Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 56

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 56
---
 above in "Approach to Incentive Compensation—Long-Term Incentive Compensation."

3 Target total direct compensation equals target total cash compensation plus the target long-term incentive value.

In determining the target compensation levels for 2024, the Compensation Committee reviewed peer group market information provided by Aon for the compensation elements of base salary, target total cash compensation, and target total direct compensation for each position. The Compensation Committee also reviewed other market information related to trends in the broader banking and financial services industry provided by Aon to provide more context. In determining each element of target compensation for 2024, the Compensation Committee considered the applicable market information in relation to Farmer Mac's performance and the relevant position in the peer group. The Compensation Committee also considered factors unique to each individual, such as an individual's:

• p erformance, expertise, experience, competencies, and skills;

• contribution to Farmer Mac's performance;

• tenure at Farmer Mac;

• future potential;

• scope of responsibility and accountability within Farmer Mac;

• ethics and integrity; and

• other leadership attributes and accomplishments.

The Compensation Committee does not target a specific percentile in the peer group for each element of total direct compensation and considers the variety of factors described above in considering the range of competitiveness for target total direct compensation.

The Compensation Committee evaluated the total compensation package for each executive officer with a title of Senior Vice President and higher during first quarter 2024. Based on the Compensation Committee’s review of peer group and other market data related to the broader banking and financial services industry, the Compensation Committee approved the following changes to named executive officer compensation for 2024 compared to 2023:

• Bradford T. Nordholm: Maintained annual base salary at $800,000 and the fixed target percentage for target bonus at 100% of base salary. Increased the targeted value of long-term incentive awards by $250,000 compared to the regular 2023 grant of equity compensation (excluding the target value of a special one-time incentive equity award of 15,000 performance-based RSUs granted in March 2023 that was designed to retain Mr. Nordholm as Farmer Mac’s President and Chief Executive Officer through the end of the term of his amended employment agreement, as well as to promote the achievement of specified performance goals). The cumulative effect of these actions was

| 38 |

| EXECUTIVE COMPENSATION GOVERNANCE |

to increase Mr. Nordholm's total target direct compensation by 8.9% for 2024 compared to his targeted level for