Company: AGM-PH
Filing Date: 2025-03-12
Form Type: 8-K
Source: 0000845877-25-000092
Chunk: 4

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-03-12
Form: 8-K
Item: Item 5.02
Chunk 4
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 The vesting of those awards was contingent on the achievement of performance objectives related to 3‑year cumulative Earnings before Credit, subject to “gatekeeper” metrics related to capital and asset quality for the performance period of

January 1, 2022 through December 31, 2024, as described in more detail in Farmer Mac's Current Report on Form 8-K filed with the SEC on March 15, 2022. The Committee determined that the specified gatekeeper metrics were satisfied and that Farmer Mac's 3-year cumulative Earnings before Credit was $478.5 million as of December 31, 2024. That level of 3-year cumulative Earnings before Credit exceeded the maximum 200% of target award of $438.4 million. After applying that performance level to the target number of RSUs awarded in 2022, the chart below shows the actual number of shares from these awards that will vest on March 31, 2025:

  Name                      Target Number of Performance-Vested RSUs Granted in 2022      Performance Level Achieved for 3-Year Performance Period      Actual Number of Shares to Vest on March 31, 2025  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Bradford T. Nordholm                                                         2,032                                                          200%                                                  4,064  
  Zachary N. Carpenter                                                           691                                                          200%                                                  1,382  
  Marc J. Crady                                                                  336                                                          200%                                                    672  
  Stephen P. Mullery                                                             559                                                          200%                                                  1,118  
  Aparna Ramesh                                                                  712                                                          200%                                                  1,424  

Awards of Performance-Based Cash Bonuses

On March 6, 2025, the Committee approved the payment of performance-based cash bonuses to the five executive officers shown below. These bonuses were calculated based on targets for Farmer Mac’s core earnings, total revenues, outstanding business volume, and asset quality, as well as the Committee’s evaluation of the achievement of Farmer Mac’s strategic objectives and the leadership demonstrated by each individual and as a group for the period from January 1, 2024 through December 31, 2024.

  Name                      Cash Bonus Awarded  
  Bradford T. Nordholm             $719,203.20  
  Zachary N. Carpenter             $313,527.65