executed specifically with respect to this Plan. If a Participant fails to name a Beneficiary, or if the Beneficiary named by a Participant predeceases him or dies before distribution of the Participant’s Account, then the entire value of the
Participant’s Account shall be paid to the Participant’s estate. 
 1.5 “Board” shall mean
the Board of Directors of the Company. 
 1.6 “CapSave Plan” shall mean the qualified 401(k) and
profit sharing plan maintained by the Company, as amended from time to time, or any successor qualified plan thereto. 
 1.7 “Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time to time, and the rules and regulations promulgated thereunder. 

1.8 “Company” shall mean Capstead Mortgage Corporation, a company formed under the laws of the State of
Maryland, or its successor or successors. 
 1.9 “Compensation Committee” shall mean the Compensation
Committee of the Board. 
 1.10 “Disability” shall mean a medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, and with respect to which a Participant has been receiving income replacement benefits for a period of not less than 3
months under a long-term disability plan of the Company. 
 1.11 “Distribution Schedule” shall mean
the date or date(s) elected by a Participant, at the time and in the manner described in Section 2.2 hereof, for the distribution of amounts credited to the Participant’s Account. 

1.12 “Effective Date” shall mean January 1, 2005. 

1.13 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

1.14 “Insolvent” shall mean (a) the Company is unable to pay its debts as they become due or (ii) the
Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
 1.15 “Key Employee” shall mean, for any Plan Year in which the Company is publicly traded on an established securities market or otherwise, a Participant who is a “key employee” as
defined under Code Section 416(i), disregarding subparagraph (5) thereof. For purposes of this Plan, the identification of Key Employees will be made by the Administrator on December 31st 

  
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of each Plan Year, based upon the twelve (12) month period ending on such date. Each Participant identified by the Company as a “key employee” under the applicable provisions of
Code Section 416(i) shall be a Key Employee under this Plan for the twelve (12) month period commencing on the immediately succeeding April 1. 
 1.16 “Participant” shall mean an individual who has been selected for participation in the Plan, as set forth in Article II hereof. 

1.17 “Performance-Based Compensation” shall mean the total amounts payable to the Participant as remuneration
based upon the Participant’s performance of services for the Company over a period of not less than twelve (12) months, the payment of which or the amount of which is contingent on the satisfaction of established organizational or
individual performance criteria, and that otherwise meets the definition of “performance-based compensation”, as that term is defined in Section 1.409A-2(a)(7) of the Treasury Regulations. For these purposes, Performance-Based
Compensation shall be based upon criteria established no later than 90 days following commencement of the applicable performance period. 
 1.18 “Plan” shall mean the Capstead Mortgage Corporation Deferred Compensation Plan, as amended and restated herein, effective January 1, 2005, and as further amended from time to time.

 1.19 “Plan Year” shall mean the twelve (12) month period commencing on each January 1 and
ending on the following December 31. 
 1.20 “Prior Plan” shall mean the Capstead Mortgage
Corporation Deferred Compensation Plan, as amended and restated effective January 1, 1998. 
 1.21
“Normal Retirement Age” shall mean the date on which the Participant attains age sixty (60) or completes thirty (30) years of service with the Company. 

1.22 “Separation from Service” shall mean the date on which the Participant’s employment with the Company
is terminated, whether voluntary or involuntary, or due to the Participant’s death. The determination of whether a Participant’s employment has terminated shall be made in accordance with Code Section 409A and the regulations
prescribed thereunder. 
 1.23 “Trust Agreement” shall mean the agreement, if any, including any
amendments thereto entered into between the Company and the Trustee for the accumulation of deferrals and credits made pursuant to Article III of the Plan, and any investment income, gains or losses thereto. 

1.24 “Trust Fund” shall mean the cash and other properties held and administered by the Trustee pursuant to a
Trust Agreement. 
 1.25 “Trustee” shall mean the designated trustee acting at any time under a Trust
Agreement. 

  
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 1.26 “Valuation Date” shall mean each day on which the financial
markets are open for trading activity, except to the extent otherwise prescribed by an authorized deemed investment option designated by the Administrator. 
 1.27 “Vested Interest” shall mean that portion of the Participant’s Account in which he has a nonforfeitable right. Each Participant shall have a 100% Vested Interest in the value of the
amounts credited to his Account which are attributable to deferrals made by such Participant pursuant to the provisions of Section 3.1 hereof and shall have a Vested Interest equal to a percentage of all amounts credited to his Account which
are attributable to matching contributions and supplemental contributions credited on his behalf pursuant to the provisions of Sections 3.2 and 3.3 hereof, respectively, such percentage to be determined in accordance with the vesting schedule
provided under the CapSave Plan. Notwithstanding the foregoing, each Participant shall have a 100% Vested Interest in the value of his entire Account upon such Participant’s death or Disability, or upon attainment of Normal Retirement Age.

 1.28 “Vested Recipient” shall mean any Participant whose employment with the Company terminated
prior to December 31, 2004, who had a 100% Vested Interest in the value of the amounts credited to his Account on December 31, 2004 and who commenced distribution of amounts credited to his Account prior to January 1, 2005.

 ARTICLE II 
 PARTICIPATION 
 2.1 Eligibility to Participate.
Participation in the Plan shall be made available to a select group of individuals, as determined by the Board, who are providing services to the Company in key positions of management and responsibility. The determination as to the eligibility of
any individual to participate in the Plan shall be in the sole and absolute discretion of the Board, consistent with the policies of the Company in place from time to time, and the decision of the Board in that regard shall be conclusive and binding
for all purposes hereunder. The Administrator shall notify each individual selected by the Board of his eligibility to participate. 
 2.2 Participation Agreements. 
 (a)
Elections Upon Commencement of Participation. Within thirty (30) days of the date on which an individual is notified by the Administrator of his eligibility to participate hereunder, such individual shall submit an executed participation
agreement to the Administrator, in such form as the Administrator shall require, to irrevocably elect to defer a portion of his Annual Compensation pursuant to Section 3.1 hereunder, provided, however, such election shall not become effective
earlier than the first day of the first full payroll period immediately following the Administrator’s receipt of such deferral election, or such later payroll period specified by the Participant. A Participant’s failure to elect to defer a
portion of his Annual Compensation in accordance with this paragraph (a) shall be deemed an election by the Participant to defer zero percent (0%) of his Annual Compensation. The Participant may, at such time, also irrevocably elect the

  
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Distribution Schedule under which benefits hereunder will be paid. A Participant’s failure to elect a Distribution Schedule in accordance with this paragraph (a) shall be deemed an
election by the Participant to receive his benefits hereunder in a single, lump sum payment on the fifteenth day of the third month of the Plan Year immediately following such Participant’s Separation from Service. 

(b) Annual Deferral Election. Except as otherwise provided in Article IV hereof, a
Participant’s election (or deemed election) to defer Annual Compensation shall remain effective for each subsequent calendar year, unless and until modified or revoked by the Participant in accordance with this paragraph (b). A Participant may
modify or revoke an election to defer Annual Compensation with respect to amounts to be earned in a subsequent calendar year by submitting an executed participation agreement to the Administrator, in such form as the Administrator shall require, no
later than December 31 of the calendar year immediately preceding the calendar year in which such Annual Compensation will be earned. 
 (c) Performance-Based Compensation. Notwithstanding any provision of paragraphs (a) and (b) above to the contrary, a Participant may elect to defer or specify a Distribution Schedule with
respect to all or a portion of his Annual Compensation which constitutes Performance-Based Compensation by submitting an executed participation agreement to the Administrator, in such form as the Administrator shall require, no later than six
(6) months prior to the end of the applicable performance period. 
 (d) Subsequent
Elections Regarding Time and Form of Benefit. A Participant may elect to delay one or more payment dates under a Distribution Schedule or change the form of benefit to be received hereunder, provided that (i) such election shall not be
effective for at least twelve (12) months following the date on which such election is made, (ii) with respect to a payment which the Participant is entitled to receive following his Separation from Service or pursuant to a Distribution
Schedule, the first payment with respect to which such election is made is deferred at least five (5) years from the date on which such payment would otherwise have been made, and (iii) with respect to the payment of benefits hereunder
pursuant to a Distribution Schedule, such election is made no less than twelve (12) months prior to the date of the first scheduled payment. 
 ARTICLE III 
 DEFERRALS AND CREDITS TO ACCOUNT 

3.1 Deferral Elections. For any Plan Year, a Participant may elect, pursuant to Section 2.2 hereof, to defer
a portion of the Annual Compensation otherwise payable to him. The amount a Participant may elect to defer under this Plan for any Plan Year may in no event exceed sixty percent (60%) of such Participant’s Annual Compensation earned during
such Plan Year, provided, however, that notwithstanding the foregoing, such Participant may elect to defer up to one hundred percent (100%) of that portion of such Participant’s Annual Compensation that constitutes a bonus or other type of
incentive compensation (including, but not limited to, Performance-Based Compensation) earned during such Plan Year, even though such amounts 

  
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may be payable during a subsequent Plan Year. Any amounts withheld pursuant to this Section 3.1 from the Annual Compensation otherwise payable to a Participant shall be credited to his
Account as of the date on which such amounts would otherwise have been paid. 
 3.2 Matching
Contributions. Effective January 1, 2006, for each Plan Year the Company shall credit an amount to the Account of each Participant hereunder who has deferred amounts under the Plan during such Plan Year, as provided in Section 3.1
above, but only as such deferrals relate to that portion, if any, of such Participant’s Annual Compensation that exceeds the amount set forth in Section 401(a)(17) of the Code for such Plan Year (“Excess Compensation”). The
amount of such matching contribution shall equal fifty percent (50%) of the Participant’s Excess Compensation deferred hereunder by the Participant during such Plan Year, but only taking into account up to six percent (6%) of such
Excess Compensation. Any amounts credited pursuant to this Section 3.2 shall be credited to the Participant’s Account as soon as practicable following the date on which the applicable deferral is credited to the Participant’s Account
pursuant to Section 3.1 above, but not later than the last day of the second calendar month following the calendar month to which the applicable deferral relates. 

3.3 Supplemental Matching Contributions. Effective January 1, 2006, the Company may credit to the Account of
a Participant hereunder who has deferred amounts under the Plan, as provided in Section 3.1 above, such amount, if any, as is determined by the Board in its sole and absolute discretion, which amount may, but is not required to be, equal to a
uniform percentage of such Participant’s Excess Compensation deferred hereunder. Any amounts credited pursuant to this Section 3.3 shall be credited to the Participant’s Account as soon as practicable following the date on which the
applicable deferral is credited to the Participant’s Account pursuant to Section 3.1 above, but not later than the last day of the second calendar month following the calendar month to which the applicable deferral relates. 

3.4 Valuation of Accounts. As of each Valuation Date, the Administrator shall credit to each Participant’s
Account the deemed income, gains or losses attributable thereto, determined pursuant to the provisions of Section 3.5 below, as well as any other credits to or charges against such Account. All payments from an Account between Valuation Dates
shall be charged against the Account as of the immediately preceding Valuation Date. 
 3.5
Participant-Directed Investments. Each Participant, upon becoming a Participant in the Plan, may, in the manner prescribed by the Administrator, designate the manner in which he wishes his Account to be deemed invested among the various
options designated by the Administrator for this purpose. The investment designation will continue until changed by the timely submission of a new investment designation. In the absence of any such investment designation, a Participant’s
Account shall be deemed to be invested in such property as the Administrator, in its sole and absolute discretion, shall determine. In no event may a Participant designate the deemed investment of his Account in stock or other securities of the
Company or any Affiliate. The Administrator may, but shall not be obligated to, invest amounts credited to a Participant’s Account in accordance with the investment designations of such Participant; nevertheless, the Account of such Participant
shall be credited with the amount of income, gains and losses attributable thereto, as if the amounts credited to such Account had been so invested. The Administrator shall be authorized at any time and from time to time to modify, alter, delete

  
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or add to the deemed investment options hereunder. In the event a modification occurs, the Administrator shall notify those Participants whom the Administrator, in its sole and absolute
discretion, determines are affected by the change, and shall give such persons such additional time as is determined necessary by the Administrator to designate the manner in which amounts thereby affected shall be deemed invested. The Administrator
shall not be obligated to substitute deemed investment options with similar investment criteria for existing options, nor shall it be obligated to continue the types of deemed investment options presently available to the Participants.
Notwithstanding any of the foregoing provisions, in no event shall the Administrator or the Company be responsible for implementing the deemed investment designation of a Participant unless proper notice of such designation is given to the
Administrator in the manner prescribed by the Administrator. 
 ARTICLE IV 

IN-SERVICE HARDSHIP WITHDRAWALS 
 4.1 Request for Withdrawal. In the event of an unforeseeable emergency, a Participant may make a written request to the Administrator for a withdrawal from his Account. For purposes of this
Section, the term “unforeseeable emergency” shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant, Participant’s spouse or of a dependent (as defined in Section 152(a)
of the Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Any determination of the
existence of an unforeseeable emergency and the amount to be withdrawn on account thereof shall be made by the Administrator in its sole and absolute discretion. However, notwithstanding the foregoing, a withdrawal will not be permitted to the
extent that the financial hardship is or may be relieved: (i) through reimbursement or compensation by insurance or otherwise or (ii) by liquidation of the Participant’s assets, to the extent that liquidation of such assets would not
itself cause severe financial hardship. In no event shall the need to send a Participant’s child to college or the desire to purchase a home be deemed to constitute an unforeseeable emergency. No person serving as Administrator shall vote or
decide upon any matter relating to the determination of the existence of his own financial hardship or the amount to be withdrawn by him on account thereof. A request for a hardship withdrawal must be made in writing on a form provided by the
Administrator, and must be expressed as a specific dollar amount. The amount of a hardship withdrawal may not exceed the amount necessary to meet the severe financial hardship, plus amounts necessary to pay taxes reasonably anticipated as a result
of the distribution. All hardship withdrawals shall be paid in a lump sum in cash. 
 4.2 Termination of
Deferral Election. Upon a Participant’s receipt of an in-service withdrawal pursuant to Section 4.1 of this Plan for an unforeseeable emergency, or to the extent required for a Participant to receive a hardship withdrawal under the
CapSave Plan, such Participant’s deferral election shall thereupon be automatically terminated. Except to the extent otherwise required with respect to a hardship withdrawal under the CapSave Plan, a Participant may elect to resume deferrals
under this Plan as of the first day of the first full payroll period of the immediately succeeding calendar year, or such later payroll period specified by the Participant, by submitting a new deferral election to the Administrator no later than the
last day of the immediately preceding calendar year. 

  
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 ARTICLE V 
 PAYMENT OF BENEFIT 
 5.1
General. Distribution of a Participant’s Vested Interest shall commence in accordance with such Participant’s Distribution Schedule or, if the Participant has failed to elect a Distribution Schedule, then as soon as practicable
following such Participant’s Separation from Service, provided, however that a distribution to which a Key Employee is entitled shall not commence prior to the first day of the seventh
(7th) month following the date of such
Participant’s Separation from Service. The amount credited to the Participant’s Account for purposes of such distribution shall be determined as of the Valuation Date coincident with or next preceding the date of distribution, increased by
the amount of Participant deferrals and Company contributions, if any, to be credited after such Valuation Date. 
 5.2 Death of Participant. Notwithstanding any provision of this Plan to the contrary, in the case of the death of a Participant, distribution of such Participant’s entire Account shall be made
to the Beneficiary of such Participant. The amount credited to the Participant’s Account for purposes of such distribution shall be determined as of the Valuation Date coincident with or next preceding the date of distribution, increased by the
amount of Participant deferrals and Company contributions, if any, to be credited after such Valuation Date. 

5.3 Effect of Tax Laws. Notwithstanding any provision of this Plan to the contrary, if, in any Plan Year, the Plan
fails to meet the requirements of Code Section 409A, benefits may be paid to an affected Participant hereunder before they would otherwise be payable, provided, however, that the amount paid shall not exceed the lesser of: (a) the amount
in such Participant’s Account or (b) the amount to be reported pursuant to Code Section 409A(a) on the applicable Form W-2 (or Form 1099) as taxable income to the Participant. 

5.4 Delay for Insolvency or Compelling Business Reasons. Notwithstanding any provision of this Article V to the
contrary, in the event the Board determines that the Company is Insolvent, the Administrator may delay the payment of benefits under this Article V until it receives evidence that the Company is not Insolvent. Furthermore, effective January 1,
2007, in the event the Board determines that the Company’s deduction for benefits hereunder would be limited or eliminated by application of Code Section 162(m), would violate applicable securities laws, or would violate applicable loan
covenants or other contractual terms to which the Company is a party and such violation would result in material harm to the Company, the starting date of payment of such benefits may be delayed until the first calendar year in which the Company
reasonably anticipates, as applicable, that payment of such benefit would not result in a limitation of a deduction under Code Section 162(m), a violation of applicable securities laws, or a violation of a loan covenant or other contractual
term, or the calendar year of the Participant’s Separation from Service, if earlier. 

  
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 5.5 Administrative Delay in Payment. The payment of benefits under
this Article V shall begin at the date specified in accordance with the provisions of the foregoing paragraphs of this Article V; provided that, in case of administrative necessity, the starting date of payment of such benefits may be delayed
up to the last day of the calendar year in n which payment would otherwise be made. 
 ARTICLE VI 

FORM OF DISTRIBUTION 
 6.1 Payment of Benefits. Except to the extent otherwise provided herein, distribution of a Participant’s Vested Interest shall be made either in a single, lump sum cash payment, or in the form
of periodic cash installments over a period not to exceed five (5) years, such method of payment to be irrevocably elected by the Participant at the time and in the manner described under Section 2.2 above; provided, however, that payment
will be made in a lump sum in any event if, at the time distribution is to commence, the value of the benefit in which such Participant has a vested interest is less than $10,000. Furthermore, notwithstanding the commencement of installment payments
under this Section 6.1, the entire value of all remaining amounts to which a Participant is entitled hereunder shall be distributed to him in a lump sum, in cash, at such time as the value of such remaining amounts is less than $10,000. If
installment payments are made, such payments shall be charged pro rata to the individual investment options in which amounts credited to the Participant’s Account are deemed to be invested, pursuant to the provisions of Section 3.5
hereof. Furthermore, the Administrator shall continue to credit the unpaid balance of the Participant’s Account with the deemed income and losses attributable thereto, determined pursuant to the provisions of Section 3.5 hereof, as well as
with any other credits to or charges against the unpaid balance of such Account, during the period for which installment payments are made. 
 6.2 Payment of Benefits On Account of Death. Notwithstanding any provision herein to the contrary, payment of a Participant’s benefit (or the remainder thereof) on account of the
Participant’s death shall be made in a single, lump sum payment to the Beneficiary as soon as administratively practicable following such Participant’s death. 

6.3 Payments to Key Employees. Notwithstanding any other provision of this Plan or a participation agreement to
the contrary, to the extent applicable, a Participant who is a Key Employee, the distribution of whose benefit hereunder is therefore deferred, as described in Section 5.1 hereof, shall, upon the commencement of such distribution, receive a
single, lump sum payment equal to the aggregate amount of payments that would otherwise have been made during the first six months following the date of such Participant’s Separation from Service. 

ARTICLE VII 

ADMINISTRATION OF THE PLAN 
 7.1 Designation of Administrator. The Plan shall be administered by the Administrator. No person serving as Administrator, or a member of a committee serving as such, shall receive compensation
with respect to his services for the performance of his duties 

  
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hereunder. The Administrator shall serve without bond or security for the performance of its duties hereunder unless applicable law makes the furnishing of such bond or security mandatory or
unless required by the Company. Any Administrator or member of a committee serving as such may resign by delivering his written resignation to the Board. 
 7.2 Actions of Administrator. If a committee shall be serving as Administrator at any time, the Administrator shall perform any act that the Plan authorizes expressed by a vote at a meeting or in a
writing signed by a majority of such individuals without a meeting. Neither the Administrator not any member of a committee serving as such shall vote or decide upon any matter relating solely to himself or vote in any case in which his individual
right or claim to any benefit under the Plan is particularly involved. If, in any matter or case in which a person is so disqualified to act, the remaining persons serving as Administrator cannot resolve such matter or case, the Board will resolve
such matter or case, or will appoint a temporary substitute to exercise all the powers of the disqualified person concerning the matter or case in which he is disqualified. 

7.3 Delegation, Expenses and Indemnification. The Administrator may designate in writing other persons to carry
out its responsibilities under the Plan, and may remove any person designated to carry out its responsibilities under the Plan by notice in writing to that person. The Administrator may employ persons to render advice with regard to any of its
responsibilities. All usual and reasonable expenses of the Administrator shall be paid by the Company. The Company shall indemnify and hold harmless each Administrator and member of a committee serving as such from and against any and all claims and
expenses (including, without limitation, attorney’s fees and related costs), in connection with the performance by such person of his duties in that capacity, other than any of the foregoing arising in connection with the willful neglect or
willful misconduct of the person so acting. 
 7.4 Administrative Duties. The Administrator shall
establish rules, not contrary to the provisions of the Plan, for the administration of the Plan and the transaction of its business, and shall interpret the Plan and determine all questions arising in the administration, interpretation and
application of the Plan in its sole and absolute discretion. All determinations of the Administrator shall be conclusive and binding on all employees, Participants and Beneficiaries, subject to the provisions of this Plan and applicable law.

 7.5 Actions of Company. Any action to be taken hereunder by the Company shall be taken by resolution
adopted by the Board or an executive committee thereof; provided, however, that by resolution, the Board or an executive committee thereof may delegate to any officer of the Company the authority to take any actions hereunder, other than the power
to amend or terminate the Plan. 
 ARTICLE VIII 
 CLAIM REVIEW PROCEDURE 
 8.1 Denial of Benefits. A
Participant or Beneficiary (the “Claimant”) who believes he is entitled to benefits hereunder that have not been paid may file a written claim for benefits with the Administrator. Within a reasonable period of time thereafter, but not
later than ninety 

  
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(90) days (unless the Administrator determines that special circumstances require an extension of time) following receipt of the written claim, the Administrator will determine the
Claimant’s entitlement to the benefits requested. If the Administrator determines that an extension of time is required, the Administrator will, prior to expiration of the initial 90-day period, notify the Claimant, in writing, of the
extension, along with an explanation of the special circumstances requiring an extension of time and the date by which the Administrator expects to reach its decision, which shall not be later than one hundred eighty (180) days from the
Administrator’s receipt of the claim. If the claim is denied, the Administrator will furnish the Claimant a written notice stating: (a) the specific reason or reasons for denial of the claim, (b) a specific reference to pertinent Plan
provisions on which the denial is based, (c) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary, and (d) an
explanation of the Plan’s claim review procedure and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse determination
on review. 
 8.2 Appeal of Denial of Benefits. A Claimant may appeal to the Administrator any claim that
is denied by submitting a written request for review within sixty (60) days after notice of the claim denial. The written appeal must (i) request a review of the claim under the Plan, (ii) set forth all grounds under which the request
for review is based and any facts in support thereof, and (iii) set forth any issues or comments that the Claimant deems pertinent to the appeal. The Claimant may also submit documents, records and other information relating to the claim for
benefits. In preparing the request for review, the Claimant will be entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits. The
Administrator’s review will take into account all comments, documents, records, and other information submitted by the Claimant and relating to the claim, without regard to whether such information was submitted or considered in the
Administrator’s initial benefit determination. The Administrator will notify the Claimant in writing of its decision within sixty (60) days (unless the Administrator determines that special circumstances require an extension of time) after
receipt of the request for review. If the Administrator determines that an extension of time is required, it will, prior to expiration of the initial 60-day period, notify the Claimant, in writing, of the extension, along with an explanation of the
special circumstances requiring an extension of time and the date by which the Administrator expects to reach its decision, which shall not be later than one hundred twenty (120) days from the Administrator’s receipt of the Claimant’s
request for review. If the Claimant’s appeal is denied, the written notification of the Administrator will contain specific reasons for the decision and will refer to the specific Plan provisions on which the decision is based, and will
contain a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant to the claim for benefits and a statement of the Claimant’s
right to bring an action under Section 502(a) of ERISA. The decision of the Administrator will be final and conclusive as to any claim filed hereunder. 

  
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 ARTICLE IX 
 LIMITATION OF RIGHTS 
 The establishment of this Plan shall
not be construed as giving to any Participant or Beneficiary, any employee of the Company or any person whomsoever, any legal, equitable or other rights against the Company, or its officers, directors, agents or shareholders, or as giving to any
Participant or Beneficiary any equity or other interest in the assets or business of the Company or shares of Company stock or as giving any employee the right to be retained in the employment of the Company. All employees shall be subject to
discharge to the same extent they would have been if this Plan had never been adopted. The rights of a Participant hereunder shall be solely those of an unsecured general creditor of the Company. 

ARTICLE X 

LIMITATION OF ASSIGNMENT AND PAYMENTS TO 
 LEGALLY INCOMPETENT DISTRIBUTEE 
 10.1
Non-Alienation. No benefits payable under the Plan to any person shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, transfer,
assign, pledge, encumber, charge or otherwise dispose of the same shall be void. No benefit shall in any manner be subject to the debts, contracts, liabilities, engagements or torts of any person, nor shall it be subject to attachment or legal
process for or against any person, except to the extent required by law. 
 10.2 Incapacitated
Distributee. In the event any benefit payable under the Plan is to be paid to or for the benefit of any person who is then a minor or determined by the Administrator, on the basis of qualified medical advice, to be incompetent, the Administrator
need not require the appointment of a guardian or custodian, but shall be authorized to cause the same to be paid over to the person having custody of the minor or incompetent, or to cause the same to be paid to the minor or incompetent without the
intervention of a guardian or custodian, or to cause the same to be paid to a legal guardian or custodian of the minor or incompetent, if one has been appointed, or to cause the same to be used for the benefit of the minor or incompetent.

 ARTICLE XI 
 AMENDMENT TO OR TERMINATION OF THE PLAN 
 The Company
reserves the right at any time to amend or terminate the Plan in whole or in part by resolution of the Board. No amendment shall have the effect of retroactively changing or depriving Participants or Beneficiaries of rights already accrued under the
Plan. In the event that the Company shall change its name, the Plan shall be deemed to be amended to reflect the name change without further action of the Company, and the language of the Plan shall be changed accordingly. 

  
 12 

 ARTICLE XII 
 STATUS OF PARTICIPANT AS UNSECURED CREDITOR 
 All benefits
under the Plan shall be the unsecured obligations of the Company and, except for those assets that may be placed in a Trust Fund established in connection with this Plan, no assets will be placed in trust or otherwise segregated from the general
assets of the Company for the payment of obligations hereunder. If assets are placed in a Trust Fund, the Trust Agreement, to the extent required by the Code, shall conform in all material respects to the model trust set forth in Internal Revenue
Service Revenue Procedure 92-64. To the extent that any person acquires a right to receive payments hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company. 

ARTICLE XIII 
 GENERAL AND MISCELLANEOUS 
 13.1 Prohibited
Acceleration. Notwithstanding any provision herein to the contrary, the time or schedule of any payment hereunder shall not be accelerated, except to the extent otherwise permitted under Code Section 409A and the regulations promulgated
thereunder. 
 13.2 Trust Fund. The Company may establish a Trust Fund for the purpose of retaining
assets set aside by the Company pursuant to the Trust Agreement for payment of all or a portion of the benefits payable pursuant to Article V of the Plan. Any such benefits not paid from a Trust Fund shall be paid from the Company’s general
assets. The Trust Fund, if such shall be established, shall be subject to the claims of general creditors of the Company in the event the Company is Insolvent. 
 13.3 Severability. In the event that any provision of this Plan shall be declared illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of this
Plan but shall be fully severable and this Plan shall be construed and enforced as if said illegal or invalid provision had never been inserted herein. 
 13.4 Construction. The section headings and numbers are included only for convenience of reference and are not to be taken as limiting or extending the meaning of any of the terms and provisions of
this Plan. Whenever appropriate, words used in the singular shall include the plural or the plural may be read as the singular. When used herein, the masculine gender includes the feminine gender. 

13.5 Governing Law. The validity and effect of this Plan and the rights and obligations of all persons affected
hereby shall be construed and determined in accordance with the laws of the State of Texas unless superseded by federal law. 
 13.6 No Requirement to Fund. The Company is not required to set aside any assets for payment of the benefits provided under this Plan; however, it may do so as provided in the Trust Agreement, if
any. A Participant shall have no security interest in any such amounts. It is the Company’s intention that this Plan be construed as a plan that is unfunded and maintained primarily for the purpose of providing benefits for a select group of
management and highly compensated employees of the Company. 

  
 13 

 13.7 Taxes. All amounts payable hereunder shall be reduced by any
and all federal, state and local taxes imposed upon the Participant or his Beneficiary that are required to be paid or withheld by the Company. 

IN WITNESS WHEREOF, Capstead Mortgage Corporation has caused these presents to be duly executed in
its name and behalf by its proper officers thereunto duly authorized this 21st day of February, 2006. 
  

			
	 CAPSTEAD MORTGAGE CORPORATION

		
	 By:
	 	 /s/ PHILLIP A. REINSCH

	 Title:
	 	 Senior Vice President and

		 	 Chief Financial Officer

  
 14FORM OF NONQUALIFIED STOCK OPTION AND AWARD AGREEMENT - NON-EMPLOYEE DIRECTORS

 EXHIBIT 10.04 
 CAPSTEAD MORTGAGE CORPORATION 
 NONQUALIFIED STOCK OPTION AGREEMENT

 FOR NON-EMPLOYEE DIRECTORS 
 THIS AGREEMENT, made as of this [            ]day of
[            ], 20[__] (hereinafter called the “Date of Grant”), between Capstead Mortgage Corporation, a Maryland corporation (hereinafter called the “Company”),
and [            ] (hereinafter called the “Optionee”): 
 R E C I T A L S: 
 The Company has adopted the 2004
Flexible Long-Term Incentive Plan (the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 

The Company has determined that it is in the best interests of the Company and its stockholders to grant the option
provided for herein to the Optionee pursuant to the Plan on the terms set forth herein as an inducement to become or remain a director of the Company, to enable the Optionee to participate in the long-term growth and financial success of the Company
and as an increased incentive to contribute to the Company’s future success and prosperity. 
 NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
 1. Grant of the Option. (a) The Company hereby grants to the Optionee the right and option to purchase, on the terms and conditions hereinafter set forth,
[            ] Shares (the “Option”). The purchase price of the Shares subject to this Option shall be
$[            ] per Share (the “Exercise Price”). This Option is not intended to be treated as an option that complies with Section 422 of the Code, or any successor
provision thereto. 
 2. Option Term. The term of the Option shall begin immediately and continue until
the tenth anniversary of the Date of Grant, subject to earlier termination as hereinafter provided. 
 (a) If
the Optionee ceases to be a director of the Company or any Affiliate by reason of the Optionee’s discharge for cause, all rights of the Optionee to exercise the Option shall terminate, lapse and be forfeited immediately at the time of the
Optionee’s discharge for cause. 
 (b) If the Optionee ceases to be a director of the Company or any
Affiliate by reason of death, the personal representatives, heirs, legatees or distributees of the Optionee, as appropriate, shall have the right to exercise the Option up to the earlier of (i) six months from the Optionee’s death or
(ii) the remaining term of the Option. 
 (c) If the Optionee ceases to be a director of the Company or any
Affiliate by reason of the Optionee’s resignation, Retirement, Disability or for any reason other than the Optionee’s death or discharge for cause, all rights of the Optionee to exercise the Option shall terminate,

 
lapse, and be forfeited upon the earlier of (i) six months after the date Optionee’s service as a director of the Company terminates by reason of such director’s resignation,
Retirement, Disability or such other reason or (ii) the remaining term of the Option, except that in case the Optionee shall die within six months after the date Optionee’s service as an Eligible Director of the Company terminates by
reason of such director’s resignation, Retirement, Disability or such other reason, the personal representatives, heirs, legatees or distributees of the Optionee, as appropriate, shall have the right up to an additional three months from the
date of the Optionee’s death to exercise the Option. 
 3. Exercise of Option. 

(a) This Option is immediately exercisable. Each exercise of the Option, or any part thereof, shall be evidenced by a
notice in writing to the Company. The Exercise Price of the Shares as to which the Option shall be exercised shall be paid in full at the time of exercise, and may be paid to the Company either: 

(1) in cash (including check, bank draft or money order); or 

(2) by the delivery of Shares having a Fair Market Value equal to the aggregate Exercise Price; provided,
however, that such Shares, if acquired by the exercise of an Option shall have been owned by the Optionee for more than six months prior to exercise; or 
 (3) by a combination of cash and Shares as described above; or 
 (4) by arrangement with a broker acceptable to the Committee in which payment of the Exercise Price is made pursuant to an irrevocable direction from the Optionee to the broker to deliver the Company
proceeds from the sale of the option Shares in an amount equal to the exercise price of the Shares. 
 (b) The
Optionee shall not have any of the rights of a stockholder of the Company with respect to the Shares covered by this Agreement except to the extent that one or more certificates of such Shares shall have been delivered to the Optionee, or the
Optionee has been determined to be a stockholder of record by the Company’s Transfer Agent, upon due exercise of the Option granted hereunder. 
 4. Adjustments Upon Changes in Capitalization or Reorganization. The number of Shares subject to the Option shall be adjusted from time to time as follows: 

(a) Subject to any required action by stockholders, the number of Shares subject to the option granted hereunder, and the
Exercise Price, shall be proportionately adjusted for any increase or decrease in the number of issued Shares of the Company resulting from a subdivision or consolidation of Shares or the payment of a stock dividend (but only in Shares) or any other
increase or decrease in the number of Shares effected without receipt of consideration by the Company. 

  
 2 

 (b) Subject to any required action by stockholders, if the Company shall be
the surviving corporation in any Reorganization, merger or consolidation, the Option granted hereunder shall pertain to and apply to the securities to which a holder of the number of Shares subject to the Option granted hereunder would have been
entitled, and if a plan or agreement reflecting any such event is in effect that specifically provides for the change, conversion or exchange of Shares, then any adjustment to Shares subject to the Option granted hereunder shall not be inconsistent
with the terms of any such plan or agreement. 
 (c) In the event of a change in the Shares of the Company as
presently constituted, which is limited to a change of par value into the same number of Shares with a different par value or without par value, the Shares resulting from any such change shall be deemed to be the Shares within the meaning of the
Plan. 
 To the extent that the foregoing adjustments relate to stock or securities of the Company, such
adjustments shall be made by the Committee, whose determination shall be final, binding and conclusive. 

Except as otherwise specifically provided in this Agreement, the Optionee shall have no rights by reason of any
subdivision or consolidation of stock of any class or the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class or by reason of any dissolution, liquidation, reorganization, merger or
consolidation or spin-off of assets or stock of another corporation, and any issued by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof
shall be made with respect to, the number or Exercise Price of Shares subject to the Option granted hereunder. 

5. Non-Transferability of the Option. This Agreement, and the Option granted hereunder, shall not be transferable
otherwise than by will or the laws of descent and distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee; provided, however, that this Agreement, and the Option granted hereunder, may be transferred to one or
more members of the immediate family of the Optionee or to a trust for the benefit of such person or as directed under a qualified domestic relations order. Any attempted assignment, transfer, pledge, hypothecation or other disposition of this
Agreement and the Option granted hereunder contrary to the provisions hereof, or the levy of any execution, attachment or similar process upon this Agreement, and the Option granted hereunder, shall be null and void and without effect. 

6. Compliance with Securities and other Laws. In no event shall the Company be required to issue Shares under the
Option granted hereunder, if the issuance thereof would constitute a violation of applicable federal or state securities laws or regulations or a violation of any other law or regulation of any governmental or regulatory agency or authority or any
national securities exchange. As a condition to any issuance of Shares, the Company may place legends on shares, issue stop transfer orders and require such agreements or undertakings as the Company may deem necessary or advisable to assure
compliance with any such laws or regulations, including, if the Company or its counsel deems it appropriate, representations from the Optionee that the Optionee is acquiring the Shares solely for investment and not with a view to distribution and
that no distribution of the Shares will be made unless such shares are registered pursuant to applicable federal and state securities laws, or in the opinion of counsel of the Company, such registration is unnecessary. 

  
 3 

 7. Issuance of Shares. Upon the Company’s determination that
the Option granted hereunder has been validly exercised as to any of the Shares, the Committee shall, at its sole discretion, cause the Secretary of the Company to issue certificates in the Optionee’s name for such Shares. The Company shall not
be liable to the Optionee for damages relating to any delays in issuing the certificates, if any, to the Optionee, any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves.

 8. Alternative Award for Cancellation of the Option. For purposes of this Agreement, the payment to
the Optionee of an alternative award or an amount in cash pursuant to the terms of Section 16 of the Plan in consideration of the cancellation of the Option granted hereunder shall extinguish any rights of the Optionee in connection with this
Agreement. 
 9. Notices. Any notice necessary under this Agreement shall be in writing, signed by the
party giving or making the same, and addressed (a) to the Company in the care of its President or Secretary at the principal executive office of the Company in Dallas, Texas, (b) to the Optionee at the address appearing in the personnel
records of the Company for such Optionee or (c) to either party at such other address as either party hereto may hereafter designate in writing to the other. Except as otherwise provided herein, any such notice shall be deemed effective upon
receipt thereof by the addressee. 
 10. Choice of Law. THE INTERPRETATION, PERFORMANCE AND ENFORCEMENT
OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MARYLAND. 
 11. Option Subject to Plan.
The Option is subject to the Plan. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or
provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 
 12.
Amendment of Agreement. This Agreement may be amended, altered, suspended, discontinued or terminated by the Committee; provided that no such amendment, alteration suspension or termination shall materially impair the rights of the Optionee
hereunder without the consent of the Optionee. 
 13. Administration of Plan and Agreement. Any
determinations or decisions made or actions taken arising out of or in connection with the interpretation and administration of the Plan and this Agreement by the Committee shall be final and conclusive. 

14. Execution in Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original for all purposes and both of which taken together shall constitute but one and the same instrument. 
 [Signature
Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the Date of Grant. By execution of this Agreement, the Optionee acknowledges receipt of a copy of the Plan, the Company’s Annual Report on Form 10-K for the year ended December 31, 20[__] and the informational supplement required by
Rule 428(b)(1) under the Securities Act of 1933. 
  

			
	 CAPSTEAD MORTGAGE CORPORATION

		
	 By:
	 	 
		 	 Andrew F. Jacobs

		 	 President and Chief Executive Officer

  

			
	 [OPTIONEE]

		
		 	 
		 	
[                        
                ]

  
 5 

 EXHIBIT 10.2 
 CAPSTEAD MORTGAGE CORPORATION 
 RESTRICTED STOCK AGREEMENT

 FOR NON-EMPLOYEE DIRECTORS 
 THIS AGREEMENT made and entered into as of the [            ] day of
[            ], 20[__] (hereinafter called the “Award Date”), by and between Capstead Mortgage Corporation, a Maryland corporation (the “Company”), and
[            ] (the “Grantee”). 

WHEREAS, the Company, having determined that its interests will be advanced by providing an incentive to the Grantee to
increase the performance of the Company and its Affiliates, has awarded to the grantee a restricted stock award conditioned upon the execution by the Company and the Grantee of a Restricted Stock Agreement. 

THEREFORE, in consideration of the mutual promise(s) and covenant(s) contained herein, the parties hereby agree as
follows: 
 SECTION 1. GRANT. 

1.1 Grant and Acceptance. The Company does hereby grant and transfer to the Grantee, for no cash
consideration from the Grantee, and the Grantee does hereby accept from the Company, an aggregate of [            ] shares (the “Award Shares”) of the Common Stock, $0.01
par value per share, of the Company (the “Common Stock”) according to the terms and conditions and subject to the restrictions hereinafter set forth. 
 1.2 Effect of Plan. The Award Shares shall constitute Restricted Stock and this grant shall constitute an Award, each as defined in the Company’s 2004 Flexible Long-Term
Incentive Plan (the “Plan”). This Agreement is expressly subject to the terms and provisions of the Plan and in the event there is a conflict between the terms of the Plan and this Agreement, the terms of the Plan shall control. All
undefined capitalized terms used herein shall have the meanings assigned in the Plan. The Award is subject to all laws, approvals, requirements and regulations of any governmental authority which may be applicable thereto. 

SECTION 2. RIGHTS IN SHARES. The Grantee, for the duration of this Agreement, shall be the record owner of, and
shall be entitled to vote, the Award Shares and shall be entitled to receive all dividends and any other distributions declared on the Award Shares (provided, however, that nothing contained herein shall cause the Company to declare any such
dividends or to make any such distributions). 
 SECTION 3. VESTING. 

3.1 Vesting. The Award Shares shall vest (become nonforfeitable) in accordance with the schedule set forth
below: 

  

					
	 Date
	  	 Percentage of Shares Vested on Specified Date
	  	 Cumulative Percentage of Shares

	 [                    ]
	  	
[        ]
	  	 [        ]

	 [                    ]
	  	
[        ]
	  	 [        ]

	 [                    ]
	  	
[        ]
	  	 [        ]

	 [                    ]
	  	
[        ]
	  	 [        ]

provided, however, that notwithstanding the foregoing schedule, and except as otherwise provided in Sections 3.2, 3.3 and 3.4 below, no
additional Award Shares shall vest after termination of Grantee’s directorship with the Company or any Affiliate for any reason (including termination by reason of voluntary or involuntary discharge, Disability or Retirement) in which case the
Grantee shall, at the time of termination, forfeit all right, title and interest in and to any Award Shares not then vested. 
 3.2 Effect of Grantee’s Death. If the Grantee ceases to be a director of the Company or any Affiliate by reason of death, any and all outstanding Award Shares not fully vested
shall automatically vest in full and the personal representatives heirs, legatees or distributees of the Grantee, as appropriate, shall become fully vested in the Award Shares effective on the date of the Grantee’s death. 

3.3 Effect of Dissolution or Liquidation. In the event of the dissolution or liquidation of the
Company, any and all outstanding Award Shares not fully vested shall automatically vest in full immediately prior to such dissolution or liquidation. 
 3.4 Effect of Change of Control. In the event of a Change in Control (as defined in the Plan), any and all outstanding Award Shares not fully vested shall automatically vest in full.
The date on which such accelerated vesting shall occur shall be the date of the occurrence of the Change in Control. 
 3.5 Effect of Forfeiture. Any Award Shares forfeited pursuant to Section 3.1 shall revert to the Company. 

SECTION 4. STOCK CERTIFICATES. Upon grant of the Award Shares, the Company shall cause its Transfer Agent to
record Grantee’s ownership of such Award Shares in book entry form. As Award Shares vest hereunder, such Award Shares shall be transferred into an unrestricted account in the name of the Grantee or, at the request of the Grantee, issued in
stock certificate form. Any such certificates shall be unencumbered by any of the restrictions enumerated herein other than such restrictions as may be imposed by applicable federal or state securities laws and regulations. 

SECTION 5. TRANSFER AND REPURCHASES UPON TERMINATION. 

5.1 The unvested Award Shares shall not be offered, sold, transferred, assigned, exchanged, pledged, encumbered or
otherwise disposed of (each, a “Transfer”) for any purpose whatsoever, other than to the Company, and shall not be subject, in whole or in part, to execution, attachment, or similar process in all such cases until the date of vesting. Any
attempted Transfer of the unvested Award Shares, other than in accordance with the terms set forth herein, shall be void and of no effect. 

  
 2 

 5.2 Grantee acknowledges that any sale, assignment, transfer or other
disposition of vested Award Shares may be subject to restrictions contained in applicable federal or state securities laws and regulations and that any such sale, assignment, transfer or other disposition of Award Shares by him or her will be in
compliance with such laws and regulations. 
 SECTION 6. WITHHOLDINGS. The Company and each Affiliate
shall have the right to retain and withhold from any payment (including the vesting) of Award Shares (and any dividends on Award Shares) any amounts required to be withheld or otherwise deducted and paid with respect to such payment (including the
vesting thereof). At its discretion, the Company and each Affiliate may require the Grantee receiving Award Shares to reimburse the Company or any Affiliate for any such taxes required to be withheld by the Company or the Affiliate and withhold any
distribution in whole or in part until the Company and each Affiliate is so reimbursed. In lieu thereof, the Company and each Affiliate shall have the right to withhold from any other cash amounts due or to become due from the Company or the
Affiliate to the Grantee an amount equal to such taxes required to be withheld by the Company or the Affiliate as reimbursement for any such taxes or retain and withhold a number of shares having a market value not less than the amount of such taxes
in order to reimburse the Company or the Affiliate for any such taxes. 
 SECTION 7. ADJUSTMENTS TO AWARD
SHARES. 
 7.1 Stock Dividends and Splits and Similar Transactions. Subject to any required
action by the Company’s Board of Directors and stockholders, the number of Award Shares shall be proportionately adjusted for any increase or decrease in the number of issued Shares of the Company resulting from the payment of a Share dividend,
a Share split, a Share reverse-split or any similar transaction. 
 7.2 Change in Par Value. In
the event of a change in the Company’s Shares which is limited to a change of all of its authorized shares with par value into the same number of shares with a different par value or without par value, the shares resulting from any such change
shall be deemed to be shares within the meaning of the Plan. 
 7.3 Other Capital Adjustments.
Except as hereinbefore expressly provided in Section 7.1 and except for rights that all holders of Common Stock shall have, Grantee shall have no rights by reason of any subdivision or consolidation of Shares of any class or payment of any
share dividend or any other increase or decrease in the number of shares of any class or by reason of any dissolution, liquidation, merger or consolidation or spin-off of assets or stock of another corporation; any issuance by the Company of Shares
of any class, or securities convertible into Shares of any class, shall not affect the Award, and no adjustment by reason thereof shall be made with respect to the number or price of the Company’s Shares subject to the Award. An Award of
Restricted Stock shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell or
transfer all or any part of its business or assets. 

  
 3 

 SECTION 8. GRANTEE’S REPRESENTATIONS AND WARRANTIES. Grantee
represents and warrants that: 
 (a) such Grantee has not and will not, directly or indirectly, Transfer any
Award Shares except in accordance with the terms of this Agreement; 
 (b) such Grantee has, or such Grantee
together with such Grantee’s advisors, if any, have such knowledge and experience in financial, business and tax matters that such Grantee is, or such Grantee together with such Grantee’s advisors, if any, are capable of evaluating the
merits and risks relating to such Grantee’s investment in the Award Shares and making an investment decision with respect to the Company; 
 (c) such Grantee has been given the opportunity to obtain information and documents relating to the Company and to ask questions of and receive answers from representatives of the Company concerning the
Company and such Grantee’s investment in the Award Shares; and 
 (d) such Grantee realizes that there are
substantial risks incident to an investment in the Award Shares. 
 SECTION 9. IMPACT ON OTHER BENEFITS.
The value of the Award Shares (either on the Award Date or at the time the shares are vested) shall not be includable as compensation or earnings for purposes of any other benefit plan offered by the Company. 

SECTION 10. ADMINISTRATION. The Committee shall have full authority and discretion (subject only to the express
provisions of the Plan) to decide all matters relating to the administration and interpretation of the Plan and this Agreement. All such Committee determinations shall be final, conclusive, and binding upon the Company, the Grantee, and any and all
interested parties. 
 SECTION 11. AMENDMENT(S). This Agreement shall be subject to the terms of the
Plan, as amended from time to time, except that the Award that is the subject of this Agreement may not in any way be restricted or limited by any amendment or termination approved after the Award Date without the Grantee’s written consent.

 SECTION 12. FORCE AND EFFECT. The various provisions of this Agreement are severable in their
entirety. Any determination of invalidity or unenforceability of any one provision shall have no effect on the continuing force and effect of the remaining provisions. 

SECTION 13. GOVERNING LAWS. This Agreement shall be construed and enforced in accordance with and governed by the
laws of the State of Maryland. 
 SECTION 14. MISCELLANEOUS. 

14.1 Any notice necessary under this Agreement shall be in writing, signed by the party giving or making the same, and
addressed (a) to the Company in the care of its President or Secretary at the principal executive office of the Company in Dallas, Texas, (b) to the Grantee at the address appearing in the personnel records of the Company for such Grantee
or (c) to either party at 

  
 4 

 
such other address as either party hereto may hereafter designate in writing to the other. Except as otherwise provided herein, any such notice shall be deemed effective upon receipt thereof by
the addressee. 
 14.2 This Agreement may be executed in counterparts, each of which shall be deemed an original
for all purposes and both of which taken together shall constitute but one and the same instrument. 
 [Signature Page
Follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date hereof. By execution of this Agreement, the Grantee acknowledges receipt of a copy of the Plan, the Company’s Annual Report on Form 10-K for the year ended December 31, 20[__] and the informational supplement required by
Rule 428(b)(1) under the Securities Act of 1933. 
  

			
	 CAPSTEAD MORTGAGE CORPORATION

		
	 By: 
	 	 
		 	 Andrew F. Jacobs

		 	 President and Chief Executive Officer

  

			
	 [GRANTEE]

		
		 	 
		 	
[                        
                ]

  
 6

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