Company: AGM-PH
Filing Date: 2025-03-12
Form Type: 8-K
Source: 0000845877-25-000092
Chunk: 0

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-03-12
Form: 8-K
Item: Item 5.02
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Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensation Arrangements of Certain Officers

Base Salary Increases

On March 6, 2025, the Human Capital and Compensation Committee (“Committee”) of the Board of Directors (“ Board”) of the Federal Agricultural Mortgage Corporation (“Farmer Mac”) approved the following changes to the annual base salaries of the executive officers named below, to be effective retroactively to January 1, 2025:

• Zachary N. Carpenter, Executive Vice President - Chief Business Officer: increase from $465,000 per year to $475,000 per year.

• Marc J. Crady, Senior Vice President - Chief Credit Officer: increase from $415,000 per year to $425,000 per year.

• Aparna Ramesh, Executive Vice President - Chief Financial Officer and Treasurer: increase from $540,000 per year to $555,000 per year.

Grants of Stock Appreciation Rights

On March 6, 2025 (“Grant Date”), the Committee approved grants of stock appreciation rights (“SARs”), as set forth below, to the following executive officers of Farmer Mac under Farmer Mac’s Amended and Restated 2008 Omnibus Incentive Plan (“2008 Plan”).

  Name                      Number of SARs Granted  
  Bradford T. Nordholm                       6,543  
  Zachary N. Carpenter                       1,974  
  Marc J. Crady                                831  
  Stephen P. Mullery                         1,353  
  Aparna Ramesh                              1,974  

Each SAR granted represents the right to receive, upon exercise, an amount equal to the excess, if any, of the fair market value of a share of Farmer Mac’s Class C non-voting common stock (each, a “Share”) over the grant price on the applicable date of exercise. Any amount received upon exercise of SARs is payable in Shares. In accordance with a policy adopted by the Board (“Equity Grant Policy”), the grant price for the SARs listed above is the closing price of a Share on the New York Stock Exchange (“NYSE”) on the Grant Date, resulting in a grant price of $202.01 per share for the SARs listed above. These SARs will vest in three equal annual installments on each of March 31, 2026, March 31,