FARMLAND PARTNERS INC. (NYSE:FPI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March5, 2017, as part of their 2017 bonus compensation, Paul A. Pittman, the Company’s Executive Chairman and Chief Executive Officer of Farmland Partners Inc. (the “Company”), received a grant of 77,419 restricted shares of the Company’s common stock, $0.01 par value per share (the “Restricted Stock”), and Luca Fabbri, the Company’s Chief Financial Officer and Treasurer, received a grant of 32,258 shares of Restricted Stock. The grants had previously been approved by the compensation committee of the Company’s board of directors and were subject to the filing of the Company’s Annual Report on Form10-K, which was filed with the Securities and Exchange Commission on March 2, 2018. The grants were made under the Company’s Second Amended and Restated 2014 Equity Incentive Plan (the “Plan”) and restricted stock award agreements, substantially in the form attached hereto as Exhibit10.1, which is incorporated herein by reference (the “Restricted Stock Award Agreements”).
Each Restricted Stock Award Agreement provides that, subject to the officer’s continuous service and certain other limitations set forth in the Restricted Stock Award Agreements and the Plan, one-third of the Restricted Stock shall vest on the first three anniversaries of the grant date, except in the event of the officer’s termination due to death or disability or the consummation of a change in control, in which case the Restricted Stock will become 50% vested.
The foregoing description of the material terms of the Restricted Stock Award Agreements is qualified in its entirety by reference to the Formof Restricted Stock Award Agreement for executive officers attached hereto as Exhibit10.1.
Item 9.01. Financial Statements and Exhibits.