Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 66

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 66
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" means charge-offs to Farmer Mac’s allowance for losses net of actual recoveries plus any writedowns on real estate owned (REO) properties and any gains or losses realized upon disposition of REO properties. Average balances are determined by calculating a simple average of reported balances as of the end of each calendar quarter.

SARs Granted in 2024

The SARs granted to the named executive officers in 2024 vest in three equal annual installments, the first of which vested on March 31, 2025. The second and third installments of those grants will vest on March 31, 2026 and March 31, 2027, respectively, if the individuals are still employed by Farmer Mac on those dates (or have satisfied the retirement provisions of the related award agreement). Because Mr. Nordholm and Mr. Mullery have already satisfied the retirement provisions of the award agreements for the 2024 grants of SARs, they will vest in the remaining SARs 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.

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| EXECUTIVE COMPENSATION GOVERNANCE |

2025 Equity Grants

In March 2025, the Compensation Committee granted time-based RSUs, performance-based RSUs, and SARs to each of the named executive officers within two weeks after the filing of Farmer Mac's Annual Report on Form 10-K for fiscal year 2024. The Compensation Committee set 2025 equity awards in the same manner as it did in 2024 and in accordance with Farmer Mac's total compensation philosophy described above. These 2025 equity awards are described in Farmer Mac's Current Report on Form 8-K filed with the SEC on March 12, 2025.

Retirement Plans . During 2024, Farmer Mac provided retirement benefits for all employees through a 401(k) plan that contains an employer-funded defined contribution element. Farmer Mac annually contributes 13.2% of each employee's base compensation up to the Social Security wage base for the applicable year and 18.9% of each employee's base compensation above the Social Security wage base, up to the compensation limit for the applicable year set by the Internal Revenue Code ("Code"). The Social Security wage base was $168,600 for 2024, and the compensation limit set by the Code was $345,000 for 2024. Based on these contribution formulas and applicable limits