Federal Agricultural (NYSE: AGM) CFO granted new RSU and SAR incentives
Rhea-AI Filing Summary
Federal Agricultural Mortgage Corp EVP, CFO and Treasurer Matthew M. Pullins reported new equity awards. He acquired 2,631 stock appreciation rights for no consideration under Farmer Mac’s omnibus incentive plan, which become exercisable in three equal 877-share installments beginning on March 31, 2027, 2028, and 2029.
He also received time-vested restricted stock units (RSUs) covering 1,323 shares of Class C Non-Voting Common Stock, vesting in three equal 441-share installments on March 31, 2027, 2028, and 2029, if he remains employed. In addition, he was granted 662 performance-based RSUs that may vest on March 31, 2029, based on cumulative core earnings before credit and other specified performance and capital “gatekeeper” conditions, with the eventual payout capped at 200% of the target award.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 1,985 shares
Net Buy
3 txns
Insider
Pullins Matthew M
Role
EVP - CFO and Treasurer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Stock Appreciation Right | 2,631 | $0.00 | $0.00 |
| Grant/Award | Class C Non-Voting Common Stock | 1,323 | $0.00 | $0.00 |
| Grant/Award | Class C Non-Voting Common Stock | 662 | $0.00 | $0.00 |
Holdings After Transaction:
Stock Appreciation Right — 2,631 shares (Direct);
Class C Non-Voting Common Stock — 3,476 shares (Direct)
Footnotes (6)
- F1. Grant of time-vested restricted stock units ("RSUs") under the Amended and Restated 2008 Omnibus Incentive Plan ("Plan") of the Federal Agricultural Mortgage Corporation ("Farmer Mac") for no consideration. Each RSU represents the contingent right to receive, upon vesting, one share of Farmer Mac's Class C Non-Voting Common Stock. Includes three equal installments of 441 RSUs, each of which will vest on March 31, 2027, March 31, 2028, and March 31, 2029, respectively, if the Reporting Person remains an employee of Farmer Mac on those dates.
- F2. In addition to the RSUs reported in this filing, includes 1,491 unvested RSUs previously granted under the Plan, as described in more detail in the Reporting Person's prior filings under Section 16 of the Securities Exchange Act of 1934.
- F3. This is the target number of performance-based RSUs granted under the Plan for no consideration. Those RSUs will vest on March 31, 2029, if Farmer Mac meets performance objectives related to cumulative core earnings before credit during the performance period of January 1, 2026, to December 31, 2028, subject to "gatekeepers" related to compliance with regulatory capital requirements and specified asset quality metrics, as specified in the related award agreement.
- F4. Any adjustments to the target award will be reported at the time of the actual determination of performance as compared to the applicable threshold. In no event, however, will the number of shares actually awarded upon vesting exceed 200% of the number of RSUs in the target award.
- F5. Exercisable beginning March 31, 2027, with respect to 877 shares, beginning March 31, 2028, with respect to 877 shares, and beginning March 31, 2029, with respect to 877 shares.
- F6. Grant of stock appreciation rights under Farmer Mac's Plan for no consideration.
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FAQ
What insider transactions did AGM EVP-CFO Matthew Pullins report on this Form 4?
Matthew M. Pullins reported three equity award grants: 2,631 stock appreciation rights and RSUs covering 1,323 and 662 shares of AGM Class C Non-Voting Common Stock. All awards were granted for no consideration under the company’s omnibus incentive plan.
How do the time-vested RSUs granted to AGM’s Matthew Pullins vest?
The time-vested RSUs cover 1,323 AGM Class C shares, split into three equal 441-share installments. These RSUs vest on March 31, 2027, March 31, 2028, and March 31, 2029, provided Mr. Pullins remains an employee of Federal Agricultural Mortgage Corporation.
What performance conditions apply to Matthew Pullins’s AGM performance-based RSUs?
The performance-based RSUs cover 662 target shares and may vest on March 31, 2029. Vesting depends on Farmer Mac’s cumulative core earnings before credit from January 1, 2026 to December 31, 2028, and on meeting regulatory capital and asset quality “gatekeeper” conditions.
When do Matthew Pullins’s AGM stock appreciation rights become exercisable?
The 2,631 stock appreciation rights become exercisable in three equal tranches of 877 rights. They are exercisable beginning March 31, 2027, March 31, 2028, and March 31, 2029, respectively, aligning with a multi‑year vesting schedule under the incentive plan.
Did Matthew Pullins pay any cash for the AGM equity awards reported?
No cash payment was required. The filing states the RSUs and stock appreciation rights were granted for no consideration under Federal Agricultural Mortgage Corporation’s Amended and Restated 2008 Omnibus Incentive Plan as part of his equity compensation.