Hayhurst Geraldine I 4

What Happened

• Geraldine Hayhurst, EVP and Chief Legal Officer of Federal Agricultural Mortgage Corporation (Farmer Mac, ticker: AGM), was granted equity awards on 2026-03-05. The filing reports three grants: 735 time-vested restricted stock units (RSUs) at $0.00, 368 performance-based RSUs at $0.00 (target amount), and 1,461 derivative awards (stock appreciation rights or similar) at $0.00. All grants were issued for no cash consideration (value shown as $0).

Key Details

• Transaction date: March 5, 2026; Form 4 filed March 9, 2026 (timely — within two business days).
• Grants and amounts reported:
  • 735 time-vested RSUs (three equal installments of 245 RSUs).
  • 368 target performance-based RSUs (vest contingent on performance for Jan 1, 2026–Dec 31, 2028; may be adjusted up to 200%).
  • 1,461 stock appreciation rights (derivative award).
• Vesting/exercise schedule:
  • Time-vested RSUs: 245 RSUs vest on each of Mar 31, 2027, Mar 31, 2028, and Mar 31, 2029 if still employed.
  • Performance RSUs: target vests on Mar 31, 2029 subject to meeting cumulative core earnings and gatekeeper conditions (capital and asset-quality metrics).
  • SARs/derivative awards: exercisable in three tranches of 487 shares beginning Mar 31, 2027, Mar 31, 2028, and Mar 31, 2029.
• Consideration: All awards granted for no cash consideration (reported price $0.00).
• Shares owned after transaction: Not specified in the filing.
• No 10b5-1 plan, tax-withholding sale, or late filing flag noted in the report.

Context

• These are grant/award transactions (code A) — not open-market purchases or sales — so they reflect compensation/long-term incentive, not an immediate bullish or bearish trading signal.
• Performance RSUs are contingent on future metrics and may pay out at 0–200% of the target depending on results; SARs provide value based on future stock appreciation upon exercise.