Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 219

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part II, Item 1A
Chunk 219
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Item 1A.Risk Factors

Information about risk factors can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Forward-Looking Statements” in Part I, Item 2 of this Form 10-Q and in Part I, Item 1A of Farmer Mac’s 2024 Annual Report.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

(a)     Farmer Mac is a federally chartered instrumentality of the United States whose debt and equity securities are exempt from registration under Section 3(a)(2) of the Securities Act of 1933. During first quarter 2025, the following transactions occurred related to Farmer Mac's equity securities that were not registered under the Securities Act of 1933 and were not otherwise reported on a Current Report on Form 8-K:

Class C Non-Voting Common Stock. Under Farmer Mac's policy that permits directors of Farmer Mac to elect to receive shares of Class C non-voting common stock in lieu of their cash retainers, Farmer Mac issued an aggregate of 401 shares of its Class C non-voting common stock in January 2025 to the eight directors who elected to receive stock in lieu of their cash retainers. Farmer Mac calculated the number of shares issued to the directors based on a price of $196.95 per share, which was the closing price of the Class C non-voting common stock on December 31, 2024 (the last trading day of the previous quarter) as reported by the New York Stock Exchange.

In addition to the March 6, 2025 grants of stock appreciation rights ("SARs") and restricted stock units

("RSUs") to the five named executive officers and fourteen directors reported in Farmer Mac's Current

Report on Form 8-K filed with the SEC on March 12, 2025, Farmer Mac made the following additional

grants under its Amended and Restated 2008 Omnibus Incentive Plan on March 6, 2025 to other

individuals as incentive compensation:

• an aggregate of 2,541 SARs to four executive officers, which have the same terms as the SARs granted to the named executive officers on March 6, 2025 – a grant price of $202.01 per share, an expiration date of March 6, 2035, and scheduled to vest in three equal annual installments on each of March 31, 2026, March 31,