Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 71

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 71
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 to determine the value or amount of incentive compensation received from Farmer Mac was calculated incorrectly, Farmer Mac may seek to recover any amount of the incentive compensation in excess of what would have been received based on the recalculated measure. In that event, the amount sought to be recovered from the covered person shall be recommended by the Compensation Committee and approved by the Board (acting only through its independent members).

Farmer Mac's revised "clawback" policy became effective on August 10, 2023 and applies to any incentive compensation awarded after that date. The revised policy also applies to any previously granted incentive compensation whose related award agreement states that the award is subject to any recoupment, recovery, or “clawback” policy as may be implemented and interpreted by Farmer Mac from time to time, which is the case for all cash and equity incentive compensation awards granted by Farmer Mac since 2012. Farmer Mac's compensation recovery policy is available on the company's website, www.farmermac.com, in the "Corporate Governance" portion of the "Investors" section and was filed as Exhibit 97.1 to Farmer Mac’s Annual Report on Form 10-K filed with the SEC on February 23, 2024.

#### Risk
Farmer Mac has considered how much its compensation policies and practices influence the behaviors of our executives and other employees in taking business risks that could affect the company. We believe that our compensation policies and practices, either individually or in the aggregate, are not reasonably likely to have a material adverse effect on Farmer Mac.

#### Compensation Consultant Fees
The Compensation Committee has engaged Aon to serve as the Compensation Committee's independent compensation consultant since April 2019. Aon is accountable to and reports directly to the Compensation Committee. Farmer Mac's management had no role in selecting Aon in the Compensation Committee's engagement of the firm or the individuals who serve as the Compensation Committee's independent compensation advisors. For 2024, Farmer Mac incurred an aggregate amount of $78,000 in fees for the executive and director compensation advisory services that Aon provided directly to the Compensation Committee.

The Compensation Committee has assessed the independence of Aon under SEC rules and NYSE listing standards and concluded that no conflict of interest exists that would have prevented or would prevent Aon from independently representing the Compensation Committee.

| 46 |

| EXECUTIVE COMPENSATION GOVERNANCE |

| Compensation Committee Interlocks and Insider Participation |

Between May 2023 and May 2024, the Compensation Committee consisted of Mr. Culver, Mr