# EDGAR Filing Document

**Accession Number:** 0001591670
**File Stem:** 0001104659-23-001401
**Filing Date:** 2023-1
**Character Count:** 14832
**Document Hash:** 7650a26946592dd517fc1fe3889a70d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-001401.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001104659-23-001401

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20221230

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Farmland Partners Inc.
- **CENTRAL INDEX KEY:** 0001591670
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 463769850
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36405
- **FILM NUMBER:** 23511280

**BUSINESS ADDRESS:**
- **STREET 1:** 4600 S. SYRACUSE STREET
- **STREET 2:** SUITE 1450
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** 720-452-3100

**MAIL ADDRESS:**
- **STREET 1:** 4600 S. SYRACUSE STREET
- **STREET 2:** SUITE 1450
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

?xml version="1.0" encoding="utf-8"?

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): December 30, 2022**

**FARMLAND PARTNERS INC.** 

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Maryland**<br> **(State or other jurisdiction**<br> **of incorporation)** | **001-36405**<br> **(Commission**<br> **File Number)** | **46-3769850**<br> **(IRS Employer**<br> **Identification No.)** |

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| | |
|:---|:---|
| **4600 S. Syracuse Street, Suite 1450**<br> **Denver, Colorado**<br> **(Address of principal executive offices)** | **80237**<br> **(Zip Code)**  |

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**Registrant's telephone number, including area code: (720) 452-3100**

**Not Applicable** 

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | FPI | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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|:---|:---|
| **Item 8.01.** | **Other Events.** |

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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.

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|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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| | |
|:---|:---|
| Exhibit<br> No. | Description |
| [10.1](tm231754d1_ex10-1.htm) | [Letter Agreement, dated December 30, 2022, by and between Farmland Partners Inc., Farmland Partners Operating Partnership, LP, FPI Agribusiness, Inc. and Murray R. Wise](tm231754d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

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**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.

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| | | |
|:---|:---|:---|
|  | **FARMLAND PARTNERS INC.** | **FARMLAND PARTNERS INC.** |
| January 5, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Luca Fabbri |
|  |  | Luca Fabbri |
|  |  | President |

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## Exhibit 10.1

**Exhibit 10.1**

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| | | |
|:---|:---|:---|
| ![](tm231754d1_ex10-1img001.jpg) | **Farmland Partners Inc.**<br> 4600 S Syracuse Street<br> Suite 1450<br> Denver, CO 80237 | <br> t (720) 452-3100<br> f (720) 398-3238<br> www.farmlandpartners.com |

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December 30, 2022

Murray R. Wise (via e-mil)

Dear Murray:

This letter agreement (this "<u>Agreement</u>") is intended to document the terms of your continued employment and gradual retirement at Farmland Partners Inc., Farmland Partners Operating Partnership, LP, and FPI Agribusiness, Inc. (collectively, the "<u>Company</u>").

Accordingly, we agree as follows:

**1.** **Term.** The term of this Agreement (the "<u>Term</u>") shall be from January 1, 2023, until December 31, 2025, unless earlier terminated as provided herein.

**2.** **Position and Duties.** During the first 18 months of this Agreement (the "<u>Initial Term</u>") of this Agreement, you will serve as the Chairman Emeritus of Murray Wise Associates, LLC, a wholly owned subsidiary of the Company ("<u>MWA</u>"). Your principal place of employment with the Company shall be in Champaign, Illinois, provided you may also work remotely, with MWA providing reimbursement for travel expenses to Champaign, Illinois up to $4,000 annually. During the Initial Term of this Agreement, you agree to focus your business time, energy, judgment, knowledge and skill to the performance of your duties with the Company, provided the foregoing will not prohibit you from (i) serving on the boards of directors of non-profit organizations, (ii) participating in charitable, civic, educational, professional, community or industry affairs, and (iii) managing your personal investments and/or personal business as necessary, so long as such activities in the aggregate do not interfere or conflict with your duties hereunder or create a potential business or fiduciary conflict. Other activities may be conducted if approved in writing by the Company's Chief Executive Officer.

**3.** **Compensation.** During the Initial Term of this Agreement, you will receive a base salary at an annual rate of $120,000 (the "<u>Base Salary</u>"). You will also be eligible to receive additional compensation equal to fifteen percent (15%) of any commission received by MWA directly related to transactions generated by you (the "<u>Employee Commission</u>"). After the Initial Term expires, you may continue to earn compensation equal to twenty percent (20%) of any commission received by MWA directly related to transactions generated by you, in addition to reimbursement for related expenses incurred by you at the Company's request (the "<u>Independent Contractor Compensation")</u>. Any services you provide following the Initial Term will be as an independent contractor and not an employee of the Company.

**4.** **Employee Benefits**. During the Term, you may participate in any employee benefit plan that the Company offers to its employees, subject to satisfying the applicable eligibility requirements. In addition, for a period of 18 months following the Initial Term, the Company will reimburse you the full amount of COBRA premiums owed by you for the continuation of the employee benefit plans (including medical, dental and vision benefits) in place at the end of the Initial Term. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time. In addition, you will be reimbursed for all reasonable out-of-pocket business and entertainment expenses incurred by you during the Term of this Agreement in connection with the performance of your duties hereunder. These costs shall include, but are not limited, costs associated with the maintenance of your currently active real estate licenses ("<u>License Expenses</u>"). The Company agrees to continue to pay such License Expenses for an additional 5 years following the expiration of the Term.

**5.** **Termination**. This Agreement shall terminate upon the expiration of the Term, unless earlier terminated for the following reasons: (a) by you, for any reason (including but not limited to death or disability); (b) by the Company, for cause, (which shall include your continued failure to substantially perform your duties, gross negligence in connection with the performance of your duties, a conviction or plea of guilty or nolo contendere of a felony, or your material breach of this Agreement or Company policy); or (c) by the Company, without cause. In the event of expiration of the Term, or earlier termination by you for any reason or by the Company for cause, the Company shall pay to you: (i) any unpaid Base Salary through the termination date; (ii) any Employee Commission earned and accrued but unpaid as of the termination date; (iii) any accrued but unused vacation time in accordance with Company policy; and (iv) reimbursement for any unreimbursed business expenses incurred through the termination date (collectively, sections 5(i) through (iv) shall be referred to as the "<u>Accrued Benefits</u>"), with neither you nor Company having any further obligations to the other under this Agreement, except for those provisions that expressly survive termination. If the Company terminates your employment without cause, the Company will pay to you the Accrued Benefits, your Base Salary in effect on the termination date, and any additional amounts agreed upon in writing to be paid to you by Company through the Term of this Agreement, paid in full in a lump sum within sixty (60) days after the date of termination, following your execution of a release to be provided to you by Company.

**6. Restrictive Covenants.**

(a) Your current obligation to protect the Company's confidential information, including, but not limited to, the existence of and terms of this Agreement, will continue to apply to during and after the Term.

(b) You and the Company agree not to make negative comments or otherwise disparage the other or the Company's officers, directors, employees, shareholders, agents, partners or tenants.

(c) You agree that during the Term of this Agreement you will not, directly or indirectly, own, manage, operate, control, be employed by or render services any person, firm, corporation or other entity, in whatever form, engaged in the business of owning, leasing, brokering, auctioning or managing agricultural real estate or in any other material business in which the Company or any of its affiliates is engaged on the termination date in any locale of any country in which the Company conducts business (each a "<u>Competing Interest</u>"); provided, however, nothing in this Agreement shall prohibit your direct or indirect involvement in a Competing Interest existing as of the date of this Agreement or any future Competing Interest made with the Company's express consent during the Term. Following the Term, you agree that while there will be no similar covenant in place; however, should you refer business to MWA and FPI and you will be eligible to receive the Independent Contractor Compensation as set forth herein for any transactions generated by you.

(d) In signing this Agreement, you give the Company assurance that you have carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 6 hereof. You agree that these restraints are necessary for the reasonable and proper protection of the Company.

**7.** **Miscellaneous**. This Agreement constitutes the entire agreement between you and the Company with regard to this subject matter and replaces any prior agreement. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question shall be modified by the court so as to be rendered enforceable. This Agreement shall be deemed to have been entered into and shall be construed and enforced in accordance with the laws of the State of Colorado as applied to contracts made and to be performed entirely within Colorado.

If the foregoing accurately reflects our agreement, kindly sign and return to us.

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| |
|:---|
| Sincerely, |
| /s/ Paul A. Pittman |
| Paul A. Pittman |
| CEO and Chairman, Farmland Partners Inc., Farmland Partners Operating Partnership, LP, and FPI Agribusiness, Inc. |
| Acknowledged and agreed by: |
| /s/ Murray R. Wise |
| Murray R. Wise |
| Date: January 1, 2023 |

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