Pittman Paul A 4
4 · Farmland Partners Inc. · Filed Feb 19, 2026
Research Summary
AI-generated summary of this filing
Farmland Partners (FPI) Exec Chairman Paul Pittman Receives Award
What Happened Paul A. Pittman, Executive Chairman and Director of Farmland Partners, was granted 26,519 restricted shares of common stock on 2026-02-17 (Form 4 reported 2026-02-19). The grant price was $0.00 (compensation award). In addition, Pittman received two performance stock unit (PSU) awards, each for 3,806 target PSUs (derivative awards) on 2026-02-17. On 2026-02-18, 1,694 shares were forfeited (disposed) to satisfy tax withholding in connection with the vesting of restricted shares.
Key Details
- Transaction types: A = Award/Grant (26,519 restricted shares and two PSU grants of 3,806 target PSUs each); F = Tax withholding (1,694 shares forfeited).
- Dates and prices: Grants dated 2026-02-17 @ $0.00; forfeiture dated 2026-02-18 @ $0.00. Filing date: 2026-02-19 (timely).
- Shares owned after transaction: Not specified in the filing.
- Notable footnotes: Restricted shares vest ratably over the first three anniversaries of the grant (F1). Forfeiture satisfied tax obligations on vesting (F2). Some shares are held by PJAC Farmland Partners, LLC, an entity controlled by Pittman (F3). PSUs are contingent awards tied to absolute TSR (F4) and relative TSR vs. the MSCI US REIT Index (F5); PSU payout can range from 0% to 150% of target based on performance over a three-year period beginning December 31, 2025.
- Filing timeliness: Reported within standard Form 4 timing (filed two days after the primary grant date).
Context These transactions are compensation awards (restricted shares and PSUs), not open-market buys or sales. The restricted shares will vest over three years, and the PSUs only convert to stock if performance goals are met (they are contingent, not immediate shares). The small forfeiture was a routine tax-withholding action and does not necessarily indicate a change in sentiment.
Insider Transaction Report
- Award
Common Stock
[F1]2026-02-17+26,519→ 1,659,069 total - Tax Payment
Common Stock
[F2]2026-02-18−1,694→ 1,657,375 total - Award
Performance Stock Units
[F4]2026-02-17+3,806→ 19,895 total→ Common Stock (3,806 underlying) - Award
Performance Stock Units
[F5]2026-02-17+3,806→ 19,895 total→ Common Stock (3,806 underlying)
- 1,271,500(indirect: By LLC)
Common Stock
[F3] - 5,300(indirect: By Spouse)
Common Stock
- 1,200(indirect: By daughter, Allison Pittman)
Common Stock
- 1,100(indirect: As UMTA Custodian for daughter, Catherine Pittman)
Common Stock
Footnotes (5)
- [F1]As part of Mr. Pittman's bonus compensation for the year ended December 31, 2025, he received a grant of 26,519 restricted shares of common stock pursuant to the Farmland Partners Inc. Fourth Amended and Restated 2014 Equity Incentive Plan, which shares will vest ratably on each of the first three anniversaries of the date of the grant.
- [F2]These shares were forfeited to satisfy Mr. Pittman's tax obligations in connection with the vesting of restricted shares of common stock.
- [F3]The shares are held by PJAC Farmland Partners, LLC, an entity controlled by the Reporting Person.
- [F4]Represents Performance Stock Units ("PSUs") granted to the reporting person pursuant to the Fourth Amended and Restated 2014 Equity Incentive Plan. Each PSU represents a contingent right to receive one share of common stock. The PSUs will be eligible to be earned by the reporting person based on the achievement by Farmland Partners Inc. with respect to an absolute total shareholder return ("TSR") performance goal over a three-year performance period beginning on December 31, 2025. The number of PSUs indicated reflects the "target" number of PSUs granted to the reporting person and the number of PSUs earned could range from 0% to 150% of such target number.
- [F5]Represents PSUs granted to the reporting person pursuant to the Fourth Amended and Restated 2014 Equity Incentive Plan. Each PSU represents a contingent right to receive one share of common stock. The PSUs will be eligible to be earned by the reporting person based upon Farmland Partners Inc.'s relative TSR compared to the TSR of the companies in the MSCI US REIT Net Total Return Index over a three year performance period beginning on December 31, 2025. The number of PSUs indicated reflects the "target" number of PSUs granted to the reporting person and the number of PSUs earned could range from 0% to 150% of such target number.