Form 4: Farmer Mac Director Todd P. Ware Acquires Shares Through Restricted Stock Units

Director Todd P. Ware acquired 376 shares of Farmer Mac's Class C Non-Voting Common Stock through restricted stock units.

Summary

• On March 6, 2025, Todd P. Ware, a director of Federal Agricultural Mortgage Corporation (Farmer Mac), acquired 376 shares of Class C Non-Voting Common Stock.
• The acquisition was through a grant of restricted stock units (RSUs) under the Amended and Restated 2008 Omnibus Incentive Plan.
• The RSUs were granted for no consideration and will vest on March 31, 2026, if Mr. Ware remains a director of Farmer Mac on that date.
• Following the transaction, Mr. Ware beneficially owns 3,887 shares of Class C Non-Voting Common Stock, including 373 RSUs vesting on March 31, 2025.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction (equity grant) which is generally viewed neutrally to positively as it aligns director interests with shareholders.

Positives

• The grant of RSUs aligns the director's interests with the long-term performance of the company.
• The vesting requirement encourages continued service and commitment from the director.

Industry Context

This type of equity grant is a common practice for aligning the interests of company directors with those of shareholders in the financial services industry.

Comparison to Industry Standards

• Equity compensation for directors is a standard practice across publicly traded companies, including those in the agricultural finance sector.
• Comparable companies like AgFirst Farm Credit Bank and CoBank also utilize equity-based incentives for their board members.
• The vesting schedules and terms of these grants are generally aligned with industry norms to ensure long-term commitment and performance.

Stakeholder Impact

• The equity grant aligns the director's interests with those of shareholders, potentially leading to better corporate governance and decision-making.

Key Dates