Company: AGM-PH
Filing Date: 2025-09-30
Form Type: 8-K
Source: 0000845877-25-000244
Chunk: 3

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-09-30
Form: 8-K
Item: Item 5.02
Chunk 3
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 agree in writing to terminate the employment of Mr. Nordholm before March 31, 2027. The New Amendment also incorporates the concept of “termination by mutual agreement” as appropriate in the other termination-related provisions of the Nordholm Employment Agreement.

• The New Amendment clarifies Farmer Mac’s responsibilities to make continuing COBRA payments on behalf of Mr. Nordholm in specified termination of employment scenarios.

Except as specifically set forth in the New Amendment, all other terms and conditions of the Nordholm Employment Agreement, including without limitation Mr. Nordholm’s base salary, remain unmodified and in full force and effect. The foregoing description of the New Amendment is qualified in its entirety by reference to the full text of the New Amendment, which is included as Exhibit 10.1 to this Current Report on Form 8‑ K and is incorporated by reference in this report. Mr. Nordholm’s Amended Employment Agreement dated December 23, 2020 was filed as Exhibit 10.1 to the Current Report on Form 8-K filed December 30, 2020. Mr. Nordholm’s First Amendment to Amended Employment Agreement dated September 28, 2022 was filed as Exhibit 10.1 to the Current Report on Form 8-K filed October 4, 2022. Both of those documents are incorporated by reference in this report.

Zachary N. Carpenter’s Compensatory Arrangement as President and Chief Operating Officer

In connection with Mr. Carpenter’s appointment as Farmer Mac’s President and Chief Operating Officer, the Board approved an increase in his annual base salary to $575,000, effective September 25, 2025. Mr. Carpenter will be considered for grants of equity-based, long-term incentive compensation in 2026 at the same time that those grants are considered for Farmer Mac’s other executive officers. The target value of that award shall not be less than $475,000. Except as set forth above, the terms and conditions of Mr. Carpenter’s employment remain unmodified and in full force and effect.

Zachary N. Carpenter’s Employment Agreement as President and Chief Executive Officer

In connection with Mr. Carpenter’s appointment as Farmer Mac’s next Chief Executive Officer, Farmer Mac entered into an Employment Agreement (“ Carpenter Employment Agreement”) with Mr. Carpenter on September 30, 2025, the terms of which were approved by the Board. Mr. Carpenter will serve as Farmer Mac’s next President and Chief Executive Officer for an initial three-year term (“ Initial Term”) commencing