Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 58

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 58
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 both short-term and long-term incentive compensation, while remaining competitive relative to the peer group. The Compensation Committee reviews the base salaries of Farmer Mac's executive officers annually shortly after the end of the calendar year, as well as at the time of promotions or other changes in responsibilities. Increases in salary usually take effect on January 1 unless a promotion or new hire requires a different timing.

In March 2024, the Compensation Committee determined the 2024 annual base salaries of Ms. Ramesh and Messrs. Nordholm, Carpenter, Mullery, and Crady based on an evaluation of each individual's performance, experience, level of responsibilities, level of base salary, and peer group market data provided by Aon. The Committee maintained Mr. Nordholm's annual base salary at $800,000 for 2024, which is the base salary contemplated in the September 2022 first amendment to Mr. Nordholm's amended employment agreement. The Compensation Committee approved $15,000 increases to the annual base salaries of each of Ms. Ramesh and Messrs. Carpenter, Mullery, and Crady, which were effective retroactively to January 1, 2024.

| Name                 |     | 2023 Annual 
 Base Salary |     | 2024 Annual 
 Base Salary |     | 2024 Annual Merit Increase in Dollars |     | 2024 Annual Merit Increase as a Percentage |
| Aparna Ramesh        |     |    $525,000 |     |    $540,000 |     |                               $15,000 |     | 2.9%                                       |
| Zachary N. Carpenter |     |    $450,000 |     |    $465,000 |     |                               $15,000 |     | 3.3%                                       |
| Stephen P. Mullery   |     |    $485,000 |     |    $500,000 |     |                               $15,000 |     | 3.1%                                       |
| Marc J. Crady        |     |    $400,000 |     |    $415,000 |     |                               $15,000 |     | 3.8%                                       |

| 39 |

| EXECUTIVE COMPENSATION GOVERNANCE |

In March 2025, the Compensation Committee approved the following changes to 2025 annual base salaries, which were effective retroactively to January 1, 2025.

| Name                 |     | 2024 Annual