Toby Purse
About Toby K. Purse
Toby K. Purse, 52, has served as an independent director of Alico, Inc. since April 2019. He is Chief Operating Officer of Lipman Family Farms (previously Chief Administrative Officer and Chief Financial Officer), and holds a B.A. and Master’s in Accounting from the University of South Florida; he also serves on Florida Tomato industry bodies, bringing agriculture and finance expertise to Alico’s board . The Board classifies him as independent under Nasdaq rules and notes he meets Audit Committee “financial literacy” requirements .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lipman Family Farms | Chief Operating Officer; previously Chief Administrative Officer and Chief Financial Officer | 2004–present | Senior operating and financial leadership at North America’s largest open‑field tomato grower; deep agriculture/finance domain knowledge |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Florida Tomato Committee | Member | Not disclosed | Industry governance/market oversight body |
| Florida Tomato Growers Exchange | Member | Not disclosed | Producer association participation |
| Florida Tomato Exchange | Member | Not disclosed | Industry trade association participation |
Board Governance
- Committee assignments (FY2024–FY2025): Compensation Committee Chair; Audit Committee member; Nominating & Governance Committee member .
- Independence: The Board determined Mr. Purse is independent under Nasdaq rules .
- Attendance: The Board met 5 times in FY2024; each director attended at least 75% of Board and applicable committee meetings .
- Committee activity FY2024: Audit (4 meetings); Compensation (1); Nominating & Governance (2); Sustainability & Corporate Responsibility (1) .
- Executive sessions of independent directors: Policy requires at least twice per year; the Company met this requirement in FY2024 .
- Compensation Committee interlocks: None; no insider participation .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Annual cash retainer (non‑employee directors) | $75,000 | No meeting fees; paid quarterly |
| Committee chair fees | +$5,000 for standing committee chairs; +$10,000 for Audit Chair; +$50,000 for Board Chair (waived by Chair) | Mr. Purse is Compensation Chair (+$5,000) |
| Election to take fees in stock | Directors may elect to receive some/all fees in common stock issued quarterly at 100% of fee value | Standard election feature |
| FY2024 director compensation (Mr. Purse) | $80,000 total ($80,000 fees; $0 stock awards in table) | Table presentation shows cash “Fees Earned” but notes equity elections; see footnote below |
Footnote: The proxy states “With respect to 2024, 18,188 shares of common stock were granted in lieu of cash fees to each director. All awards are vested upon grant” .
Year-over-year snapshot:
| Year | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| FY2023 | — | 80,000 | 80,000 |
| FY2024 | 80,000 | — | 80,000 |
Performance Compensation
- Non‑employee directors do not receive performance‑conditioned annual incentives at Alico; no option awards outstanding for directors; director equity issued in lieu of cash, fully vested upon grant (no performance metrics or vesting schedules disclosed for director grants) .
Other Directorships & Interlocks
- Public company directorships (current/prior, last 5 years): None disclosed for Mr. Purse .
- Compensation Committee interlocks: None .
Expertise & Qualifications
- Agriculture industry leadership (COO/CFO/CAO), accounting credentials (Master’s in Accounting), and financial literacy for Audit Committee service .
- Board skills matrix shows broad coverage across Board experience, agriculture, business leadership, finance/capital allocation, financial audit experience, strategic planning, risk management, and technology/systems (entry for “Toby R. Purse”) .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership (as of Jan 3, 2025) | 17,735 shares; less than 1% of outstanding |
| Options | None outstanding for directors |
| Director stock ownership guideline | Must own ≥$200,000 in Alico stock (cost or market, whichever higher); three-year phase‑in for new directors |
| Compliance status (FY2024) | All directors met the guideline |
| Hedging/pledging | Anti‑hedging policy prohibits hedging transactions by directors; no specific pledging disclosure noted |
Insider Trades (Form 4s)
| Date (Transaction) | Type | Shares | Price | Direct Holdings After | Source |
|---|---|---|---|---|---|
| 2025‑07‑01 (filed 2025‑07‑03) | Stock award (grant under 2015 Plan) | 633 | $0.00 | 19,092 | https://www.sec.gov/Archives/edgar/data/0000003545/000000354525000091/xslF345X05/wk-form4_1751541662.xml |
| 2025‑10‑01 (filed 2025‑10‑?) | Stock award (grant) | 635 | $0.00 | 19,727 | https://www.sec.gov/Archives/edgar/data/0000003545/000177542825000007/xslF345X03/wk-form4_1759407813.xml |
Reference summary of the 2025‑07‑01 filing: https://www.stocktitan.net/sec-filings/ALCO/form-4-alico-inc-insider-trading-activity-2524e91ac294.html
Related-Party & Conflicts Check
- Related‑party policy requires Audit Committee approval/ratification; reviews terms vs arm’s‑length and impact on independence .
- Disclosed related‑party items in latest proxy pertain to CEO land transaction (approved by independent subcommittee); no related‑party transactions disclosed involving Mr. Purse .
- Code of Business Conduct & Ethics addresses conflicts of interest and oversight .
Say‑on‑Pay & Shareholder Feedback (context for Comp Chair)
- 2024 Say‑on‑Pay advisory vote: ~60% support when broker non‑votes counted as “against” under bylaw standard; ~90% support when excluding broker non‑votes; the Compensation Committee considered the results and will continue evaluating program design .
Governance Assessment
- Strengths: Independent director with deep agribusiness and accounting background; chairs Compensation Committee and serves on Audit and Nominating & Governance; meets financial literacy standard; attendance above threshold; independent‑only executive sessions held; anti‑hedging policy; director ownership guideline met; no interlocks and no related‑party transactions involving Mr. Purse disclosed .
- Alignment: Ability to take fees in stock and routine small stock‑in‑lieu grants (fully vested) support skin‑in‑the‑game; beneficial ownership recorded and below 1% as expected for a small‑cap board .
- Watch items:
- As Compensation Chair, the 2024 Say‑on‑Pay optics (~60% including broker non‑votes) warrant continued investor engagement and attention to performance linkage in executive pay design .
- No explicit pledging policy disclosure; rely on anti‑hedging policy and ownership guidelines for alignment .
- RED FLAGS: None material identified specific to Mr. Purse in filings; no attendance issues, interlocks, or related‑party exposure disclosed .