Form 4: Farmer Mac Director Jeffrey L. Plagge Increases Equity Stake Through Compensation Election

Jeffrey L. Plagge, a Director of Federal Agricultural Mortgage Corporation (Farmer Mac), acquired 42 shares of Class C Non-Voting Common Stock on June 30, 2025, as part of an existing election to receive equity in lieu of cash compensation.

Summary

• Jeffrey L. Plagge, a Director of Federal Agricultural Mortgage Corporation (Farmer Mac), acquired 42 shares of Class C Non-Voting Common Stock.
• The transaction occurred on June 30, 2025.
• The shares were acquired at a price of $194.28 per share, which was the closing price on June 30, 2025, as reported by the New York Stock Exchange.
• This acquisition was a result of the director's existing election to receive newly issued shares at market value instead of a portion or all of their quarterly cash retainer.
• Following this transaction, Jeffrey L. Plagge beneficially owns 723 shares of Class C Non-Voting Common Stock.
• The total beneficial ownership includes 376 time-vested restricted stock units (RSUs) that are set to vest on March 31, 2026, provided the reporting person remains a director of Farmer Mac on that date.

Sentiment

Score: 7

Explanation: The filing indicates a director's decision to take equity over cash, which is generally viewed positively as it aligns interests with shareholders and shows confidence. It's a routine transaction, not indicative of major positive or negative news, hence a neutral-to-positive score.

Positives

• The director's election to receive stock in lieu of cash demonstrates a strong alignment of interests with shareholders.
• Increased direct equity ownership by a director can signal confidence in the company's long-term prospects and performance.

Risks

• The vesting of 376 restricted stock units is contingent upon Jeffrey L. Plagge remaining a director of Farmer Mac until March 31, 2026.

Future Outlook

No explicit forward-looking statements or guidance regarding company performance are provided in this Form 4 filing, beyond the future vesting date of restricted stock units.

Industry Context

This Form 4 filing reflects a routine insider transaction where a director of Federal Agricultural Mortgage Corporation (Farmer Mac), a government-sponsored enterprise supporting agricultural and rural lending, opted to receive equity compensation. This practice is common across various industries as a means to align management and director interests with shareholders.

Comparison to Industry Standards

• The practice of directors electing to receive equity in lieu of cash compensation is a common corporate governance practice across publicly traded companies, including those in the financial services and government-sponsored enterprise sectors.
• This aligns with best practices for executive and director compensation, promoting long-term commitment and shared financial interest with shareholders.
• Specific comparable companies or projects are not detailed in this Form 4, as it focuses solely on an individual's transaction.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Director Jeffrey L. Plagge from Federal Agricultural Mortgage Corporation is a related party transaction, executed as part of an established director compensation plan.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders due to increased equity ownership.

Next Steps

• Vesting of 376 time-vested restricted stock units on March 31, 2026, contingent on Jeffrey L. Plagge remaining a director.

Key Dates

Keywords

Farmer Mac, AGM, SEC Form 4, Insider Transaction, Director Stock Acquisition, Equity Compensation, Beneficial Ownership, Restricted Stock Units, Corporate Governance, Agricultural Finance