Item 8.01. Other Events.
On December 30, 2022, Farmland Partners, Inc. (the "Company"), Farmland Partners
Operating Partnership, LP and FPI Agribusiness, Inc. ("FPI Agribusiness")
entered into a Letter Agreement (the "Letter Agreement") with Murray R. Wise, a
member of the Company's board of directors (the "Board") and the Chairman and
Chief Executive Officer of Murray Wise Associates LLC ("MWA"), a wholly owned
subsidiary of FPI Agribusiness, regarding Mr. Wise's continued employment and
gradual retirement from MWA, and transition into an advisory role focused on
sourcing new farmland transactions and advising the Company's brokerage, auction
and farm management business. Mr. Wise's entry into the Letter Agreement will
have no impact on his status as a member of the Board.
The Letter Agreement provides for a term commencing on January 1, 2023 and
ending on December 31, 2025, during the first eighteen (18) months of which
Mr. Wise will serve as the Chairman Emeritus of MWA (the "Initial Term").
Following the expiration of the Initial Term, any services provided to the
Company by Mr. Wise will be in his capacity as an independent contractor and not
as an employee of the Company. Pursuant to the Letter Agreement, Mr. Wise will
be paid an annual base salary of $120,000, which reflects a reduction in
Mr. Wise's compensation commensurate with his new roles within the Company.
Mr. Wise will also be eligible to earn additional compensation based on
commissions received by MWA directly related to transactions generated by
Mr. Wise.
The foregoing description of the Letter Agreement does not purport to be
complete and is qualified in its entirety to the full text of the Letter
Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit
No. Description
10.1 Letter Agreement, dated December 30, 2022, by and between Farmland
Partners Inc., Farmland Partners Operating Partnership, LP, FPI
Agribusiness, Inc. and Murray R. Wise
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained
in Exhibit 101)
© Edgar Online, source Glimpses