Form 4: Farmer Mac Director Mitchell A. Johnson Acquires Additional Shares
SEC Form 4 Filing
Director Mitchell A. Johnson acquired 88 shares of Farmer Mac's Class C Non-Voting Common Stock on September 30, 2024, in lieu of a portion of his quarterly retainer.
Summary
- On September 30, 2024, Mitchell A. Johnson, a director of Federal Agricultural Mortgage Corporation (Farmer Mac), acquired 88 shares of Class C Non-Voting Common Stock.
- The acquisition was made in lieu of receiving a portion of his quarterly retainer in cash.
- The price per share was $187.41, based on the closing price on the New York Stock Exchange on that date.
- Following the transaction, Johnson beneficially owns 15,060 shares, which includes 373 unvested restricted stock units that will vest on March 31, 2025, if he remains a director.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It reflects a routine transaction related to director compensation. There is no indication of significant positive or negative implications.
Positives
- The director's decision to take shares in lieu of cash may signal confidence in the company's future prospects.
Industry Context
Directors receiving equity as part of their compensation is a common practice to align their interests with those of shareholders. This transaction reflects a standard compensation arrangement for board members.
Comparison to Industry Standards
- Director compensation packages often include a mix of cash and equity.
- The specific allocation to equity varies depending on the company's size, industry, and compensation philosophy.
- Comparing Farmer Mac's director compensation structure to peers like AgFirst Farm Credit Bank or CoBank would provide a more detailed benchmark.
Related Party Transactions
- The acquisition of shares by Mitchell A. Johnson in lieu of cash compensation is a related party transaction, as he is a director of the company.
Stakeholder Impact
- The transaction has a minimal direct impact on stakeholders.
- It reinforces the alignment of director interests with shareholder value.
Key Dates
| Date | Description |
|---|---|
| 09/30/2024 | Date of the transaction where Mitchell A. Johnson acquired 88 shares of Class C Non-Voting Common Stock. |
| 03/31/2025 | Vesting date for 373 unvested restricted stock units, contingent on Johnson remaining a director of Farmer Mac. |
| 10/02/2024 | Date of the signature on the SEC Form 4 filing. |
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