SEC Form 4 · accession 0000845877-16-000305
FEDERAL AGRICULTURAL MORTGAGE CORP · AGM
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John Curtis Covington
Officer — SVP - Agricultural Finance
Period of report
Aug 16, 2016
Accepted (ET)
Aug 18, 2016 · 4:35 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000845877
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class C Non-Voting Common StockF1,F2 | Aug 16, 2016 | M | 2,690 | $32.39 | A | 15,881 | D | |
| Class C Non-Voting Common StockF1,F2 | Aug 16, 2016 | F | 248 | $40.10 | D | 15,633 | D | |
| Class C Non-Voting Common StockF1,F2 | Aug 16, 2016 | D | 2,172 | $40.10 | D | 13,461 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Appreciation RightF3 | $32.39 | Aug 16, 2016 | M | 2,690 | D | Mar 31, 2016 | Apr 1, 2025 | Class C Non-Voting Common Stock | 2,690 | 5,380 | D |
Explanation of responses
- F1Mr. Covington received 270 shares of the Federal Agricultural Mortgage Corporation's ("Farmer Mac") Class C Non-Voting Common Stock upon net share settlement of his partial exercise of 2,690 stock appreciation rights with a grant price of $32.39 per share. That partial exercise entitled Mr. Covington to receive 518 shares of the Corporation's Class C Non-Voting Common Stock, and 248 shares were retained by Farmer Mac to satisfy tax withholding requirements arising from the exercise. Each stock appreciation right represents the right to receive, upon exercise, the number of shares of Farmer Mac's Class C Non-Voting Common Stock equal to the excess of the fair market value of shares on the exercise date over the grant price.
- F2Includes 12,386 shares of unvested restricted stock previously granted pursuant to Farmer Mac's 2008 Omnibus Incentive Plan. The grants of restricted stock have been described in detail in Farmer Mac's prior filings with the Securities and Exchange Commission.
- F3Exercisable beginning March 31, 2016 with respect to 2,690 shares, beginning March 31, 2017 with respect to 2,690 shares, and beginning March 31, 2018 with respect to 2,690 shares.