Companies Village Farms International, Inc.
Village Farms International (VFF): executive pay, fiscal 2025
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CEO pay, last three years
- $1,693,552FY2024
- $3,783,169FY2025
CEO total pay was $3,783,169 in fiscal 2025, up from $1,693,552 in fiscal 2024.
FY2025: salary $1,078,403 · bonus $2,570,000 · stock awards $103,935 · option awards $0
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Michael DeGiglio | $1,078,403 | $2,570,000 | $103,935 | $0 | $0 | $0 | $30,831 | $3,783,169 |
| Chief Executive Officer | ||||||||
| Ann Lefever | 512,917 | 786,750 | 47,115 | 0 | 0 | 0 | 6,637 | 1,353,419 |
| Chief Operating Officer | ||||||||
| Stephen Ruffini | 549,449 | 728,100 | 53,563 | 0 | 0 | 0 | 8,351 | 1,339,463 |
| Chief Financial Officer | ||||||||
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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Michael DeGiglio | $3,783,169 | $1,693,552 | — | ↑ +2,089,617 |
| Ann Lefever | 1,353,419 | 685,847 | — | ↑ +667,572 |
| Stephen Ruffini | 1,339,463 | 801,382 | — | ↑ +538,081 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's compensation program is designed to provide NEOs with meaningful incentives and rewards while balancing short-term and long-term shareholder interests with the ability to attract and retain talent. The package consists of base salary, short-term cash bonuses for corporate and personal performance, and long-term equity incentives tied to share value.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Michael DeGiglio | RSA | 2025-04-01 | — | — | 173,225 | — | — |
| Michael DeGiglio | RSA | 2024-08-30 | — | — | 600,000 | — | — |
| Ann Lefever | RSA | 2025-04-01 | — | — | 78,525 | — | — |
| Ann Lefever | RSA | 2024-05-10 | — | — | 190,839 | — | — |
| Stephen Ruffini | RSA | 2025-04-01 | — | — | 89,271 | — | — |
| Stephen Ruffini | RSA | 2024-05-10 | — | — | 190,839 | — | — |
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.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Ann Lefever | PSU | 7,851 | — | $28,656 |
| Stephen Ruffini | PSU | 8,928 | — | 32,587 |
| Michael DeGiglio | PSU | 17,323 | — | 63,229 |
| Michael DeGiglio | Option | 33,334 | 1.08 | — |
| Stephen Ruffini | Option | 66,666 | 1.08 | — |
| Ann Lefever | Option | 66,666 | 1.08 | — |
| Ann Lefever | RSU | 70,674 | — | 257,960 |
| Stephen Ruffini | RSU | 80,343 | — | 293,252 |
| Ann Lefever | Option | 133,334 | 1.33 | — |
| Michael DeGiglio | RSU | 155,902 | — | 569,042 |
| Stephen Ruffini | Option | 200,000 | 0.93 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| John R. McLernonIndependent · Board Chair · Corporate Governance and Nominating | $90,000 | $100,000 | — | — | — | $190,000 |
| John P. HenryIndependent · Audit and Risk (Chair) · Compensation | 75,000 | 100,000 | — | — | — | 175,000 |
| Kathleen M. MahoneyIndependent · Compensation (Chair) · Corporate Governance and Nominating | 66,250 | 100,000 | — | — | — | 166,250 |
| Christopher C. WoodwardIndependent · Audit and Risk · Compensation · Corporate Governance and Nominating (Chair) | 65,833 | 100,000 | — | — | — | 165,833 |
| David HolewinskiIndependent · Audit and Risk · Compensation | 60,000 | 100,000 | — | — | — | 160,000 |
| Carolyn HaugerIndependent · Audit and Risk · Compensation | 60,000 | 100,000 | — | — | — | 160,000 |
Board fee structure and ownership guideline
| Annual cash retainer | $60,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 15,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $417,083 |
| Equity awards (grant-date value) | $600,000 |
| All other compensation | $0 |
| Total cost of the board | $1,017,083 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Village Farms International as a peer
Companies that benchmark against VFF
1 company names VFF as a compensation peer
- FARMER BROTHERS COFARMFY2024
- Lifeway Foods, Inc.LWAYFY2025
- Limoneira COLMNRFY2025
Each company listed discloses VFF 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 VFF in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Village Farms International, Inc. | 2025 | Michael DeGiglio | $1,078,403 | $103,935 | $0 | $0 | $3,783,169 |
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.
Say-on-pay history and pay ratio
No say-on-pay vote is on file for this company.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (18 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Michael DeGiglio. DEF 14A, filed 2026-04-29. Section “Summary Compensation Table” · page 25. As printed: 3,783,169. View filing ↗
- Section 01, Ann Lefever. DEF 14A, filed 2026-04-29. Section “Summary Compensation Table” · page 25. As printed: 1,353,419. View filing ↗
- Section 01, Stephen Ruffini. DEF 14A, filed 2026-04-29. Section “Summary Compensation Table” · page 25. As printed: 1,339,463. View filing ↗
- Section 03, Michael DeGiglio RSA. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Michael DeGiglio RSA. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Ann Lefever RSA. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Ann Lefever RSA. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Stephen Ruffini RSA. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Stephen Ruffini RSA. DEF 14A, filed 2026-04-29. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 08, John R. McLernon. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 190,000. View filing ↗
- Section 08, John P. Henry. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 175,000. View filing ↗
- Section 08, Kathleen M. Mahoney. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 166,250. View filing ↗
- Section 08, Christopher C. Woodward. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 165,833. View filing ↗
- Section 08, David Holewinski. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 160,000. View filing ↗
- Section 08, Carolyn Hauger. DEF 14A, filed 2026-04-29. Section “Director Compensation”. As printed: 160,000. View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 417,083 + equity 600,000 + all other 0 = 1,017,083, summed across the director compensation table rows.
- Village Farms International, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Village Farms International, Inc.'s own proxy. As printed: 3,783,169. View filing ↗