Company: AGM-PH
Filing Date: 2025-04-16
Form Type: DEF 14A
Source: 0000845877-25-000143
Chunk: 49

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-04-16
Form: DEF 14A
Chunk 49
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 acquisitions and mergers; and

• is robust enough to ensure statistical reliability of benchmarking data.

| 34 |

| EXECUTIVE COMPENSATION GOVERNANCE |

The Compensation Committee used the following peer group to help determine the competitive market for 2024 executive compensation decisions:

#### Public Banks Segment
• Cadence Bank

• Commerce Bancshares, Inc.

• First Financial Bankshares, Inc.

• First Interstate BancSystem, Inc.

• First Merchants Corporation

• Fulton Financial Corporation

• Glacier Bancorp, Inc.

• Heartland Financial USA, Inc.

• Northwest Bancshares, Inc.

• Old National Bancorp

• Pinnacle Financial Partners, Inc.

• Prosperity Bancshares, Inc.

• Provident Financial Services, Inc.

• Simmons First National Corporation

• Trustmark Corporation

• UMB Financial Corporation

• United Community Banks, Inc.

#### GSE Segment
• AgFirst Farm Credit Bank

• AgriBank, FCB

• AgWest Farm Credit, ACA

• American AgCredit, ACA

• CoBank, ACB

• Compeer Financial, ACA

• Farm Credit Bank of Texas

• Farm Credit Mid-America, ACA

• Farm Credit Services of America, ACA

• Federal Farm Credit Banks Funding Corporation

• Federal Home Loan Bank of Atlanta

• Federal Home Loan Bank of Chicago

• Federal Home Loan Bank of Cincinnati

• Federal Home Loan Bank of Dallas

• Federal Home Loan Bank of Des Moines

• Federal Home Loan Bank of Indianapolis

• Federal Home Loan Bank of New York

• Federal Home Loan Bank of San Francisco

• FHLBanks Office of Finance

Other Relevant Organization Used in Composite Data

• National Rural Utilities Cooperative Finance Corporation

The Compensation Committee evaluated this peer group in August 2024 as part of its annual review and made the following adjustments to the peer group to help inform executive compensation decisions for 2025:

• removed Northwest Bancshares, Inc. and Provident Financial Services, Inc. from the public banks segment of the peer group; and

• added Merchants Bancorp to the public banks segment of the peer group.

The Compensation Committee believes that these peer groups are useful tools to assist the Compensation Committee in assessing Farmer Mac's executive compensation program but provide only one perspective. Because of Farmer Mac's unique business model and the importance of multiple factors that should be considered in making compensation decisions, the Compensation Committee has also concluded that competitive market data from any segment or peer group should not be the primary consideration in determining specific pay