Company: AGM-PH
Filing Date: 2025-09-30
Form Type: 8-K
Source: 0000845877-25-000244
Chunk: 5

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-09-30
Form: 8-K
Item: Item 5.02
Chunk 5
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 building) generally available to other senior executives of Farmer Mac and on terms no less favorable than for other senior executives of Farmer Mac. Mr. Carpenter will also be entitled to five weeks of paid vacation per year.

Termination, Severance Payments, Restrictive Covenants, Indemnification

•Events of Termination. Mr. Carpenter’s employment will terminate upon his death or “disability” (as defined in the Carpenter Employment Agreement) and may be terminated at any time by Farmer Mac with or without “cause” (as defined in the Carpenter Employment Agreement); upon the liquidation, receivership, or conservatorship of Farmer Mac; or by Mr. Carpenter voluntarily or if Farmer Mac materially breaches, and fails to cure, its obligations under the Carpenter Employment Agreement.

•Payment of Accrued Compensation. If Mr. Carpenter’s employment is terminated for any reason (including upon expiration of the term of the Carpenter Employment Agreement), Farmer Mac will pay to Mr. Carpenter all accrued and unpaid base salary and expense reimbursements as of the date of termination. These accrued and unpaid amounts shall not include any amount related to accrued vacation pay or annual cash incentive payments (other than amounts earned but not yet paid for Mr. Carpenter’s service during a prior entire completed fiscal year).

•Payments Upon Disability. Upon the termination of Mr. Carpenter’s employment due to a disability, Farmer Mac will, for 12 months, continue to pay Mr. Carpenter (or to his estate or heirs if he dies after the commencement of payments) an amount equal to the difference between Mr. Carpenter’s current base salary and the amount of disability insurance payments received by Mr. Carpenter under Farmer Mac’s long-term disability insurance policy.

•Severance Pay. If Farmer Mac terminates Mr. Carpenter’s employment other than for cause, or Mr. Carpenter terminates his employment in connection with an uncured material breach of the Carpenter Employment Agreement by Farmer Mac, subject to Mr. Carpenter’s execution of a full release of claims in favor of Farmer Mac substantially in the form attached to the Carpenter Employment Agreement, Farmer Mac shall, to the extent permitted by law and regulation, pay Mr. Carpenter the following severance benefits: (1) an aggregate lump sum amount in cash equal to the sum of (a) Mr. Carpenter’s base salary and (b) his base salary multiplied by the annual incentive compensation target, and (2) continuation of health care coverage under COBRA, at Farmer Mac’s expense, until the earlier of (a) the date that is one year