Farmland Partners Inc 8-K, filed Nov 9, 2021
Farmland Partners Inc. (FPI)
About this 8-K
Farmland Partners Inc filed this 8-K on November 9, 2021, reporting on events of November 4, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 4, 2021, Erica Borenstein, the General Counsel and Secretary of Farmland Partners, Inc. (the “Company”), informed the Company that she intends to retire from her position effective as of December 31, 2021 (the “Effective Date”). Ms. Borenstein’s decision to retire is due to her desire to pursue other interests and is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Ms. Borenstein will serve as an advisor to the Company for six months following the Effective Date, subject to mutual extension between Ms. Borenstein and the Company. On November 4, 2021 the compensation committee of the Company’s board of directors approved the following: (i) the restricted shares of common stock granted to Ms. Borenstein under the Farmland Partners Inc. Third Amended and Restated 2014 Equity Incentive Plan will vest in two tranches, with her restricted shares currently scheduled to vest in 2022 vesting fully in March 2022 and her restricted shares currently scheduled to vest in 2023 having their vesting accelerated to June 30, 2022; (ii) Ms. Borenstein’s restricted shares which were scheduled to vest in 2024 will be forfeited on June 30, 2022; and (iii) Ms. Borenstein will receive bonuses earned in 2021 totaling $265,000 following the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended 2021, which is expected to occur in March 2022. Ms. Borenstein will retain her current benefits and contributions by the Company towards those benefits until the earlier of December 31, 2022 or when she becomes eligible for benefits through subsequent employment or her spouse’s employment. Following the Effective Date, Ms. Borenstein will be paid $4,000 per month for her position as an advisor for so long as she remains in that role.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FARMLAND PARTNERS INC. | ||
| Dated: November 9, 2021 | By: |
/s/ Luca Fabbri |
| Luca Fabbri | ||
| President | ||