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