FEDERAL AGRICULTURAL MORTGAGE CORP

EXECUTIVE COMPENSATION GOVERNANCE

Total Compensation Elements

The total compensation package for the named executive officers consists of four elements to offer a balanced compensation package:

•base salary;

•annual (short-term) cash incentive compensation;

•long-term, equity-based incentive compensation; and

•retirement and other benefits, most of which are similarly provided to all other full-time employees.

The Compensation Committee believes that this reflects its philosophy of promoting a performance-oriented, results-based culture where compensation varies based on business results achieved and is properly aligned with an acceptable risk profile, effective risk management, and stockholder returns. Consistent with Farmer Mac's total compensation philosophy, much of the named executive officers' total compensation isperformance-based.

The Compensation Committee approved the 2023 target compensation levels for the named executive officers as described in the table below.

2023 Target Compensation Levels

1 Target total cash compensation equals approved base salary plus target bonus.

2 Includes the targeted value of time-based RSUs, performance-based RSUs, and SARs, allocated at 50%, 25%, and 25%, respectively, of the total equity award granted in 2023. The number of RSUs and SARs actually granted in March 2023 was determined in accordance with the Board policy on grants of equity-based compensation described above in "Approach to Incentive Compensation—Long-Term Incentive Compensation." For Mr. Nordholm, the target long-term incentive value shown does not include the target value of a special one-time incentive equity award of 15,000 performance-based RSUs designed to retain Mr. Nordholm as Farmer Mac’s President and Chief Executive Officer through the end of the new term of his amended employment agreement (March 31, 2026), as well as to promote the achievement of specified performance goals.

3 Target total direct compensation equals target total cash compensation plus the target long-term incentive value.

In determining the target compensation levels for 2023, the Compensation Committee reviewed peer group market information provided by Aon for the compensation elements of base salary, target total cash compensation, and target total direct compensation for each position. The Compensation Committee also reviewed other market information related to trends in the broader banking and financial services industry provided by Aon to provide more context. In determining each element of target compensation for 2023, the Compensation Committee considered the applicable market information in relation to Farmer Mac's performance and the relevant position in the peer group. The Compensation Committee also considered factors unique to each individual, such as an individual's:

•performance, expertise, experience, competencies, and skills;

•contribution to Farmer Mac's performance;

•tenure at Farmer Mac;

•future potential;

•scope of responsibility and accountability within Farmer Mac;

•ethics and integrity; and

•other leadership attributes and accomplishments.

The Compensation Committee does not target a specific percentile in the peer group for each element of total direct compensation and considers the variety of factors described above in considering the range of competitiveness for target total direct compensation.

The Compensation Committee evaluated the total compensation package for each executive officer with a title of Senior Vice President and higher during first quarter 2023. Based on the Compensation Committee’s review of peer group and other market data related to the broader banking and financial services industry, the Compensation Committee approved the following changes to named executive officer compensation for 2023 compared to 2022:

•Bradford T. Nordholm: Maintained target total direct compensation from regular awards at $2.8 million for 2023 but also granted Mr. Nordholm a special one-time incentive equity award of 15,000 performance-based RSUs in March 2023. That special award was designed to retain Mr. Nordholm as Farmer Mac’s President and Chief Executive Officer through the end of the new term of his amended employment agreement (March 31, 2026), as well as to promote the achievement of specified performance goals during the three-year performance period.

EXECUTIVE COMPENSATION GOVERNANCE

•Aparna Ramesh: Maintained annual base salary at $525,000 and increased the fixed target percentage for target bonus from 45% to 50% of base salary. Increased the targeted value of long-term incentive awards by $50,000 compared to the 2022 grant of equity compensation. The cumulative effect of these actions was to increase Ms. Ramesh's total target direct compensation by 6.9% for 2023 compared to her targeted level for 2022.

•Zachary N. Carpenter: Increased annual base salary by $15,000 and maintained the fixed target percentage for target bonus at 75% of base salary. Increased the targeted value of long-term incentive awards by $60,000 compared to the 2022 grant of equity compensation. The cumulative effect of these actions was to increase Mr. Carpenter's total target direct compensation by 7.8% for 2023 compared to his targeted level for 2022.

•Stephen P. Mullery: Increased annual base salary by $20,000 and maintained the fixed target percentage for target bonus at 40% of base salary. Increased the targeted value of long-term incentive awards by $25,000 compared to the 2022 grant of equity compensation. The cumulative effect of these actions was to increase Mr. Mullery's total target direct compensation by 5.7% for 2023 compared to his targeted level for 2022.

•Marc J. Crady: Increased annual base salary by $15,000 and maintained the fixed target percentage for target bonus at 40% of base salary. Increased the targeted value of long-term incentive awards by $10,000 compared to the 2022 grant of equity compensation. The cumulative effect of these actions was to increase Mr. Crady's total target direct compensation by 4.4% for 2023 compared to his targeted level for 2022.

Base Salary. We pay base salary to provide current and prospective executives with a predictable core amount of annual compensation, regardless of Farmer Mac's financial results, so long as the executives perform their duties in a competent, professional manner. The Compensation Committee sets this pay element at a level that, by itself, would provide executives with a level of financial security commensurate with the competitive market, but not at a level expected to be adequate alone to retain executives or motivate outstanding performance. The Compensation Committee strives to balance the annual base salary with the opportunity for executives to realize value in the form of both short-term and long-term incentive compensation, while remaining competitive relative to the peer group. The Compensation Committee reviews the base salaries of Farmer Mac's executive officers annually shortly after the end of the calendar year, as well as at the time of promotions or other changes in responsibilities. Increases in salary usually take effect on January 1 unless a promotion or new hire requires a different timing.

In March 2023, the Compensation Committee determined the 2023 annual base salaries of Ms. Ramesh and Messrs. Carpenter, Mullery, and Crady based on an evaluation of each individual's performance, experience, level of responsibilities, level of base salary, and peer group market data provided by Aon. The Compensation Committee approved increases to the annual base salaries of Messrs. Carpenter, Mullery, and Crady, which were effective retroactively to January 1, 2023. The Committee maintained Ms. Ramesh's annual base salary at $525,000 for 2023.

In connection with the Board's approval of the first amendment to Mr. Nordholm's amended employment agreement in September 2022, no change was made to Mr. Nordholm's base salary of $800,000 per year, so Mr. Nordholm's annual base salary for 2023 remained at $800,000.

EXECUTIVE COMPENSATION GOVERNANCE

In March 2024, the Compensation Committee approved the following changes to 2024 annual base salaries, which were effective retroactively to January 1, 2024.

The Compensation Committee reviewed Mr. Nordholm's base salary in early 2024 but did not increase his base salary for 2024 above the $800,000 level agreed to in his amended employment agreement. The Compensation Committee will continue to review Mr. Nordholm's base salary on an annual basis for potential increases in the Committee's sole discretion, but no increase in Mr. Nordholm's base salary will be required during the remaining term of his employment agreement through March 31, 2026.

Annual Cash Incentive Compensation. We provide annual cash incentive compensation to motivate and reward performance by the executive officers. We measure this performance by comparing Farmer Mac's results against specified short-term goals established by the Compensation Committee and reviewed by the Board. In determining the performance goals and weightings for the year, the Compensation Committee considers competitive practices for incentive design and seeks to encourage prudent risk-taking within Board-established parameters by balancing growth in business volume, earnings, and revenues with risk management objectives. Consistent with this philosophy, the Compensation Committee chose performance goals and weightings for 2023 that it believed struck the appropriate balance among the corporate goals of earnings (25% weight), revenues (15% weight), business volume (10% weight), and asset quality (15% weight), as well as an individual's leadership and strategic performance (35% weight). For short-term incentive compensation for performance in 2023, the Compensation Committee decided to maintain the essence of the methodology used to determine short-term incentive compensation for 2022 while making the asset quality metric more difficult to achieve compared to 2022 by changing the target level of performance for the ratio of substandard assets to regulatory capital from 25% to 20%.

These goals most closely represent the business strategies and objectives established by the Board and management in Farmer Mac's business plan for 2023 and seek to reward responsible growth by balancing the need for growth in earnings, revenues, and business volume; the maintenance of disciplined underwriting and high credit quality; and continued financial stability with enhancement of stockholder value. The Compensation Committee believes that these short-term goals align with Farmer Mac's long-term goals and public mission. As described below, Farmer Mac must also achieve pre-established financial and business thresholds before any annual cash incentive compensation will be paid.

For 2023, each of the named executive officers earned the percentages of the components of his or her annual targeted cash incentive compensation as described in the table below. 65% of each individual's incentive compensation for 2023 reflected Farmer Mac's attainment of the specified measures, which was the same for all named executive officers. The other 35% of an individual's cash incentive compensation reflected the Compensation Committee's qualitative evaluation of the achievements toward the strategic initiatives of Farmer Mac by each individual and the named executive officers as a group.

For actual performance between threshold, target, and maximum amounts, the annual incentive award earned is interpolated on a straight-line basis. If performance falls below the threshold amount, no payment is made. Payout for performance at or above the maximum amounts is capped at 200%. For 2023, Farmer Mac met or exceeded:

•the amounts set forth in the maximum column for "Earnings" and "Total Revenues"; and

•the amounts set forth in the target column for "Business Volume" and "Ratio of Substandard Assets to Regulatory Capital."

EXECUTIVE COMPENSATION GOVERNANCE

The Compensation Committee places the most weight in the short-term incentive "scorecard" on the "Leadership and Strategic Performance" component (weighted at 35%) because the Committee believes that some accomplishments in this area that are more subjective and not easily quantified can be significant drivers of long-term stockholder value. Some factors the Compensation Committee considers in its qualitative evaluation of each named executive officer were an individual's professional skills, leadership, responsibility, work organization, initiative, creativity, dedication, resourcefulness, and level of contribution to the attainment of business plan objectives and strategic initiatives. The Compensation Committee reviewed Farmer Mac's 2023 accomplishments and qualitatively judged, in its evaluation, the 2023 achievements by each of the named executive officers and the named executive officers as a group, with particular focus on:

•achieving record earnings and revenue growth while maintaining excellent credit quality and strengthening Farmer Mac's capital position through retained earnings;

•maintaining strong liquidity and uninterrupted access to the debt capital markets at favorable rates;

•increasing long-term stockholder value by achieving strong return-on-equity and total stockholder return;

•successfully completing a third structured securitization transaction that decreased Farmer Mac's credit risk and improved its capital efficiency, while retaining rights to future recurring fee income;

•improving Farmer Mac's operations by enhancing its internal loan servicing capabilities, including through the acquisition of a portfolio of loans serviced for others;

•continued progress on developing the talent and infrastructure to handle more complex commercial loans;

•the outstanding leadership demonstrated by Farmer Mac's executives working as a team in the face of macroeconomic disruptions as Farmer Mac continued to provide needed liquidity and lending capacity to lenders serving rural America;

•effectively managing a growing and dispersed workforce in a primarily remote environment while adding talent to the organization and maintaining low employee attrition and an operating efficiency below 30%;

•further enhancing Farmer Mac's long-term strategic planning, thought leadership, and the effectiveness of risk management;

•continued progress on strategic initiatives to promote effective outreach to key stakeholders and to broaden, deepen, and diversify Farmer Mac's sources of business; and

•Farmer Mac's continued compliance with applicable regulatory requirements.

When combined, the level of incentive achieved by each of the named executive officers for 2023 ranged from 180.27% to 187.27% of the applicable target bonus. Annual incentive compensation payments for 2023, which are disclosed in "Executive Compensation—Summary Compensation Table," were paid in March 2024.

1 See pages 36-37 for more detailed descriptions of these measures.

EXECUTIVE COMPENSATION GOVERNANCE

For short-term incentive compensation for performance in 2024, the Compensation Committee decided to maintain the same design and metrics used to determine short-term incentive compensation for 2023 while calibrating the threshold, target, and maximum amounts with appropriate increases over 2023 results and consistent with Farmer Mac's 2024 business plan. For 2024, each of the named executive officers will earn percentages of the components of his or her targeted cash bonus for 2024, determined formulaically according to the scorecard below:

The Compensation Committee retains discretion to award no annual cash incentive pay in appropriate circumstances regardless of the achievement against corporate performance targets.

Long-Term Incentive Compensation. The Compensation Committee is keenly aware of the need to discourage excessive risk taking by Farmer Mac's executives while rewarding growth in stockholder value. The Compensation Committee therefore uses a mix of equity compensation for executive officers designed to reward performance and properly align the interests of executive officers with the long-term interests of stockholders through a balance of stock-based awards. The Compensation Committee believes that competitive long-term incentive awards also help retain executives over the longer term. In 2023, long-term incentive compensation consisted of grants of:

•time-based RSUs;

•performance-based RSUs; and

•SARs with an exercise price equal to the fair market value of Farmer Mac's Class C Non-Voting Common Stock on the date of grant.

The Compensation Committee considers the annual value of all components of the total compensation package (including base salary, annual incentive cash compensation, long-term incentive pay, and retirement benefits and perquisites) when determining the form and level of long-term equity grants. Although there is no formula for allocation, the long-term incentive grants are considered as part of the overall compensation package. When considering the competitive market, the Compensation Committee looks at the targeted annual value of long-term grants. The targeted annual values reflect the intended compensation for that year, so prior equity grants are considered only if there is a concern with maintaining market competitiveness.

EXECUTIVE COMPENSATION GOVERNANCE

In March 2023, the Compensation Committee granted time-based RSUs, performance-based RSUs, and SARs to all five named executive officers after the filing of Farmer Mac's Annual Report on Form 10-K for fiscal year 2022. In setting 2023 equity awards, the Compensation Committee determined a targeted value for the awards to each individual that was competitive and reasonable when compared to Farmer Mac's peer group and the practices of the broader banking and financial services industry, as well as consistent with Farmer Mac's performance and compensation philosophy.

•The Compensation Committee maintained the overall targeted value for the March 2023 regular annual equity awards to Mr. Nordholm at $1.2 million. The Compensation Committee also granted Mr. Nordholm a special one-time incentive equity award of 15,000 performance-based RSUs in March 2023. That special award was designed to retain Mr. Nordholm as Farmer Mac’s President and Chief Executive Officer through the end of the new term of his amended employment agreement (March 31, 2026), as well as to promote the achievement of specified performance goals during the three-year performance period. Those 15,000 performance-based RSUs had a grant date fair value of approximately $2.0 million.

•The overall targeted value for the March 2023 equity awards to Ms. Ramesh of $400,000 increased by $50,000 compared to the targeted value of her 2022 equity awards.

•The overall targeted value for the March 2023 equity awards to Mr. Carpenter of $400,000 increased by $60,000 compared to the targeted value of his 2022 equity awards.

•The overall targeted value for the March 2023 equity awards to Mr. Mullery of $300,000 increased by $25,000 compared to the targeted value of his 2022 equity awards.

•The overall targeted value for the March 2023 equity awards to Mr. Crady of $175,000 increased by $10,000 compared to the targeted value of his 2022 equity awards.

Time-Based RSUs Granted in 2023

The Compensation Committee granted each of the named executive officers time-based RSUs in March 2023 that vest in three equal annual installments, the first of which vested on March 31, 2024. The second and third installments of those grants will vest on March 31, 2025 and March 31, 2026, respectively, if the individuals are still employed by Farmer Mac on those dates (or have satisfied the retirement provisions of the related award agreement). Because Mr. Nordholm and Mr. Mullery have already satisfied the retirement provisions of the award agreements for the 2023 grants of time-based RSUs, they will vest in the remaining RSUs as scheduled in 2025 and 2026 even if they are no longer employed by Farmer Mac on the vesting dates unless either individual's employment is terminated for cause.

Performance-Based RSUs Granted in 2023

The regular performance-based RSUs granted to the named executive officers in March 2023 (those other than Mr. Nordholm's special award described below) will be eligible to vest on March 31, 2026 in an amount determined by the Compensation Committee for each executive officer between 0% and 200% of the target number of RSUs granted to that executive officer. Subject to

satisfaction of the “gatekeepers” described below, the number of shares of Farmer Mac Class C Non-Voting Common Stock to be awarded for the vesting of these performance-based RSUs will be based on Farmer Mac's 3-year cumulative Earnings as of December 31, 2025 as follows:

•performance at a 3-year cumulative Earnings of $376.8 million is required for vesting of any RSUs and will earn the threshold level of 50% of the target number of RSUs granted;

•performance at the target 3-year cumulative Earnings of $457.3 million will earn 100% of the target number of RSUs granted; and

•performance at or above 3-year cumulative Earnings of $520.0 million will earn the maximum award of 200% of the target number of RSUs granted.

Performance between these 3-year cumulative Earnings goals will earn shares in an interpolated amount of the target number of RSUs granted (50% to 100% of the target number for performance between the threshold goal and target goal and 100% to 200% of the target number for performance between the target goal and "stretch" goal).

The "gatekeepers" for the March 2023 regular grants of performance-based RSUs are:

•maintain compliance with all applicable regulatory capital requirements during the January 1, 2023 through December 31, 2025 performance period;

•achieve a three-year average ratio of net charge-offs to the average balance of total outstanding on- and off-balance sheet loans, guarantees, and commitments excluding any assets held in Farmer Mac's liquidity investment portfolio ("Net Outstanding Business Volume") less than 20 basis points (0.2%); and

•achieve a three-year average percentage of total 90-day delinquencies to the average balance of Net Outstanding Business Volume of less than 1%.

In performing the calculations for the "gatekeepers," "net charge-offs" means charge-offs to Farmer Mac’s allowance for losses net of actual recoveries plus any writedowns on real estate owned (REO) properties and any gains or losses realized upon disposition of REO properties. Average balances are determined by calculating a simple average of reported balances as of the end of each calendar quarter.

The performance-based RSUs that the Compensation Committee granted in 2023 also included a special one-time incentive equity award of 15,000 performance-based RSUs designed to retain Mr. Nordholm as Farmer Mac’s President and Chief Executive Officer through the end of the extended term of his amended employment agreement (March 31, 2026), as well as to promote the achievement of specified performance goals. The vesting date for that award is March 31, 2026. The number of shares that will actually vest on that date will range between 0% and 200% of the 15,000 target amount depending on Farmer Mac’s 3-year average core earnings return on common equity (as defined in the award agreement) and Farmer Mac’s relative total stockholder return performance compared to the companies in the Standard & Poor's 500 Financial Services Index (formerly known as the Standard & Poor's 500 Diversified Financials Index) during the performance

EXECUTIVE COMPENSATION GOVERNANCE

period of January 1, 2023 through December 31, 2025. The award agreement does not include the provision customary for Farmer Mac’s grants of other RSU awards that the award will continue to vest as scheduled upon retirement from Farmer Mac after reaching the age of 55 and having a combination of age and service of at least 65. Thus, Mr. Nordholm will not vest in any portion of this performance-based RSU award if his employment with Farmer Mac ends before January 1, 2026 (unless employment is terminated due to death or disability, in which case a pro rata portion of the target amount will vest).

SARs Granted in 2023

The SARs granted to the named executive officers in 2023 vest in three equal annual installments, the first of which vested on March 31, 2024. The second and third installments of those grants will vest on March 31, 2025 and March 31, 2026, respectively, if the individuals are still employed by Farmer Mac on those dates (or have satisfied the retirement provisions of the related award agreement). Because Mr. Nordholm and Mr. Mullery have already satisfied the retirement provisions of the award agreements for the 2023 grants of SARs, they will vest in the remaining SARs as scheduled in 2025 and 2026 even if they are no longer employed by Farmer Mac on the vesting dates unless either individual's employment is terminated for cause.

2024 Equity Grants

In March 2024, the Compensation Committee granted time-based RSUs, performance-based RSUs, and SARs to each of the named executive officers within two weeks after the filing of Farmer Mac's Annual Report on Form 10-K for fiscal year 2023. The Compensation Committee set 2024 equity awards in the same manner as it did in 2023 and in accordance with Farmer Mac's total compensation philosophy described above. These 2024 equity awards are described in Farmer Mac's Current Report on Form 8-K filed with the SEC on March 11, 2024.

Retirement Plans. During 2023, Farmer Mac provided retirement benefits for all employees through a 401(k) plan that contains an employer-funded defined contribution element. Farmer Mac annually contributes 13.2% of each employee's base compensation up to the Social Security wage base for the applicable year and 18.9% of each employee's base compensation above the Social Security wage base, up to the compensation limit for the applicable year set by the Internal Revenue Code ("Code"). The Social Security wage base was $160,200 for 2023, and the compensation limit set by the Code was $330,000 for 2023. Based on these contribution formulas and applicable limits, Farmer Mac contributed $53,239 for 2023 to the 401(k) accounts of each of the named executive officers. Farmer Mac's 401(k) plan also permits employees to make their own retirement contributions, subject to applicable limits set by the Code.

Farmer Mac also offers a nonqualified deferred compensation plan to designated highly compensated employees. The plan is designed to restore employer retirement contributions for participants to the levels they would have otherwise been eligible to receive in employer contributions under the 401(k) plan absent the limits imposed by the Code on the amount of compensation that can be considered under a qualified retirement plan. Under

this nonqualified deferred compensation plan, Farmer Mac credits the account of each participant with an amount equal to 18.9% of the difference between (i) the annual compensation limit under 401(a)(17) of the Code, described above, and (ii) the participant's annual base salary. In calculating employer credits, a participant's annual base salary is capped at $750,000. Before an amendment to the nonqualified deferred compensation plan approved by the Board in 2023, employer credits were calculated with an annual base salary cap of $700,000 for Farmer Mac's President and Chief Executive Officer and $500,000 for all other participants. For 2023, Farmer Mac credited the accounts of Ms. Ramesh and Messrs. Nordholm, Carpenter, Mullery, and Crady in the amounts of $36,855, $79,380, $22,680, $29,295, and $13,230, respectively. See "Executive Compensation Governance—Executive Compensation—Nonqualified Deferred Compensation Table" for more information about Farmer Mac's nonqualified deferred compensation plan.

Other Benefits. Farmer Mac provides the named executive officers participation in Farmer Mac's standard employee benefit plans on the same terms as other employees, which include:

•medical, dental, and vision insurance coverage with all premiums paid by Farmer Mac;

•funding of an employee health savings account by Farmer Mac; and

•a group term life insurance policy that provides a benefit equal to one year's base salary up to $300,000.

Farmer Mac also makes available to its executive officers paid parking in the garage beneath Farmer Mac's headquarters. In July 2023, Farmer Mac introduced a new executive health benefit for all Senior Vice Presidents and above. That benefit provides, on an annual basis, the opportunity to obtain a comprehensive physical examination and related testing all in one day at a leading medical facility. Farmer Mac’s payment for the medical services provided to any executive officer under this benefit is capped at $3,000 per person per year.

In limited circumstances, Farmer Mac also reimburses for reasonable relocation expenses. Farmer Mac reimbursed Mr. Nordholm $41,072 in 2021 for some of his moving expenses related to the completion of the relocation of his household to the Washington, D.C. metropolitan area, which had been delayed due to the COVID-19 pandemic. Instead of reimbursing Mr. Crady for relocation expenses in 2021, Farmer Mac paid him a one-time sign-on cash bonus of $100,000 and a related tax reimbursement "gross-up" amount of $72,007 related to that bonus. Those payments to Mr. Nordholm and Mr. Crady are reported in the "Summary Compensation Table" on page 48 in the "All Other Compensation" column.