Document:

EX-10.1

 Exhibit 10.1 
  

 
 EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into on April 6, 2020 and effective as of
April 6, 2020 (the “Effective Date”) by and between Potbelly Corporation, a Delaware corporation (hereinafter referred to as “Company”), and Steve Cirulis, an individual (hereinafter referred to as “Executive”).

 Statement of Purpose 
 WHEREAS,
Company wishes to employ Executive as its Senior Vice President, Chief Financial Officer and Chief Strategy Officer; and 
 WHEREAS,
Executive desires to accept such employment on the terms and conditions set forth below; and 
 WHEREAS, Company and Executive desire to
definitively set forth their agreement with respect to Executive’s employment; and 
 WHEREAS, Potbelly Illinois, Inc. and Potbelly
Sandwich Works, LLC are direct or indirect subsidiaries of Company; 
 NOW, THEREFORE, in consideration of the Statement of Purpose, the
terms and provisions of this Agreement and other good and valuable consideration, the parties hereto mutually consent, covenant, represent, warrant, and agree as follows: 

1.    Term, Employment and Duties. 

(a)    Term. The term of employment of Executive pursuant to this Agreement (the “Term”) shall
commence on the Effective Date and shall terminate on the date Executive’s employment with Company and its affiliates terminates for any reason (“Termination Date”). Executive shall at all times be an
at-will employee and nothing in this Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that Executive has a right to continue to be employed by Company for any
period of time or any specific rate of compensation. Notwithstanding the foregoing, in the event that Executive does not commence active employment under this Agreement on the Effective Date, this Agreement shall be of no force and effect and
neither party will have any obligations hereunder. 

  
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 (b)    Title and Duties. Effective as of the Effective
Date, Company hereby agrees to employ Executive, and Executive agrees to accept employment, as Company’s Senior Vice President, Chief Financial Officer and Chief Strategy Officer. Executive shall also have the commensurate titles and positions
with such subsidiaries or affiliates of Company as determined by Company and shall serve in such positions without additional compensation. Executive shall have the duties, responsibilities and authority customary for his positions and shall perform
such other duties consistent with such positions as may be assigned to Executive, from time to time, by Company. Without limiting the generality of the foregoing, Executive will lead the finance and accounting activities of the Company and achieve
the expectations as outlined to him by the Chief Executive Officer of the Company (“CEO”). 

(c)    Performance of Duties. Executive shall devote Executive’s full business time, energy, loyalty,
and ability exclusively to the business, affairs, and interests of Company and its affiliates, and shall use Executive’s best efforts and abilities to promote the interests of Company and its affiliates and to perform the services contemplated
by this Agreement and agrees that he will perform his duties faithfully and efficiently subject to the directions of the CEO. Without the prior approval of the CEO, Executive shall not, during the Term, directly or indirectly, render any other
employment or consulting activities or services, including as a director, to any other person, firm, corporation, or other entity; provided, however, that, to the extent that the following activities do not conflict with or detract from the
performance by Executive of Executive’s duties, Executive may act as a director of, and may also engage in activities involving, charitable, educational, religious, and similar types of organizations, and similar types of activities. 

(d)    Confidentiality, Non-Competition,
Non-Interference and Intellectual Property. The Company’s offer of employment set forth in this Agreement is made upon the express condition that Executive executes and delivers that certain Executive
Confidentiality and Business Preservation Agreement provided to Executive simultaneously herewith and dated as of the Effective Date. In addition, Company is entering into this Agreement with Executive and will employ Executive on the express
condition that Executive does not use or disclose to Company any confidential or proprietary information or trade secrets belonging to anyone with whom Executive previously worked, and with the understanding that Executive’s employment with
Company will not violate or be restricted by any non-competition or other agreement with anyone else. The Termination Benefits set forth in Paragraph 4 of this Agreement are, in part, provided as compensation
for the execution of the confidentiality and restrictive covenant obligations noted herein. Those Termination Benefits, this Agreement and Executive’s Employment will cease and be null and void should Executive not enter into the Executive
Confidentiality and Business Preservation Agreement. 
 2.    Termination of Employment. 

(a)    Termination Date. Executive’s Termination Date shall occur upon termination by Company for any
reason or no reason or by Executive for any reason or no reason, including any of the following: (i) Executive’s death; (ii) Executive being disabled by reason of physical and mental infirmity or both, thereby rendering Executive
unable to satisfactorily perform Executive’s duties under this Agreement (a “Disability”), said Disability to be determined in good faith by the CEO in consultation with no fewer than two (2) accredited physicians selected by the
CEO and reasonably approved by Executive in the event that Disability is disputed; (iii) termination of Executive’s employment by Company with or without Cause (as defined below) or (iv) Executive’s resignation with or without
Good Reason (as defined below). Executive’s Termination Date shall be considered to be on account of a “Qualifying Termination” if the Termination Date occurs due to (1) termination by Company without Cause, or
(2) termination by Executive with Good Reason. 

  
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 (b)    Cause. The term “Cause” as used in this
Agreement shall mean an act, action, or series of acts or actions, or omission or series of omissions, by Executive which constitute or result in: (i) intentional misrepresentation of material information by Executive in Executive’s
relations with Company; (ii) Executive’s indictment (or its equivalent) for the commission of a crime by Executive that constitutes a felony; (iii) commission of an act involving moral turpitude; (iv) the material breach or
material default by Executive of any of Executive’s written agreements with Company or obligations under any material provision of this Agreement or any written policy of Company (that remains unremedied within thirty (30) days after
notice to Executive); (v) the commission of fraud or embezzlement on the part of Executive; (vi) failure to comply with any lawful written direction of Company’s Board of Directors (the “Board”) (that, if capable of cure without
damage to Company, remains unremedied within thirty (30) days after notice to Executive); or (vii) willful action taken for the purpose of harming Company or any of its affiliates. For purposes of clause (vii) of this Paragraph 2(b),
no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done or omitted to be done, by Executive in bad faith and without reasonable belief that Executive’s action or omission was in the best
interest of Company. An act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interest of
Company. 
 (c)    Good Reason. The term “Good Reason” as used in this Agreement means the
occurrence, without Executive’s consent, of (i) a material reduction in either Executive’s rate of Base Salary (as defined in Paragraph 3(a)) or Executive’s target or maximum bonus percentage (other than (A) a reduction
which does not exceed the percentage reduction of an across the board salary or bonus reductions (target, actual or maximum) for management employees, or (B) the pay reduction of 25% for all senior executives of the Company that was imposed as
of March 30, 2020 and which shall continue indefinitely until removed at the sole discretion of the Company for all senior executives (the “Corona Cut”)); (ii) any material reduction in the position, authority, or office of Executive
with respect to Company, or in Executive’s responsibilities or duties for Company, or a change in reporting to anyone other than the Chief Executive Officer of the Company; or (iii) any action or inaction by Company that constitutes a
material breach of the terms of this Agreement; or (iv) any relocation of Executive’s principal place of work with Company to a place more than fifty (50) miles from Company’s headquarters at the Effective Date; provided,
however, that any such occurrence under clauses (i) – (iv) above shall constitute Good Reason only if (1) Executive provides notice to Company within thirty (30) days after the occurrence, (2) Company fails to cure such
occurrence within thirty (30) days after receipt of notice from Executive, and (3) Executive terminates employment within thirty (30) days following expiration of the cure period. 

3.    Compensation and Benefits During Employment. 

(a)    Base Salary. During the term of Executive’s employment hereunder, Company shall pay to
Executive a base salary at an annual rate of $425,000.00 (the “Base Salary”), payable in accordance with the Company’s normal payroll practices, subject to the Corona Cut such that, as of the Effective Date and unless and until the
Corona Cut is removed Executive’s Base Salary shall be an annual rate of $340,000. The Base Salary will be reviewed annually based on the Company’s normal review cycle. 

  
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 (b)    Annual Bonus. Beginning with calendar year 2020,
Executive shall be eligible for a discretionary “Annual Bonus” in accordance with Company’s Named Executive Officers Incentive Plan as in effect from time to time (or a successor thereof) (the “NEO Incentive Plan”) at a
target rate of 60% of his Base Salary and a maximum rate established by the Compensation Committee consistent with other members of the Senior Leadership Team, subject to satisfaction of applicable performance ratings and other conditions as
determined by the Company from time to time. Executive’s bonus shall be paid in a single lump sum cash payment not later than June 15 following the conclusion of the calendar year in which such bonus is earned; provided, however, that if
the annual audit for such calendar year has not been issued by Company’s outside auditors by said June 15, then payment shall be made within thirty (30) days following the issuance of such audit, but in no event shall payment be made
later than the end of the calendar year following the calendar year in which such bonus is earned. The Annual Bonus for any year shall be prorated for partial years and shall be subject to the terms and conditions of the NEO Incentive Plan. 

(c)    Time Off. During the Term, Executive shall be entitled to paid time off consistent with Company
practice and policy for executive-level employees, but not less than 25 vacation days and 2 personal days per year, subject to pro ration for partial years. In addition, Executive shall be entitled to those paid holidays granted to Company employees
while Executive is employed. 
 (d)    Executive Benefits/Perquisites. Executive shall be entitled to
such other benefits, including health insurance, dental, 401(k), and other benefits and perquisites in such form and in such manner and at such times as Company shall from time to time adopt and establish for its executive-level employees generally.
Executive shall be subject to eligibility and other requirements of applicable benefit plans. Generally, your eligibility date for Company-provided benefits will be May 1, 2020. 

(e)    Expenses and Reimbursements. Company shall pay or reimburse Executive for all reasonable business
expenses actually incurred or paid by Executive during the Term in the performance of Executive’s duties and responsibilities under this Agreement, subject to and in accordance with applicable expense reimbursement policies as in effect from
time to time and the terms and conditions of this Agreement. 
 (f)    Equity Awards. Executive shall be
entitled to annual equity grants, if any, as determined by the Compensation Committee of the Board (the “Compensation Committee”). Executive shall receive an initial grant under the Potbelly Corporation 2019 Long-Term Incentive Plan, as
further amended and restated (the “Equity Plan”) (and not to be considered representative of any future grants either as to amount or form), of restricted stock units (“RSUs”) as follows, to be granted in the first open trading
window that begins after the date specified as soon as practicable within the applicable open trading (assuming in each case continued employment of Executive through the applicable grant date): (i) 30,000 RSUs on the Effective Date; plus (ii)
30,000 RSUs on the six month anniversary of the Effective Date; plus (iii) 30,000 RSUs on the twelve month anniversary of the Effective Date, For years beginning in 2021 

  
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and thereafter, Executive shall be eligible to participate in the Equity Plan at a level consistent with other members of the Senior Leadership Team, which equity award may be in the form of
stock options, restricted stock units (including performance-based restricted stock units) and/or other forms of awards permitted under the Equity Plan, as determined in the sole discretion of the Compensation Committee; provided, however, that the
actual value of the equity award for any year shall be determined by the Compensation Committee in its sole discretion taking into account Executive’s performance and performance of the Company for the applicable period to which the award
relates. All awards under the Equity Plan shall be evidenced by an award agreement setting forth the terms and conditions of the applicable award. 

(g)    Sign On Bonus. Executive shall receive a one-time cash sign
on bonus of $100,000 (the “Signing Bonus”) on the first pay period after the Effective Date. In the event Executive’s Termination Date occurs for any reason (other than for Good Reason) prior to the 18 month anniversary of the
Effective Date, Executive shall pay back to the Company the entire after tax amount received by Executive of the Signing Bonus within 90 days of the Termination Date. 

4.    Payments and Benefits on Termination of Employment. 

(a)    Termination for any Reason. If Executive’s Termination Date occurs for any reason, Company
shall pay or provide to Executive (i) Executive’s Base Salary in effect at the time for the period ending on the Termination Date; (ii) Executive’s earned but unpaid Annual Bonus for any bonus year ending prior to the bonus year
during which the Termination Date occurs; (iii) reimbursement of Executive’s incurred but unreimbursed business expenses for periods prior to Executive’s Termination Date; and (iv) any other payments or benefits to be provided to
Executive by Company pursuant to any employee benefit plans or arrangements of Company or required by applicable law, to the extent such amounts are due from Company. Executive will be entitled to any other benefits in accordance with the terms of
the applicable benefit plan or program. Generally, (i) all vested stock options outstanding on Executive’s Termination Date shall remain exercisable for ninety (90) days following the Termination Date or for such longer or shorter
period specified under the stock option agreement evidencing such stock option but in no event after the expiration of the stock option term, and (ii) all restricted stock units and performance stock units shall be forfeited upon termination of
employment; provided, however, that all awards are subject to the terms and conditions of the LTIP and the applicable award agreements. Executive shall give written notice to the Company’s Chief Executive Officer and Chief Legal Officer of not
less than 60 days in the event Executive elects to leave the Company for any reason; provided, however, that a termination for Good Reason shall be subject to the terms and conditions as otherwise apply under this Agreement. 

(b)    Qualifying Termination—Non-Change in Control. If
Executive’s Termination Date occurs by reason of a Qualifying Termination and if the Release Requirements (as defined Paragraph 4(e)) are satisfied as of the sixtieth (60th) day following the
Termination Date (which sixtieth (60th) day shall be referred to as the “Payment Date”), then, in addition to the payments and benefits to which Executive is entitled under Paragraph
4(a), Executive will be entitled to the following payments and benefits: 

  
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 (i)    Company shall pay Executive a cash severance
payment in a gross amount equal to twelve (12) months of Executive’s Base Salary (determined as of the Termination Date without regard to any reduction thereof under circumstances which constitute Good Reason) (the “Severance
Payment”). Any Severance Payment to which Executive is entitled under this Paragraph 4(b)(i) will commence on the first regular payroll date after the Payment Date and shall continue to be paid in substantially equal payroll by payroll period
installments for a period of twelve (12) months thereafter 
 (ii)    If Executive is entitled to
and elects continuation coverage under Company’s group health plans pursuant to “COBRA” (“COBRA Coverage”), Company shall continue to pay on behalf of Executive and his eligible dependents the same level of employer
contribution that is provided by Company for corresponding coverage for similarly-situated active employees for the lesser of (1) twelve (12) months following Executive’s Termination Date or (2) the date on which COBRA Coverage
terminates by its terms (the “Post-Termination Coverage Benefit”). Company shall have no obligations under this Paragraph 4(b)(ii) if the Post-Termination Coverage Benefit would subject Company or any of its affiliates to tax penalties or
materially increase the cost to Company and its affiliates of providing group medical coverage to employees generally. For the period commencing on Executive’s Termination Date and ending on the Payment Date, the COBRA Coverage shall be
provided at Executive’s expense and, if the Release Requirements are satisfied on the Payment Date, Executive shall be entitled to a lump sum payment in an amount equal to the Post-Termination Coverage Benefit that would have been provided to
Executive for the period beginning on the Termination Date and ending on the Payment Date, which lump sum payment shall be made on the Payment Date or the next scheduled payroll date. 

If the Release Requirements are not satisfied on the Payment Date, Executive shall not be entitled to any payments or benefits under this Paragraph 4(b). 

(c)    Qualifying Termination—Change in Control. If Executive’s Termination Date occurs by reason
of a Qualifying Termination on or within two (2) years following a Change in Control (as defined below), then, in addition to the payments and benefits to which Executive is entitled under Paragraph 4(a), Executive will be entitled to the
following payments and benefits (which shall not be subject to satisfaction of the Release Requirements): 

(i)    Company shall pay Executive the Severance Benefit in accordance with the provisions of Paragraph
4(b)(i). 
 (ii)    If Executive is entitled to and elects COBRA Coverage, Company shall provide
Executive with the Post-Termination Coverage Benefit in accordance with the provisions of Paragraph 4(b)(ii). 

(iii)    Company shall pay Executive a cash payment equal to the amount of the Annual Bonus that Executive
would have received for the bonus year in which the Termination Date occurs had his Termination Date not occurred, based on actual Company performance and pro-rated for the portion of the bonus year completed
prior to the Termination Date, payable at the same time as the annual bonus is paid to similarly-situated active executive employees in accordance with the terms of the applicable bonus plan of Company. 

  
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 For purposes of this Agreement, the term “Change in Control” shall mean, a “Change in
Control” as defined in the Incentive Plan. 
 (d)    Company Property. Upon Executive’s
Termination Date, Executive will promptly return to Company all the documents and/or property of or relating to Company or any of its affiliates within Executive’s possession or control. 

(e)    Release Requirements. For purposes of this Agreement, the “Release Requirements” shall be
satisfied as of any date if, as of such date, Executive (or, for purposes of Paragraph 4(f) in the event of death, the legal representative of Executive’s estate) has signed a form of general release and waiver satisfactory to Company and
Executive (the “Release”) and the Release has become effective in accordance with applicable law (including that the Release has not been revoked and the revocation period applicable under applicable law has expired). 

(f)    Termination by Reason of Death or Disability. If Executive’s Termination Date occurs by reason
of death or Disability and the Release Requirements are satisfied (which, in the case of death shall be satisfied by the legal representative of Executive’s estate), then, in addition to the payments and benefits to which Executive is entitled
under Paragraph 4(a), Company shall pay to Executive or the legal representative of his estate, as applicable, a cash payment equal to the amount of the Annual Bonus that Executive would have received for the bonus year in which the Termination Date
occurs had his Termination Date not occurred, based on actual Company performance and pro-rated for the portion of the bonus year completed prior to the Termination Date, payable at the same time as the annual
bonus is paid to similarly-situated active executive employees in accordance with the terms of the applicable bonus plan of Company. 

5.    Mitigation and Set-Off. Executive shall not be required to mitigate
the amount of any payment provided for in this Agreement by seeking other employment or otherwise. Company shall not be entitled to set off against the amounts payable to Executive under this Agreement any amounts earned by Executive in other
employment after termination of his employment with Company or any amounts which might have been earned by Executive in other employment had he sought such other employment; provided, however that Company shall be entitled to set off against the
amounts payable to Executive under this Agreement any amounts owed to Company by Executive. 

6.    Reimbursements. To the extent that any reimbursements under this Agreement are taxable to Executive, such
reimbursements shall be paid to Executive only if (a) to the extent not specified herein, the expenses are incurred and reimbursable pursuant to a reimbursement plan that provides an objectively determinable nondiscretionary definition of the
expenses that are eligible for reimbursement and (b) the expenses are incurred during the Term. With respect to any expenses that are reimbursable pursuant to the preceding sentence, the amount of the expenses that are eligible for
reimbursement during one calendar year may not affect the amount of reimbursements to be provided in any subsequent calendar year, the reimbursement of an eligible expense shall be made no later than the last day of the calendar year following the
calendar year in which the expense was incurred, and the right to reimbursement of the expenses shall not be subject to liquidation or exchange for any other benefit. 

  
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 7.    Notices. Notices and all other communications provided for
in this Agreement shall be in writing and shall be delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, or sent by facsimile or prepaid overnight courier to the parties at the addresses set forth
below (or such other addresses as shall be specified by the parties by like notice). Communications that are to be delivered by the U.S. mail or by overnight service are to be delivered to the addresses set forth below: 

to Company: 
 Potbelly
Corporation 
 111 N. Canal Street, Suite 850 

Chicago, IL 60606 
 Attention:
Chief Legal Officer 
 or to Executive, to Executive’s home address as reflected in Company’s records. 

Each party, by notice furnished to the other party, may modify the applicable delivery address, except that notice of change of address shall be effective
only upon receipt. 
 8.    Non-Waiver. No waiver by either party or any
breach by the other party of any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any such or other provision of this Agreement. 

9.    Governing Law and Choice of Forum. The construction, validity, and enforceability of this Agreement shall be
governed by the laws of the State of Illinois, as that law applies to contracts made, and to be wholly performed, in the State of Illinois. 

10.    Binding Effect. This Agreement shall be binding upon and inure to the benefit of Company, Executive, and
Executive’s personal representatives, beneficiaries, heirs, and successors. Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Company would be required to perform it if no such succession has taken place. 

11.    Severability. If any provision of this Agreement or any part thereof be held invalid or unenforceable, the
same shall not affect or impair any other provision of this Agreement or any part thereof, and the invalidity or unenforceability of any provision of this Agreement shall not have any effect on or otherwise impair or limit the other obligations of
Company or Executive. 
 12.    Counterparts. This Agreement may be executed in duplicate counterparts, each of
which shall be deemed an original hereof. 

  
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 13.    Disputes. The parties have mutually decided and agreed to
resolve disputes as noted in Paragraph 13 and its subparts by binding arbitration. The parties have come to this mutually agreeable and voluntary decision due to the following reasons: (1) arbitration provides the opportunity to resolve
disputes more efficiently than a court case; (2) arbitration may be less costly than a court case; and (3) to avoid the public forum for resolving what could be mutual and/or highly personal claims. The parties have negotiated over this
arbitration agreement and agree as noted below. 
 (a)    Except as set forth in this Paragraph 13, any dispute, claim or
difference arising between Company and Executive (each a “Party,” and jointly, the “Parties”), including any dispute, claim or difference arising out of this Agreement, and any class or collective action will be settled
exclusively by binding arbitration in accordance with the rules of the Judicial Arbitration and Mediation Services, Inc. (“JAMS”). The arbitration will be held Chicago, Illinois unless the Parties mutually agree otherwise. Nothing
contained in this Paragraph 13 will be construed to limit or preclude a Party from bringing any action in any court of competent jurisdiction for injunctive or other provisional relief to compel another party to comply with its obligations under
this Agreement or any other agreement between or among the Parties during the pendency of the arbitration proceedings. 

(b)    Each Party shall bear its own costs and fees of the arbitration, and the fees and expenses of the arbitrator will be
borne equally by the Parties, provided, however, if the arbitrator determines that any Party has acted in bad faith, the arbitrator shall have the discretion to require any one or more of the Parties to bear all or any portion of fees and expenses
of the Parties and/or the fees and expenses of the arbitrator; provided, further that, with respect to claims that, but for this mandatory arbitration clause, could be brought against Company under any applicable federal or state labor or employment
law (“Employment Law”), the arbitrator shall be granted and shall be required to exercise all discretion belonging to a court of competent jurisdiction under such Employment Law to decide the dispute, whether such discretion relates to the
provision of discovery, the award of any remedies or penalties, or otherwise and provided further that Company may be required to pay filing or administrative fees in the event that requiring Executive to pay such fees would render this Paragraph 13
unenforceable under applicable law. As to claims not relating to Employment Laws, the arbitrator shall have the authority to award any remedy or relief that a Court of the State of Illinois could order or grant. The decision and award of the
arbitrator shall be in writing and copies thereof shall be delivered to each Party. The decision and award of the arbitrator shall be binding on all Parties. In rendering such decision and award, the arbitrator shall not add to, subtract from or
otherwise modify the provisions of this Agreement. Either Party to the arbitration may seek to have the award of the arbitrator entered in any court having jurisdiction thereof. All aspects of the arbitration shall be considered confidential and
shall not be disseminated by any Party with the exception of the ability and opportunity to prosecute its claim or assert its defense to any such claim. The arbitrator shall, upon request of either Party, issue all prescriptive orders as may be
required to enforce and maintain this covenant of confidentiality during the course of the arbitration and after the conclusion of same so that the result and underlying data, information, materials and other evidence are forever withheld from
public dissemination with the exception of its subpoena by a court of competent jurisdiction in an unrelated proceeding brought by a third party. 

  
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 14.    Assignment and Survival. This Agreement is personal to
Executive and shall not be assignable by Executive. This Agreement may be assigned by Company only to a successor-in interest to all or substantially all of the business operations of Company or any of its
affiliates. The rights and obligations of the parties to this Agreement shall survive its termination or expiration of this Agreement to the extent that any performance is required under this Agreement after the termination or expiration of the
Agreement. 
 15.    No Strict Construction. The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent, and no rule of strict construction will be used against any person. 

16.    Indemnification. If Executive (or his heirs, executors or administrators) is made a party or is threatened
to be made a party to, or is involved in, any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that Executive is or was a director or officer of Company or
is or was serving at the request of Company as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, Executive (and his heirs, executors or administrators) shall be indemnified and held harmless by
Company to the fullest extent permitted by Delaware Law. To the fullest extent authorized by Delaware Law, the right to indemnification conferred in this Paragraph 16 shall also include the right to be paid by Company the expenses incurred in
connection with any such proceeding in advance of its final disposition upon delivery to Company of an undertaking by or on behalf of Executive to repay such amount if it shall ultimately be determined that Executive is not entitled to be
indemnified. Company’s obligations under this Paragraph 16 shall survive the termination or expiration of this Agreement for any reason. 

17.    Withholding. All payments and benefits under this Agreement are subject to withholding of all applicable
taxes. 
 18.    Special Section 409A Rules. It is intended that this Agreement will comply
with section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent applicable, and this Agreement shall be interpreted and construed on a basis consistent with such intent. Notwithstanding any other provision of
this Agreement to the contrary, if any payment or benefit hereunder is subject to section 409A of the Code, and if such payment or benefit is to be paid or provided on account of Executive’s Termination Date (or other separation from service or
termination of employment): 
 (a)    and if Executive is a specified employee (within the meaning of section
409A(a)(2)(B) of the Code) and if any such payment or benefit is required to be made or provided prior to the earlier of (i) the first (1st) day of the seventh (7th) month following Executive’s separation from service or (ii) the date of Executive’s death (the “Section 409A Payment Date”), such payment or benefit shall be delayed
until the Section 409A Payment Date; and 
 (b)    the determination as to whether Executive has had a
termination of employment (or separation from service) shall be made in accordance with the provisions of section 409A of the Code and the guidance issued thereunder without application of any alternative levels of reductions of bona fide services
permitted thereunder. 

  
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 For purposes of section 409A of the Code, any installment payment or benefit under this Agreement shall be
treated as a separate payment. If this Paragraph 18 applies to any payment or benefit hereunder, any such payments or benefits that would otherwise have been paid or provided to Executive between Executive’s Termination Date and the
Section 409A Payment Date, shall be paid in a lump sum on the Section 409A Payment Date. 
 19.    Entire
Agreement. This Agreement, together with the Executive Confidentiality and Business Preservation Agreement in effect on the Effective Date, constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes and cancels all prior or contemporaneous oral or written agreements and understandings between them with respect to the subject matter hereof, including (i) the offer letter dated March 28, 2020 and (ii) the consulting
agreement dated December 19, 2019 including any bonus payments or other amounts due other than the monthly payment for March 2020 services rendered by Executive. This Agreement may not be changed or modified orally but only by an instrument in
writing signed by the parties hereto, which instrument states that it is an amendment to this Agreement. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF, intending to be legally bound, Company and Executive have executed this
agreement on the date set forth below, effective as of April 6, 2020. 
 Date: April 6, 2020 

 

			
	POTBELLY CORPORATION
	
	/s/ Alan Johnson
	By:	 	Alan Johnson
	Its:	 	President and Chief Executive Officer

  

			
	EXECUTIVE:
	
	/s/ Steve Cirulis
	Steve Cirulis

  
 12Exhibit

Exhibit 10.1

FORBEARANCE AGREEMENT
THIS FORBEARANCE AGREEMENT, dated as of April 10, 2020 (this “Agreement”), by and among MFA Financial, Inc. and its undersigned affiliates, jointly and severally (each, a “Seller Entity,” and collectively, the “Companies”), and the buyer parties listed on Schedule 1 hereto (collectively, the “Participating Counterparties”), recites and provides as follows:
RECITALS 
A.The Companies are party to various repurchase agreements and other related agreements with the Participating Counterparties, as well as certain other agreements with the Participating Counterparties, including those set forth on Schedule 2 (such agreements, collectively, the “Applicable Agreements”).  

B.The Companies acknowledge and agree that various defaults and/or events of default exist or are likely to exist, or with the passage of time will or are likely to occur, under the terms of one or more of the Applicable Agreements with Participating Counterparties, including without limitation on account of (i) the failure by one or more Seller Entities to make certain payments to the applicable Participating Counterparties under the Applicable Agreements related to margin calls, requests for payments, other payment provisions, financial covenants, or termination provisions, (ii) the failure by one or more Seller Entities to deliver certain notices to Participating Counterparties, and/or (iii) cross-default provisions under the Applicable Agreements (collectively, the “Acknowledged Events of Default”).

C.The Companies have requested that the Participating Counterparties forbear from exercising any and all rights and remedies under the Applicable Agreements or applicable law relating to any or all of the Acknowledged Events of Default, unless as otherwise provided in this Agreement.

D.The Participating Counterparties have agreed to forbear from exercising their rights and remedies with respect to the Acknowledged Events of Default solely during the Forbearance Period (as defined below) on the terms and subject to the conditions set forth in this Agreement.

AGREEMENT
NOW, THEREFORE, for and in consideration of the promises, mutual covenants, releases, and agreements herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.Forbearance.  From and after the Effective Date (as defined below) and through the earlier of: (i) 6:30 p.m. Eastern Daylight Time on the first business day that is fifteen (15) calendar days after the Effective Date, and (ii) the occurrence and continuance of a Triggering Event (as defined herein) (the “Forbearance Period”), each of the Participating Counterparties shall and hereby agrees to forbear from exercising any of its rights or remedies, as applicable, under its respective Applicable Agreements in respect of the Acknowledged Events of Default; provided that, without limiting and subject to the foregoing, each Participating Counterparty shall be permitted during the Forbearance Period to request, demand, or provide notice of margin, collateral or payments under the Applicable Agreements or other applicable law; provided further that nothing contained herein will prevent a Participating Counterparty from exercising any such 

                            1

rights or remedies that are required by FINRA Rule 4210 as long as the applicable Participating Counterparty has exercised good faith efforts to obtain a waiver of, an extension pursuant to, or to otherwise excuse compliance with, FINRA Rule 4210.  

Except as expressly set forth in this Agreement, nothing contained in this Agreement shall be deemed to constitute a waiver of any Acknowledged Event of Default or any other default, event of default or termination event under any of the Applicable Agreements or an amendment, supplement or modification of any term or condition of any of the Applicable Agreements.  Upon the termination of the Forbearance Period, the agreement of the Participating Counterparties to forbear as set forth in this Section 1 shall be void ab initio and immediately terminate without the requirement of any demand, presentment, protest, or notice of any kind (including any written notice of such termination or any obligation to provide notice of any default, event of default, termination event or exercise of remedies that may be required under such Applicable Agreement), all of which are hereby waived by the Companies.  The Companies hereby acknowledge and agree that, upon the termination of the Forbearance Period, the Participating Counterparties that are party hereto may at any time, and from time to time, in their sole and absolute discretion, with respect to the Acknowledged Events of Default or any other default or event of default that may have occurred under the Applicable Agreements, exercise against any applicable Seller Entity (and its properties) any and all of their rights, remedies, powers and privileges under and in accordance with such Applicable Agreements, applicable law and/or equity, all of which rights, remedies, powers and privileges are fully reserved by each of the Participating Counterparties, and without regard to any grace or notice periods provided under such Applicable Agreements, all of which shall be deemed to have expired.
2.Grant of Security.  No later than the date hereof, to secure their respective obligations to the Participating Counterparties under the Applicable Agreements, but only if MFA Financial, Inc. is a party to or a guarantor of or has otherwise provided credit support in connection with such Applicable Agreements, each of the Companies hereby grants to the Collateral Agent and its successors and assigns, for the benefit of the Participating Counterparties in accordance with their respective Pro Rata Realized Losses and pursuant to a security agreement in form and substance acceptable to the Participating Counterparties, a valid and perfected first-priority security interest in, and lien upon, (a) all of the Companies’ rights, title and interest in and to the assets described on Schedule 3 to this Agreement, (b) all of the Companies’ right, title and interest in and to any and all repurchase agreements and related documents entered into by any of the Companies, including without limitation the Applicable Agreements and any repurchase agreements with Non-Participating Counterparties (“Collateral Contracts”), after giving effect to the rights (including netting and setoff rights) of the relevant Participating Counterparty or Non-Participating Counterparty thereunder or with respect to other rights of netting and setoff granted or acknowledged to Participating Counterparties pursuant to Section 7 of this Agreement, together with the Companies’ rights to any assets returnable or amounts payable to them under any such repurchase agreements, and (c) the proceeds of all of the foregoing (collectively, the “Designated Assets”); provided, however, that (i) during the Forbearance Period, the Companies shall have full power and authority to use cash collateral (as that term is defined in section 363(a) of title 11 of the United States Code (the “Bankruptcy Code”)) in accordance with the budget annexed hereto as Schedule 4, subject to the variances set forth therein, and to make payments to professionals of Participating Counterparties regardless of whether such amounts are included in the budget, and (ii) upon the expiration of the Forbearance Period, the lien on the Designated Assets shall be subject to a customary carveout for professional fees and other wind-down expenses as set forth more particularly in Section 7.3 of the Security and Collateral Agency Agreement.  For the avoidance of doubt, during the Forbearance Period, in no event shall any Participating Counterparty have any contractual rights to enforce any provisions of any Collateral Contract to which such Participating Counterparty is not a party, and the Participating Counterparties’ rights with respect to the Collateral Contracts to which they are not a party are solely rights to receive what Companies receive under such Collateral Contracts.

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3.Conditions to Effectiveness.  This Agreement shall become effective as of the date (the “Effective Date”) on which the following conditions shall have been satisfied or waived in writing by the Participating Counterparties: 

		
	(a)
	the execution of this Agreement and the Security and Collateral Agency Agreement by the Companies on the same date, and the execution of this Agreement and the Security and Collateral Agency Agreement by each of the Minimum Counterparties, provided that, with respect to a Participating Counterparty that executes a counterpart of this Agreement after the Effective Date, this Agreement shall be effective as to such Participating Counterparty upon such execution by such Participating Counterparty;

		
	(b)
	the security interests granted pursuant to Section 2 hereof shall have been perfected (in the case of any assets that can be perfected with a UCC filing, on or before the day this Agreement has been executed by the Companies and each of the Minimum Counterparties) or are being perfected in accordance with the Security Documents;

		
	(c)
	any default or event of default that has occurred and is continuing under the Applicable Agreements other than the Acknowledged Events of Default that has been expressly waived by the applicable Participating Counterparty is set forth in Schedule 8;

		
	(d)
	to the extent invoiced at least one business day prior to the Effective Date, the Companies shall have paid the reasonable fees and out-of-pocket expenses of counsel and other professional advisors to each Participating Counterparty; and 

		
	(e)
	immediately before and after giving effect to this Agreement, the representations and warranties of the Companies set forth in Section 8 and 9 herein shall be true and correct in all material respects on and as of the Effective Date.

4.Common Interest Rate.  During the Forbearance Period, notwithstanding any term in any Applicable Agreement to the contrary, the rate of interest or the pricing rate that shall accrue on any and all obligations of any Seller Entity owed to each Participating Counterparty under such Applicable Agreement shall be the sum of (i) LIBOR (as defined below) (for a period of three months commencing on the date hereof and each three month anniversary of such date) plus (ii) 5% (the “Common Rate”).

5.Agreement to Extend Maturity.  During the Forbearance Period, notwithstanding any term in any Applicable Agreement to the contrary, each Participating Counterparty agrees to extend the maturity dates of each of its Applicable Agreements until the end of the Forbearance Period.  Each Participating Counterparty shall instruct the applicable prime brokerage to treat the terms of each of its Applicable Agreements as having been overridden as set forth in this Section 5.

6.Application of Designated Assets.  Following liquidation thereof pursuant to the Security and Collateral Agency Agreement, the Designated Assets shall be applied and paid to Participating Counterparties based upon each Participating Counterparty’s Pro Rata Realized Losses; provided that, so long as no Triggering Event has occurred during the term of this Agreement, if any Participating Counterparty does not execute a further agreement with the Companies providing for a further period of forbearance for not less than 75 days upon the expiration of this Agreement and that otherwise has terms and conditions that are consistent with common market practice for forbearance agreements of a similar type and duration  (an “Additional Forbearance Agreement”), then the Designated Assets to be applied and paid to such Participating 

                            3

Counterparty shall be calculated based upon fifty percent of the Designated Assets.  For the avoidance of doubt, although the application and payment of Designated Assets shall be calculated as set forth in this Section 6, a Participating Counterparty that does not execute an Additional Forbearance Agreement shall not, and shall not be deemed to waive, release or otherwise modify the security interest in and lien on the Designated Assets or its claims under its Applicable Agreements.

7.Dispositions of Collateral.  Subject to advance written notice to all Participating Counterparties, the Companies and a Participating Counterparty may agree to terminate a transaction pursuant to an Applicable Agreement (“Applicable Transaction”) in whole or in part through a liquidation, close-out, optional termination or the sale of, in each case, all or a portion of the assets (including, without limitation, cash) subject to such Applicable Agreement (“Applicable Assets”), provided that with respect to such sales (x) such sale shall be made on an arm’s length basis by the Companies on customary market terms (which may include sales to affiliates of the Companies or the Participating Counterparties and/or the credit bidding of assets by the Participating Counterparties) and (y) no such sale will result in such Participating Counterparty having a deficiency claim against the applicable Seller Entity with respect to such Applicable Transaction that is greater than the Specified Percentage of the aggregate repurchase price for such transaction, unless such a sale resulting in a deficiency claim is approved by the Required Counterparties.  For purposes of this Section 7, the “Specified Percentage” shall, in the case of the sale of Applicable Assets consisting of securities, equal 2.5%, and in the case of the sale of assets not consisting of securities, equal 1%.  All proceeds of any such termination described above (net of reasonable and customary expenses (if any) in connection with the applicable disposition) shall be remitted to and applied by the relevant Participating Counterparty as follows:  (i) first, to the outstanding repurchase price in respect of the disposed Applicable Assets, (ii) second, to outstanding margin deficits with respect to such Applicable Agreement, (iii) third, to all other obligations owed under such Applicable Agreement, (iv) fourth, to all other obligations owed by the Companies or their affiliates to the relevant Participating Counterparty or its affiliates under any other Applicable Agreement (regardless of whether the applicable Participating Counterparty or such affiliate has a contractual right to do so under the Applicable Agreements or any other agreement with any of the Companies), and (v) fifth, any further proceeds shall be subject to the lien and security interest granted in Section 2 of this Agreement.  The Companies and the Participating Counterparties will reasonably cooperate to facilitate the sales contemplated in this Section 7 and any sales executed prior to the Effective Date.  Further, all cash collateral that is held by any Participating Counterparty or any affiliate thereof in connection with any Applicable Agreement shall be applied by the relevant Participating Counterparty in accordance with the foregoing.  

8.Representations and Agreements of the Companies.  Each of the Companies hereby represents and warrants that each of the following statements is true, accurate and complete as of the date hereof:

		
	(a)
	Each of the Companies understands the temporary nature of the provisions of this Agreement and recognizes that no Participating Counterparty has any obligation to expand or extend any of the terms hereof; 

		
	(b)
	The Designated Assets shown on Schedule 3 to this Agreement sets forth a true, accurate and complete list of substantially all of the material assets of the Companies that represent 100% of the unencumbered assets of the Companies and which the Companies believe to have a fair market value of approximately $1,000,000,000; provided, however, that certain assets that do not have material value, including without limitation, furniture, fixtures, and equipment, are not identified on Schedule 3;

                            4

		
	(c)
	The Companies own the unencumbered assets contemplated to be pledged to the Participating Counterparties free and clear of any lien, security, interest, charge or encumbrance, other than any lien, security, interest or encumbrance created as a result of this Agreement;

		
	(d)
	There are no material agreements between the Companies and any other counterparties that have not been disclosed to the Participating Counterparties; 

		
	(e)
	The Companies are in good standing with respect to any governmental or other agency which may regulate them; and

		
	(f)
	The Companies have not received any notice of default or event of default under any Applicable Agreements and the Companies have not received any notice of default relating to any other indebtedness, except as specified in Schedule 5.

9.Representations and Warranties by All Parties.  Each of the parties hereto hereby represents and warrants that each of the following statements is true, accurate and complete as to such party as of the date hereof:

		
	(a)
	Such party has carefully read and fully understood all of the terms and conditions of this Agreement;

		
	(b)
	Such party has consulted with, or had a full and fair opportunity to consult with, an attorney regarding the terms and conditions of this Agreement;

		
	(c)
	Such party has had a full and fair opportunity to participate in the drafting of this Agreement;

		
	(d)
	Such party is freely, voluntarily, knowingly, and intelligently entering into this Agreement;

		
	(e)
	In entering into this Agreement, such party has not relied upon any representation, warranty, covenant or agreement not expressly set forth herein or in its respective Applicable Agreement;

		
	(f)
	This Agreement has been duly authorized and validly executed and delivered by such party and constitutes each such party’s legal, valid and binding obligation, enforceable in accordance with its terms;

		
	(g)
	Such party is executing this Agreement and agreeing to be bound on account of all Applicable Agreements to which it is a party; and

		
	(h)
	Such party is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation and has the full power and legal authority to execute this Agreement, consummate the transactions contemplated hereby, and perform its obligations hereunder.

10.Covenants by the Companies.  The Companies hereby covenant that, during the Forbearance Period:

		
	(a)
	no dividend or other distribution shall be made on any preferred or common stock of any Seller Entity;

                            5

		
	(b)
	the independent directors of any Seller Entity shall be paid only with common stock in such Seller Entity, except with respect to Independent Directors of special purpose entity Seller Entity subsidiaries of MFA Financial, Inc.;

		
	(c)
	in connection with a Non-Participating Counterparty’s agreement to waive, or forbear from exercising remedies with respect to, a default or potential default under a repurchase agreement or similar agreement with such Non-Participating Counterparty, if any of the Companies agrees (x) to provide any benefit or consideration to such Non-Participating Counterparty that is more favorable than the consideration or benefits offered hereunder (including, without limitation, the benefit of a forbearance period of shorter duration than the Forbearance Period and the payment of any fees in connection with such waiver or forbearance) or (y) to any terms or conditions with such Non-Participating Counterparty that are more favorable than the terms set forth in this Agreement, (i) the Companies shall provide advance written notice to the Participating Counterparties of such consideration, benefit, terms or conditions and (ii) such consideration, benefit, terms or condition shall be deemed incorporated herein and each of the Participating Counterparties shall be provided with such consideration or benefit on the same terms as such Non-Participating Counterparty, without the need of any further action on the part of any party, except that the Companies shall take such actions as may be necessary or reasonably requested by any Participating Counterparty to perfect the rights of the Participating Counterparties in and to such benefits;

		
	(d)
	the Companies shall cooperate fully with the Participating Counterparties and their respective agents and professionals (legal and financial), including in connection with any financial review or appraisal of the businesses, assets or financial condition of the Companies, to provide the Participating Counterparties and their respective agents and professionals with all reasonably requested information, in all cases at the expense of the Companies.  Without limiting the foregoing, (i) upon the request of any Participating Counterparty, and subject to compliance with the confidentiality provisions included in such Applicable Agreement, the Companies shall grant such Participating Counterparty and its respective professionals (including, without limitation, its lawyers, accountants, appraisers and financial advisors) reasonable access to, and shall as promptly as practical schedule meetings and conference calls with, management personnel and any financial advisors or restructuring consultants retained by the Companies, (ii) the Companies shall on or prior to the Effective Date have created a data room with outstanding principal balance and asset information in a form acceptable to the Participating Counterparties, including loan tapes and CUSIP numbers for all outstanding transactions, and (iii) the Companies’ financial advisor shall furnish the  Participating Counterparties with daily reporting of transactions entered into by the Companies on the previous business day, including relevant details of any sales of encumbered assets and repayment of associated financing, principal and interest cash flows collected from encumbered assets that are used to pay down associated financing, and other significant cash flows from transactions involving (1) all dispositions pursuant to Section 7 of this Agreement, (2) settlement of sales of previously unsettled encumbered or unencumbered assets that occurred prior to execution of this agreement, (3) settlements or accommodations from financing counterparties not party to this agreement; (4) cash outflows and related details on payments for general and administrative or other expenses in the normal course of the Companies’ business to the extent that they exceed $500,000 on any given day as well as details on any single expense exceeding $200,000, and (5) consolidated financial balance sheet information for MFA Financial, Inc., and any other information required to be provided under any of the Applicable Agreements, including daily reporting on margin calls;

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	(e)
	the Companies shall pay the reasonable and documented professional fees and expenses, including legal fees, of each Participating Counterparty incurred in connection with the consideration of the forbearance provided for herein (including any diligence and analysis in respect thereof) and the negotiation and execution of this Agreement and any extension or modification thereof, including fees and expenses of a financial advisor for the Participating Counterparties;

		
	(f)
	no draws shall be made under any Applicable Agreement of a Participating Counterparty, except with respect to the agreements set forth in Schedule 6 hereto;

		
	(g)
	the Companies shall make no draws upon or otherwise access extensions of credit, including any further sales or repurchases, including, without limitation, from affiliates, except with respect to the agreements set forth in Schedule 6 hereto;

		
	(h)
	no payments shall be made to any lender, creditor or other obligee under any indebtedness obligation of any kind of any of the Companies, including without limitation to the Participating Counterparties under the Applicable Agreements (other than as expressly permitted under this Agreement, including payments contemplated in the budget annexed hereto as Schedule 4);

		
	(i)
	all income, funds, cash collateral and other proceeds received under or in connection with any Applicable Agreement and/or any Applicable Assets thereunder (including any such income, funds, cash collateral or other proceeds that are in the possession of the applicable Participating Counterparty on the date hereof and/or would otherwise be required to be paid to the Companies pursuant to such Applicable Agreement) shall be applied by the relevant Participating Counterparty as follows:  (i) first, to all accrued and unpaid interest (including price differential) owed under such Applicable Agreement and hereunder, (ii) second, to outstanding margin deficits under such Applicable Agreement, (iii) third, to reduce the outstanding principal amount (including any repurchase price) owed to such Participating Counterparty under such Applicable Agreement (notwithstanding any principal repayment schedule in the Applicable Agreement to the contrary), (iv) fourth, to all other obligations owed by the Companies or their affiliates to the relevant Participating Counterparty or its affiliates under any other Applicable Agreement (regardless of whether the applicable Participating Counterparty or such affiliate has a contractual right to do so under the Applicable Agreements or any other agreement with any of the Companies), including fees and expenses, and (v) fifth, any further proceeds shall be subject to the lien and security interest granted in Section 2 of this Agreement; provided, however, for the avoidance of doubt, that during the Forbearance Period payments of interest (including price differential), principal, and other obligations shall be made from income and other proceeds in accordance with the foregoing and not based on any due dates, schedules, or other timing set forth in the Applicable Agreements;

		
	(j)
	upon the reasonable request of any Participating Counterparty and at the Companies’ expense, shall make, execute, endorse, acknowledge, file, record, register and/or deliver such agreements, documents, instruments and further assurances (including, without limitation, financing statements in applicable jurisdictions, delivery of custodial receipts in the name of and for the benefit of the Collateral Agent from any custodians holding any mortgage-loan related assets, delivery, together with endorsements in blank, of all physical securities 

                            7

comprising Designated Assets, and creation of segregated securities accounts (and the crediting thereto of all securities constituting Designated Assets) and deposit accounts for any Designated Assets (and crediting thereto of all cash constituting Designated Assets) and execution of control agreements for the same) and take such other actions as may be reasonably appropriate or advisable to create, perfect, preserve or protect the security interest of the Collateral Agent on behalf of the Participating Counterparties granted in Section 2 of this Agreement;

		
	(k)
	immediately upon the effectiveness of this Agreement, the Companies shall make a good faith effort to develop a business plan and undertake a deleveraging process and use its commercially reasonable efforts to accomplish such deleveraging;

		
	(l)
	the Companies shall promptly notify each Participating Counterparty of the occurrence of any Triggering Event and in any event no later than one business day following the occurrence thereof (or in the case of a Triggering Event described in clauses (iii) (solely with respect to a voluntary filing), (vii), (viii), (ix), (xii) or (xiv) of the definition of “Triggering Event,” one business day prior to such expected filing or payment), which notice shall state that such Triggering Event occurred and set forth, in reasonable detail, the facts and circumstances that gave rise to such Triggering Event; 

		
	(m)
	the Companies shall promptly, and in any event no later than one business day after receipt of notice thereof, notify each Participating Counterparty of any default, event of default, termination notices, enforcement notices, calculation statements, and related notices and correspondences received by the Companies in connection with any repurchase agreements with Non-Participating Counterparties or any material indebtedness of the Companies, or any other agreement that could give rise to a cross default under any of the foregoing;

		
	(n)
	the Companies acknowledge and agree that New York Governor Andrew Cuomo’s Executive Order No. 202.9, “Continuing Temporary Suspension and Modification of Laws Relating to Disaster Emergency” is inapplicable to any of the Applicable Agreements, and that the Companies will not seek to challenge or assert a claim or defense against any Participating Counterparty on the basis of such executive order;

		
	(o)
	unless otherwise agreed upon by the Required Counterparties, each Seller Entity shall not enter into any new repurchase agreements, forward transaction agreements, hedging agreements, ISDA agreements, warehouse agreements, swap agreements, loan agreements, and other related agreements or any transactions thereunder or any new transactions under an Applicable Agreements or any other similar agreement, or grant any liens upon its assets on account of the forgoing or incur any other indebtedness of the Companies; 

		
	(p)
	the Companies shall provide notice to all Participating Counterparties promptly, and no later than one business day after, (i) the exercise of remedies in connection with a Triggering Event by any Participating Counterparty; or (ii) the termination of any forbearance or standstill or similar agreement by any Non-Participating Counterparty to any repurchase agreement, swap agreement or other derivative contract with any of the Companies; and

		
	(q)
	the Companies shall use best efforts to have all of the Security Documents fully executed, and to perfect on a first-priority basis the liens on the Designated Assets pursuant to the 

                            8

Security Documents, as soon as reasonably practicable, and in no event later than ten (10) business days after the Effective Date.

11.Releases. Upon execution of this Agreement by each of the Companies and each of the Participating Counterparties, the Companies, on behalf of themselves and their successors or assigns (collectively, the “Releasing Parties”) releases, waives and forever discharges (and further agrees not to allege, claim or pursue) any and all claims, rights, causes of action, counterclaims or defenses of any kind whatsoever whether in law, equity or otherwise (including, without limitation, any claims relating to (i) the making or administration of transactions under the Applicable Agreements (including any acts or omissions in respect of margin calls, related valuations, and notice requirements), including, without limitation, any such claims and defenses based on fraud, mistake, duress, usury or misrepresentation, or any other claim based on so-called “lender liability” theories, (ii) any covenants, agreements, duties or obligations set forth in the Applicable Agreements, (iii) increased financing costs, interest or other carrying costs, (iv) penalties, lost profits or loss of business opportunity, (vi) legal, accounting and other administrative or professional fees and expenses and incidental, consequential and punitive damages payable to third parties, (vii) damages to business reputation, (viii) any claims arising under 11 U.S.C. §§ 541-550 or any claims for avoidance or recovery under any other federal, state or foreign law equivalent, or (ix) any claims arising from any actual or alleged decline in the value of any Applicable Assets during the Forbearance Period), which any of the Releasing Parties might otherwise have or may have against the Participating Counterparties, their present or former subsidiaries and affiliates or any of the foregoing’s officers directors, employees, attorneys or other representatives or agents (collectively, the “Releasees”) in each case on account of any conduct, condition, act, omission, event, contract, liability, obligation, demand, covenant, promise, indebtedness, claim, right, cause of action, suit, damage, defense, judgment, circumstance or matter of any kind whatsoever which existed, arose or occurred at any time prior to the date of this Agreement relating to the Applicable Agreements, this Agreement and/or the transactions contemplated thereby or hereby (any of the foregoing, a “Claim”). Each of the Releasing Parties expressly acknowledges and agrees, with respect to the Claims, that it waives, to the fullest extent permitted by applicable law, any and all provisions, rights, and benefits conferred by any applicable U.S. federal or state law, or any principle of U.S. common law, that would otherwise limit a release or discharge of any unknown Claims pursuant to this paragraph. Furthermore, each of the Releasing Parties hereby absolutely, unconditionally and irrevocably covenants and agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any Claim released and/or discharged by the Releasing Parties pursuant to paragraph.  Except as provided for in Section 12 with respect to a Participating Counterparty that breaches this Agreement, the foregoing release, covenant and waivers of this paragraph shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby or the termination of the Applicable Agreements, this Agreement or any provision thereof.

12.Remedies for Breach by Participating Counterparty.  Any Participating Counterparty that fails to comply with any material term of this Agreement during the Forbearance Period (a “Non-Complying Counterparty”), which failure remains uncured for a period of two (2) business days following such Participating Counterparty’s receipt of written notice of such non-compliance, and which failure to comply has been determined by a final, non-appealable order of a court of competent jurisdiction, shall (i) be deemed immediately to have forfeited its lien on the Designated Assets; and (ii) no longer be deemed a Releasee (and the release provided to such Participating Counterparty and its related Releasees shall defease retroactively and be of no force or effect whatsoever).  For the avoidance of doubt, (i) a Participating Counterparty’s exercise of any rights or remedies following the Forbearance Period shall not be deemed a breach of this Agreement, and (ii) no Participating Counterparty shall be deemed a Non-Complying Counterparty solely by virtue of such Participating Counterparty failing to extend its agreements under Section 1 at the end of the Forbearance Period. 

                            9

13.No Waiver of Rights or Remedies.  The Participating Counterparties and the Companies agree that other than as expressly set forth herein, nothing in this Agreement or the performance by the parties of their respective obligations hereunder constitutes or shall be deemed to constitute a waiver of any of the parties’ rights or remedies under the terms of such Applicable Agreement or applicable law, all of which are hereby reserved, including without limitation, (i) any rights that the Participating Counterparties may have to charge interest at a post-default rate under the terms of such Applicable Agreement, and (ii) any rights or remedies in connection with any bankruptcy proceedings in respect of a Seller Entity (to which this Agreement shall not apply).  Except as expressly set forth in this Agreement, this Agreement is not intended to be, and shall not be deemed or construed to be, an amendment, supplement, modification, cure, satisfaction, reinstatement, novation, or release of the Applicable Agreements or any indebtedness incurred thereunder or evidenced thereby.  The parties further agree that the running of all statutes of limitation and the doctrine of laches applicable to all claims or causes of action that the Participating Counterparties may be entitled to take or bring in order to enforce their rights and remedies against the Seller Entities are, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period.  This Agreement is limited in nature and nothing herein shall be deemed to establish a custom or course of dealing between any Participating Counterparty and any Seller Entity.  Except as set forth in Section 12 hereof, in no event shall this Agreement extinguish the obligations for the payment of money outstanding under any Applicable Agreement or discharge or release any collateral or other security therefor.

14.Sale of Claims During Forbearance Period.  During the Forbearance Period and provided that no Triggering Event shall have occurred, but subject to the provisions of Section 7 hereof, no Participating Counterparty may sell or otherwise transfer any claim it may have arising out of any Applicable Agreement to any person other than another Participating Counterparty, or an affiliate thereof that expressly agrees to be bound by the terms of this Agreement, without the prior written consent of the Required Counterparties.

15.Safe Harbor.  Each of the parties hereto intend (i) for this Agreement to qualify for the safe harbor treatment provided by the Bankruptcy Code and for each of the Participating Counterparties to be entitled to all of the rights, benefits and protections afforded to Persons under the Bankruptcy Code with respect to a “repurchase agreement” as defined in Section 101(47) of the Bankruptcy Code, a “securities contract” as defined in Section 741(7) of the Bankruptcy Code and a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code, and that all payments and other transfers made under or pursuant to this Agreement are deemed “margin payments” or “settlement payments,” as defined in Section 741 of the Bankruptcy Code, (ii) that the grant of security interest set forth in this Agreement are intended to constitute a security agreement or other arrangement or other credit enhancement related to each Applicable Agreement and transactions thereunder as defined under Sections 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code and a “master netting agreement” as defined in Section 101(38A) of the Bankruptcy Code, and (iii) that each Participating Counterparty (for so long as such Participating Counterparty is a “financial institution,” “financial participant” or other entity listed in Section 555, 559, 561, 362(b)(6), 362(b)(7) or 362(b)(27) of the Bankruptcy Code) shall be entitled to, without limitation, the liquidation, termination, acceleration, netting, set-off, and non-avoidability rights afforded to parties such as such Participating Counterparty to “repurchase agreements” pursuant to Sections 559, 362(b)(7) and 546(f) of the Bankruptcy Code, “securities contracts” pursuant to Sections 555, 362(b)(6) and 546(e) of the Bankruptcy Code and “master netting agreements” pursuant to Sections 561, 362(b)(27) and 546(j) of the Bankruptcy Code.  The parties hereto further acknowledge and agree that if any Participating Counterparty is an “insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then this Agreement hereunder is a “qualified financial contract,” as that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to this Agreement would render such definition inapplicable).  The parties hereto further acknowledge and agree that this Agreement constitutes 

                            10

a “netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation,” respectively, as defined in and subject to FDICIA (except insofar as a party is not a “financial institution” as that term is defined in FDICIA).  The parties agree that the terms of Section 1 and Section 2 and the related defined terms of the form of bilateral template entitled “Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at www.isda.org), are hereby incorporated into and form a part of this Agreement, and for such purposes this Agreement shall be deemed a “Covered Agreement,” each party that is a Covered Entity shall be deemed a “Covered Entity” and each party (whether or not it is a Covered Entity) shall be deemed a “Counterparty Entity” with respect to each other party that is a Covered Entity. For purposes of the foregoing sentence “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

16.Governing Law; Jurisdiction; Waiver of Jury Trial.  

		
	(a)
	This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of New York, notwithstanding its conflict of laws principles or any other rule, regulation or principle that would result in the application of any other state’s law.

		
	(b)
	EACH PARTY HERETO HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, STATE OF NEW YORK AND APPELLATE COURTS FROM EITHER OF THEM AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH COURTS. EACH PARTY HERETO EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS.

		
	(c)
	EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

15.Entire Agreement.  This Agreement, together with all Applicable Agreements to which the parties are bound, and the Security Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings relating to any Acknowledged Events of Default.

16.Modifications.  No part or provision of this Agreement may be changed, modified, waived, discharged or terminated except by mutual written agreement of all of the parties hereto.  Except as so mutually agreed, the Companies agree that, during the Forbearance Period, they will not permit any party hereto to be relieved of any of its obligations hereunder or take any similar action that would have a comparable effect.

                            11

17.Defined Terms.  The definitions set forth in this Agreement are for convenience only and shall have no bearing on the characterization of any agreement or qualification of any agreement for the protections afforded in 11 U.S.C. §§ 362, 546, 553, 555-561.

18.Successors and Assigns.  This Agreement shall inure to the benefit of and bind each of the parties and their respective successors and assigns.

19.Headings.  The headings used in this Agreement are for convenience only and will not be deemed to limit, amplify or modify, the terms of this Agreement.

20.Counterparts.  This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument, and the words “executed,” signed,” “signature,” and words of like import as used above and elsewhere in this Agreement or in any other certificate, agreement or document related to this transaction shall may include, in addition to manually executed signatures, images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record).  The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

21.Certain Definitions.  

		
	(a)
	“Collateral Agent” shall mean Wilmington Trust as collateral agent for the Participating Counterparties, or such other collateral agent as agreed by the Companies and the Participating Counterparties.

		
	(b)
	“LIBOR” shall mean the 1-month London interbank offered rate as administered by ICE Benchmark Administration as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such interest period; provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

		
	(c)
	“Minimum Counterparties” shall mean, as of the Effective Date, counterparties of the Companies that collectively hold at least 80% of the aggregate gross principal balance of Applicable Agreements and similar agreements with Non-Participating Counterparties to which one or more Companies is a party as of such date of determination.

		
	(d)
	“Non-Participating Counterparties” shall mean counterparties under repurchase agreements and other related agreements similar in nature to the Applicable Agreements with any one or more of the Companies, other than the Participating Counterparties.

                            12

		
	(e)
	“Pro Rata Realized Losses” shall mean for each Participating Counterparty a fraction the numerator of which is an amount equal to such Participating Counterparty’s realized losses under the applicable Applicable Agreements and the denominator of which is the sum of all Participating Counterparties’ realized losses, in each case, calculated upon the close-out of all of the transactions under the applicable Applicable Agreements (with realized losses being determined in each instance (after giving effect to the netting and setoff of any cash collateral or other margin held by such Participating Counterparty) by either (i) a disposition (including a Participating Counterparty’s buying in) of the related Applicable Assets within 180 days following the expiration of the Forbearance Period and in accordance with such Applicable Agreement or (ii) agreement of the Companies, in consultation with the Required Counterparties).

		
	(f)
	“Required Counterparties” shall mean, as of any date of determination, Participating Counterparties that collectively hold a majority of the aggregate gross principal balance of Applicable Agreements to which one or more Companies is a party as of such date of determination.

		
	(g)
	“Security and Collateral Agency Agreement” shall mean that certain Security and Collateral Agency Agreement dated as of the date hereof among the Companies, Wilmington Trust, National Association, as agent for the Participating Counterparties, and the Participating Counterparties, which is annexed hereto as Exhibit A.

		
	(h)
	“Security Documents” shall mean the Security and Collateral Agency Agreement, and any custodial, account or other agreements perfecting the liens granted in the Security and Collateral Agency Agreement, each in form and substance satisfactory to the Participating Counterparties.

		
	(i)
	“Triggering Event” shall mean any of the following:

		
	(i)
	the failure of any Company to comply with any term, condition, or covenant set forth in this Agreement or any of the Security Documents;

		
	(ii)
	the inaccuracy of any representation or warranty made by the Companies herein in any material respect on or as of the date made; 

		
	(iii)
	any Seller Entity under the debtor relief laws of the United States or other applicable jurisdictions from time to time in effect, including but not limited to the United States Bankruptcy Code (a) commences or seeks to commence a voluntary case or proceeding; (b) consents to a voluntary case or proceeding; (c) consents to the appointment of a custodian, receiver, liquidator, trustee, monitor, sequestrator or similar official of it (or them) for all or any substantial part of its property; (d) makes or seeks to make a general assignment for the benefit of its (or their) creditors; (e) files or takes steps to file an answer or consent seeking reorganization or relief; or (f) consents to the filing of a petition in bankruptcy or any similar proceeding;

		
	(iv)
	 an involuntary case under the United States Bankruptcy Code or other applicable debtor relief law is commenced against any Seller Entity and the petition is not controverted within 10 days, or is not dismissed within 45 days after the filing thereof;

                            13

		
	(v)
	a custodian, receiver, liquidator, trustee, monitor, sequestrator or similar official is appointed out of court with respect to any Seller Entity, or with respect to all or any substantial part of the assets or properties of the Seller Entities; 

		
	(vi)
	Non-Participating Counterparties shall have exercised remedies under any repurchase agreements, any related agreements, or any similar agreements with the Companies to sell or otherwise dispose of assets corresponding to an aggregate gross principal balance of in excess of $330 million; 

		
	(vii)
	any of the Seller Entities shall make a dividend or other distribution on any preferred or common stock;

		
	(viii)
	the independent directors of any Seller Entity shall receive compensation other than common stock in such Seller Entity, except with respect to independent directors of special purpose entity Seller Entity subsidiaries of MFA Financial, Inc.;

		
	(ix)
	other than as expressly permitted under this Agreement, including payments contemplated in the budget annexed hereto as Schedule 4, or as otherwise agreed to by the Participating Counterparties, any payments shall be made to or liens or collateral granted for the benefit of any repurchase agreement, forward transaction agreement, hedging agreement, ISDA agreement, warehouse agreement, swap agreement, or loan agreement counterparty other than to a Participating Counterparty under or in connection with an Applicable Agreement or to any agent or lender with respect to any material indebtedness of the Companies;

		
	(x)
	the exercise of remedies (i) in connection with a Triggering Event by any Participating Counterparty, or (ii) in connection with compliance with FINRA Rule 4210 by Participating Counterparties holding an aggregate gross principal balance in excess of $500 million as long as the applicable Participating Counterparties have exercised good faith efforts to obtain a waiver of, an extension pursuant to, or to otherwise excuse compliance with, FINRA Rule 4210;

		
	(xi)
	the Security Documents cease to create a valid and perfected first priority security interest in the Designated Assets after such perfection occurs in accordance with the terms of this Agreement and the Security Documents; 

		
	(xii)
	payment being made by the Companies to any repurchase agreement counterparty, including without limitation the Participating Counterparties and the Non-Participating Counterparties (other than as expressly set forth herein); provided that no Triggering Event shall be deemed to have occurred pursuant to the foregoing clause (ix) or this clause (xii) due to any Seller Entity complying with its obligations as lender, buyer or other type of financing provider under any financing, repurchase transaction or similar arrangement; 

		
	(xiii)
	the receipt by any of the Participating Counterparties from, or the publication by, any of the Companies of any threat of litigation (other than in connection with a breach of this Agreement by a Participating Counterparty); or

                            14

		
	(xiv)
	the commencement of any lawsuit by any of the Companies against any Participating Counterparty arising out of or with respect to, or in connection with, any repurchase agreements, or any related agreements (other than in connection with a breach of this Agreement by a Participating Counterparty); 

		
	(xv)
	the failure by any Company to take the actions within such Company’s control by April 15, 2020, to have the DTC repo tracker turned “off” with respect to assets subject to the relevant Applicable Agreements; 

		
	(xvi)
	the failure of any Company to remit to the applicable Participating Counterparty income or proceeds received by such Company with respect to assets subject to the relevant Applicable Agreements within one (1) business day of actual notice to, or actual knowledge by, such Company of receipt of such income or proceeds; or

		
	(xvii)
	the CMBX.NA.AAA.13 Index has remained 20% below the level of the CMBX.NA.AAA.13 Index as of the commencement of the Forbearance Period for three (3) consecutive business days. 

 [SIGNATURES APPEAR ON FOLLOWING PAGES]

                            15

SELLER ENTITIES:

Signature Page to MFA Global Forbearance Agreement

MFA Securitization Holdings LLC, 
as a Seller Entity

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title: Vice President

Signature Page to MFA Global Forbearance Agreement

MFResidential Assets I, LLC, as a Seller
Entity

By:  /s/ Lori Samuels
Name:  Lori Samuels
Title:  Senior Vice President

Signature Page to MFA Global Forbearance Agreement

MFA Securities Holdings LLC, as a
Seller Entity

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title:  Vice President

Signature Page to MFA Global Forbearance Agreement

MFA Kittiwake Investments Ltd., as a
Seller Entity

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title:  Vice President

Signature Page to MFA Global Forbearance Agreement

MFRA Trust 2014-1
MFRA Trust 2014-2
MFRA Trust 2015-1
MFRA Trust 2016-1
MFRA Trust 2019-1 
MFRA Trust 2019-2, each as a Seller Entity

By:  MFResidential Assets I, LLC,
as Administrator

By:  /s/ Lori Samuels
Name:  Lori Samuels
Title:  Senior Vice President

Signature Page to MFA Global Forbearance Agreement

DIPLOMAT PROPERTY HOLDINGS CORP.,
as a Debtor

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title:  Vice President

Signature Page to MFA Global Forbearance Agreement

CLEEK INVESTMENT HOLDINGS LLC, as a
Debtor

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title:  Vice President

Signature Page to MFA Global Forbearance Agreement

BEAUMONT SECURITIES HOLDINGS, LLC,
as a Debtor

By:  /s/ Lori Samuels
Name:  Lori Samuels
Title:  Senior Vice President

Signature Page to MFA Global Forbearance Agreement

DEEPWOOD RESIDENTIAL ASSETS, LLC, as
a Seller Entity

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title:  Vice President

Signature Page to MFA Global Forbearance Agreement

DIPLOMAT PROPERTY MANAGER, LLC, as
a Seller Entity

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title:  Vice President

Signature Page to MFA Global Forbearance Agreement

SPARTAN PROPERTY MANAGER, LLC, as a
Seller Entity

By:  /s/ Bryan Wulfsohn
Name:  Bryan Wulfsohn
Title:  Vice President

Signature Page to MFA Global Forbearance Agreement

MFA FINANCIAL, INC., 
as a Seller Entity and Guarantor

By:  /s/ Lori Samuels
Name:  Lori Samuels
Title:  Senior Vice President

Signature Page to MFA Global Forbearance Agreement

PARTICIPATING COUNTERPARTIES:

Signature Page to MFA Global Forbearance Agreement

ALPINE SECURITIZATION LTD, as a
Participating Counterparty, by CREDIT
SUISSE AG, NEW YORK BRANCH as
Attorney-in-Fact

By: /s/ Jason Ruchelsman
Name: Jason Ruchelsman
Title: Director

Signature Page to MFA Global Forbearance Agreement

ALPINE SECURITIZATION LTD, as a
Participating Counterparty, by CREDIT
SUISSE AG, NEW YORK BRANCH as
Attorney-in-Fact

By: /s/ Kevin Quinn
Name: Kevin Quinn
Title: Vice President

Signature Page to MFA Global Forbearance Agreement

Bank of America, N.A., as a Participating
Counterparty

By:  /s/ Michael J. Berg
Name:  Michael J. Berg
Title:  Director

Signature Page to MFA Global Forbearance Agreement

BOFA SECURITIES, INC., as a Participating Counterparty

By:  /s/ Michael J. Berg
Name:  Michael J. Berg
Title:  Director

Signature Page to MFA Global Forbearance Agreement

Barclays Bank PLC, as a Participating
Counterparty

By:  /s/ Robert Silverman
Name:  Robert Silverman
Title:  Authorized Signatory

Signature Page to MFA Global Forbearance Agreement

Barclays Capital Inc., as a Participating
Counterparty

By:  /s/ Robert Silverman
Name:  Robert Silverman
Title:  Authorized Signatory

Signature Page to MFA Global Forbearance Agreement

BNP Paribas, as a Participating Counterparty

By:  /s/ Amy Kirschner
Name:  Amy Kirschner
Title:  Managing Director

By: /s/ Robert W. Hawley
Name: Robert W. Hawley
Title: Managing Director

Signature Page to MFA Global Forbearance Agreement

Credit Suisse AG, Cayman Islands 
Branch, as a Participating Counterparty

By:  /s/ Kwaw de Graft-Johnson
Name:  Kwaw de Graft-Johnson
Title:  Authorized Signatory

By:  /s/ Elie Chau
Name:  Elie Chau
Title: Vice President

Signature Page to MFA Global Forbearance Agreement

Goldman Sachs Bank USA, as a
Participating Counterparty

By:  /s/ Rajiv Kamilla
Name:  Rajiv Kamilla
Title:  Authorized Signatory

Signature Page to MFA Global Forbearance Agreement

Goldman Sachs Lending Partners
LLC, as a Participating Counterparty

By:  /s/ Rajiv Kamilla
Name:  Rajiv Kamilla
Title:  Authorized Signatory

Signature Page to MFA Global Forbearance Agreement

Goldman, Sachs & Co., as a Participating
Counterparty

By:  /s/ Rajiv Kamilla
Name:  Rajiv Kamilla
Title:  Authorized Signatory

Signature Page to MFA Global Forbearance Agreement

Morgan Stanley Bank, N.A., as a
Participating Counterparty

By:  /s/ Darius Houseal
Name:  Darius Houseal
Title:  Authorized Signatory

Signature Page to MFA Global Forbearance Agreement

Wells Fargo Bank, N.A., as a Participating
Counterparty

By:  /s/ Kevin Graves
Name:  Kevin Graves
Title:  Director

Signature Page to MFA Global Forbearance Agreement

Wells Fargo Securities, LLC, as a
Participating Counterparty

By:  /s/ Romona Lingerfelt
Name:  Romona Lingerfelt
Title:  Authorized Signatory

Signature Page to MFA Global Forbearance Agreement

SCHEDULE 1
Participating Counterparties

1. Alpine Securitization LTD
2. Bank of America, N.A.
3. BofA Securities, Inc.
4. Barclays Bank PLC
5. Barclays Capital Inc.
6. BNP Paribas Securities Corp.
7. Credit Suisse AG, Cayman Islands Branch
8. Goldman Sachs Bank USA
9. Goldman Sachs Lending Partners LLC
10. Goldman, Sachs & Co.
11. Morgan Stanley Bank, N.A.
12. Wells Fargo Bank, N.A.
13. Wells Fargo Securities, LLC

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