Company: AGM-PH
Filing Date: 2025-03-12
Form Type: 8-K
Source: 0000845877-25-000092
Chunk: 3

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-03-12
Form: 8-K
Item: Item 5.02
Chunk 3
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% of the target number of RSUs granted. Performance between the threshold 3-year cumulative Earnings before Credit and the target 3-year cumulative Earnings before Credit will earn RSUs in an interpolated amount between 50% and 100% of the target number of RSUs granted. Performance between the target 3‑year cumulative Earnings before Credit and 3-year cumulative Earnings before Credit of $683.7 million will earn RSUs in an interpolated amount between 100% and 200% of the target number of RSUs granted.

Upon an executive officer’s termination of employment for any reason other than death, disability, or retirement, unvested RSUs will be cancelled immediately. Upon an executive officer’s death or disability, unvested RSUs will vest immediately. Upon retirement, unvested RSUs will continue to vest as scheduled. For these purposes, retirement has the same meaning used in the SARs award agreements described above.

Under the Equity Grant Policy, the number of RSUs awarded as equity-based compensation is based on a target long-term incentive value approved by the Committee for an individual divided by the average closing price of a Share on NYSE over the previous 30 calendar days ending seven calendar days before the date of grant.

The form of award agreement for the performance-based vesting RSUs listed above awarded to executive officers under the 2008 Plan on the Grant Date was previously filed as Exhibit 10.1 to Farmer Mac’s Current Report on Form 8-K filed on March 10, 2020 and is incorporated in this report by reference. The form of award agreement for time-based vesting RSUs awarded to executive officers under the 2008 Plan on the Grant Date was previously filed as Exhibit 10.1 to Farmer Mac’s Current Report on Form 8-K filed on March 8, 2021 and is incorporated in this report by reference. The form of award agreement for RSUs awarded to directors under the 2008 Plan on the Grant Date was previously filed as Exhibit 10.2 to Farmer Mac’s Current Report on Form 8-K filed on March 8, 2021 and is incorporated in this report by reference.

Vesting of Performance-Based RSUs Granted in 2022

On March 6, 2025, the Committee reviewed the “gatekeeper” and performance metrics applicable to the performance-based RSUs awarded to Ms. Ramesh and Messrs. Nordholm, Carpenter, Crady, and Mullery in March 2022.