CEO John Baker III was paid $1,181,300 in fiscal year 2025, ↓ down 1.3% from fiscal year 2024 (SEC filing 0000844059-26-000041 ↗): 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.
$1,230,213 David deVilliers III total, FY2025 Chief Operating Officer — highest-paid officer; CEO John Baker III: $1,181,300 | — CEO (John Baker III) pay percentile vs peers | — CEO-to-median pay ratio | 97.74% Say-on-pay support, latest vote |
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FRPH's next annual pay disclosure, estimated May 12, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| David deVilliers III | $411,000 | $0 | $392,000 | $0 | $378,120 | $0 | $49,093 | $1,230,213 |
| Chief Operating Officer | ||||||||
| John Baker III | 411,000 | 0 | 31,500 | 350,000 | 378,120 | 0 | 10,680 | 1,181,300 |
| Chief Executive Officer until May 8, 2024 | ||||||||
| Matthew McNulty | 305,000 | 0 | 385,750 | 0 | 168,360 | 0 | 13,404 | 872,514 |
| Chief Financial Officer starting May 31, 2024 | ||||||||
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 |
|---|---|---|---|---|
| David deVilliers III | $1,230,213 | $1,238,534 | — | ↓ −8,321 |
| John Baker III | 1,181,300 | 1,197,005 | — | ↓ −15,705 |
| Matthew McNulty | 872,514 | 631,201 | — | ↑ +241,313 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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$1,230,213 David deVilliers III total, FY2025
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Data as of August 18, 2026 · Source: 0000844059-26-000041 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).
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One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.
| Executive | Role | FY2025 total |
|---|---|---|
| David deVilliers III | COO | $1,230,213 |
| John Baker III | CEO | $1,181,300 |
| Matthew McNulty | CFO | $872,514 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| John S. Surface | Independent Director | $143,010 |
| Margaret B. Wetherbee | Independent Director | $128,010 |
| Martin E. Stein, Jr | Independent Director | — |
| Matthew S. McAfee | Lead Independent Director | $139,510 |
| Nicole B. Thomas | Independent Director | $138,010 |
| William H. Walton III | Independent Director | $138,010 |
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 |
|---|---|---|---|---|---|---|---|---|
| Nicole B. Thomas | Director | 2026-05-14 | A | 4,671 | $21 | $100,006 | Common | Form 4 ↗ |
| William H. Walton III | Director | 2026-05-14 | A | 4,671 | 21 | 100,006 | Common | Form 4 ↗ |
| Margaret B. Wetherbee | Director | 2026-05-14 | A | 4,671 | 21 | 100,006 | Common | Form 4 ↗ |
| Martin E. Stein Jr | Director | 2026-05-14 | A | 4,671 | 21 | 100,006 | Common | Form 4 ↗ |
| John S. Surface | Director | 2026-05-14 | A | 4,671 | 21 | 100,006 | Common | Form 4 ↗ |
| Matthew S. McAfee | Director | 2026-05-14 | A | 4,671 | 21 | 100,006 | Common | Form 4 ↗ |
| John D. Baker III | Director | 2026-08-07 | A | 6,800 | 22 | 148,988 | Common | Form 4 ↗ |
| John D. Baker II | Director | 2026-08-17 | A | 957 | 22 | 21,024 | Common, indirect | Form 4 ↗ |
| John D. Baker II | Director | 2026-08-18 | A | 8,189 | 22 | 179,912 | Common, indirect | 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 |
|---|---|---|---|---|---|---|---|
| Matthew McNulty | OTHER | — | — | — | — | — | $325,000 |
| John Baker III | RSA | 2025-03-05 | — | — | 1,016 | — | 31,500 |
| David deVilliers III | RSA | — | — | — | 2,191 | — | 60,000 |
| David deVilliers III | PSA | — | — | 4,566 | — | — | 125,000 |
| Matthew McNulty | RSA | 2024-05-31 | — | — | 3,236 | — | 100,000 |
| John Baker III | RSA | 2024-03-06 | — | — | 1,204 | — | 37,500 |
| Matthew McNulty | PRSU | 2024-05-31 | — | — | 4,854 | — | 150,000 |
| Matthew McNulty | PRSU | 2024-05-31 | — | — | 2,427 | — | 75,000 |
| Matthew McNulty | PRSU | 2025-01-01 | — | — | 5,224 | — | 160,000 |
| Matthew McNulty | RSA | 2025-03-05 | — | — | 508 | — | 15,750 |
| Matthew McNulty | RSA | 2025-01-01 | — | — | 6,856 | — | 210,000 |
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 |
|---|---|---|---|---|
| John Baker III | RSU | 3,219 | — | $65,964 |
FRP's compensation program consists of base salary, cash incentive bonuses, equity compensation, and other benefits. The company believes that internal pay equity is an important factor and seeks to maximize the tax deductibility of compensation elements where appropriate.
| CEO STI target (% of salary) | 100% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-12 | 12,758,112 | 294,780 | 15,092 | 97.74% | Passed |
| 2025 | 2025-05-12 | 13,025,873 | 196,692 | 5,131 | 98.51% | Passed |
| 2024 | 2024-05-08 | 6,547,971 | 104,130 | 3,546 | 98.43% | Passed |
| 2023 | 2023-05-10 | 6,325,008 | 31,919 | 10,731 | 99.5% | Passed |
| 2022 | 2022-05-11 | 6,974,528 | 30,049 | 7,412 | 99.57% | Passed |
| 2021 | 2021-05-03 | 6,251,459 | 62,953 | 8,693 | 99% | 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 | 2026-05-12 | 97.74%a |
| 2025 | 2025-05-12 | 98.51%b |
| 2024 | 2024-05-08 | 98.43%c |
a. Approved under the standard stated in the filing — “Any shares not voted (whether by abstention, withholding authority, or broker non-vote) will have no effect on the Director Election Proposal.”.
b. Approved under the standard stated in the filing — “Any shares not voted (whether by abstention, withholding authority, or broker non-vote) will have no effect on the Director Election Proposal.”.
c. Approved under the standard stated in the filing — “Any shares not voted (whether by abstention, withholding authority, or broker non-vote) will have no effect on the Director Election Proposal.”.
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 |
|---|---|---|---|---|---|---|
| David H. deVilliers JrEmployee director · Executive | $250,000 | $227,036 | — | $217,500 | $23,782 | $718,318 |
| John D. Baker IIEmployee director · Board Chair · Executive (1) | 120,000 | 42,036 | — | 0 | 32,201 | 194,237 |
| John D. Baker IIIEmployee director · Executive (1) | 120,000 | 42,036 | — | — | 32,201 | 194,237 |
| John S. SurfaceIndependent · Audit (Chair) · Compensation · Governance | 43,000 | 100,010 | — | 0 | 0 | 143,010 |
| Matthew S. McAfeeIndependent · Lead Independent Director · Audit · Compensation · Governance (Chair) | 39,500 | 100,010 | — | 0 | 0 | 139,510 |
| Nicole B. ThomasIndependent · Audit · Compensation · Governance | 38,000 | 100,010 | — | 0 | 0 | 138,010 |
| Martin E. Stein JrIndependent · Governance | 38,000 | 100,010 | — | 0 | 0 | 138,010 |
| William H. Walton IIIIndependent · Audit · Compensation · Governance | 38,000 | 100,010 | — | 0 | 0 | 138,010 |
| Margaret B. WetherbeeIndependent · Audit · Compensation · Governance | 28,000 | 100,010 | — | 0 | 0 | 128,010 |
| Annual cash retainer | $20,000 |
|---|---|
| Annual equity retainer | $60,000 |
| Per board meeting fee | $2,000 |
| Committee chair fees (audit / comp / nom-gov) | 10,000 / 5,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $714,500 |
| Equity awards (grant-date value) | $911,168 |
| All other compensation | $88,184 |
| Total cost of the board | $1,713,852 |
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 | FRP HOLDINGS, INC. | 2025 | John Baker III | $411,000 | $31,500 | $350,000 | $378,120 | $1,181,300 |
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, David deVilliers III | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Summary Compensation Table” · page 33. As printed: 1,230,213. Filing ↗machine: r8 · c21 · span 467710–467720 |
| 2 | Section 01, John Baker III | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Summary Compensation Table” · page 33. As printed: 1,181,300. Filing ↗ |
| 3 | Section 01, Matthew McNulty | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Summary Compensation Table” · page 33. As printed: 872,514. Filing ↗machine: r12 · c21 · span 471867–471875 |
| 4 | Section 03, Matthew McNulty OTHER | DEF 14A | — | — | Section “Executive Compensation” · grants of plan-based awards table. |
| 5 | Section 03, John Baker III RSA | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 481032–481039 |
| 6 | Section 03, David deVilliers III RSA | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗ |
| 7 | Section 03, David deVilliers III PSA | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗machine: span 326067–326074 |
| 8 | Section 03, Matthew McNulty RSA | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 9 | Section 03, John Baker III RSA | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗ |
| 10 | Section 03, Matthew McNulty PRSU | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 483077–483085 |
| 11 | Section 03, Matthew McNulty PRSU | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 487696–487703 |
| 12 | Section 03, Matthew McNulty PRSU | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 476139–476147 |
| 13 | Section 03, Matthew McNulty RSA | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 481192–481199 |
| 14 | Section 03, Matthew McNulty RSA | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 475275–475283 |
| 15 | Section 07, pay ratio | 10-K | 2026-04-15 | 0000844059-26-000037 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 16 | Section 08, David H. deVilliers Jr | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 718,318. Filing ↗machine: span 315931–316058 |
| 17 | Section 08, John D. Baker II | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 194,237. Filing ↗machine: span 314437–314564 |
| 18 | Section 08, John D. Baker III | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 194,237. Filing ↗machine: span 314437–314564 |
| 19 | Section 08, John S. Surface | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 143,010. Filing ↗machine: span 319824–319951 |
| 20 | Section 08, Matthew S. McAfee | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 139,510. Filing ↗machine: span 317263–317390 |
| 21 | Section 08, Nicole B. Thomas | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 138,010. Filing ↗machine: span 321103–321230 |
| 22 | Section 08, Martin E. Stein Jr | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 138,010. Filing ↗machine: span 318546–318673 |
| 23 | Section 08, William H. Walton III | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 138,010. Filing ↗machine: span 322387–322514 |
| 24 | Section 08, Margaret B. Wetherbee | DEF 14A | 2026-04-16 | 0000844059-26-000041 | Section “Director Compensation”. As printed: 128,010. Filing ↗machine: span 323671–323798 |
| 25 | Section 02, Nicole B. Thomas 2026-05-14 | Form 4 | 2026-05-15 | 0001921511-26-000001 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, William H. Walton III 2026-05-14 | Form 4 | 2026-05-15 | 0001058795-26-000005 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 02, Margaret B. Wetherbee 2026-05-14 | Form 4 | 2026-05-15 | 0001776498-26-000001 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 02, Martin E. Stein Jr 2026-05-14 | Form 4 | 2026-05-15 | 0001171042-26-000001 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 29 | Section 02, John S. Surface 2026-05-14 | Form 4 | 2026-05-20 | 0001546536-26-000004 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 30 | Section 02, Matthew S. McAfee 2026-05-14 | Form 4 | 2026-05-15 | 0002015180-26-000001 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 31 | Section 02, John D. Baker III 2026-08-07 | Form 4 | 2026-08-11 | 0000897069-26-001606 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 32 | Section 02, John D. Baker II 2026-08-17 | Form 4 | 2026-08-18 | 0000897069-26-001700 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 33 | Section 02, John D. Baker II 2026-08-18 | Form 4 | 2026-08-18 | 0000897069-26-001700 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 34 | Section 06, 2026 vote | Form 8-K | 2026-05-13 | 0000844059-26-000060 | Item 5.07 · say-on-pay result. As reported: 97.74% (votes for as printed: 12,758,112). Filing ↗ |
| 35 | Section 06, 2025 vote | Form 8-K | 2025-05-12 | 0000844059-25-000018 | Item 5.07 · say-on-pay result. As reported: 98.51% (votes for as printed: 13,025,873). Filing ↗ |
| 36 | Section 06, 2024 vote | Form 8-K | 2024-05-14 | 0000844059-24-000034 | Item 5.07 · say-on-pay result. As reported: 98.43% (votes for as printed: 6,547,971). Filing ↗ |
| 37 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 38 | Section 09b board cost (computed) | Computed | — | — | Cash 714,500 + equity 911,168 + all other 88,184 = 1,713,852, summed across the director compensation table rows.machine: formula: Σ = 1,713,852 |
| 39 | FRP HOLDINGS, INC. (subject), Section 10b CEO total | DEF 14A | 2026-04-16 | 0000844059-26-000041 | CEO total compensation as printed in FRP HOLDINGS, INC.'s own proxy. As printed: 1,181,300. Filing ↗ |
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