Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 65

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 65
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 the remaining RSUs as scheduled in 2026 and 2027 even if they are no longer employed by Farmer Mac on the vesting dates unless either individual's employment is terminated for cause.

Performance-Based RSUs Granted in 2024

The performance-based RSUs granted to the named executive officers in March 2024 will be eligible to vest on March 31, 2027 in an amount determined by the Compensation Committee for each executive officer between 0% and 200% of the target number of RSUs granted to that executive officer. Subject to satisfaction of the “gatekeepers” described below, the number of shares of Farmer Mac Class C Non-Voting Common Stock to be awarded for the vesting of these performance-based RSUs will be based on Farmer Mac's 3-year cumulative Earnings as of December 31, 2026 as follows:

• performance at a 3-year cumulative Earnings of $514.8 million is required for vesting of any RSUs and will earn the threshold level of 50% of the target number of RSUs granted;

• performance at the target 3-year cumulative Earnings of $624.8 million will earn 100% of the target number of RSUs granted; and

• performance at or above 3-year cumulative Earnings of $710.5 million will earn the maximum award of 200% of the target number of RSUs granted.

Performance between these 3-year cumulative Earnings goals will earn shares in an interpolated amount of the target number of RSUs granted (50% to 100% of the target number for performance between the threshold goal and target goal and 100% to 200% of the target number for performance between the target goal and "stretch" goal).

The "gatekeepers" for the March 2024 grants of performance-based RSUs are:

• maintain compliance with all applicable regulatory capital requirements during the January 1, 2024 through December 31, 2026 performance period;

• achieve a three-year average ratio of net charge-offs to the average balance of total outstanding on- and off-balance sheet loans, guarantees, and commitments excluding any assets held in Farmer Mac's liquidity investment portfolio ("Net Outstanding Business Volume") less than 20 basis points (0.2%); and

• achieve a three-year average percentage of total 90-day delinquencies to the average balance of Net Outstanding Business Volume of less than 1.0%.

In performing the calculations for the "gatekeepers," "net charge-offs