Company: AGM-PH
Filing Date: 2025-09-30
Form Type: 8-K
Source: 0000845877-25-000244
Chunk: 4

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-09-30
Form: 8-K
Item: Item 5.02
Chunk 4
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 on the Effective Date, subject to earlier termination as provided in the Carpenter Employment Agreement. The Carpenter Employment Agreement may be renewed following the expiration of the Initial Term for successive one-year periods upon a vote of the Board and Mr. Carpenter’s agreement in writing to any such renewal. The Carpenter Employment Agreement memorializes the intent of Farmer Mac and Mr. Carpenter to provide at least 180 days’ notice before the expiration of the Initial Term (and of any renewal term) about whether the parties intend to seek to negotiate a renewal of the Carpenter Employment Agreement.

Under the Carpenter Employment Agreement, Farmer Mac and Mr. Carpenter have agreed to the following terms, among others:

Compensation and Benefits

•Base Salary. On the Effective Date, Mr. Carpenter’s annual base salary will be the greater of: (1) $650,000; and (2) Mr. Carpenter’s then-current annual base salary immediately before the Effective Date plus $75,000. Mr. Carpenter’s base salary will be reviewed at least annually and may be increased in the sole discretion of the Board or the Compensation Committee.

•Annual Incentive Compensation. Mr. Carpenter will be eligible for an annual cash incentive payment with a target of 80% of his base salary for work performed by Mr. Carpenter during the preceding calendar year. The target amount for annual cash incentive payments will be reviewed at least annually and may be modified in the sole discretion of the Board or the Compensation Committee.

•Long-Term Incentive Compensation. Mr. Carpenter will be eligible to receive awards of long-term incentive compensation from time to time in a form, and subject to such conditions, as determined by the Board or the Compensation Committee in its sole discretion. In approximately March 2027 (at the time that long-term incentive awards are made to other senior executives of Farmer Mac), the Board intends to grant Mr. Carpenter long-term equity compensation valued at approximately $650,000 under the methodology prescribed in Farmer Mac’s policy related to grants of equity-based compensation, subject to similar terms and conditions as apply to similar 2027 annual long-term incentive grants made to other senior executives of Farmer Mac. This target amount for the value of annual long-term incentive compensation awarded will be reviewed at least annually and may be modified in the sole discretion of the Board or the Compensation Committee.

•Benefits. Mr. Carpenter will be eligible to participate in the welfare benefit plans and programs, incentive, savings, and retirement compensation programs, and other employee benefits (including paid parking in the parking garage associated with Farmer Mac’s headquarters