Document:

Exhibit 10.1

                    RESIGNATION AND GENERAL RELEASE AGREEMENT

     This Resignation and General Release Agreement (the "Agreement") is made
and entered into by and between Advanced Marketing Services, Inc. and affiliates
(collectively "AMS") and Bruce C. Myers ("Employee").

1. Resignation of Employment: Employee hereby resigns his employment with AMS
and further resigns as a director of the AMS Board. Employee acknowledges that
Employee's employment with AMS is terminated, effective as of May 1, 2006
("Termination Date"). Except as otherwise provided in this Agreement, all
benefits and perquisites of employment ceased as of the Termination Date.
Employee acknowledges that, as of the date of this Agreement, Employee has
received all amounts owed for Employee's regular and usual wages and usual
benefits.

2. Payments and Benefits: In consideration for the covenants undertaken and
releases given herein by Employee, and provided that Employee (a) executes this
Agreement, (b) is not in breach or default of this Agreement and (c) has
performed all obligations under this Agreement, AMS agrees to pay Employee nine
months base salary (less standard withholding and authorized deductions). Such
base salary shall be paid as follows: The first, second and third months shall
be paid as a lump sum within seven days of this Agreement becoming irrevocable
and the fourth through ninth months shall be paid in normal payroll installments
commencing the first payroll date after payment of the lump sum and continuing
on successive payroll dates until paid in full. In further consideration for the
covenants undertaken and releases given herein by Employee, and provided that
Employee satisfies (a) - (c) of this paragraph, AMS further agrees to pay
monthly Employee's COBRA premiums for a period of nine months following the
Termination Date and will provide Employee with reasonable CEO-level out
placement services with Lee Hecht Harrison. In addition, this will confirm that
Employee shall be paid his deferred compensation on the earliest date allowed by
the AMS Deferred Compensation Plan.

3. Comprehensive General Release, Waiver, and Covenant Not To Sue: In
consideration of the covenants undertaken herein by AMS, and except for those
obligations created by or arising out of this Agreement, Employee, on his/her
own behalf and on behalf of his/her partners, descendants, dependents, heirs,
executors, administrators, assigns and successors, does hereby covenant not to
sue and acknowledges full and complete satisfaction of and hereby releases,
absolves and discharges AMS and its heirs, successors and assigns, parents,
subsidiaries, divisions and affiliated corporations, past and present, as well
as its and their trustees, directors, officers, shareholders, agents, attorneys,
insurers and employees, past and present, and each of them (hereinafter
collectively referred to as "Releasees"), with respect to and from any and all
claims, demands, liens, agreements, contracts, covenants, actions, suits, causes
of action, wages, obligations, debts, expenses, attorneys' fees, damages,
judgments, orders and liabilities of whatever kind or nature in law, equity or
otherwise, whether now known or unknown, suspected or unsuspected, and whether
or not concealed or hidden, which Employee now owns or holds or has at any time
heretofore owned or held as against said Releasees, or any of them, arising out
of or in any way connected with his/her employment relationship with AMS, or
Employee's separation from employment, or any other transactions, occurrences,
acts or omissions or any loss, damage or injury whatever, known or unknown,
suspected or unsuspected, resulting from any act or omission by or on the part
of said Releasees, or any of them, committed or omitted prior to the date of
this Agreement, including specifically but without limiting the generality of
the foregoing, any claim under Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act, the Employee Retirement Income Security Act of
1974, the Family and Medical Leave Act, Age Discrimination in Employment Act of
1967, as amended ("ADEA"), the California Fair Employment and Housing Act, or
the California Family Rights Act.

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4. Section 1542 Waiver. In connection with this release of claims, it is
Employee's intention that such release shall be effective as a bar as to each
and every claim, demand, and cause of action specified above and, in furtherance
of this intention, Employee expressly waives any and all rights or benefits
conferred by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE and
expressly consents that this Agreement shall be given full force and effect
according to each and all of its express terms and conditions, including those
relating to unknown and unsuspected claims, demands, and causes of action, if
any, as well as those relating to any other claims, demands, and causes of
action specified above. SECTION 1542 provides:

                  A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR
                  DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
                  EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE
                  MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

5. ADEA Waiver. Employee agrees that he/she is releasing any and all claims for
age discrimination under the ADEA, and any federal, state or local fair
employment acts arising up to the date of the execution of this Agreement and
that he/she expressly acknowledges and agrees that (i) he/she is receiving
consideration that is greater than he/she otherwise would have been entitled to
receive before signing this Agreement; (ii) Employee is hereby advised to
consult an attorney of his/her choice prior to the execution of this Agreement;
(iii) Employee has been given twenty-one (21) days from the date of receipt of
this Agreement to decide whether or not to execute it, and knowingly and
voluntarily chose to waive the 21-day period as evidenced by Employee's
execution of the Acknowledgment and Waiver attached hereto as Exhibit A; and
(iv) Employee has seven (7) days from the execution of this Agreement to revoke
its execution and this Agreement will become null and void if Employee elects
revocation during that time. Any revocation must be in writing and must be
received by AMS during the seven-day revocation period. In the event that
Employee exercises his/her right of revocation, neither Employee nor AMS will
have any obligations under this Agreement.

6. Non-Admission of Liability. While this Agreement, resolves all issues between
Employee and AMS, as well as any future effects of any acts or omissions, it
does not constitute an admission by AMS of any violation of any federal, state
or local law, ordinance or regulation or of any violation of AMS's policies or
procedures or of any liability or wrongdoing whatsoever. Neither this Agreement
nor anything in this Agreement shall be construed to be or shall be admissible
in any proceeding as evidence of liability or wrongdoing by AMS. This Agreement
may be introduced, however, in any proceeding to enforce the Agreement. Such
introduction shall be pursuant to an order protecting its confidentiality.

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7. Non-Disparagement. Except as may be required by legally mandated disclosures
and judicial process (a) Employee agrees that he shall not directly or
indirectly, make or ratify any statement, public or private, oral or written,
that disparages either professionally or personally, the Releasees, and (b) AMS
agrees that the members of its Board of Directors and its executive management
shall not directly or indirectly, make or ratify any statement, public or
private, oral or written, that disparages either professionally or personally,
Employee.

8. Confidentiality. Employee and AMS agree, to the extent allowable by law, to
keep strictly confidential and not to disclose to any person or entity the terms
and conditions of this Agreement. Notwithstanding the foregoing, (a) Employee
may disclose the amount and terms of this Agreement to his/her immediate family
members, attorneys or accountants (each of whom must agree to be subject to this
confidentiality provision), to governmental tax authorities or as required by
law or valid judicial process, and (b) AMS may disclose this Agreement to its
attorneys, accountants, consultants and to financial and governmental
authorities, and publicly, as required by law or valid judicial process.

9. Indemnification: AMS confirms the existing and continuing Indemnification
Agreement with Employee, dated April 14, 2004, which shall remain in full force
and effect.

10. Successors: This Agreement shall apply to Employee, as well as his heirs,
agents, executors, and administrators. The Agreement also shall apply to, and
inure to the benefit of, the predecessors, successors, and assigns of AMS and
each past, present, or future employee, agent, representative, officer, partner,
owner, or director of AMS and any division, subsidiary, parent, or affiliated
entity.

11. Severability: The parties explicitly acknowledge and agree that the
provisions of this Agreement are both reasonable and enforceable. However, the
provisions of this Agreement are severable, and the invalidity of any one or
more provisions shall not affect or limit the enforceability of the remaining
provisions. Should any provision be held unenforceable for any reason, then such
provision shall be enforced to the maximum extent permitted by law.

12. Choice of Law: This Agreement shall be deemed to have been executed and
delivered within the State of California, and the rights and obligations of the
parties hereunder shall be construed and enforced in accordance with, and
governed by, the laws of the State of California without regard to principles of
conflict of laws, except to the extent that federal law would govern.

13. Complete Agreement: Employee represents and acknowledges that in executing
this Agreement he/she does not rely and has not relied upon any representations
or statements not set forth herein made by AMS or any of its officers,
directors, employees, partners, owners, affiliates, or agents with regard to the
subject matter, basis, or effect of this Agreement or otherwise

14. Arbitration: Any controversy arising out of or relating to this Agreement,
its enforcement or interpretation, or because of an alleged breach, default, or
misrepresentation in connection with any of its provisions, or any other
controversy arising out of Employee's employment, including, but not limited to,
any state or federal statutory claims, shall be submitted to arbitration in San
Diego County, California, before a sole arbitrator selected from a California
panel of Judicial Arbitration and Mediation Services, Inc., or its successor
("JAMS"), or if JAMS is no longer able to supply the arbitrator, such arbitrator
shall be selected from the American Arbitration Association, and shall be
conducted in accordance with the provisions of California Code of Civil
Procedure ss.ss. 1280 et seq. as the exclusive forum for the resolution of such
dispute; provided, however, that provisional injunctive relief may, but need
not, be sought by either party to this Agreement in a court of law while
arbitration proceedings are pending, and any provisional injunctive relief
granted by such court shall remain effective until the matter is finally
determined by the Arbitrator. Final resolution of any dispute through
arbitration may include any remedy or relief which the Arbitrator deems just and
equitable, including any and all remedies provided by applicable state or
federal statutes. At the conclusion of the arbitration, the Arbitrator shall
issue a written decision that sets forth the essential findings and conclusions
upon which the Arbitrator's award or decision is based. Any award or relief
granted by the Arbitrator hereunder shall be final and binding on the parties
hereto and may be enforced by any court of competent jurisdiction. The parties
acknowledge and agree that they are hereby waiving any rights to trial by jury
in any action, proceeding or counterclaim brought by either of the parties
against the other in connection with any matter whatsoever arising out of or in
any way connected with this Agreement. The prevailing party in any such
arbitration shall be entitled to his or its reasonable attorneys fees and costs.

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The parties have each executed this Agreement on the dates indicated below.

         /s/ Bruce C. Myers                           /s/ Loren C. Paulsen
--------------------------------------      ---------------------------------
              Signature                              Signature

         Bruce C. Myers                                Loren C. Paulsen
------------------------------------        ----------------------------------
                  Printed                                  Printed

Dated:   5/4/06                             Title:  President and Chief
       ----------------------------                 Executive Officer
                                                   -----------------------------
                                                       Dated:   5/4/06
                                                               -----------------

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                                    EXHIBIT A
                                    ---------

                            ACKNOWLEDGMENT AND WAIVER
                            -------------------------

I, Bruce C. Myers, hereby acknowledge that I was given 21 days to consider the
foregoing Agreement and knowingly and voluntarily, after being given the
opportunity to consult with legal counsel of my choice, chose to sign the
Agreement prior to the expiration of the 21-day period.

I declare under penalty of perjury under the laws of the State of California
that the foregoing is true and correct.

         EXECUTED this 4th day of May 2006, at San Diego County, California.

                               /s/ Bruce C. Myers
                         ----------------------------

                                       5EXHIBIT 10.9

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

     THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT ("Agreement"), dated April
21, 2006 and effective as of May 1, 2006 (the "Effective Date"), is entered into
by and between Rose-Marie Lyght (the "Executive") and Annaly Mortgage
Management, Inc., a Maryland corporation (the "Company").

     WHEREAS, the Company and the Executive entered into an employment
agreement, dated December 31, 2003 (the "Employment Agreement"); and

     WHEREAS, the Company desires to establish its right to the continued
services of the Executive upon the Effective Date, in the capacity described
below, on the terms and conditions and subject to the rights of termination
hereinafter set forth, and the Executive is willing to accept such employment on
such terms and conditions.

     NOW, THEREFORE, in consideration of the mutual promises and agreements
herein made and intending to be legally bound hereby, the parties agree to the
Employment Agreement in its entirety to read as follows:

     In consideration of the mutual agreements hereinafter set forth, the
Executive and the Company have agreed and do hereby agree as follows:

     Definitions. Capitalized terms used in this Agreement shall have the
respective meanings assigned to them below:

     1.1 "Book Value" of the Company shall be equal to the aggregate amounts
reported as Stockholders Equity on the Company's balance sheet as of the end of
each fiscal year determined in accordance with generally accepted accounting
principles (GAAP) but without taking into account any valuation reserves (i.e.,
changes in the value of the Company's portfolio of investments as a result of
mark-to-market valuation changes, referred to in the financial statements as
"Accumulated Other Comprehensive Gain or Loss").
     1.2 "Code" shall mean the Internal Revenue Code of 1986, as amended.
     1.3 "Compensation Committee" shall mean the Compensation Committee of the
Board of Directors of the Company.
     1.4 "Good Reason" shall mean the occurrence of one or more of the following
without the Executive's written consent: (i) a material breach of this Agreement
by the Company, or (ii) a materially significant change in the Executive's
duties, authorities or responsibilities, or (iii) the relocation of the
Executive's principal place of employment more than 60 miles from New York, New
York, or (iv) the failure of the Company to obtain the assumption in writing of
its obligations to perform this Agreement by any successor to all or
substantially all of the assets or business of the Company within fifteen (15)
days upon a merger, consolidation, sale or similar transaction, provided however
that none of the events specified in (i), (ii) or (iii) shall constitute Good
Reason unless the Executive shall have notified the Company in writing
describing the events which constitute Good Reason and the Company shall have
failed to cure such event within a reasonable period, not to exceed thirty (30)
days, after the Company's actual receipt of such written notice.
     Employment as Senior Vice President, Senior Portfolio Manager of the
Company. The Company hereby employs and engages the Executive as Senior Vice
President, Senior Portfolio Manager of the Company, and the Executive does
hereby accept and agree to such employment and engagement. The Executive's
duties as Senior Vice President, Senior Portfolio Manager shall be such duties
typically required of senior vice presidents, senior portfolio managers, and as
shall from time to time be agreed upon by the Executive and the Board of
Directors of the Company. The Executive shall report solely and directly to the
Company's Managing Directors. The Executive's services shall be performed in the
Company's offices in New York, New York or such other location as the Company
and Executive shall agree. Except for periods of Disability (as defined below),
during the Term, the Executive shall devote substantially all of her business
time, attention and energies to the performance of her duties under this
Agreement; provided, however, that the Executive shall be allowed, to the extent
such activities do not substantially interfere with the performance by the
Executive of her duties and responsibilities hereunder, (a) to manage the
Executive's personal, financial and legal affairs, and (b) serve on civic or
charitable boards or committees. Furthermore, the Executive shall exercise due
diligence and care in the performance of her duties to the Company under this
Agreement.

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     Term of Agreement.

     Effective Date. The term ("Term") of this Agreement shall commence as of
the Effective Date and shall continue through the first anniversary of the
Effective Date. From and after such first anniversary and upon each anniversary
thereafter, the Term of the Agreement shall automatically be extended for
successive one-year periods unless, not later than three months prior to such
first anniversary or any subsequent anniversary, as applicable, either party
shall have given written notice to the other that it does not wish to extend the
Term of the Agreement.

     Compensation.

     Base Salary. The Company shall pay the Executive, and the Executive agrees
to accept from the Company, in payment for her services to the Company, a base
salary equal to a per annum amount of $500,000 ("Base Salary"), payable in equal
biweekly installments or at such other time or times as the Executive and the
Company shall agree. The Base Salary can be increased (but not decreased) at any
time by the Compensation Committee or the Board of Directors of the Company, as
the case may be. The Executive's salary as increased shall be deemed to be the
Base Salary for all purposes under this Agreement.

     Performance Bonus. With respect to each fiscal year, the Executive shall be
eligible to receive an amount equal to the sum of: (A) the excess, if any, of
(i) 0.050% of the Book Value of the Company for such fiscal year over (ii) the
Executive's Base Salary as of the last day of such fiscal year; provided,
however, that the Compensation Committee must approve such amount, plus (B)
additional amounts as may be recommended by management and approved by the
Compensation Committee (such sum being the "Performance Bonus").

     Annual Review. The Board of Directors shall, at least annually, review the
Executive's entire compensation package to determine if it should be increased
(but not decreased) in order for it to continue to meet the Company's
compensation objectives.

     Fringe Benefits. The Executive shall be entitled to participate in any
benefit programs adopted from time to time by the Company for the benefit of its
senior executive employees, and the Executive shall be entitled to receive such
other fringe benefits as may be granted to her from time to time by the
Compensation Committee or the Board of Directors of the Company, as the case may
be.

     Benefit Plans. The Executive shall be entitled to participate in any
benefit plans relating to stock options, stock purchases, awards, pension,
thrift, profit sharing, life insurance, medical coverage, education, or other
retirement or employee benefits available to other senior executive employees of
the Company, subject to any restrictions (including waiting periods) specified
in such plans.

     Vacation. The Executive shall be entitled to such number of weeks of paid
vacation per calendar year as determined by the Board of Directors of the
Company after review of industry standards, but shall in no event be entitled to
fewer than five weeks of paid vacation per calendar year.

     Business Expenses. The Company shall reimburse the Executive for any and
all necessary, customary and usual expenses, properly receipted in accordance
with Company policies, incurred by Executive on behalf of the Company.

     Termination of Executive's Employment.

     Death. If the Executive dies while employed by the Company, her employment
shall immediately terminate. The Company's obligation to pay the Executive's
Base Salary shall cease as of the date of Executive's death, except that any
earned, but unpaid Base Salary and Performance Bonus shall be paid to the
Executive's beneficiaries as soon as practicable after her death. In addition,
the Executive's beneficiaries shall receive the pro rata portion of the
Performance Bonus for the year of the Executive's death, which shall be equal to
the Performance Bonus (as determined at the end of the year of the Executive's
death) multiplied by a ratio equal to (A) the number of days the Executive was
employed in the year of her death, divided by (B) 365. The Performance Bonus
shall be paid to the Executive's beneficiaries at the same time and in the same
manner as such Performance Bonus would have been paid to the Executive had the
Executive not died or been terminated. Thereafter, Executive's beneficiaries or
her estate shall receive benefits in accordance with the Company's retirement,
insurance and other applicable programs and plans then in effect.

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     Disability. If, as a result of the Executive's incapacity due to physical
or mental illness ("Disability"), Executive shall have been absent from the
full-time performance of her duties with the Company for six (6) consecutive
months, and, within thirty (30) days after written notice is provided to her by
the Company, the Executive shall not have returned to the full-time performance
of her duties, the Executive's employment under this Agreement may be terminated
by the Company for Disability. With respect to the period during which begins
when the Executive is first absent from the full-time performance of her duties
with the Company due to Disability and ends upon the later of (i) the date she
is terminated from employment in accordance with the foregoing sentence, or,
(ii) the date she begins receiving long-term disability payments under the
Company's long term disability plan for senior executives ("Salary Continuation
Period"), the Company shall continue to pay the Executive her Base Salary at the
rate in effect at the commencement of such period of Disability. In addition,
the Executive shall receive the pro rata portion of the Performance Bonus for
the year of the Executive's termination due to Disability, which shall be equal
to the Performance Bonus (as determined at the end of the year in which the
Executive is terminated by reason of Disability) multiplied by a ratio equal to
(A) the number of days the Executive was employed in the year of her termination
for Disability, divided by (B) 365. The Performance Bonus shall be paid to the
Executive at the same time and in the same manner as such Performance Bonus
would have been paid had the Executive not been terminated by reason of
Disability. Upon the end of the Salary Continuation Period, the Executive's
benefits shall be determined under the Company's retirement, insurance and other
compensation programs then in effect in accordance with the terms of such
programs

     Termination by the Company for Cause. The Company may terminate the
Executive's employment under this Agreement for "Cause," at any time prior to
expiration of the Term of the Agreement, only in the event of (i) the
Executive's failure to substantially perform the duties described in this
Agreement, (ii) acts or omissions constituting recklessness or willful
misconduct on the part of the Executive in respect of her fiduciary obligations
to the Company which is materially and demonstrably injurious to the Company, or
(iii) the Executive's conviction for fraud, misappropriation or embezzlement in
connection with the assets of the Company. In the case of clause (i) only, it
shall also be a condition precedent to the Company's right to terminate the
Executive's employment for Cause that (1) the Company shall first have given the
Executive written notice stating with specificity the reason for the termination
("breach") at least 60 days before the meeting of the Board of Directors called
to make such determination and the Executive and her counsel are given the
opportunity to answer such grounds for termination in person, at a hearing or in
writing delivered to the Chairman of the Board, in the Executive's discretion,
before a vote by the Board of Directors on the existence of Cause; and (2) if
such breach is susceptible to cure or remedy, a period of 60 days from and after
the giving of the notice described in (1) shall have elapsed without the
Executive having effectively cured or remedied such breach during such 30-day
period, unless such breach cannot be cured or remedied within 60 days, in which
case the period for remedy or cure shall be extended for a reasonable time (not
to exceed an additional 30 days), provided the Executive has made and continues
to make a diligent effort to effect such remedy or cure. In the case of clause
(iii) above, the Executive's employment under this Agreement may be terminated
immediately without any advance written notice. Upon a determination that
grounds exist for a termination for Cause by the Board of Directors and that the
breach cannot be cured, or immediately in the case of clause (iii) above, the
Company's obligation to pay the Executive's Base Salary, any Performance Bonus
and benefits shall immediately cease, except to the extent any Base Salary or
Performance Bonus has been earned but has not yet been paid.

     .1 Termination by the Executive. The Executive may at any time during the
Term of this Agreement terminate her employment hereunder for any reason or no
reason by giving the Company notice in writing not less 90 days in advance of
such termination. The Executive shall have no further obligations to the Company
after the effective date of her termination, as set forth in the notice. In the
event of a termination by the Executive under this Section, the Company will pay
only the portion of Base Salary or previously awarded Performance Bonus unpaid
as of the termination date. Benefits which have accrued and/or vested on the
termination date will continue in effect according to their terms, but no
additional accrual or vesting will take place. Notwithstanding the foregoing, if
the Executive terminates her employment for Good Reason, the notice period
provided in Section 7.2 above shall not apply and the Executive will be entitled
to the severance detailed in Section 8.

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     Compensation Upon Termination by the Company Other Than for Cause or Upon
Termination by the Executive for Good Reason. If the Executive's employment
shall be terminated by the Company other than for Cause or by the Executive for
Good Reason, the Executive shall be entitled to the following benefits:

     Payment of Unpaid Base Salary. The Company shall immediately pay the
Executive any portion of the Executive's Base Salary or previously awarded
Performance Bonus not paid prior to the termination date.

     Severance Payment. The Company shall pay the Executive an amount (the
"Severance Amount") equal to three (3) times the greater of (i) the Executive's
combined Base Salary and actual Performance Bonus for the preceding fiscal year
or (ii) the average for the three preceding years of the Executive's combined
actual Base Salary and Performance Bonus. Fifty percent of the Severance Amount
shall be paid within five (5) days after the date the Executive terminates for
Good Reason or is terminated by the Company for any reason other than Cause, and
the remaining 50% of the Severance Amount shall be paid in three equal monthly
installments beginning on the first business day of the month following the
month of such termination.

     Immediate Vesting of Stock Options. The Company shall take all appropriate
action to ensure that all stock options on the Company's stock owned by the
Executive as of her termination date, and which have not been exercised prior to
the termination date become immediately exercisable by the Executive, whether or
not the right to exercise such stock options would otherwise then be vested in
the Executive, provided, however, an option that is an incentive stock option
within the meaning of Code Section 422(b) ("ISO") shall not be exercisable for
the first time in a calendar year to the extent that the aggregate fair market
value of stock (as determined under Code Section 422(b)(3)) with respect to
which ISO's are exercisable by the Executive during such calendar year exceeds
$100,000. The provisions of this Section 7(c) shall constitute an amendment to
any existing stock option agreements (including award certificates) of the
Company as of the termination date.

     Maximization of Payment in the Event of a Change in Control. The Company
shall make the payments and provide the benefits to be paid and provided under
this Agreement; provided, however, that if all or any portion of the payments
and benefits provided under this Agreement, either alone or together with other
payments and benefits which the Executive receives or is then entitled to
receive from the Company or otherwise, would constitute a "parachute payment"
within the meaning of Section 280G of the Code (or a similar or successor
provision), the Company shall reduce such payments hereunder and such other
payments to the extent necessary so that no portion thereof shall be subject to
the excise tax imposed by Section 4999 of the Code (or a similar or successor
provision); but only if, by reason of such reduction, the net after-tax benefit
to the Executive shall exceed the net after-tax benefit if such reduction were
not made. The payments or benefits shall be reduced in the manner and order
determined by the Executive, subject to the consent of the Company, which
consent shall not be unreasonably withheld. The determination of whether the
payments shall be reduced as provided in this Section 8(d) and the amount of
such reduction shall be made at the Company's expense by a public accounting
firm retained by the Company at the time the calculation is to be performed, or
one selected by the Company from among the four (4) largest public accounting
firms in the United States (the "Accounting Firm"). The Accounting Firm shall
provide its determination, together with detailed supporting calculations and
documentation to the Company and the Executive within twenty (20) business days
of the payment of the initial installment of the Severance Amount. The Executive
may review these calculations for a period of twenty days and may retain another
accounting firm (at her own expense) for such review and submit objections
during such twenty-day review period.

     No Other Entitlement to Benefits Under Agreement. Except as set forth in
Section 7 or Section 8 of this Agreement, following a termination governed by
Section 7 or Section 8, the Executive shall not be entitled to any other
compensation or benefits, except as may be separately negotiated by the parties
and approved by the Board of Directors of the Company in writing in conjunction
with the termination of Executive's employment.

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     Noncompetition Provisions.

     Noncompetition. The Executive agrees that during the Term of employment
under this Agreement prior to any termination of her employment hereunder and,
in the event of termination of the Executive's employment by the Company for
Cause or voluntary termination of employment by the Executive (other than for
Good Reason), for a period of one year following such termination, the Executive
will not, directly or indirectly, without the prior written consent of the
Company, manage, operate, join, control, participate in, or be connected as a
stockholder (other than as a holder of shares publicly traded on a stock
exchange or the NASDAQ National Market System), partner, or other equity holder
with, or as an officer, director or employee of, any private or public
investment firm, broker dealer or real estate investment trust whose business
strategy is based on or who engages in the trading, sales or management of
mortgage-backed securities (the "Business") in any geographical region in which
the Company engages in the Business (a "Competitor"). It is further expressly
agreed that the Company will or would suffer irreparable injury of the Company
in violation of the preceding sentence of this Agreement and that the Company
would by reason of such competition be entitled to injunctive relief in a court
of appropriate jurisdiction, and the Executive further consents and stipulates
to the entry of such injunctive relief in such a court prohibiting the Executive
from competing with the Company or any subsidiary or affiliate of the Company,
in the areas of business set forth above, in violation of this Agreement.

     Right to Company Materials. The Executive agrees that all styles, designs,
lists, materials, books, files, reports, correspondence, records, and other
documents ("Company Materials") used, prepared, or made available to the
Executive in connection with her employment by the Company shall be and shall
remain the property of the Company. Upon the termination of employment or the
expiration of the Term of employment under this Agreement, all Company Materials
shall be returned immediately to the Company, and the Executive shall not make
or retain any copies thereof.

     Soliciting Executives. The Executive promises and agrees that she will not
directly or indirectly solicit any of the Company Executives to work for any
Competitor during the one-year period following her termination of employment
unless such termination is by the Company for reasons other than Cause or by the
Executive for Good Reason.

     Corporate Opportunities. The Executive agrees, in accordance with Maryland
law, to first offer to the Company corporate opportunities learned of solely as
a result of her service as an officer and director of the Company.

     Notices. All notices and other communications under this Agreement shall be
in writing and shall be given by fax or first class mail, certified or
registered with return receipt requested, and shall be deemed to have been duly
given three (3) days after mailing or twenty-four (24) hours after transmission
of a fax to the respective persons named below:

      If to the Company:                   Michael A. J. Farrell
                                           Chairman and Chief Executive Officer
                                           Annaly Mortgage Management, Inc.
                                           1211 Avenue of the Americas
                                           Suite 2902
                                           New York, NY 10036
                                           Phone: (212) 696-0100
                                           Fax:  (212) 696-9809
      If to the Executive:                 Rose-Marie Lyght
                                           1939 Duncan Drive
                                           Scotch Plains, NJ 07076
                                           Phone: (908) 301-1103

Either party may change such party's address for notices by notice duly given
pursuant hereto.

                                       40
<PAGE>

     Attorneys' Fees. In the event judicial determination or arbitration (as
provided in Section 22) is necessary for any dispute arising as to the parties'
rights and obligations hereunder, the Company shall pay to the Executive her
costs incurred (including attorney's fees) in deciding such dispute provided
that she has substantially prevailed.

     No Mitigation or Offset. The Executive shall not be required to mitigate
the amount of any payment provided for in this Agreement by seeking other
employment or otherwise. The Company shall not be entitled to set off against
the amounts payable to the Executive under this Agreement any amounts earned by
the Executive in other employment after termination of employment with the
Company, or any amounts which might have been earned by the Executive in other
employment had such other employment been sought.

     Termination of Prior Agreements. This Agreement terminates and supersedes
any and all prior agreements and understandings between the parties with respect
to employment or with respect to the compensation of the Executive by the
Company.

     Assignment; Successors. This Agreement is personal in its nature and
neither of the parties hereto shall, without the consent of the other, assign or
transfer this Agreement or any rights or obligations hereunder; provided that,
in the event of the merger, consolidation, transfer, or sale of all or
substantially all of the assets of the Company with or to any other individual
or entity, this Agreement shall, subject to the provisions hereof, be binding
upon and inure to the benefit of such successor and such successor shall
discharge and perform all the promises, covenants, duties, and obligations of
the Company hereunder.

     Governing Law. This Agreement and the legal relations thus created between
the parties hereto shall be governed by and construed under and in accordance
with the laws of the State of New York.

     Entire Agreement; Headings. This Agreement embodies the entire agreement of
the parties respecting the matters within its scope and may be modified only in
writing. Section headings in this Agreement are included herein for convenience
of reference only and shall not constitute a part of this Agreement for any
other purpose.

     Waiver; Modification. Failure to insist upon strict compliance with any of
the terms, covenants, or conditions hereof shall not be deemed a waiver of such
term, covenant, or condition, nor shall any waiver or relinquishment of, or
failure to insist upon strict compliance with, any right or power hereunder at
any one or more times be deemed a waiver or relinquishment of such right or
power at any other time or times. This Agreement shall not be modified in any
respect except by a writing executed by each party hereto.

     Severability. In the event that a court of competent jurisdiction
determines that any portion of this Agreement is in violation of any statute or
public policy, only the portions of this Agreement that violate such statute or
public policy shall be stricken. All portions of this Agreement that do not
violate any statute or public policy shall continue in full force and effect.
Further, any court order striking any portion of this Agreement shall modify the
stricken terms as narrowly as possible to give as much effect as possible to the
intentions of the parties under this Agreement.

     Indemnification; Directors and Officers Insurance. The Company shall
indemnify and hold Executive harmless to the maximum extent permitted by Section
2-418 of the Maryland General Corporations Law or its successor statute. During
the Term and for six years following the date of the Executive's termination as
an officer of the Company, the Company (or any successor thereto) shall provide
comprehensive coverage under the Company's officers and directors insurance
policy (or policies) on substantially the same terms and levels that it provides
to its senior executive officers, at the Company's sole cost.

     Counterparts. This Agreement may be executed in several counterparts, each
of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

     Successor Sections. References herein to sections, rules or regulations of
the Code or other applicable law shall be deemed to include any successor
sections, rules or regulations.

                                       41
<PAGE>

     Arbitration. Any dispute, claim or controversy arising out of or in
relation to this Agreement, which the Executive and the Company are unable to
resolve shall be determined by the decision of a board of arbitration consisting
of three (3) members (the "Board of Arbitration") selected by the American
Arbitration Association upon application made to it for such purpose by either
the Company or the Executive. The arbitration proceedings shall take place in
New York, New York or such other place as shall be agreed to by the parties. The
Board of Arbitration shall reach and render a decision in writing. In connection
with rendering its decision, the Board of Arbitration shall adopt and follow
such rules and procedures as a majority of the members of the Board of
Arbitration deems necessary or appropriate. Any award shall be rendered on the
basis of the substantive law governing this Agreement and shall be concurred in
by a majority of the arbitrators. To the extent practical, decisions of the
arbitrators shall be rendered no more than thirty (30) calendar days following
commencement of the arbitration proceedings with respect thereto.

     Any decision made by the Board of Arbitration (either prior to or after the
expiration of such thirty (30) calendar day period) shall be final, binding and
conclusive on the Executive and the Company and entitled to be enforced to the
fullest extent permitted by law and entered in any court of competent
jurisdiction. The Company shall bear all of the costs of arbitration, except for
the attorneys' fees incurred by the Executive, which fees shall be subject to
Section 11 hereof.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its duly authorized officer, and the Executive has hereunto signed this
Agreement, as of the date first above written.

                                ANNALY MORTGAGE MANAGEMENT, INC.

                                 By:            /s/ Michael A.J. Farrell
                                    ------------------------------------------
                                                 Michael A.J. Farrell

                                 By:            /s/ Rose-Marie Lyght
                                     ---------------------------------------
                                               Rose-Marie Lyght

                                       42

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