Landi Susan M. 4

What Happened
Susan M. Landi, Chief Financial Officer of Farmland Partners, was granted 3,652 restricted shares of common stock and two performance-based awards (524 PSUs each, total 1,048 PSUs) on Feb 17, 2026. In connection with vesting, 429 shares were forfeited on Feb 18, 2026 to satisfy tax withholding. All grants show an acquisition price of $0.00, indicating compensation awards rather than market purchases.

Key Details

• Transaction dates: Grants on 2026-02-17; tax withholding forfeiture on 2026-02-18. Filing accession date: 2026-02-19 (filed within the typical 2-business-day Form 4 window).
• Grant amounts and pricing: 3,652 restricted shares @ $0.00; two PSU grants of 524 PSUs each (derivative awards) @ $0.00; 429 shares forfeited (code F) @ $0.00 to cover taxes.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • Restricted shares (3,652) vest ratably over the first three anniversaries of the grant (F1).
  • 429 shares were forfeited specifically to satisfy Ms. Landi’s tax obligations on vesting (F2).
  • One PSU grant is tied to an absolute total shareholder return (TSR) goal over a three‑year period beginning Dec 31, 2025 (target PSUs shown; payout range 0%–150%) (F3).
  • The other PSU grant is tied to Farmland’s relative TSR vs. the MSCI US REIT Net Total Return Index over the same three‑year performance period (target PSUs shown; payout range 0%–150%) (F4).

Context

• Restricted shares are compensation awards that vest over time (not an open‑market purchase). The forfeiture of shares to cover taxes is a routine, non‑indicative action (code F).
• PSUs are derivative, performance‑based awards that may convert to shares only if specified TSR goals are met; the number earned can be 0%–150% of target.
• These transactions reflect compensation and tax withholding rather than an insider buying or selling stock as a market signal.