Document:

EX-10.6

 Exhibit 10.6 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between Annaly Capital Management, Inc. (the
“Company”) and Anthony C. Green (the “Executive”) as of February 12, 2020. 
 WHEREAS, the Company
desires to employ the Executive and the Executive desires to accept such employment with the Company. 
 WHEREAS, the Company has entered
into an internalization agreement, dated as of the date hereof, by and among (i) the Company, (ii) AMCO Acquisition LLC, a Delaware limited liability company and direct, wholly-owned subsidiary of the Company, (iii) AMCO Holding
Management Company LLC, a Delaware limited liability company (“HoldCo”), (iv) the members of HoldCo (the “HoldCo Members”), (v) AMCO OpCo Holding Company LLC, a Delaware limited liability company (“OpCo
Holdings”), (vi) AMCO LP Holding Company LP, a Delaware limited partnership (“ALP”), (vii) AMCO Manager Holdings LLC, a Delaware limited liability company (“AMH”), and (viii) Annaly Management Company
LLC, a Delaware limited liability company (“Manager” and, together with OpCo Holdings, ALP and AMH, the “Manager Entities”) pursuant to which the Company will become an internally managed company (the
“Internalization”). 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
hereinafter set forth, the Company and the Executive hereby agree as follows: 
  

	1.	 Employment. 

(a)    Term. The term of this Agreement shall begin upon the closing of the Internalization (the “Effective
Date”), and shall continue until the date the Company has paid the 2020 Cash Bonus and granted the 2020 Bonus RSU (each as defined in Section 2(b) below), which shall be no later than March 15, 2021 (the “Term End
Date”), or until the termination of the Executive’s employment, if earlier. The period commencing on the Effective Date and ending on the date on which the term of this Agreement terminates is referred to herein as the
“Term.” 
 (b)    Duties. During the Term, the Executive shall serve as the Chief Corporate
Officer and Chief Legal Officer of the Company, with duties consistent with those currently performed by the Executive for the Manager Entities, and shall report to the Chief Executive Officer of the Company (the “CEO”). The
Executive shall perform all duties and accept all responsibilities incident to such position as may be reasonably and lawfully assigned to the Executive by the CEO. The Executive represents to the Company that the Executive is not subject to or a
party to any employment agreement, noncompetition covenant, or other agreement that would be breached by, or prohibit the Executive from, executing this Agreement and performing fully the Executive’s duties and responsibilities hereunder. 

(c)    Best Efforts. During the Term, the Executive shall devote the Executive’s best efforts and full time
and attention to promote the business and affairs of the Company and its Affiliates, and shall not be engaged in other business activities. The foregoing shall not be construed as preventing the Executive from (1) serving on civic, educational,
philanthropic or 

  
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charitable boards or committees, or, with the prior written consent of the CEO, in its sole discretion, on corporate boards, and (2) managing personal investments; so long as such activities
are permitted under the Company’s code of conduct and employment policies, do not violate the provisions of Section 8 below, and do not interfere or conflict with the Executive’s obligations to the Company hereunder. The
Executive shall provide notice of any activity under Section 1(c)(1) to the Company. 
 (d)    Principal Place
of Employment. The Executive understands and agrees that the Executive’s principal place of employment will be in the Company’s offices located in the New York City metropolitan area and that the Executive will be required to travel
for business in the course of performing the Executive’s duties for the Company. 
 (e)    Resignation of
Positions. Effective as of the date of any termination of employment, the Executive shall resign from all Company-related positions, including as an officer and director of the Company and its parents, subsidiaries and Affiliates. 

2.    Compensation. 

(a)    Base Salary. During the Term, the Company shall pay the Executive a base salary (“Base
Salary”), at the annual rate of $750,000, which shall be paid in installments in accordance with the Company’s normal payroll practices. The Executive’s Base Salary shall be reviewed annually by the Board of Directors of the
Company (the “Board”) pursuant to the normal performance review policies and may be increased but not decreased from time to time as the Board deems appropriate. The Compensation Committee of the Board (the “Compensation
Committee”) may take any actions of the Board pursuant to this Agreement. Notwithstanding anything to the contrary, any amounts payable by the Company under this Agreement may be paid through the Company’s direct or indirect wholly
owned subsidiaries, as determined by the Company. 
 (b)    Incentive Compensation. 

(1)    For the 2020 calendar year, the Executive shall receive a minimum annual cash bonus equal to not less than
$2,600,000, which shall be paid to the Executive in January 2021 (or such other time as the Company pays its annual 2020 bonuses in 2021, but no later than March 15, 2021) (the “2020 Cash Bonus”). To earn and receive the 2020
Cash Bonus, the Executive must be employed on the date the 2020 Cash Bonus is paid. The 2020 Cash Bonus received may be greater based upon performance and other factors in accordance with the Company’s compensation policies and procedures. 

(2)    For the 2020 calendar year, the Executive shall be entitled to receive long-term incentive compensation consisting
of an award of restricted stock units (“RSUs”) with a value equal to not less than $650,000 (“2020 Bonus RSUs”), covering a number of shares of common stock of the Company (“Shares”) determined by
dividing $650,000 by the Share Price (as defined below) as of the date of grant, rounded to the nearest whole number. The 2020 Bonus RSUs shall be granted under the Company’s then current long term equity incentive plan and the Company’s
standard form of RSU agreement, in each case consistent with the text of this Agreement and Exhibit A. The 2020 Bonus RSUs shall be granted at the same time that 

  
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the Company grants its annual equity 2020 awards, which shall be no later than March 15, 2021. To receive the grant of 2020 Bonus RSUs, the Executive must be employed on the date the 2020
Bonus RSUs are granted. The 2020 Bonus RSUs granted may be greater based upon performance and other factors in accordance with the Company’s compensation policies and procedures. The Compensation Committee will make all determinations with
respect to the 2020 Bonus RSUs in good faith, in consultation with the CEO, and in compliance with the text of this Agreement Exhibit A. “Share Price” shall mean the closing price per Share at the close of regular hours trading on
the New York Stock Exchange on the relevant date. 
 (3)    At the closing of the Internalization, the Executive shall
be entitled to receive long-term incentive compensation consisting of an award of RSUs with a value equal to $500,000 (the “Internalization RSUs”), covering a number of Shares determined by dividing $500,000 by the Share Price as of
the date of grant, rounded to the nearest whole number. The Internalization RSUs shall be granted under the Company’s then current long term equity incentive plan and the Company’s standard form of RSU Agreement, in each case consistent
with the text of this Agreement and Exhibit A. The Internalization RSUs shall be granted promptly upon the closing of the Internalization. To receive the grant of Internalization RSUs, the Executive must be employed on the date the Internalization
RSUs are granted. The Compensation Committee will make all determinations with respect to the Internalization RSUs in good faith, in consultation with the CEO, and in compliance with the text of this Agreement Exhibit A. 

3.    Retirement and Welfare Benefits. During the Term, the Executive shall be eligible to participate in the health, life
insurance, long-term disability, retirement and welfare benefit plans and programs available to employees of the Company, pursuant to their respective terms and conditions. Nothing in this Agreement shall preclude the Company or any Affiliate of the
Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date. 

4.    Vacation. During the Term, the Executive shall be entitled to vacation each year and holiday and sick leave at levels
commensurate with those provided to other executives of the Company, in accordance with the Company’s vacation, holiday and other pay-for-time-not-worked policies. 
 5.    Business Expenses. The Company
shall reimburse the Executive for all necessary and reasonable travel (which does not include commuting) and other business expenses incurred by the Executive in the performance of the Executive’s duties hereunder in accordance with such
policies and procedures as the Company may adopt generally from time to time for executives. 
 6.    Definitions. For purposes
of this Agreement, the following terms shall have the following meanings: 
 (a)    “Affiliate” shall
mean any subsidiary of the Company or other entity under common control with the Company. 

(b)    “Release” shall mean a separation agreement and general release of any and all claims against the
Company, its Affiliates, and all related parties including with respect to all matters arising out of the Executive’s employment by the Company, and the termination thereof. The Release will be in the form provided by the Company. 

  
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 7.    Section 409A. 

(a)    This Agreement is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and its corresponding regulations, or an exemption thereto, and payments may only be made under this Agreement upon an event and in a manner permitted by section 409A of the Code, to the extent applicable. Severance
benefits under this Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum
extent applicable. Notwithstanding anything in this Agreement to the contrary, if required by section 409A of the Code, if the Executive is considered a “specified employee” for purposes of section 409A of the Code and if payment of any
amounts under this Agreement is required to be delayed for a period of six months after separation from service pursuant to section 409A of the Code, payment of such amounts shall be delayed as required by section 409A of the Code, and the
accumulated amounts shall be paid in a lump-sum payment within 10 days after the end of the six-month period. If the Executive dies during the postponement period prior
to the payment of benefits, the amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate within 60 days after the date of the Executive’s death. 

(b)    All payments to be made upon a termination of employment under this Agreement may only be made upon a
“separation from service” under section 409A of the Code. For purposes of section 409A of the Code, each payment hereunder shall be treated as a separate payment, and the right to a series of installment payments under this Agreement shall
be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly, designate the calendar year of a payment. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of
the Executive’s execution of the Release, directly or indirectly, result in the Executive’s designating the calendar year of payment of any amounts of deferred compensation subject to section 409A of the Code, and if a payment that is
subject to execution of the Release could be made in more than one taxable year, payment shall be made in the later taxable year. 

(c)    All reimbursements and in-kind benefits provided under this Agreement shall
be made or provided in accordance with the requirements of section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement be for expenses incurred during the period specified in this Agreement, (ii) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year not affect the expenses eligible for reimbursement, or in-kind
benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to
reimbursement or in-kind benefits not be subject to liquidation or exchange for another benefit. 

  
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 8.    Restrictive Covenants. 

(a)    Proprietary Information. At all times, the Executive will hold in strictest confidence and will not disclose,
use, lecture upon or publish any of the Proprietary Information (defined below) of the Company or an Affiliate, except as such disclosure, use or publication may be required in connection with the Executive’s work for the Company or as
described in Section 8(c) below, or unless the Company expressly authorizes such disclosure in writing. “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the
Company and its Affiliates and shareholders, including but not limited to information relating to financial matters, investments, budgets, business plans, marketing plans, personnel matters, business contacts, products, processes, know-how, designs, methods, improvements, discoveries, inventions, ideas, data, programs, and other works of authorship. 

(b)    Reports to Government Entities. Nothing in this Agreement shall prohibit or restrict the Executive from
initiating communications directly with, responding to any inquiry from, providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or filing a claim or assisting with an investigation
directly with a self-regulatory authority or a government agency or entity, including the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange
Commission, Congress, any agency Inspector General or any other federal, state or local regulatory authority (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of
state or federal law or regulation. The Executive does not need the prior authorization of the Company to engage in conduct protected by this subsection, and the Executive does not need to notify the Company that the Executive has engaged in such
conduct. Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose trade secrets to their attorneys, courts, or government officials in certain,
confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a
suspected violation of the law. 
 (c)    Inventions Assignment. The Executive agrees that all inventions,
innovations, improvements, developments, methods, designs, analyses, reports, and all similar or related information which relates to the Company’s or its Affiliates’ actual or anticipated business, research and development or existing or
future products or services and which are conceived, developed or made by the Executive while employed by the Company (“Work Product”) belong to the Company. The Executive will promptly disclose such Work Product to the Board and
perform all actions reasonably requested by the Board (whether during or after the Term) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). If requested by the
Company, the Executive agrees to execute any inventions assignment and confidentiality agreement that is required to be signed by Company employees generally. 

(d)    Return of Company Property. Upon termination of the Executive’s employment with the Company for any
reason, and at any earlier time the Company requests, the Executive will deliver to the person designated by the Company all originals and copies of all documents 

  
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and property of the Company or an Affiliate that is in the Executive’s possession or under the Executive’s control or to which the Executive may have access. The Executive will not
reproduce or appropriate for the Executive’s own use, or for the use of others, any property, Proprietary Information or Work Product. 

(e)    Future Cooperation. The Executive agrees that upon the Company’s reasonable request following the
Executive’s termination of employment and provided such cooperation is not adverse to the Executive’s legal interests, the Executive shall use reasonable efforts to assist and cooperate with the Company in connection with the transition of
the Executive’s responsibilities, with the defense or prosecution of any claim with respect to which the Executive may have knowledge that is made against or by the Company or its Affiliates (other than by or against the Executive), or in
connection with any ongoing or future investigation by, or any proceeding before, any arbitral, administrative, regulatory, self-regulatory, judicial, legislative, or other body or agency involving the Company or any Affiliate. The Company shall pay
reasonable out-of-pocket expenses (including travel expenses) incurred in connection with providing such assistance. The Company and the Executive agree that, following
the Executive’s termination of employment, the Executive’s cooperation pursuant to this Section 8(e) shall be at mutually agreed upon times in light of the Executive’s other professional responsibilities and pursuant to a
reasonable schedule. 
 9.    Legal and Equitable Remedies. 

(a)    Because the Executive’s services are personal and unique and the Executive has had and will continue to have
access to and has become and will continue to become acquainted with the Proprietary Information of the Company and its Affiliates, and because any breach by the Executive of any of the restrictive covenants contained in Section 8 would result
in irreparable injury and damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce Section 8 and any of its provisions by injunction, specific performance or other equitable relief,
without prejudice to any other rights and remedies that the Company may have for a breach, or threatened breach, of the restrictive covenants set forth in Section 8. 

(b)    The Executive irrevocably and unconditionally agrees that any dispute arising as to the parties’ rights and
obligations hereunder shall be resolved by confidential binding arbitration in accordance with the rules of the Judicial Arbitration & Mediation Services, Inc. (JAMS). Such arbitration will take place in the City of New York. The arbitrator
shall be empowered to decide the arbitrability of all disputes, and shall apply the substantive federal, state, or local law and statute of limitations governing any dispute submitted to arbitration and any arbitration demand must be filed within
the applicable limitations period for the claim or claims asserted. In ruling on any dispute submitted to arbitration, the arbitrator shall have the authority to award only such remedies or forms of relief as are provided for under the substantive
law governing such dispute. The arbitrator shall issue a written decision that shall include the essential findings and conclusions on which the decision is based (a standard award). Each party consents to the jurisdiction of the state of New York
for injunctive, specific enforcement or other relief in aid of the arbitration proceedings or to enforce judgment of the award in such arbitration proceeding, but not otherwise. The award entered by the arbitrator shall be final and binding on all
parties to arbitration, and may be entered in any court of competent jurisdiction. The parties 

  
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shall equally bear all fees and costs unique to the arbitration forum (e.g., filing fees, transcript costs and arbitrator’s fees), except as provided otherwise in statutory claims. The
parties shall be responsible for their own attorneys’ fees and costs, except as provided otherwise in statutory claims. The parties agree that any dispute between the parties that is determined to be not subject to arbitration shall be subject
to exclusive jurisdiction and venue in the courts of the City of New York. 
 10.    Acknowledgement of Satisfaction of All Pre-Employment Conditions. 
 (a)    Right to Work. For purposes of federal
immigration law, the Executive will be required to provide to the Company documentary evidence of the Executive’s identity and eligibility for employment in the United States. Such documentation must be provided to the Company within three days
following the Effective Date, or the Company’s employment relationship with the Executive may be terminated and this Agreement will be void. 

(b)    Verification of Information. By entering into this Agreement, the Executive warrants that all information
provided by the Executive is true and correct to the best of the Executive’s knowledge, and the Executive expressly releases all parties from any and all liability for damages that may result from obtaining, furnishing, collecting or verifying
such information, as well as from the use of or disclosure of such information by the Company or its agents. 
 11.    Survival.
The respective rights and obligations of the parties under this Agreement (including, but not limited to, under Sections 8 and 9) shall survive any termination of the Executive’s employment or termination or expiration of this Agreement to the
extent necessary to the intended preservation of such rights and obligations. 
 12.    No Mitigation or Set-Off. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement,
and such amounts shall not be reduced regardless of whether the Executive obtains other employment. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be
affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others. 

13.    Section 280G. In the event of a change in ownership or control under section 280G of the Code, if it shall be determined
that any payment or distribution in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not
below zero) to the Reduced Amount (defined below) if and only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would
no reduction. No reduction shall be made unless the reduction would provide the Executive with a greater net after-tax benefit. The determinations under this Section shall be made as follows: 

(a)    The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate
present value of Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below), determined in accordance with section 280G(d)(4) of the Code. The term “Excise Tax”
means the excise tax imposed under section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax. 

  
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 (b)    Payments under this Agreement shall be reduced on a
nondiscretionary basis in such a way as to minimize the reduction in the economic value deliverable to the Executive. Where more than one payment has the same value for this purpose and they are payable at different times, they will be reduced on a
pro rata basis. Only amounts payable under this Agreement shall be reduced pursuant to this Section. 
 (c)    All
determinations to be made under this Section shall be made by an independent certified public accounting firm selected by the Company and agreed to by the Executive immediately prior to the change-in-ownership or -control transaction (the “Accounting Firm”). The Accounting Firm shall provide its determinations and any supporting calculations both to the Company and the Executive
within 10 days of the transaction. Any such determination by the Accounting Firm shall be binding upon the Company and the Executive. All of the fees and expenses of the Accounting Firm in performing the determinations referred to in this Section
shall be borne solely by the Company. 
 14.    Notices. All notices and other communications required or permitted under this
Agreement or necessary or convenient in connection herewith shall be in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail, as follows (provided that notice of change of address shall be
deemed given only when received): 
 If to the Company, to: 

1211 Avenue of the Americas 
 New
York, New York 10036 
 Attn: Chief Executive Officer 

If to the Executive, to the most recent address on file with the Company or to such other names or addresses as the Company or the Executive,
as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section. 

15.    Withholding. All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall
withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. The Executive shall bear all expense of, and be solely responsible for,
all federal, state and local taxes due from the Executive with respect to any payment received under this Agreement. The Company will use commercially reasonable efforts to establish a relationship with a broker-dealer to facilitate the sale of
Shares acquired on the vesting or exercise of any equity or equity-based compensation granted to the Executive by the Company to enable the Executive to satisfy all applicable withholding taxes due in connection with such vesting or exercise;
provided that if the Company does not establish any such 

  
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relationship, the Executive may satisfy such withholding obligations through an automatic Share withholding procedure pursuant to which the Company will withhold, at the time of such vesting or
exercise, a portion of the Shares otherwise deliverable to the Executive upon such vesting or exercise with a fair market value not exceeding the minimum amount required to be withheld by applicable law. 

16.    Remedies Cumulative; No Waiver. No remedy conferred upon a party by this Agreement is intended to be exclusive of any other
remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law or in equity. No delay or omission by a party in exercising any right, remedy or
power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time and as often as may be deemed expedient or necessary by such
party in its sole discretion. 
 17.    Assignment. All of the terms and provisions of this Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of the Executive under this Agreement are
of a personal nature and shall not be assignable or delegable in whole or in part by the Executive. The Company may assign its rights, together with its obligations hereunder, in connection with any sale, transfer or other disposition of all or
substantially all of its business and assets, and such rights and obligations shall inure to, and be binding upon, any successor to the business or any successor to substantially all of the assets of the Company, whether by merger, purchase of stock
or assets or otherwise, which successor shall expressly assume such obligations, and the Executive acknowledges that in such event the obligations of the Executive hereunder, including but not limited to those under Section 8, will continue to
apply in favor of the successor. 
 18.    Company Policies. This Agreement and the compensation payable hereunder shall be
subject to any applicable share trading policies, and other policies that may be implemented by the Board from time to time with respect to officers or executives of the Company that do not conflict with this Agreement. 

19.    Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto and supersedes any and all prior
agreements and understandings concerning the Executive’s employment by the Company and its subsidiaries, including the Manager Entities, other than (a) any severance rights agreement entered into or that may be entered into between the
Executive and the Company, (b) all employee retention and severance policies applicable for all employees of Company, (c) RSU award agreements with respect to the 2020 Bonus RSUs and Internalization RSUs, and (d) any separate
indemnification agreement entered into between the Company and the Executive and any indemnification obligations set forth in the Company’s bylaws. This Agreement may be changed only by a written document signed by the Executive and the
Company. 
 20.    Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances
is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this 

  
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Agreement, which can be given effect without the invalid or unenforceable provision or application, and shall not invalidate or render unenforceable such provision or application in any other
jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. 

21.    Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive and
procedural laws of New York without regard to rules governing conflicts of law. 
 22.    Counterparts. This Agreement may be
executed in any number of counterparts (including facsimile counterparts), each of which shall be an original, but all of which together shall constitute one instrument. 

(Signature Page Follows) 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	ANNALY CAPITAL MANAGEMENT, INC.
	
	 /s/ Thomas Hamilton

	Name:	 	Thomas Hamilton
	Title:	 	Chair of the Board of Directors
	Date:	 	February 12, 2020
	
	EXECUTIVE
	
	 /s/ Anthony C. Green

	Name:	 	Anthony C. Green
	Date:	 	February 12, 2020

  
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 EXHIBIT A 

2020 Bonus RSUs 
 Vesting Date: 

 

	 	•	 	 One-third on December 31, 2021 

 

	 	•	 	 One-third on December 31, 2022 

 

	 	•	 	 One-third on December 31, 2023 

Accelerated vesting if (1) Company terminates Executive’s employment during the Term other than for Cause, (2) Executive’s employment ends
during the Term as a result of death or disability, or (3) Executive resigns for Good Reason during the Term. Accelerated vesting is subject to Executive signing and not revoking a Release. 

Internalization RSUs 
 Vesting Date: 

 

	 	•	 	 One-third on the first anniversary of closing of Internalization

  

	 	•	 	 One-third on the second anniversary of closing of Internalization

  

	 	•	 	 One-third on the third anniversary of closing of Internalization

 Accelerated vesting if (1) Company terminates Executive’s employment during the Term other than for Cause,
(2) Executive’s employment ends during the Term as a result of death or disability, or (3) Executive resigns for Good Reason during the Term. Accelerated vesting is subject to Executive signing and not revoking a Release. 

“Cause” and “Good Reason” for purposes of this Exhibit A shall each have the meanings set forth in the Severance Rights
Agreement dated the date hereof between the parties hereto. 

  
 12EX-10.7

 Exhibit 10.7 

SEVERANCE RIGHTS AGREEMENT 

This Severance Rights Agreement (“Agreement”) is made this 12th day of February, 2020 and is by and between Annaly Capital
Management, Inc. (“Company”) and Anthony C. Green (“Executive”). 
 WHEREAS, on February 12,
2020, the Company entered into an Internalization Agreement (the “Internalization Agreement”) by and among (i) the Company, (ii) AMCO Acquisition LLC, a Delaware limited liability company and direct, wholly-owned
subsidiary of Company, (iii) AMCO Holding Management Company LLC, a Delaware limited liability company (“HoldCo”), (iv) the members of HoldCo (the “HoldCo Members”), (v) AMCO OpCo Holding Company LLC, a
Delaware limited liability company (“OpCo Holdings”), (vi) AMCO LP Holding Company LP, a Delaware limited partnership (“ALP”), (vii) AMCO Manager Holdings LLC, a Delaware limited liability company
(“AMH”), and (viii) Annaly Management Company LLC, a Delaware limited liability company (“Manager” and, together with OpCo Holdings, ALP and AMH, the “Manager Entities”); 

WHEREAS, Executive is an employee of one of Manager Entities; and 

WHEREAS, pursuant to the Internalization Agreement, Company will internalize its management and directly or indirectly become
Executive’s employer. 
 NOW THEREFORE, in consideration of the promises and mutual agreements herein set forth, intending to be
legally bound, the parties hereby agree as follows: 
 1.    Term. The term of this Agreement shall commence on
the date the transactions provided for in the Internalization Agreement are consummated and expire on the earliest of (a) March 15, 2021; (b) the date on which Company pays Executive a 2020 annual cash bonus; or
(c) the termination of Executive’s employment (the “Term”). 
 2.    Obligations
Upon Termination. Other than as specifically set forth or provided in this Agreement and in the employee retention and severance policy applicable to all employees of Company (the “Employee Retention and Severance
Policy”), Executive shall not be entitled to any compensation or benefits on or after termination of employment. 

(a)    Termination by Company for Cause or Disability; Termination by Executive for any reason other than Good
Reason. If Company terminates Executive’s employment for Cause or because of Disability, or Executive terminates employment for any reason other than Good Reason, in each case during the Term, Company shall pay to Executive the Accrued
Benefits and no other amount, except that nothing in this Section 2(a) is intended to preclude Executive from receiving a right to accelerated vesting as expressly provided in another Agreement with Executive, or from receiving severance
benefits to which Executive is expressly entitled under the terms of the Employee Retention and Severance Policy. 

(b)    Termination by Company without Cause or Termination by Executive for Good Reason. If (1) Company
terminates Executive’s employment during the Term other than for Cause, or (2) Executive resigns for Good Reason during the Term, then Company shall pay 

 
Executive (A) the Accrued Benefits and (B) all amounts Executive is entitled to pursuant to the Employee Retention and Severance Policy (the “Severance
Payment”); provided, however, that in the event the chief executive officer of Company, as of the date of Executive’s termination, was not an employee of a Manager Entity or a director of Company, as of the date of the
Internalization Agreement, in lieu of (B), Company shall pay Executive as the Severance Payment the amount set forth on Schedule 1. For the avoidance of doubt, if Executive receives the amount set forth on Schedule 1, Executive shall not be
entitled to any amounts under the Employee Retention and Severance Policy. Nothing in this Section 2(b) is intended to preclude Executive from receiving a right to accelerated vesting as expressly provided in another Agreement with
Executive. 
 (c)    Death. If Executive’s employment ends as a result of death during the Term, Company
shall pay to Executive’s legal representative or estate, as applicable, the Accrued Benefits and no other amount, except that nothing in this Section 2(c) is intended to preclude Executive from receiving a right to accelerated
vesting as expressly provided in another Agreement with Executive, or from receiving severance benefits to which Executive is expressly entitled under the terms of the Employee Retention and Severance Policy. 

(d)    Deductions/Withholding. All amounts payable to Executive under this Agreement or otherwise in connection
with Executive’s employment shall be reduced by applicable income and employment withholdings or garnishments as determined by Company. 

(e)    Timing of Payment of Accrued Benefits. Company shall pay to Executive (or to Executive’s legal
representative or estate if termination is because of death) Executive’s Accrued Benefits within 30 days after termination (in the case of earned but unpaid base salary) or in accordance with the terms of Company’s benefit plan or expense
reimbursement policy, as applicable. 
 (f)    Requirement of General Release; Timing of Payment of the Severance
Payment. As a condition to receiving the Severance Payment, Executive (or Executive’s legal representative or estate, in the case of death) must execute and deliver a general release of claims in a form acceptable to Company (the
“Release”) and the Release must become effective and irrevocable no later than the 60th day after the termination date. The Severance Payment shall be paid in a lump sum within 10
days after the 60th day after Executive’s termination date, or such shorter period as is required by Section 409A, provided that the Release has become effective and irrevocable
as required by the preceding sentence. 
 (g)    Section 409A Savings Provisions. It is intended that this
Agreement and the payments and benefits provided under this Agreement shall comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and other guidance issued
thereunder (collectively, “Section 409A”). Notwithstanding any other provision of this Agreement, payment provided under this Agreement may only be made upon an event and in a manner that complies with
Section 409A or an applicable exemption. Specifically, any taxable benefits or payments provided under this Agreement are intended to be separate payments that qualify for the “short term deferral” exception to
Section 409A to the maximum extent possible, and to the extent they do not so 

  
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qualify, are intended to qualify for the severance pay exceptions to Section 409A, to the maximum extent possible. Whenever any payment is to be made within a specified period of time
under this Agreement, the exact timing of payment within such period shall be determined in the sole discretion of Company. Notwithstanding any provision of this Agreement, Company makes no representations that the payments and benefits provided
under this Agreement comply with, or are exempt from, the requirements of Section 409A, and in no event shall Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive
on account of non-compliance with Section 409A. 

(i)    Separation from Service. Executive will be deemed to have a termination of employment for purposes of
determining the timing of any payments or benefits hereunder that are classified as nonqualified deferred compensation only upon a “separation from service” within the meaning of Section 409A. 

(ii)    Specified Employee Provisions. Notwithstanding any other provision of this Agreement to the contrary, if
at the time of Executive’s separation from service from Company (a) Executive is a “specified employee” (within the meaning of Section 409A and using the identification methodology selected by Company from time to
time), and (b) Company makes a good faith determination that an amount payable on account of such separation from service to Executive constitutes nonqualified deferred compensation (within the meaning of Section 409A) the
payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A (the “Delay
Period”), then Company will not pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first payroll period after such Delay Period (or the first payroll period following Executive’s death,
if earlier), without interest thereon. 
 (iii)    Expense Reimbursements. To the extent required by
Section 409A, any amount that Executive is entitled to be reimbursed in connection with Executive’s employment will be reimbursed to Executive as promptly as practical as and in any event not later than the last day of the calendar
year after the calendar year in which the expenses are incurred. Any right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit, and the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year will not affect the amount of expenses eligible for reimbursement, or in-kind benefits provided, in any other taxable year.

 (h)    No Further Obligations. Except as set forth in this Agreement, Company shall have no further obligation
to Executive under this Agreement upon the termination of Executive’s employment. 
 3.    Definitions. 

 (a)    “Accrued Benefits” means (i) Executive’s base salary earned through the
termination date that has not been paid as of the termination date; (ii) any amounts or benefits owing to Executive or to Executive’s beneficiaries under the then applicable benefit plans of Company; and (iii) any
amounts owing to Executive for reimbursement of expenses properly incurred by Executive prior to the termination date and which are reimbursable in accordance with Company policy. 

  
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 (b)    “Cause” means any one or more of the following:
(i) a majority of Company’s Board of Directors (the “Board”) reasonably and in good faith determines Executive has committed any breach of fiduciary duty; (ii) a majority of the Board reasonably and in good
faith determines Executive has engaged in willful misconduct or gross negligence in connection with Executive’s employment, which is materially and demonstrably injurious to Company; (iii) Executive is convicted of, or pleads guilty
or nolo contendere to, any felony or crime of moral turpitude, including fraud, embezzlement or misappropriation of funds; or (iv) a majority of the Board reasonably and in good faith determines Executive has willfully engaged in conduct that
materially violates Company’s written policies, as may be amended from time to time, or is materially and demonstrably detrimental to the reputation, character or standing of Company, or otherwise is materially and demonstrably injurious to
Company or its affiliates, monetarily or otherwise. 
 It shall be a condition precedent to the Company’s right to terminate Executive’s service
for Cause that, if such breach is susceptible to cure or remedy as determined in the Board’s reasonable discretion, Executive shall be given a period of 30 days from the date of written notice of termination for Cause (describing the events
which constitute Cause) to cure or remedy the grounds giving rise to Cause and answer such circumstances for termination in person at a meeting with Company’s representative or in writing, in Executive’s discretion. For the avoidance of
doubt, in the case of clause (iii) above, Executive’s service may be terminated immediately without any advance written notice. 

(c)    “Disability” means a physical or mental illness or disability that prevents Executive from
substantially performing the duties and responsibilities of Executive’s employment for a period of more than three consecutive months or for periods aggregating more than sixteen (16) weeks in any year. Executive agrees, that in the
event of any dispute under this subparagraph (c) as to whether a Disability exists and if requested by Company, to submit to a physical examination by a licensed physician selected by mutual agreement between Company and Executive, the
cost of such examination to be paid by Company. The written medical opinion of such physician shall be conclusive and binding upon the parties as to whether a Disability exists and the date when such Disability arose. This subparagraph
(c) shall be interpreted and applied so as to comply with the provisions of the Americans with Disabilities Act (to the extent that it is applicable) and any applicable state or local laws. 

(d)    “Good Reason” means the occurrence of one or more of the following without Executive’s
consent, other than on account of Executive’s Disability: 
 (i)    A material diminution by Company of
Executive’s duties, responsibilities, committee memberships on which the Executive serves, or the supervisor to whom the Executive is required to report; 

(ii)    A material change in the geographic location at which Executive must perform services under this Agreement
(which, for purposes of this Agreement, means relocation of the offices of Company at which Executive is principally employed to a location that increases Executive’s commute to work by more than 50 miles); 

  
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 (iii)    A material diminution in Executive’s base salary; or 

(iv)    Any action or inaction that constitutes a material breach by Company of this Agreement. 

Executive must provide written notice of termination for Good Reason to Company within 30 days after the initial occurrence of the event constituting Good
Reason. Company shall have a period of 30 days from the date of Executive’s written notice in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in Executive’s notice of termination. If
Company does not correct the act or failure to act, Executive’s employment will terminate for Good Reason on the first business day following Company’s 30-day cure period. A resignation for Good
Reason shall not fail to be treated as a termination during the Term if the event constituting Good Reason occurs during the Term but Executive’s notice of termination is given and the 30-day cure period
ends after the last day of the Term. 
 4.    Dispute Resolution. Company and Executive agree that any dispute
arising as to the parties’ rights and obligations hereunder shall be resolved by confidential binding arbitration in accordance with the rules of the Judicial Arbitration & Mediation Services, Inc. (JAMS). Such arbitration will
take place in the City of New York. The arbitrator shall be empowered to decide the arbitrability of all disputes, and shall apply the substantive federal, state, or local law and statute of limitations governing any dispute submitted to arbitration
and any arbitration demand must be filed within the applicable limitations period for the claim or claims asserted. In ruling on any dispute submitted to arbitration, the arbitrator shall have the authority to award only such remedies or forms of
relief as are provided for under the substantive law governing such dispute. The arbitrator shall issue a written decision that shall include the essential findings and conclusions on which the decision is based (a standard award). Each party
consents to the jurisdiction of the state of New York for injunctive, specific enforcement or other relief in aid of the arbitration proceedings or to enforce judgment of the award in such arbitration proceeding, but not otherwise. The award entered
by the arbitrator shall be final and binding on all parties to arbitration, and may be entered in any court of competent jurisdiction. The parties shall equally bear all fees and costs unique to the arbitration forum (e.g., filing fees, transcript
costs and arbitrator’s fees), except as provided otherwise in statutory claims. The parties shall be responsible for their own attorneys’ fees and costs, except as provided otherwise in statutory claims. 

5.    Successors and Assigns. This Agreement is personal in its nature and Executive cannot assign it without
Company’s written consent. Company may assign this Agreement to any successor in interest and any of its consolidated subsidiaries. 

6.    Notices. Any notice required or permitted to be given to Executive pursuant to
this Agreement shall be sufficiently given if sent to Executive by registered or certified mail addressed to Executive at Executive’s home address as reflected in Company’s records at the time of such notice, or at such other address as
Executive shall designate by written notice to 

  
 5 

 
Company, and any notice required or permitted to be given to Company pursuant to this Agreement shall be sufficiently given if sent to Company by registered or certified mail addressed to it at
1211 Avenue of the Americas, 41st Floor, New York, NY 10036 Attention: Chief Legal Officer, or at such other address as it shall designate by notice to Executive. 

7.    No Waiver. Company’s or Executive’s failure at any time to give notice of any breach by the other
party of, or to require compliance with, any condition or provision of this Agreement shall not be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

8.    Severability. If any provision of this Agreement is adjudged to be invalid or unenforceable, then the
invalidity or unenforceability of that provision shall not affect the validity or unenforceability of any other provision of this Agreement, and the provision shall be reformed to the fullest extent possible or if reformation of such provision is
deemed impossible such provision shall be severed from this Agreement, but the remainder of this Agreement shall remain in full force and effect. 

9.    Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto and supersedes any and
all prior agreements and understandings concerning the subject matter hereof, other than (a) any employment agreement entered into between Executive and Company, (b) the Employee Retention and Severance Policy,
(c) any Restricted Stock Unit award agreements between Executive and Company, and (d) any separate Indemnification Agreement entered into between Company and Executive and any indemnification obligations set forth in
Company’s bylaws. This Agreement may be changed only by a written document signed by Executive and Company. 

10.    Amendment. This Agreement may only be amended in writing by an agreement executed by both parties hereto.

 11.    Applicable Law. This Agreement is entered into under, and shall be governed for all purposes, by the
laws of the state of New York, without regard to its conflicts of law principles. 
 12.    Jurisdiction and
Venue. The parties agree that any dispute between the parties that is determined to be not subject to arbitration pursuant to Section 4 shall be subject to exclusive jurisdiction and venue in the courts of the City of New York. 

13.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original, but all of which together will constitute one in the same agreement. 

  
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 In witness whereof, the parties hereto have executed this Agreement as of the day and year
above written. 
  

			
	ANNALY CAPITAL MANAGEMENT, INC.
	
	 /s/ Thomas Hamilton

	Name:	 	Thomas Hamilton
	Title:	 	Chair of the Board of Directors
	Date:	 	February 12, 2020
	
	EXECUTIVE
	
	 /s/ Anthony C. Green

	Name:	 	Anthony C. Green
	Date:	 	February 12, 2020

  
 7 

 SCHEDULE 1 

$7,050,000 plus any unpaid portion of the Executive’s 2020 salary, which 2020 salary on an annual basis is $750,000. 

  
 8

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