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The Federal Agricultural (NYSE:AGM) Mortgage Corporation, commonly known as Farmer Mac, has disclosed recent changes to its executive compensation structure in a filing with the Securities and Exchange Commission (SEC).
On March 6, 2025, the Human Capital and Compensation Committee of Farmer Mac’s Board of Directors approved salary increases for three executives. Zachary N. Carpenter, Executive Vice President – Chief Business Officer, will see his salary increase from $465,000 to $475,000. Marc J. Crady, Senior Vice President – Chief Credit Officer, will have his salary raised from $415,000 to $425,000. Aparna Ramesh, Executive Vice President – Chief Financial Officer and Treasurer, will receive an increase from $540,000 to $555,000, all effective retroactively to January 1, 2025.
In addition to salary adjustments, the Committee granted stock appreciation rights (SARs) under the Amended and Restated 2008 Omnibus Incentive Plan. The SARs, which allow executives to profit from the rise in stock price over a set grant price, were awarded to several executives, including 6,543 SARs to Bradford T. Nordholm and smaller amounts to other key personnel. These SARs will vest over three years and are set to expire on March 6, 2035.
Furthermore, restricted stock units (RSUs) were granted to both executive officers and directors. These RSUs will vest over time or based on the achievement of performance objectives related to "Earnings before Credit" and are subject to certain capital and asset quality metrics. The performance period for these objectives spans from January 1, 2025, through December 31, 2027.
The Committee also reviewed and confirmed the vesting of performance-based RSUs granted in 2022, with the actual number of shares to vest on March 31, 2025, being double the target number due to Farmer Mac’s achievement of performance levels above the maximum target.
Performance-based cash bonuses for the period from January 1, 2024, through December 31, 2024, were also approved, with amounts awarded to five executive officers based on the achievement of various financial and strategic targets.
All compensation awards are subject to Farmer Mac’s Compensation Recovery Policy. The recent adjustments and awards are part of Farmer Mac’s efforts to align executive compensation with performance and shareholder interests. The details of these changes were made public in accordance with SEC regulations and are based on a press release statement.
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