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.
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.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Paul Pittman | $575,000 | $203,125 | $636,993 | $0 | $121,875 | $0 | $205,325 | $1,742,318 |
| Executive Chairman | ||||||||
| Luca Fabbri | 400,000 | 203,125 | 545,556 | 0 | 121,875 | 0 | 114,616 | 1,385,172 |
| President and Chief Executive Officer | ||||||||
| Christine Garrison | 275,000 | 93,750 | 145,477 | 0 | 56,250 | 0 | 27,063 | 597,540 |
| 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Paul Pittman | $1,742,318 | $2,985,604 | — | −1,243,286 |
| Luca Fabbri | 1,385,172 | 2,083,836 | 1,162,823 | −698,664 |
| Christine Garrison | 597,540 | 870,409 | — | −272,869 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Bruce J. Sherrick | Director | 2026-04-28 | A | 3,726 | $12 | $42,998 | Common | Form 4 ↗ |
| Danny D. Moore | Director | 2026-04-28 | A | 3,726 | 12 | 42,998 | Common | Form 4 ↗ |
| John A. Good | Director | 2026-04-28 | A | 3,986 | 12 | 45,998 | Common | Form 4 ↗ |
| Bruce J. Sherrick | Director | 2026-06-25 | A | 2,000 | 10 | 19,300 | Common | Form 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.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Luca Fabbri | OTHER | — | — | — | — | — | $545,556 |
| Paul Pittman | OTHER | — | — | — | — | — | 636,993 |
| Christine Garrison | OTHER | — | — | — | — | — | 145,477 |
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.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Paul Pittman | RSU | 45,687 | — | $442,707 |
| Paul Pittman | RSU | 44,629 | — | 432,455 |
| Luca Fabbri | RSU | 39,129 | — | 379,160 |
| Luca Fabbri | RSU | 15,592 | — | 151,086 |
| Christine Garrison | RSU | 10,434 | — | 101,105 |
| Christine Garrison | RSU | 6,205 | — | 60,126 |
| Christine Garrison | RSU | 7,126 | — | 69,051 |
| Paul Pittman | RSU | 31,732 | — | 307,483 |
| Luca Fabbri | RSU | 27,149 | — | 263,073 |
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 consultant | Alvarez and Marsal (A&M) |
| Clawback policy | True |
| Anti-hedging | The 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 | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-28 | 20,008,416 | 1,640,673 | 392,312 | 92.42% | Passed |
| 2025 | 2025-05-06 | 13,353,163 | 14,045,193 | 339,724 | 48.74% | Failed |
| 2024 | 2024-04-29 | 23,652,444 | 2,277,891 | 496,801 | 91.22% | Passed |
| 2023 | 2023-05-03 | 20,767,754 | 7,112,596 | 373,794 | 74.49% | Passed |
| 2022 | 2022-05-03 | 20,804,177 | 4,573,832 | 364,367 | 81.98% | Passed |
| 2021 | 2021-05-07 | 17,016,216 | 1,183,152 | 172,957 | 93.5% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-04-28 | 92.42%a |
| 2025 | 2025-05-06 | 48.74%b |
| 2024 | 2024-04-29 | 91.22%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.
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| 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/Governance | 47,500 | 46,960 | 0 | 0 | 5,800 | 100,260 |
| Danny D. MooreIndependent · Audit · Compensation · Nominating/Governance (Chair) | 42,500 | 46,960 | 0 | 0 | 5,800 | 95,260 |
| Bruce J. SherrickIndependent · Audit · Compensation · Nominating/Governance | 40,000 | 46,960 | 0 | 0 | 5,800 | 92,760 |
| Paul A. PittmanEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Luca FabbriEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| 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 |
| Component | FY2025 |
|---|---|
| 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.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Farmland Partners Inc. | 2025 | Luca 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.
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Paul Pittman | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Summary Compensation Table”. As printed: 1,742,318. Filing ↗machine: t9 · r1 · c41 · span 322119–322128 |
| 2 | Section 01, Luca Fabbri | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Summary Compensation Table”. As printed: 1,385,172. Filing ↗machine: t9 · r3 · c41 · span 330738–330747 |
| 3 | Section 01, Christine Garrison | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Summary Compensation Table”. As printed: 597,540. Filing ↗machine: t9 · r5 · c41 · span 339285–339292 |
| 4 | Section 03, Luca Fabbri OTHER | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “ELECTION OF DIRECTORS” · grants of plan-based awards table. Filing ↗machine: t9 · r3 · c29 · span 329654–329661 |
| 5 | Section 03, Paul Pittman OTHER | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “ELECTION OF DIRECTORS” · grants of plan-based awards table. Filing ↗machine: t9 · r1 · c29 · span 321031–321038 |
| 6 | Section 03, Christine Garrison OTHER | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “ELECTION OF DIRECTORS” · grants of plan-based awards table. Filing ↗machine: t9 · r5 · c29 · span 338202–338209 |
| 7 | Section 07, pay ratio | 10-K | 2026-02-19 | 0001104659-26-017533 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 8 | Section 08, Jennifer S. Grafton | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Director Compensation”. As printed: 105,260. Filing ↗machine: t6 · r2 · c23 · span 279900–279907 |
| 9 | Section 08, John A. Good | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Director Compensation”. As printed: 100,260. Filing ↗machine: t6 · r1 · c23 · span 277329–277336 |
| 10 | Section 08, Danny D. Moore | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Director Compensation”. As printed: 95,260. Filing ↗machine: t6 · r3 · c23 · span 282491–282497 |
| 11 | Section 08, Bruce J. Sherrick | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Director Compensation”. As printed: 92,760. Filing ↗machine: t6 · r4 · c23 · span 285059–285065 |
| 12 | Section 08, Paul A. Pittman | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 13 | Section 08, Luca Fabbri | DEF 14A | 2026-03-17 | 0001104659-26-029548 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 14 | Section 02, Bruce J. Sherrick 2026-04-28 | Form 4 | 2026-04-30 | 0001104659-26-053256 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 15 | Section 02, Danny D. Moore 2026-04-28 | Form 4 | 2026-04-30 | 0001104659-26-053255 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 16 | Section 02, John A. Good 2026-04-28 | Form 4 | 2026-04-30 | 0001104659-26-053259 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 17 | Section 02, Bruce J. Sherrick 2026-06-25 | Form 4 | 2026-06-26 | 0001104659-26-078181 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 06, 2026 vote | Form 8-K | 2026-04-30 | 0001104659-26-052958 | Item 5.07 · say-on-pay result. As reported: 92.42% (votes for as printed: 20,008,416). Filing ↗ |
| 19 | Section 06, 2025 vote | Form 8-K | 2025-05-07 | 0001104659-25-045617 | Item 5.07 · say-on-pay result. As reported: 48.74% (votes for as printed: 13,353,163). Filing ↗ |
| 20 | Section 06, 2024 vote | Form 8-K | 2024-04-29 | 0001104659-24-054185 | Item 5.07 · say-on-pay result. As reported: 91.22% (votes for as printed: 23,652,444). Filing ↗ |
| 21 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 22 | Section 09b board cost (computed) | Computed | — | computed | Cash 182,500 + equity 187,840 + all other 23,200 = 393,540, summed across the director compensation table rows.machine: formula: Σ = 393,540 |
| 23 | Farmland Partners Inc. (subject), Section 10b CEO total | DEF 14A | 2026-03-17 | 0001104659-26-029548 | CEO total compensation as printed in Farmland Partners Inc.'s own proxy. As printed: 1,385,172. Filing ↗machine: t9 · r3 · c41 · span 330738–330747 |