SEC Contract Filing

Filing Date: 2020-02-12

Document Content:
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<TYPE>EX-10.9
<SEQUENCE>10
<FILENAME>d857298dex109.htm
<DESCRIPTION>EX-10.9
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<TITLE>EX-10.9</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.9 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ANNALY CAPITAL MANAGEMENT, INC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Restricted Stock Unit Award Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this &#147;Agreement&#148;), dated as of February&nbsp;12, 2020 is between Annaly Capital
Management, Inc., a Maryland corporation (the &#147;Company&#148;) and Glenn Votek (the &#147;Participant&#148;), and governs the Restricted Stock Units granted by the Company to the Participant in accordance with and subject to the provisions of
the Annaly Capital Management, Inc. 2010 Equity Incentive Plan (the &#147;Plan&#148;). A copy of the Plan has been made available to the Participant. All terms used in this Agreement that are defined in the Plan have the same meaning given them in
the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of RSUs.</U> Effective as of February&nbsp;11, 2020 (the &#147;Date of Grant&#148;), the
Company granted the Participant a total of 100,100 RSUs in accordance with the Plan and subject to the terms and conditions set forth in the Plan and this Agreement. Each RSU represents the right to receive a Share upon settlement of the vested RSUs
as set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant of Dividend Equivalent Rights.</U> Effective as of the Date of Grant, the Company
also granted the Participant Dividend Equivalent Rights in accordance with the Plan and subject to the terms and conditions set forth in the Plan and this Agreement. The Dividend Equivalent Rights entitle the Participant to be credited with
additional RSUs (the &#147;Additional RSUs&#148;) with respect to cash dividends (other than extraordinary cash dividends) paid on Shares during the period beginning on the Date of Grant and ending on the earlier of the date that the vested RSUs and
vested Additional RSUs are settled in accordance with Section&nbsp;4 of this Agreement or the date that the RSUs and Additional RSUs are forfeited in accordance with Section&nbsp;3 of this Agreement. On each date that cash dividends (other than
extraordinary cash dividends) are paid on Shares, the Participant shall be credited with Additional RSUs as follows: The cash dividend per Share shall be multiplied by the number of RSUs and Additional RSUs outstanding and credited to the
Participant on the dividend payment date and the resulting product shall be divided by the Fair Market Value on the dividend payment date. Each Additional RSU represents the right to receive a Share upon settlement of the vested Additional RSUs as
set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting.</U> The Participant&#146;s interest in the RSUs shall become vested and
nonforfeitable to the extent provided in paragraphs (a), (b), (c), (d) and (e)&nbsp;below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <I>Continued Employment.</I> The
Participant&#146;s interest in all of the RSUs granted to the Participant shall become vested and nonforfeitable on the date that the Board appoints a permanent, <I>i.e</I><U>.</U>, <FONT STYLE="white-space:nowrap">non-interim</FONT> Chief Executive
Officer of the Company if the Participant continues to serve as the Company&#146;s interim Chief Executive Officer and President from the Date of Grant until such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <I>Change in Control.</I> The Participant&#146;s interest in all of the RSUs granted to the Participant (if not sooner vested), shall
become vested and nonforfeitable on the date of a Change in Control if the Participant continues to serve as the Company&#146;s interim Chief Executive Officer and President from the Date of Grant until such date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <I>Death or Disability.</I> The Participant&#146;s interest in all of the RSUs granted
to the Participant (if not sooner vested), shall become vested and nonforfeitable on the date that the Participant&#146;s service as the Company&#146;s interim Chief Executive Officer and President ends if (i)&nbsp;such service ends on account of
the Participant&#146;s death or because the Participant has a total and permanent disability within the meaning of Section&nbsp;22(e)(3) of the Code and (ii)&nbsp;the Participant continues to serve as the Company&#146;s interim Chief Executive
Officer and President from the Date of Grant until the date such service ends on account of the Participant&#146;s death or total and permanent disability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Removal Without Cause.</I> The Participant&#146;s interest in all of the RSUs granted to the Particip