Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 93

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 93
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 Index is also one of the metrics used in the March 9, 2023 award of performance-based RSUs to Mr. Nordholm designed to retain him as Farmer Mac's PEO through early 2026 and to reward performance.

5 As described in more detail in the CD&A, " Earnings" (sometimes referred to as "Core Earnings Before Credit") is the non-GAAP financial measure of "core earnings" reported by Farmer Mac, excluding the after-tax effects of provisions for losses, gains or losses on fair value, or sale of REO property. See "Compensation Discussion and Analysis—Approach to Incentive Compensation—Short-Term Incentive Compensation." For a reconciliation of Farmer Mac's GAAP net income attributable to common stockholders to non-GAAP core earnings, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2024.

| 59 |

| EXECUTIVE COMPENSATION GOVERNANCE |

Most Important Measures to Determine 2024 CAP In Farmer Mac's assessment, the seven metrics listed below represent the most important financial performance measures that Farmer Mac used to link each NEO’s compensation to Farmer Mac's performance in 2024. Each of the listed financial measures was either used in the balanced "scorecard" to determine annual short-term incentive compensation awards for performance in 2024 or to determine the vesting of long-term performance-based RSUs that vested in 2024:

| Earnings (Core Earnings before Credit)            |
| Total Revenues                                    |
| Business Volume                                   |
| Ratio of Substandard Assets to Regulatory Capital |
| Compliance with applicable capital requirements   |
| Net charge-offs                                   |
| 90-day delinquencies                              |

These measures are not listed or ranked in any particular order and are further described above in "Compensation Discussion and Analysis—Approach to Incentive Compensation," "—Total Compensation Elements—Annual Cash Incentive Compensation" and "—Total Compensation Elements—Long-Term Incentive Compensation." Although it is always a challenge to narrow down to a few measures, the Compensation Committee chose these measures because they most closely represent the business goals established by the Board and management for 2024 and balance the need for growth in business volume, earnings, and revenues; the maintenance of disciplined underwriting and high credit quality through prudent risk management; and continued financial stability with the enhancement of stockholder value