Form 4: Farmer Mac Executive Aparna Ramesh Reports Stock Transactions Following RSU Vesting
SEC Form 4 Filing
Aparna Ramesh, EVP and CFO of Farmer Mac, reports the acquisition and disposal of Class C Non-Voting Common Stock following the vesting of restricted stock units to satisfy withholding requirements.
Summary
- A Form 4 filing reveals that Aparna Ramesh, the EVP and CFO of Federal Agricultural Mortgage Corporation (Farmer Mac), engaged in transactions involving the company's Class C Non-Voting Common Stock on March 31, 2024.
- These transactions were related to the vesting of restricted stock units (RSUs) granted in March 2021, March 2022 and March 2023.
- Specifically, 1,295 shares were disposed of to satisfy withholding requirements related to the vesting of 672 time-based RSUs (from March 2021), 1,046 performance-based RSUs (from March 2021), 475 time-based RSUs (from March 2022), and 483 time-based RSUs (from March 2023).
- The price used for calculating the number of shares withheld was $196.88, the closing price of Farmer Mac's Class C Non-Voting Common Stock on the New York Stock Exchange on the last trading day before the vesting date.
- Following these transactions, Ramesh directly owns 10,444.8087 shares of Class C Non-Voting Common Stock, which includes 4,701 unvested restricted stock units previously granted.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to executive compensation. It doesn't contain any information that would significantly impact the company's outlook or investor sentiment.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into the transactions of company insiders. The vesting of RSUs is a common form of equity compensation.
Comparison to Industry Standards
- Equity compensation, including restricted stock units (RSUs), is a standard practice among publicly traded companies to align executive interests with shareholder value.
- The vesting schedules and performance-based components of these RSUs are typical features of executive compensation packages in the financial services industry.
- Comparable companies in the financial sector, such as other government-sponsored enterprises (GSEs) or agricultural lenders, often utilize similar equity-based compensation strategies.
Key Dates
| Date | Description |
|---|---|
| March 2021 | Date of original grant of some of the restricted stock units that vested. |
| March 2022 | Date of original grant of some of the restricted stock units that vested. |
| March 2023 | Date of original grant of some of the restricted stock units that vested. |
| 03/31/2024 | Date of the stock transactions (vesting and withholding). |
| 04/02/2024 | Date of the Form 4 filing. |
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