Form 4: Farmer Mac Director Todd P. Ware Acquires Additional Shares in Lieu of Cash Retainer

Director Todd P. Ware increased his holdings in Federal Agricultural Mortgage Corp (Farmer Mac) by acquiring 19 shares of Class C Non-Voting Common Stock in lieu of a cash retainer.

Summary

• On December 31, 2024, Todd P. Ware, a director of Federal Agricultural Mortgage Corporation (Farmer Mac), acquired 19 shares of Class C Non-Voting Common Stock.
• The shares were obtained in lieu of receiving a portion of his quarterly retainer in cash.
• The purchase price was $196.95 per share, based on the closing price of the stock on the New York Stock Exchange on December 31, 2024.
• Following the transaction, Ware directly owns 3,511 shares of Farmer Mac's Class C Non-Voting Common Stock, which includes 373 unvested restricted stock units that will vest on March 31, 2025, contingent upon his continued service as a director.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The director's decision to take shares instead of cash suggests confidence in the company's prospects. The transaction itself is routine and expected.

Positives

• The director's decision to take shares in lieu of cash demonstrates confidence in the company's future prospects.

Future Outlook

The document does not contain specific forward-looking statements, but the vesting of restricted stock units on March 31, 2025, is contingent on the director's continued service.

Industry Context

This filing reflects routine insider transactions related to director compensation, which is common in publicly traded companies. It indicates a director's alignment with shareholder interests through equity ownership.

Comparison to Industry Standards

• Director compensation packages often include equity components to align interests with shareholders, a common practice among financial institutions like Farmer Mac.
• Comparable companies such as AgFirst Farm Credit Bank and CoBank also utilize equity-based compensation for their directors.
• The specific amount and type of equity granted vary based on company size, performance, and industry benchmarks.

Related Party Transactions

• The acquisition of shares in lieu of cash compensation is a related party transaction, as it involves a director and the company.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders, as it aligns the director's interests with theirs through equity ownership.

Key Dates