Business Context and Reporting Period
This Form 8-K filing by Federal Agricultural Mortgage Corporation (Farmer Mac) reports on events occurring on December 8, 2025. The registrant is a federally chartered instrumentality of the United States. The filing primarily addresses the appointment of a new Chief Financial Officer and Treasurer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The material change reported is the appointment of Matthew M. Pullins as Executive Vice President – Chief Financial Officer and Treasurer, effective December 11, 2025. Mr. Pullins replaces Gregory N. Ramsey, who served as interim principal financial officer. Mr. Ramsey will continue as Vice President – Chief Accounting Officer.
Compensation and Management Commentary
Mr. Pullins joins from PNC Financial Services Group, where he served as Senior Vice President, Chief Financial Officer – Capital Markets since 2022. His compensation package includes:
- Base Salary: $550,000 per year.
- Short-Term Incentive (2025): $275,000 (payable in 2026).
- Short-Term Incentive (2026 Target): 50% of base salary.
- Long-Term Incentive (2026 Target): Equity-based grants with a target value of $450,000.
- Sign-On Equity: One-time award of restricted stock units with a target value of $250,000, vesting in three equal annual installments starting December 11, 2026.
- Sign-On Cash Bonus: Gross amount calculated to yield a net-of-tax payment of $150,000, subject to a clawback if employment ends voluntarily or for cause within the first 12 months.
Mr. Pullins is also eligible for standard executive benefits, including participation in the executive severance plan and nonqualified deferred compensation plan.
Investor Verification Checklist
- Verify the effective date of the CFO transition (December 11, 2025) and the continued role of the interim CFO.
- Review the specific vesting schedule and performance conditions for the $250,000 sign-on restricted stock unit award.
- Confirm the clawback provisions associated with the $150,000 net sign-on cash bonus.
- Check for any subsequent filings regarding the finalization of the 2026 long-term incentive grant methodology.