Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) Departure of Chief Credit Officer

On February 14, 2022, Annaly Capital Management, Inc. (the "Company") and Timothy P. Coffey mutually agreed that Mr. Coffey will step down from his position as Chief Credit Officer of the Company and separate from employment with the Company, effective February 14, 2022.

In connection with Mr. Coffey's departure, Mr. Coffey will receive the severance payments and benefits provided under the Company's Executive Severance Plan, effective as of July 1, 2020, as previously filed with the Securities and Exchange Commission, as well as the continued vesting of Mr. Coffey's outstanding equity awards pursuant to the terms of the applicable equity award agreement (including, as applicable, the satisfaction of any time and/or performance conditions therein), subject to his execution and non-revocation of a release of claims and compliance with post-termination restrictive covenants.

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