Business Context and Reporting Period
This Form 8-K filing by Federal Agricultural Mortgage Corporation (Farmer Mac) reports a corporate governance event dated March 26, 2025. The registrant is a federally chartered instrumentality of the United States with securities listed on the New York Stock Exchange.
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document is limited to the disclosure of a Board of Directors appointment.
Material Changes
The primary material change reported is the election of Daniel L. Shaw to the Board of Directors. Mr. Shaw was appointed to fill the vacancy created by the death of former Board member Roy H. Tiarks in February 2025. Mr. Shaw will serve the unexpired portion of Mr. Tiarks' term, which ends at the next annual meeting of stockholders in May 2025.
Management Commentary and Governance Details
- Committee Assignments: Mr. Shaw has been appointed to the Enterprise Risk Committee, Business Development and Business Strategy Committee, and Credit Committee.
- Background: Mr. Shaw, age 69, has owned and operated Shaw Farms, LLC since 1975 and previously served on Farmer Mac's Board from December 2019 through May 2021. He also holds prior board experience with AgriBank Farm Credit Bank and Farm Credit Services of America.
- Compensation: Mr. Shaw will receive a pro-rata portion of the 2025 equity grant awarded to other directors and a pro-rata annual retainer payable quarterly, effective March 26, 2025.
- Related Parties: The filing states there are no family relationships between Mr. Shaw and other directors or officers, and no material interests in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Key Facts for Investor Verification
- Verify the effective date of the new director's term and the specific end date of the unexpired term (May 2025).
- Review the "Compensation of Directors" section in the Amended and Restated Proxy Statement filed on April 18, 2024, for details on the retainer and equity grant structure.
- Confirm the composition of the Board's Enterprise Risk, Business Development, and Credit Committees following this appointment.
- Note that this filing does not provide updated financial performance data; refer to the most recent 10-K or 10-Q for financial metrics.