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FEDERAL AGRICULTURAL MORTGAGE CORP·4

Mar 9, 4:50 PM ET

Brinch Brian M 4

4 · FEDERAL AGRICULTURAL MORTGAGE CORP · Filed Mar 9, 2026

Research Summary

AI-generated summary of this filing

Updated

Farmer Mac (AGM) EVP Brian Brinch Receives RSU & SAR Awards

What Happened

  • Brian M. Brinch, EVP and Chief Risk Officer of Federal Agricultural Mortgage Corp (Farmer Mac, ticker AGM), was granted a total of 2,206 equity awards on March 5, 2026. The filing shows acquisitions at $0.00 (no cash paid): 633 time‑vested restricted stock units (RSUs), 316 stock appreciation rights (SARs), and a target award of 1,257 performance‑based RSUs (derivative). These awards are subject to vesting and/or performance conditions.

Key Details

  • Transaction date: March 5, 2026; Form 4 filed March 9, 2026 (timely).
  • Reported grants: 633 RSUs (time‑vested), 316 SARs (stock appreciation rights), 1,257 target performance RSUs (derivative).
  • Price: $0.00 per award (grants for no consideration).
  • Shares affected in total: 2,206 awards.
  • Shares owned after transaction: Not specified in the provided excerpt.
  • Notable footnotes:
    • F1: 633 RSUs vest in three equal installments of 211 on 3/31/2027, 3/31/2028 and 3/31/2029 if employed on those dates.
    • F3–F4: 1,257 is the target number of performance RSUs that vest contingent on cumulative core earnings before credit over 2026–2028 and other regulatory/asset‑quality "gatekeepers"; payout may be adjusted up to 200% of target.
    • F5: (related vesting/exercisability schedule) references 419‑share installments (i.e., 1,257/3) starting 3/31/2027.
    • F6: Confirms a grant of SARs under the company plan.
    • F2: The filing notes 1,649 unvested RSUs previously awarded (from prior filings).
  • Timeliness: Filed within the required two business days after the March 5 transaction (filed March 9).

Context

  • Time‑vested RSUs represent the right to receive one share on vesting; performance RSUs only convert to shares if performance and specified gates are met (may pay out up to 200% of target). SARs are derivative awards that pay the appreciation in stock price (cash or stock) upon exercise and are typically exercisable according to a schedule.
  • These are compensatory grants (routine for executives) and do not by themselves indicate buying or selling sentiment by the insider.

Insider Transaction Report

Form 4
Period: 2026-03-05
FEDERAL AGRICULTURAL MORTGAGE CORPAGM
Brinch Brian M
EVP - Chief Risk Officer
Transactions
  • Award

    Class C Non-Voting Common Stock

    [F1][F2]
    2026-03-05+633→ 10,002 total
  • Award

    Class C Non-Voting Common Stock

    [F3][F4][F2]
    2026-03-05+316→ 10,318 total
  • Award

    Stock Appreciation Right

    [F6][F5]
    2026-03-05+1,257→ 1,257 total
    Exercise: $162.15Exp: 2036-03-05→ Class C Non-Voting Common Stock (1,257 underlying)
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 211 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 1,649 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 419 shares, beginning March 31, 2028, with respect to 419 shares, and beginning March 31, 2029, with respect to 419 shares.
  • [F6]Grant of stock appreciation rights under Farmer Mac's Plan for no consideration.
Signature
Geraldine I. Hayhurst, as attorney-in-fact for Brian M. Brinch|2026-03-09

Documents

3 files