Form 4: Farmer Mac Executive Marc J. Crady Reports Changes in Beneficial Ownership

SVP Chief Credit Officer of Farmer Mac, Marc J. Crady, reports changes in beneficial ownership due to vesting of restricted stock units and shares withheld for tax obligations.

Summary

• Marc J. Crady, SVP Chief Credit Officer of Federal Agricultural Mortgage Corporation (Farmer Mac), filed a Form 4 to report changes in beneficial ownership.
• The changes are due to the vesting of restricted stock units on March 31, 2024, and the subsequent withholding of shares by Farmer Mac to satisfy tax requirements.
• A total of 591 shares of Class C Non-Voting Common Stock were withheld at a price of $196.88 per share.
• The reported transactions increased Mr. Crady's total beneficial ownership to 3,147 shares, which includes 2,071 unvested restricted stock units.
• The price used for calculating the number of shares withheld is 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.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing related to executive compensation. It doesn't contain any particularly positive or negative information, but the vesting of stock units is generally a positive sign.

Positives

• The vesting of restricted stock units indicates that Mr. Crady is meeting the requirements of his compensation package.
• The company's policy of using the closing price on the last trading day before vesting for tax withholding provides clarity and predictability.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency into the equity holdings of key personnel.

Comparison to Industry Standards

• Executive compensation packages often include restricted stock units that vest over time, aligning executive interests with shareholder value.
• Tax withholding practices related to equity compensation are standard across publicly traded companies.
• The level of equity ownership is typical for an executive at a similar level in a financial institution of Farmer Mac's size.

Stakeholder Impact

• Shareholders can monitor executive compensation through these filings.
• The vesting of restricted stock units aligns executive interests with shareholder value.

Key Dates