Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-18

FRP HOLDINGS, INC. (FRPH)

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 ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David deVilliers III$411,000$0$392,000$0$378,120$0$49,093$1,230,213
Chief Operating Officer
John Baker III411,000031,500350,000378,120010,6801,181,300
Chief Executive Officer until May 8, 2024
Matthew McNulty305,0000385,7500168,360013,404872,514
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
David deVilliers III$1,230,213$1,238,534—↓ −8,321
John Baker III1,181,3001,197,005—↓ −15,705
Matthew McNulty872,514631,201—↑ +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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01b

Executives — the named officers

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.

ExecutiveRoleFY2025 total
David deVilliers IIICOO$1,230,213
John Baker IIICEO$1,181,300
Matthew McNultyCFO$872,514
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
John S. SurfaceIndependent Director$143,010
Margaret B. WetherbeeIndependent Director$128,010
Martin E. Stein, JrIndependent Director—
Matthew S. McAfeeLead Independent Director$139,510
Nicole B. ThomasIndependent Director$138,010
William H. Walton IIIIndependent Director$138,010
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
Nicole B. ThomasDirector2026-05-14A4,671$21$100,006CommonForm 4 ↗
William H. Walton IIIDirector2026-05-14A4,67121100,006CommonForm 4 ↗
Margaret B. WetherbeeDirector2026-05-14A4,67121100,006CommonForm 4 ↗
Martin E. Stein JrDirector2026-05-14A4,67121100,006CommonForm 4 ↗
John S. SurfaceDirector2026-05-14A4,67121100,006CommonForm 4 ↗
Matthew S. McAfeeDirector2026-05-14A4,67121100,006CommonForm 4 ↗
John D. Baker IIIDirector2026-08-07A6,80022148,988CommonForm 4 ↗
John D. Baker IIDirector2026-08-17A9572221,024Common, indirectForm 4 ↗
John D. Baker IIDirector2026-08-18A8,18922179,912Common, indirectForm 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
Matthew McNultyOTHER—————$325,000
John Baker IIIRSA2025-03-05——1,016—31,500
David deVilliers IIIRSA———2,191—60,000
David deVilliers IIIPSA——4,566——125,000
Matthew McNultyRSA2024-05-31——3,236—100,000
John Baker IIIRSA2024-03-06——1,204—37,500
Matthew McNultyPRSU2024-05-31——4,854—150,000
Matthew McNultyPRSU2024-05-31——2,427—75,000
Matthew McNultyPRSU2025-01-01——5,224—160,000
Matthew McNultyRSA2025-03-05——508—15,750
Matthew McNultyRSA2025-01-01——6,856—210,000
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
John Baker IIIRSU3,219—$65,964
05

Incentive-plan design — the Compensation Discussion & Analysis

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 policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1212,758,112294,78015,09297.74%Passed
20252025-05-1213,025,873196,6925,13198.51%Passed
20242024-05-086,547,971104,1303,54698.43%Passed
20232023-05-106,325,00831,91910,73199.5%Passed
20222022-05-116,974,52830,0497,41299.57%Passed
20212021-05-036,251,45962,9538,69399%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
20262026-05-1297.74%a
20252025-05-1298.51%b
20242024-05-0898.43%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.

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
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)120,00042,036—032,201194,237
John D. Baker IIIEmployee director · Executive (1)120,00042,036——32,201194,237
John S. SurfaceIndependent · Audit (Chair) · Compensation · Governance43,000100,010—00143,010
Matthew S. McAfeeIndependent · Lead Independent Director · Audit · Compensation · Governance (Chair)39,500100,010—00139,510
Nicole B. ThomasIndependent · Audit · Compensation · Governance38,000100,010—00138,010
Martin E. Stein JrIndependent · Governance38,000100,010—00138,010
William H. Walton IIIIndependent · Audit · Compensation · Governance38,000100,010—00138,010
Margaret B. WetherbeeIndependent · Audit · Compensation · Governance28,000100,010—00128,010
09

Board fee structure and ownership guideline

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—
09b

Total cost of the board

ComponentFY2025
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.

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
1FRP HOLDINGS, INC.2025John 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.

10d

Frequently asked questions

Who was the highest-paid executive at FRP HOLDINGS, INC. in fiscal 2025?
As disclosed, David deVilliers III (Chief Operating Officer) was the highest-paid executive at FRP HOLDINGS, INC. in fiscal 2025, with total compensation of $1,230,213.
How did shareholders vote on FRP HOLDINGS, INC.'s executive compensation?
As disclosed, 97.74% of shareholders supported FRP HOLDINGS, INC.'s executive compensation in the latest say-on-pay vote.
How much does FRP HOLDINGS, INC. spend in total on board compensation for fiscal 2025?
As disclosed, FRP HOLDINGS, INC. reported total board compensation of $1,713,852 for fiscal 2025.

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, David deVilliers IIIDEF 14A2026-04-160000844059-26-000041Section “Summary Compensation Table” · page 33. As printed: 1,230,213. Filing ↗machine: r8 · c21 · span 467710–467720
2Section 01, John Baker IIIDEF 14A2026-04-160000844059-26-000041Section “Summary Compensation Table” · page 33. As printed: 1,181,300. Filing ↗
3Section 01, Matthew McNultyDEF 14A2026-04-160000844059-26-000041Section “Summary Compensation Table” · page 33. As printed: 872,514. Filing ↗machine: r12 · c21 · span 471867–471875
4Section 03, Matthew McNulty OTHERDEF 14A——Section “Executive Compensation” · grants of plan-based awards table.
5Section 03, John Baker III RSADEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 481032–481039
6Section 03, David deVilliers III RSADEF 14A2026-04-160000844059-26-000041Section “DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗
7Section 03, David deVilliers III PSADEF 14A2026-04-160000844059-26-000041Section “DIRECTOR COMPENSATION” · grants of plan-based awards table. Filing ↗machine: span 326067–326074
8Section 03, Matthew McNulty RSADEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, John Baker III RSADEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Matthew McNulty PRSUDEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 483077–483085
11Section 03, Matthew McNulty PRSUDEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 487696–487703
12Section 03, Matthew McNulty PRSUDEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 476139–476147
13Section 03, Matthew McNulty RSADEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 481192–481199
14Section 03, Matthew McNulty RSADEF 14A2026-04-160000844059-26-000041Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 475275–475283
15Section 07, pay ratio10-K2026-04-150000844059-26-000037Section “CEO Pay Ratio”. As printed: —. Filing ↗
16Section 08, David H. deVilliers JrDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 718,318. Filing ↗machine: span 315931–316058
17Section 08, John D. Baker IIDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 194,237. Filing ↗machine: span 314437–314564
18Section 08, John D. Baker IIIDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 194,237. Filing ↗machine: span 314437–314564
19Section 08, John S. SurfaceDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 143,010. Filing ↗machine: span 319824–319951
20Section 08, Matthew S. McAfeeDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 139,510. Filing ↗machine: span 317263–317390
21Section 08, Nicole B. ThomasDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 138,010. Filing ↗machine: span 321103–321230
22Section 08, Martin E. Stein JrDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 138,010. Filing ↗machine: span 318546–318673
23Section 08, William H. Walton IIIDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 138,010. Filing ↗machine: span 322387–322514
24Section 08, Margaret B. WetherbeeDEF 14A2026-04-160000844059-26-000041Section “Director Compensation”. As printed: 128,010. Filing ↗machine: span 323671–323798
25Section 02, Nicole B. Thomas 2026-05-14Form 42026-05-150001921511-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, William H. Walton III 2026-05-14Form 42026-05-150001058795-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Margaret B. Wetherbee 2026-05-14Form 42026-05-150001776498-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Martin E. Stein Jr 2026-05-14Form 42026-05-150001171042-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, John S. Surface 2026-05-14Form 42026-05-200001546536-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Matthew S. McAfee 2026-05-14Form 42026-05-150002015180-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, John D. Baker III 2026-08-07Form 42026-08-110000897069-26-001606Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, John D. Baker II 2026-08-17Form 42026-08-180000897069-26-001700Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, John D. Baker II 2026-08-18Form 42026-08-180000897069-26-001700Insider equity transaction reported since the proxy statement. Filing ↗
34Section 06, 2026 voteForm 8-K2026-05-130000844059-26-000060Item 5.07 · say-on-pay result. As reported: 97.74% (votes for as printed: 12,758,112). Filing ↗
35Section 06, 2025 voteForm 8-K2025-05-120000844059-25-000018Item 5.07 · say-on-pay result. As reported: 98.51% (votes for as printed: 13,025,873). Filing ↗
36Section 06, 2024 voteForm 8-K2024-05-140000844059-24-000034Item 5.07 · say-on-pay result. As reported: 98.43% (votes for as printed: 6,547,971). Filing ↗
37Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
38Section 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
39FRP HOLDINGS, INC. (subject), Section 10b CEO totalDEF 14A2026-04-160000844059-26-000041CEO total compensation as printed in FRP HOLDINGS, INC.'s own proxy. As printed: 1,181,300. Filing ↗

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