Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-26

Farmland Partners Inc. (FPI)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,742,318
Paul Pittman total, FY2025
Executive Chairmanhighest-paid officer; CEO Luca Fabbri: $1,385,172
CEO (Luca Fabbri) pay percentile vs peers
CEO-to-median pay ratio
92.42%
Say-on-pay support, latest vote
Companies that benchmark against FPI
2 companies name FPI as a compensation peer

Each company listed discloses FPI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FPI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Paul Pittman$575,000$203,125$636,993$0$121,875$0$205,325$1,742,318
Executive Chairman
Luca Fabbri400,000203,125545,5560121,8750114,6161,385,172
President and Chief Executive Officer
Christine Garrison275,00093,750145,477056,250027,063597,540
General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Paul Pittman$1,742,318$2,985,604−1,243,286
Luca Fabbri1,385,1722,083,8361,162,823−698,664
Christine Garrison597,540870,409−272,869

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Bruce J. SherrickDirector2026-04-28A3,726$12$42,998CommonForm 4 ↗
Danny D. MooreDirector2026-04-28A3,7261242,998CommonForm 4 ↗
John A. GoodDirector2026-04-28A3,9861245,998CommonForm 4 ↗
Bruce J. SherrickDirector2026-06-25A2,0001019,300CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Luca FabbriOTHER$545,556
Paul PittmanOTHER636,993
Christine GarrisonOTHER145,477
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Paul PittmanRSU45,687$442,707
Paul PittmanRSU44,629432,455
Luca FabbriRSU39,129379,160
Luca FabbriRSU15,592151,086
Christine GarrisonRSU10,434101,105
Christine GarrisonRSU6,20560,126
Christine GarrisonRSU7,12669,051
Paul PittmanRSU31,732307,483
Luca FabbriRSU27,149263,073
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company historically awarded time-based restricted stock awards as the primary long-term incentive vehicle due to the Company's size and the importance of retention within a lean management structure. Over time, the Compensation Committee has increased the use of performance-based awards to further strengthen pay-for-performance alignment.

CEO STI target (% of salary)30%
CEO LTI target (% of salary)
Independent consultantAlvarez and Marsal (A&M)
Clawback policyTrue
Anti-hedgingThe Company has made amendments to its Policy on Inside Information and Insider Trading that include provisions strengthening corporate governance; additional detail referenced in Part III, Item 10 of the 2025 Annual Report on Form 10-K.
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2820,008,4161,640,673392,31292.42%Passed
20252025-05-0613,353,16314,045,193339,72448.74%Failed
20242024-04-2923,652,4442,277,891496,80191.22%Passed
20232023-05-0320,767,7547,112,596373,79474.49%Passed
20222022-05-0320,804,1774,573,832364,36781.98%Passed
20212021-05-0717,016,2161,183,152172,95793.5%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-04-2892.42%a
20252025-05-0648.74%b
20242024-04-2991.22%c

a. Approved under the standard stated in the filing — “For purposes of the advisory vote on executive compensation, abstentions and broker non-votes will not be counted as votes cas d present for the purpose of determining the presence of a quorum.”.

b. Approved under the standard stated in the filing — “For purposes of the advisory vote on executive compensation, abstentions and broker non-votes will not be counted as votes cas present to transact business at the Annual Meeting or if we do not receive sufficient votes in favor of the proposals by the date of the Annual Meeting, the persons named as proxies may propose one or more adjournments of the Annual Meeting to permit solicitation of additional proxies.”.

c. Approved under the standard stated in the filing — “For purposes of the advisory vote on executive compensation, abstentions and broker non-votes will not be counted as votes cas act business at the Annual Meeting or if we do not receive sufficient votes in favor of the proposals by the date of the Annual Meeting, the persons named as proxies may propose one or more adjournments of the Annual Meeting to permit solicitation of additional proxies.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jennifer S. GraftonIndependent · Lead Independent Director · Audit · Compensation (Chair) · Nominating/Governance · Not standing for re-election$52,500$46,960$0$0$5,800$105,260
John A. GoodIndependent · Audit (Chair) · Compensation · Nominating/Governance47,50046,960005,800100,260
Danny D. MooreIndependent · Audit · Compensation · Nominating/Governance (Chair)42,50046,960005,80095,260
Bruce J. SherrickIndependent · Audit · Compensation · Nominating/Governance40,00046,960005,80092,760
Paul A. PittmanEmployee director · Board Chair00000
Luca FabbriEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$37,500
Annual equity retainer$46,960
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)7,500 / 5,000 / 2,500
Stock ownership guideline$100,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$182,500
Equity awards (grant-date value)$187,840
All other compensation$23,200
Total cost of the board$393,540

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Farmland Partners Inc.2025Luca Fabbri$400,000$545,556$0$121,875$1,385,172

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at Farmland Partners Inc. in fiscal 2025?
Paul Pittman, serving as Executive Chairman, was the highest-paid executive at Farmland Partners Inc. in fiscal 2025 with total compensation of $1,742,318.
How does Farmland Partners Inc.'s chief executive pay compare to its disclosed peer group?
The company reported that the CEO's pay percentile relative to the disclosed peer group was not disclosed in this extract.
What is Farmland Partners Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was not disclosed in this extract.
How did shareholders vote on Farmland Partners Inc.'s executive compensation?
Shareholders approved the executive compensation plan with 92.42% support in the latest vote.
How much does Farmland Partners Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $393,540.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Paul PittmanDEF 14A2026-03-170001104659-26-029548Section “Summary Compensation Table”. As printed: 1,742,318. Filing ↗machine: t9 · r1 · c41 · span 322119–322128
2Section 01, Luca FabbriDEF 14A2026-03-170001104659-26-029548Section “Summary Compensation Table”. As printed: 1,385,172. Filing ↗machine: t9 · r3 · c41 · span 330738–330747
3Section 01, Christine GarrisonDEF 14A2026-03-170001104659-26-029548Section “Summary Compensation Table”. As printed: 597,540. Filing ↗machine: t9 · r5 · c41 · span 339285–339292
4Section 03, Luca Fabbri OTHERDEF 14A2026-03-170001104659-26-029548Section “ELECTION OF DIRECTORS” · grants of plan-based awards table. Filing ↗machine: t9 · r3 · c29 · span 329654–329661
5Section 03, Paul Pittman OTHERDEF 14A2026-03-170001104659-26-029548Section “ELECTION OF DIRECTORS” · grants of plan-based awards table. Filing ↗machine: t9 · r1 · c29 · span 321031–321038
6Section 03, Christine Garrison OTHERDEF 14A2026-03-170001104659-26-029548Section “ELECTION OF DIRECTORS” · grants of plan-based awards table. Filing ↗machine: t9 · r5 · c29 · span 338202–338209
7Section 07, pay ratio10-K2026-02-190001104659-26-017533Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Jennifer S. GraftonDEF 14A2026-03-170001104659-26-029548Section “Director Compensation”. As printed: 105,260. Filing ↗machine: t6 · r2 · c23 · span 279900–279907
9Section 08, John A. GoodDEF 14A2026-03-170001104659-26-029548Section “Director Compensation”. As printed: 100,260. Filing ↗machine: t6 · r1 · c23 · span 277329–277336
10Section 08, Danny D. MooreDEF 14A2026-03-170001104659-26-029548Section “Director Compensation”. As printed: 95,260. Filing ↗machine: t6 · r3 · c23 · span 282491–282497
11Section 08, Bruce J. SherrickDEF 14A2026-03-170001104659-26-029548Section “Director Compensation”. As printed: 92,760. Filing ↗machine: t6 · r4 · c23 · span 285059–285065
12Section 08, Paul A. PittmanDEF 14A2026-03-170001104659-26-029548Section “Director Compensation”. As printed: 0. Filing ↗
13Section 08, Luca FabbriDEF 14A2026-03-170001104659-26-029548Section “Director Compensation”. As printed: 0. Filing ↗
14Section 02, Bruce J. Sherrick 2026-04-28Form 42026-04-300001104659-26-053256Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Danny D. Moore 2026-04-28Form 42026-04-300001104659-26-053255Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, John A. Good 2026-04-28Form 42026-04-300001104659-26-053259Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Bruce J. Sherrick 2026-06-25Form 42026-06-260001104659-26-078181Insider equity transaction reported since the proxy statement. Filing ↗
18Section 06, 2026 voteForm 8-K2026-04-300001104659-26-052958Item 5.07 · say-on-pay result. As reported: 92.42% (votes for as printed: 20,008,416). Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-070001104659-25-045617Item 5.07 · say-on-pay result. As reported: 48.74% (votes for as printed: 13,353,163). Filing ↗
20Section 06, 2024 voteForm 8-K2024-04-290001104659-24-054185Item 5.07 · say-on-pay result. As reported: 91.22% (votes for as printed: 23,652,444). Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 09b board cost (computed)ComputedcomputedCash 182,500 + equity 187,840 + all other 23,200 = 393,540, summed across the director compensation table rows.machine: formula: Σ = 393,540
23Farmland Partners Inc. (subject), Section 10b CEO totalDEF 14A2026-03-170001104659-26-029548CEO total compensation as printed in Farmland Partners Inc.'s own proxy. As printed: 1,385,172. Filing ↗machine: t9 · r3 · c41 · span 330738–330747