Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 70

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 70
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 this policy is reasonably designed to promote compliance with insider trading laws, rules, and regulations, as well as NYSE listing standards.

The policy on insider trading requires adherence to Farmer Mac's pre-clearance and other policies and procedures (including "open windows" for sales of stock and adopting Rule 10b5-1 plans). The policy also prohibits any director or employee from engaging in:

• any pledging activities in Farmer Mac's securities (including the pledging of any Farmer Mac securities held in a margin account or using Farmer Mac securities as collateral for a loan); and

• any short sales of, or purchases or sales of puts, calls, or other derivative securities based on, Farmer Mac's securities.

#### Clawback Policy
Farmer Mac amended its compensation recovery or "clawback" policy in August 2023 consistent with the listing standards adopted by NYSE. The amended policy provides that Farmer Mac must reasonably promptly seek to recover from any current or former executive officer or controller and any other designated employee all erroneously awarded incentive compensation during the previous three years if Farmer Mac is required to prepare an "accounting restatement" as defined in the policy. An accounting restatement includes both: (1) a "Big R" restatement that corrects an error in previously issued financial statements that is material to the previously issued financial statements, and (2) a "little r" restatement that would result in a material misstatement if the error were recorded in the current period or left uncorrected in the current period. Under the amended policy, the amount of any erroneously awarded incentive compensation due to a restatement is determined without regard to the knowledge or misconduct of a covered person and is computed without regard to any taxes already paid. The policy also prohibits Farmer Mac from insuring or indemnifying any covered person against the loss of erroneously awarded incentive compensation.

In addition to the mandatory recovery of erroneously awarded incentive compensation attributable to accounting restatements, Farmer Mac's "clawback" policy also authorizes the company to seek recovery in the following circumstances:

• If an individual subject to the policy is terminated for "cause," Farmer Mac may seek to recover an amount up to 100% of the incentive compensation received during the preceding three-year period before the date of termination, with the amount to be recommended by the Compensation Committee and approved by the Board (acting only through its independent members) in its sole discretion as appropriate based on the conduct involved.

• If, during the preceding three fiscal years, a financial measure used