Company: AGM-PH
Filing Date: 2025-09-30
Form Type: 8-K
Source: 0000845877-25-000244
Chunk: 6

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-09-30
Form: 8-K
Item: Item 5.02
Chunk 6
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 from the date of termination of his employment or (b) the date that he becomes eligible for medical insurance coverage through another employer. Any severance pay received by Mr. Carpenter from Farmer Mac under the Carpenter Employment Agreement will not be mitigated by any subsequent earnings by Mr. Carpenter from any other source. Mr. Carpenter will not be entitled to severance pay under the Carpenter Employment Agreement due to the termination of employment upon the expiration of the term.

•Constructive Termination. Mr. Carpenter’s ability to terminate his employment and receive severance pay in connection with an uncured material breach of the Carpenter Employment Agreement by Farmer Mac does not include the ability to do so for a diminution of scope of authority due to the appointment of a successor CEO during a CEO succession process initiated by the Board as long as Mr. Carpenter’s compensation owing under the Carpenter Employment Agreement is not reduced.

•Post-Termination Restrictive Covenants. In connection with any termination of employment of Mr. Carpenter for any reason under the Carpenter Employment Agreement, he has agreed (1) not to compete with Farmer Mac, other than with Farmer Mac’s written permission, for a period of two years; (2) not to solicit any of Farmer Mac’s employees for two years and not to induce any business relationship of Farmer Mac to cease doing business with Farmer Mac or interfere with that business relationship for two years; (3) not to disclose or use Farmer Mac’s “ Confidential Information” (as defined in the Carpenter Employment Agreement); and (4) not to disparage or diminish the reputation of Farmer Mac, its products, services, officers, directors, or employees. Upon the termination of Mr. Carpenter’s employment other than for cause, Farmer Mac has agreed that its Board shall instruct its officers not to make any public statement or publish on behalf of Farmer Mac any statement that disparages or tends to diminish the reputation of Mr. Carpenter.

•Arbitration. Farmer Mac and Mr. Carpenter have agreed to resolve all legally actionable disputes that arise under the Carpenter Employment Agreement by binding arbitration before a panel of three arbitrators experienced in employment law. Any arbitration will be conducted in accordance with the rules applicable to employment disputes of the Model Employment Rules of the American Arbitration Association and the laws applicable to the claim.

•Indemnification. Farmer Mac has agreed that it will not amend Article VIII of its By-Laws (indemnification provisions) or reduce Farmer Mac’s Director’s and Officer’s insurance coverage, in either case in a manner disproportionately adversely affecting Mr