Christine Garrison
About Christine Garrison
Christine Garrison, 47, has served as Farmland Partners Inc.’s General Counsel and Corporate Secretary since January 2022 (Deputy General Counsel from November 1, 2021 to December 31, 2021). She holds a J.D. from the University of Colorado and a B.S. from the University of Illinois . During her tenure, company pay-versus-performance disclosures show improving net income and total shareholder return (TSR): Net Income rose from $11.96M (2022) to $61.45M (2024) and a $100 fixed investment in FPI increased to $116.51 by 2024 . She was a Named Executive Officer in 2024 .
Company performance during her tenure (per Proxy “Pay vs. Performance”):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income ($USD) | $11,960,000 | $31,681,000 | $61,450,000 |
| TSR: $100 initial value | $106.12 | $110.32 | $116.51 |
Past Roles
| Organization | Role | Years | Source |
|---|---|---|---|
| Global Student Accommodation (GSA; previously University Communities) | General Counsel | May 2019 – Oct 2021 | |
| EdgeCore Digital Infrastructure | General Counsel | Aug 2018 – Feb 2019 | |
| DCT Industrial Inc. (acquired by Prologis, Inc.) | Deputy General Counsel | Aug 2013 – Aug 2018 | |
| Snell & Wilmer L.L.P. | Attorney (Commercial Litigation) | Aug 2004 – July 2013 |
External Roles
- No public company board roles disclosed in the 2025 Proxy; biography lists corporate legal roles prior to FPI .
Fixed Compensation
| Year | Base Salary | Non-Equity Incentive (STI) | Discretionary Bonus | Stock Awards (Grant-Date Fair Value) | All Other | Total |
|---|---|---|---|---|---|---|
| 2024 | $260,000 | $48,750 (based on renewal rates and AFFO/share) | $430,000 (includes special bonus tied to asset sales) | $124,568 | $7,091 | $870,409 |
Notes:
- 2024 non-equity incentive metrics were renewal rates of expiring leases and AFFO/share (weightings and specific targets not disclosed) .
- A significant portion of the 2024 bonus was a special award recognizing “exemplary work for asset sales” .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash (Non-Equity Incentive) | Lease renewal rates; AFFO/share | Not disclosed | Not disclosed | $48,750 (2024) | N/A |
| Stock Portion of Bonus (Restricted Stock) | Annual bonus stock component | Not disclosed | Not disclosed | $124,568 grant-date value (2024) | Vests ratably over 3 years from grant date |
| Performance-Based Equity (2024 grant) | Absolute TSR (estimated at target) and Relative TSR (estimated below target as of 12/31/24) | Not disclosed | Target-level for absolute TSR; relative TSR below target (as of 12/31/24) | In progress; no payout yet | 3-year performance/vesting period from grant date |
Equity Ownership & Alignment
- Beneficial ownership (as of March 10, 2025): 33,589 shares; <1% of common stock outstanding .
- Stock ownership guidelines disclosed for CEO (4x salary) and non-employee directors ($100,000) only; no executive-officer guideline disclosed for the General Counsel .
Outstanding and unvested equity (as of December 31, 2024):
| Award Type | Grant Date | Unvested/Unearned Shares | Market Value Basis | Market Value |
|---|---|---|---|---|
| Restricted Stock (time-based) | 3/4/2024 | 9,308 | $11.76 per share (12/31/24 close) | $109,462 |
| Performance-Based (TSR awards) | 3/4/2024 | 1,993 unearned shares (estimates: absolute TSR at target; relative TSR below target) | $11.76 per share (12/31/24 close) | $23,444 |
Vesting schedule details:
- Restricted stock awards vest in three equal annual installments on each of the first three anniversaries of the grant date; performance awards carry a three-year performance/vesting period, with amounts shown estimated per plan methodology as of year-end .
Pledging/Hedging and other alignment considerations:
- Restricted stock and stock units may not be sold, transferred, assigned, pledged, or otherwise encumbered during the restricted period unless authorized by the Committee .
- Proxy highlights governance enhancements, including a Compensation Recoupment (clawback) policy .
Employment Terms
| Provision | Terms |
|---|---|
| Role and start | General Counsel and Corporate Secretary since January 2022; Deputy General Counsel from Nov 1, 2021 |
| Severance (termination without cause / good reason / non-renewal by Company) | Cash severance equal to 2x the sum of (A) current base salary, (B) average of three most recent annual bonuses, and (C) average value of any annual equity awards in the prior three annual grants (excluding initial or non-recurring awards), plus accrued items and up to ~18 months COBRA premiums |
| Change in control | Same severance multiple applies “in the event of a change in control,” plus accrued items and COBRA; plan-level treatment provides acceleration or cash-out depending on whether awards are assumed/continued; performance awards convert to time-based at target or based on actuals-to-date per plan |
| Equity acceleration on termination (no-cause/good reason/non-renewal by Company) | All outstanding unvested equity-based awards vest and become unrestricted |
| Clawback (recoupment) | Awards subject to the Company’s Compensation Recoupment Policy and potential forfeiture for cause/violations; policy structured to meet SEC/NYSE requirements |
| Excise tax treatment | “Best pay cap” to avoid 280G/4999 excise taxes—payments may be reduced to deliver greater net-of-tax outcome; no tax gross-up disclosed |
| Non-compete / non-solicit / confidentiality | Severance conditioned on compliance with customary restrictive covenants (confidentiality, noncompetition, nonsolicitation, cooperation, nondisparagement) |
| Option repricing | Plan prohibits repricing of options or SARs without shareholder approval |
Investment Implications
- Pay-for-performance alignment: Annual incentive metrics (AFFO/share and lease renewal rates) directly tie to REIT fundamentals, with 2024 discretionary bonus recognition for asset sales execution signaling the Committee’s focus on transactional performance .
- Retention dynamics: Multi-year vesting (time-based and performance TSR awards) and immediate acceleration upon qualifying terminations reduce near-term departure risk; however, the employment agreement’s change-in-control language and plan-level acceleration could create meaningful CIC cost and equity acceleration scenarios (single-trigger severance at CIC under the agreement, plus plan acceleration if awards are not assumed) .
- Potential insider selling pressure: Ratable vesting of 2024 grants through 2027 could incrementally increase tradable share availability once restrictions lapse; no pledging permitted on restricted stock during the restricted period .
- Ownership and alignment: Garrison’s beneficial ownership is 33,589 shares (<1%); the Proxy codifies ownership guidelines for the CEO and directors only, not for the General Counsel, suggesting lower mandated “skin in the game” for this role relative to top leadership .
- Governance risk mitigants: Clawback policy, no option/SAR repricing without shareholder approval, and “best pay cap” for 280G mitigate common red flags (no tax gross-up disclosed) .
- Performance backdrop: Company TSR improved (pay-versus-performance TSR index from 106.12 in 2022 to 116.51 in 2024) alongside rising net income, a constructive backdrop for incentive attainment tied to shareholder returns and cash-flow metrics .
Additional context: Garrison is identified as an executive officer and serves as General Counsel and Corporate Secretary in SEC filings and corporate proceedings (e.g., introduced legal disclaimers at the Q2’25 earnings call), underscoring her central role in disclosure, governance, and transactional execution .