AGM Board Changes and Officer Compensation Update

TL;DR

AGM's board is shuffling with new directors appointed and executive pay plans updated.

AI Summary

Federal Agricultural Mortgage Corporation (AGM) announced on March 5, 2024, the departure of Director Robert L. Dixon and the appointment of new directors, including Michael J. Stock and David A. Smith. The company also reported on compensatory arrangements for its officers. This filing details changes in the board of directors and executive compensation structures.

Why It Matters

Changes in a company's board of directors and executive compensation can signal shifts in strategy, governance, or financial priorities, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Board and executive changes can introduce uncertainty regarding future strategy and leadership effectiveness.

Key Players & Entities

• Robert L. Dixon (person) — Departing Director
• Michael J. Stock (person) — Appointed Director
• David A. Smith (person) — Appointed Director
• FEDERAL AGRICULTURAL MORTGAGE CORP (company) — Registrant
• March 5, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $450,000 — – Chief Business Officer: increase from $450,000 per year to $465,000 per year. Marc J
• $465,000 — cer: increase from $450,000 per year to $465,000 per year. Marc J. Crady, Senior Vice
• $400,000 — t – Chief Credit Officer: increase from $400,000 per year to $415,000 per year. Stephe
• $415,000 — cer: increase from $400,000 per year to $415,000 per year. Stephen P. Mullery, Executi
• $485,000 — sident – General Counsel: increase from $485,000 per year to $500,000 per year. Aparna
• $500,000 — sel: increase from $485,000 per year to $500,000 per year. Aparna Ramesh, Executive Vi
• $525,000 — al Officer and Treasurer: increase from $525,000 per year to $540,000 per year. Grants
• $540,000 — rer: increase from $525,000 per year to $540,000 per year. Grants of Stock Appreciatio
• $198.54 — ant Date, resulting in a grant price of $198.54 per share for the SARs listed above. Th
• $624.8 million — ar cumulative Earnings before Credit of $624.8 million will earn 100% of the target number of
• $514.8 million — ar cumulative Earnings before Credit of $514.8 million is required for vesting of any performa
• $710.5 million — ar cumulative Earnings before Credit of $710.5 million will earn the maximum award of 200% of
• $28.471 billion — c's Net Outstanding Business Volume was $28.471 billion as of December 31, 2023. That level of
• $28.181 billion — Volume was between the target level of $28.181 billion (100% of target award) and the $35.863
• $35.863 billion — billion (100% of target award) and the $35.863 billion level that would have earned the maximu

Filing Documents

• agm-20240305.htm (8-K) — 91KB
• 0000845877-24-000082.txt ( ) — 289KB
• agm-20240305.xsd (EX-101.SCH) — 2KB
• agm-20240305_def.xml (EX-101.DEF) — 18KB
• agm-20240305_lab.xml (EX-101.LAB) — 32KB
• agm-20240305_pre.xml (EX-101.PRE) — 19KB
• agm-20240305_htm.xml (XML) — 8KB

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits 104 Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. FEDERAL AGRICULTURAL MORTGAGE CORPORATION By: /s/ Stephen P. Mullery Name: Stephen P. Mullery Title: Executive Vice President – General Counsel Dated: March 11, 2024

View Full Filing

View this 8-K filing on SEC EDGAR