DYNEX CAPITAL INC Bonus & Incentive Agreements

Form of Restricted Stock Unit Award Agreement for Executive Officers (for awards on or after February 23, 2022) under the Dynex Capital, Inc. 2020 Stock and Incentive Plan (Filed With SEC on February 28, 2022)

Form of Performance Unit Award Agreement for Executive Officers (for awards on or after (Filed With SEC on February 28, 2022)

Dynex Capital, Inc. Annual Cash Incentive Plan, amended and restated (Filed With SEC on August 2, 2021)

Form of Restricted Stock Agreement for Non-Employee Directors (approved May 11, 2021) under the Dynex Capital, Inc. 2020 Stock and Incentive Plan (Filed With SEC on August 2, 2021)

Form of Restricted Stock Unit Award Agreement for Executive Officers (for awards on or after May 26, 2021) under the Dynex Capital, Inc. 2020 Stock and Incentive Plan (Filed With SEC on August 2, 2021)

Form of Performance Unit Award Agreement for Executive Officers (for awards on or after May 26, 2021) under the Dynex Capital, Inc. 2020 Stock and Incentive Plan (Filed With SEC on August 2, 2021)

Form of Restricted Stock Agreement for Non-Employee Directors (approved June 9, 2020) under the Dynex Capital, Inc. 2020 Stock and Incentive Plan (Filed With SEC on August 3, 2020)

Dynex Capital, Inc. 2020 Stock and Incentive Plan, effective as of June 9, 2020 (Filed With SEC on June 9, 2020)

Dynex Capital, Inc. Annual Cash Incentive Plan (effective as of January 1, 2020) (Filed With SEC on May 1, 2020)

Amended and Restated Dynex Capital, Inc. 2018 Stock and Incentive Plan, as amended and restated effective as of June 20, 2019 (Filed With SEC on February 25, 2020)

Dynex Capital, Inc. Executive Incentive Plan (as amended January 1, 2019) (Filed With SEC on May 3, 2019)

Form of Restricted Stock Agreement for Executive Officers (for awards on or after February 27, 2019) under the Dynex Capital, Inc. 2018 Stock and Incentive Plan (Filed With SEC on May 3, 2019)

Form of Restricted Stock Agreement for Non-Employee Directors (approved May 15, 2018) under the Dynex Capital, Inc. 2018 Stock and Incentive Plan (Filed With SEC on August 7, 2018)

Dynex Capital, Inc. Executive Incentive Plan (as amended February 22, 2018) (Filed With SEC on March 5, 2018)

DYNEX CAPITAL, INC. 2009 STOCK AND INCENTIVE PLAN FORM OF RESTRICTED STOCK AGREEMENT FOR EXECUTIVE OFFICERS (Filed With SEC on February 13, 2017)

DYNEX CAPITAL, INC. 2009 STOCK AND INCENTIVE PLAN FORM OF RESTRICTED STOCK AGREEMENT FOR NON-EMPLOYEE DIRECTORS (Filed With SEC on August 5, 2016)

DYNEX CAPITAL, INC. EXECUTIVE INCENTIVE PLAN (Filed With SEC on January 5, 2016)

DYNEX CAPITAL, INC. 2009 STOCK AND INCENTIVE PLAN FORM OF RESTRICTED STOCK AGREEMENT FOR NON-EMPLOYEE DIRECTORS (Filed With SEC on March 8, 2013)

DYNEX CAPITAL, INC. 2009 STOCK AND INCENTIVE PLAN FORM OF RESTRICTED STOCK AGREEMENT FOR EXECUTIVE OFFICERS (Filed With SEC on March 16, 2011)

DYNEX CAPITAL, INC. PERFORMANCE BONUS FOR RETURN ON ADJUSTED EQUITY (Filed With SEC on November 9, 2009)

409AAmendment to the DynexCapital, Inc. 2004Stock Incentive Plan (Filed With SEC on March 16, 2009)

Exhibit 10.3 DYNEX CAPITAL, INC. 2004 STOCK INCENTIVE PLAN STOCK APPRECIATION RIGHTS AGREEMENT (Filed With SEC on August 22, 2005)