Federal Agricultural Mortgage CRO exercises 939 SARs
Federal Agricultural Mortgage Corp EVP and Chief Risk Officer Brian M. Brinch exercised 939 stock appreciation rights granted in March 2022 at a $120.38 grant price using net share settlement.
Rhea-AI Filing Summary
Federal Agricultural Mortgage Corp EVP and Chief Risk Officer Brian M. Brinch exercised 939 stock appreciation rights granted in March 2022 at a $120.38 grant price using net share settlement. He became entitled to 463 Class C shares, retaining 238, with 225 withheld for tax obligations and 476 treated as a disposition to the issuer. All 939 SARs were exhausted, while 1,872 unvested RSUs remain outstanding. The transactions occurred during an open trading window, were not under a Rule 10b5-1 plan, and all dispositions were to the issuer or for tax withholding rather than open-market sales.
Positive
- None.
Negative
- None.
Insider Trade Summary
939 shares exercised/converted
Exercise
4 txns
Insider
Brinch Brian M
Role
EVP - Chief Risk Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Appreciation Right F4 | 939 | $0.00 | $0.00 |
| Exercise | Class C Non-Voting Common Stock F1, F2, F3 | 939 | $120.38 | $113K |
| Tax Withholding | Class C Non-Voting Common Stock F1, F2, F3 | 225 | $237.96 | $54K |
| Disposition | Class C Non-Voting Common Stock F1, F2, F3 | 476 | $237.96 | $113K |
Holdings After Transaction:
Stock Appreciation Right — 0 contracts (Direct);
Class C Non-Voting Common Stock — 10,334 shares (Direct)
Footnotes (4)
- F1. In connection with the net share settlement of the exercise of 939 vested stock appreciation rights ("SARs") granted in March 2022 with a grant price of $120.38 per share, Mr. Brinch was entitled to receive 463 shares of the Federal Agricultural Mortgage Corporation's ("Farmer Mac") Class C Non-Voting Common Stock. None of these shares were sold, as Mr. Brinch retained 238 shares, and Farmer Mac retained 225 shares to satisfy tax withholding requirements arising from the exercise. The 476 shares reported as a disposition to the issuer of issuer equity securities represents the difference between the number of SARs exercised and the number of shares issuable as a result of the exercise. Each SAR represents the right to receive, upon exercise, the number of shares of Farmer Mac's Class C Non-Voting Common Stock equal to the excess of the fair market value of shares on the exercise date over the grant price.
- F2. Transaction effected during an open trading window for employees and directors of Farmer Mac.
- F3. Includes 1,872 unvested restricted stock units previously granted pursuant to Farmer Mac's Amended and Restated 2008 Omnibus Incentive Plan, as described in more detail in the Reporting Person's prior filings under Section 16 of the Securities Exchange Act of 1934.
- F4. Exercisable beginning March 31, 2023 with respect to 313 shares, beginning March 31, 2024 with respect to 313 shares, and beginning March 31, 2025 with respect to 313 shares.
Key Figures
Stock appreciation rights exercised: 939 rights
SAR grant price: $120.38 per share
Shares issuable from exercise: 463 shares
+5 more
8 metrics
Stock appreciation rights exercised
939 rights
Vested SARs granted in March 2022 exercised on 2026-08-03
SAR grant price
$120.38 per share
Grant price of the March 2022 stock appreciation rights
Shares issuable from exercise
463 shares
Class C Non-Voting Common Stock from net share settlement of 939 SARs
Shares retained by insider
238 shares
Portion of Class C shares retained by Brian M. Brinch after settlement
Shares withheld for taxes
225 shares
Class C shares retained by Farmer Mac to satisfy tax withholding
Disposition to issuer
476 shares
Difference between SARs exercised and shares issuable, reported as issuer disposition
Unvested RSUs outstanding
1,872 units
Unvested restricted stock units under the Amended and Restated 2008 Omnibus Incentive Plan
Reference share price for dispositions
$237.96 per share
Price reported for tax withholding and issuer disposition of Class C shares on 2026-08-03
Key Terms
Stock Appreciation Right, net share settlement, restricted stock units, open trading window, +1 more
5 terms
Stock Appreciation Right financial
"exercise of 939 vested stock appreciation rights (SARs) granted in March 2022"
A stock appreciation right (SAR) is a form of employee pay that gives the holder the right to receive the increase in a company's share price over a set reference price, paid in cash or shares, without having to buy stock first. It matters to investors because SARs can create future cash outflows or dilute existing shareholders if settled in stock, and they align employee incentives with share-price performance like a bonus tied to a home's price rise.
restricted stock units financial
"Includes 1,872 unvested restricted stock units previously granted"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
open trading window regulatory
"Transaction effected during an open trading window for employees and directors"
A designated period when company executives, directors and certain employees are permitted to buy or sell their employer’s stock under the company’s trading policy because material information has been disclosed. Think of it like scheduled store hours after a big delivery: it reduces the risk of trading on secret information, and investors watch insider activity during these windows as a signal of how those closest to the business view its prospects.
disposition to the issuer financial
"The 476 shares reported as a disposition to the issuer of issuer equity securities"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did AGM executive Brian M. Brinch do in this Form 4 transaction?
Brian M. Brinch exercised 939 stock appreciation rights granted in March 2022 at a $120.38 grant price. The net share settlement yielded 463 Class C shares, of which he retained 238, with the remainder allocated to tax withholding and issuer disposition.
Were Brian M. Brinch’s AGM transactions open-market sales of stock?
No, there were no open‑market sales reported in this Form 4. Dispositions involved 225 shares withheld to meet tax liabilities and 476 shares treated as a disposition to the issuer, all tied to the net share settlement of 939 SARs.
Were the AGM insider transactions by Brian M. Brinch under a Rule 10b5-1 plan?
The transactions were not conducted under a Rule 10b5-1 trading plan. A footnote states they occurred during an open trading window for Farmer Mac employees and directors, and the Rule 10b5-1 checkbox was not affirmatively marked for plan-based trades.
What equity awards does Brian M. Brinch still hold at AGM after this filing?
After this activity, Brian M. Brinch still holds 1,872 unvested restricted stock units under Farmer Mac’s Amended and Restated 2008 Omnibus Incentive Plan. All 939 stock appreciation rights referenced here were fully exercised and no longer remain outstanding.
AI-generated analysis. How Rhea-AI works. Not financial advice.
