Company: AGM-PH
Filing Date: 2025-12-08
Form Type: 8-K
Source: 0000845877-25-000261
Chunk: 1

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-12-08
Form: 8-K
Item: Item 5.02
Chunk 1
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 President - Chief Financial Officer and Treasurer, Mr. Pullins’ starting base salary will be $550,000 per year. Mr. Pullins’ short-term incentive compensation for 2025, payable in 2026, will be $275,000 and his target short-term incentive compensation for 2026, payable in 2027, is 50% of base salary.

Mr. Pullins will also be considered for grants of equity-based, long-term incentive compensation in 2026, at the same time that those grants are considered for Farmer Mac’s other executive officers. The target value for those grants to Mr. Pullins will be $450,000 under the methodology prescribed in Farmer Mac’s policy related to grants of equity-based compensation, subject to similar terms and conditions as will apply to similar 2026 annual long-term incentive grants made to the other executive officers of Farmer Mac.

Mr. Pullins will also be granted on the Commencement Date a one-time award of time-vested restricted stock units of Farmer Mac’s Class C non-voting common stock with a target value of $250,000 under the methodology prescribed in Farmer Mac’s policy related to grants of equity-based compensation, which will vest in three equal annual installments on each of December 11, 2026, December 11, 2027 and December 11, 2028, subject to Mr. Pullins’ continued employment at Farmer Mac and the terms and conditions of the award. Mr. Pullins will also receive a one-time, sign-on cash bonus of a gross amount that will result in a net-of-tax payment of $150,000, which will be payable on the next available payroll 30 days following the Commencement Date and subject to a “clawback” of the full gross amount of the bonus if Mr. Pullins’ employment with Farmer Mac ends voluntarily or for cause during his first 12 months of employment. Mr. Pullins will also be eligible to participate in Farmer Mac’s benefit plans and programs, incentive, savings and retirement compensation programs, and other employee benefits generally available to other executive officers of Farmer Mac, including paid parking in the parking garage associated with Farmer Mac’s headquarters building and participation in Farmer Mac’s nonqualified deferred compensation plan and Farmer Mac’s amended and restated executive severance plan.

Item 9.01 Financial Statements and Exhibits.