Company: AGM-PH
Filing Date: 2025-08-18
Form Type: 8-K
Source: 0000845877-25-000212
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Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-18
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers

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Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) Retirement of Named Executive Officer

On August 14, 2025, Stephen P. Mullery, the Executive Vice President - General Counsel and Secretary of the Federal Agricultural Mortgage Corporation (“ Farmer Mac”), advised the company that he is retiring. Farmer Mac and Mr. Mullery have agreed upon a date of April 3, 2026 for his retirement (“ Retirement Date”). In connection with his transition, Mr. Mullery will step down from his current role and serve as a senior advisor to his successor, Geraldine Hayhurst, who is expected to assume the role of Executive Vice President - Chief Legal Officer and Secretary on September 8, 2025.

(e) Compensatory Arrangements of Certain Officers

In connection with Mr. Mullery’s transition, Farmer Mac and Mr. Mullery have entered into a transition agreement dated August 14, 2025 (“ Transition Agreement”), the terms of which were approved by Farmer Mac’s Board of Directors on that same day. The Transition Agreement provides that Mr. Mullery will continue to be actively employed by Farmer Mac and, as such, will receive continued compensation as previously in effect until his Retirement Date. Mr. Mullery will remain eligible for a discretionary cash bonus under Farmer Mac’s short-term incentive program for performance in 2025 and continued participation in Farmer Mac’s nonqualified deferred compensation plan and will continue to receive all benefits applicable to full-time employees and the executive health benefit. Mr. Mullery’s departure from Farmer Mac on the Retirement Date will meet the definition of “ Retirement” under Section 4 of the applicable award agreements for his outstanding awards of stock appreciation rights and restricted stock units previously granted by Farmer Mac.

In addition, as an incentive to remain a full-time employee until the Retirement Date, Farmer Mac has agreed to pay Mr. Mullery a lump sum equal to $500,000 along with the excess, if any, of his target cash bonus for 2025 over the actual cash bonus paid to him for performance in 2025. Farmer Mac will also grant Mr. Mullery a time-vested restricted stock unit award with a targeted value of $200,000 (“ Transition RSUs”) related to shares of Farmer Mac’s Class C non-voting common stock under the company’s Amended and Restated 2008 Omnibus Incentive Plan. The Transition RSUs will