Farmer Mac (AGM) EVP Brian Brinch Exercises SARs, Sells Shares

What Happened
Brian M. Brinch, EVP & Chief Risk Officer of Federal Agricultural Mortgage Corp. (Farmer Mac / AGM), exercised 939 vested stock appreciation rights (SARs) on 2026-08-03. The filing shows an acquired value tied to the SAR exercise of $113,037 (exercise basis $120.38). As a net-share settlement (cashless-style), Mr. Brinch retained 238 shares, 225 shares were withheld to satisfy tax withholding (disposed for $53,541), and 476 shares were reported as disposed to the issuer ($113,269). Total reported disposals equal about $166,810 based on a $237.96 per-share price used for the withholding/disposition calculations.

Key Details

• Transaction date: 2026-08-03 (filed 2026-08-05). Not reported as late; transaction occurred during an open trading window (F2).
• Primary actions: Exercise/conversion of 939 SARs (code M); tax withholding (code F) of 225 shares at $237.96; disposition to issuer of 476 shares at $237.96 (code D).
• Prices & values shown in filing: exercise/grant price $120.38; withholding/disposition price $237.96; exercise-related amount reported $113,037; disposals totaled ~$166,810.
• Shares retained from this settlement: 238 shares. The filing notes the net-share settlement mechanics in footnote F1.
• Holdings note: filing references 1,872 unvested restricted stock units previously granted to Mr. Brinch (F3).
• Vesting schedule: related awards have staged exercisability/vesting dates beginning March 31, 2023–2025 (F4).

Context

• This was a net-share settlement of SARs (a common form of option-like award). Instead of paying cash, the award was settled in shares with some shares withheld to cover taxes—this is routine and not an open-market sale by the executive.
• Transaction codes: M = exercise/conversion of a derivative (SARs); F = shares withheld for tax liability; D = disposition to issuer.
• Footnotes clarify mechanics: Mr. Brinch was entitled to receive 463 shares from the SAR exercise, retained 238, and Farmer Mac withheld 225 for taxes; the 476-share disposition to the issuer reflects the difference tied to the SAR structure (F1).

Bottom line: This filing reports a routine, net-share settlement of vested SARs by Farmer Mac’s CRO, resulting in a modest retention of 238 shares and company withholding/issuer dispositions to cover taxes and settlement.