Garrison Christine M. 4

What Happened

• Christine M. Garrison, General Counsel and Secretary of Farmland Partners Inc. (FPI), received an award of 10,958 restricted shares on 2026-02-17 (grant price $0.00). She also received two grants of Performance Stock Units (PSUs) totaling 3,144 target PSUs (1,572 PSUs each) on 2026-02-17 (derivative awards, $0.00). On 2026-02-18, 1,200 shares were forfeited/disposed to satisfy tax withholding related to vesting (reported as code F, $0.00).
• These were compensation awards (not open-market purchases or sales). The restricted shares are subject to vesting; the PSUs are contingent performance awards.

Key Details

• Transaction dates and prices:
  • 2026-02-17: Grant of 10,958 restricted shares @ $0.00.
  • 2026-02-17: Grant of 1,572 PSUs @ $0.00 (target).
  • 2026-02-17: Grant of 1,572 PSUs @ $0.00 (target).
  • 2026-02-18: Forfeiture of 1,200 shares to satisfy tax withholding @ $0.00.
• Shares owned after transaction: Not specified in this Form 4.
• Footnotes:
  • F1: 10,958 restricted shares awarded as bonus compensation and vest ratably over the first three anniversaries of the grant.
  • F2: 1,200 shares were forfeited to satisfy tax obligations upon vesting.
  • F3: One PSU grant vests based on absolute total shareholder return (TSR) over a three-year period (target = 1,572 PSU; payout 0–150% of target).
  • F4: The other PSU grant vests based on Farmland Partners’ relative TSR vs. the MSCI US REIT Net TR Index over a three-year period (target = 1,572 PSU; payout 0–150%).
• Filing timeliness: Form 4 filed 2026-02-19 reporting transactions dated 2026-02-17–02-18; appears timely under standard two-business-day reporting rules.

Context

• Restricted stock grants reported at $0.00 are standard for compensation awards; vesting schedules and performance conditions determine when (and if) shares become owned outright.
• The 1,200-share disposition was a tax-withholding forfeiture (routine), not an open-market sale — it does not necessarily indicate negative sentiment.
• PSUs are contingent (derivative) awards that may convert to shares depending on performance over a three-year period; the target count may be adjusted from 0% to 150% depending on results.