Form 4: Farmer Mac Executive Gregory Ramsey Reports Changes in Beneficial Ownership

Gregory Ramsey, Principal Accounting Officer at Federal Agricultural Mortgage Corp (Farmer Mac), reports the vesting of restricted stock units and subsequent share withholding for tax obligations.

Summary

• On March 31, 2024, Gregory Ramsey, Principal Accounting Officer of Federal Agricultural Mortgage Corporation (Farmer Mac), reported changes in beneficial ownership.
• 930 restricted stock units vested under a time-based award granted in March 2021, with Farmer Mac retaining 280 shares to cover withholding requirements.
• Additionally, 182 restricted stock units vested as the first installment of a time-based award granted in March 2023, resulting in Farmer Mac withholding 55 shares for tax purposes.
• The price used for calculating the number of shares withheld was $196.88, based on 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, Ramsey directly owns 4,183 shares of Class C Non-Voting Common Stock, which includes 1,379 unvested restricted stock units previously granted.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing detailing standard executive compensation practices. It doesn't contain any information that would significantly impact investor sentiment positively or negatively.

Positives

• The vesting of restricted stock units indicates a form of compensation and incentive for the reporting person.
• The company's policy on share withholding for tax obligations provides clarity and predictability for executives.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It reflects standard practices for equity-based compensation and tax withholding.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded companies to align executive interests with shareholder value.
• Companies like Fannie Mae and Freddie Mac also utilize restricted stock units as part of their compensation packages.
• The vesting schedules and withholding policies are generally consistent with industry norms.

Stakeholder Impact

• Shareholders may be interested in executive compensation details as they relate to company performance.
• The vesting of restricted stock units can impact the number of outstanding shares, though the effect is likely minimal in this case.

Key Dates