Lewis Parrish
About Lewis Parrish
Lewis Parrish, age 46, is Chief Financial Officer (CFO) of Gladstone Land Corporation (LAND), serving since July 2014 after previously serving as Chief Accounting Officer (Apr 2013–Jun 2014) and Controller (Mar 2011–Apr 2013); he is a licensed CPA in Virginia with a B.B.A. in accounting from Virginia Tech . LAND is externally managed; executive officers, including Parrish, receive no direct compensation from LAND and are employed by Gladstone Administration, LLC (the “Administrator”), with LAND paying its allocable share of Administrator overhead (including CFO salary/bonus/benefits) under the Administration Agreement . As of March 10, 2025, Parrish beneficially owned 3,500 shares (<1% of outstanding), indicating limited direct equity alignment . Company-level performance disclosures for TSR, revenue, and EBITDA growth tied to executive evaluation are not provided; LAND highlights 141 consecutive monthly cash distributions and 35 distribution increases over the prior 39 quarters as of Nov. 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gladstone Land Corporation | Chief Financial Officer | Jul 2014–present | CFO of externally managed REIT; responsible for financial reporting, controls, and capital markets support |
| Gladstone Land Corporation | Chief Accounting Officer | Apr 2013–Jun 2014 | Led accounting prior to CFO appointment |
| Gladstone Land & Gladstone Investment | Controller | Mar 2011–Apr 2013 | Consolidated finance functions across affiliated entities |
| Gladstone Investment Corporation | Accounting Manager | Sep 2009–Mar 2011 | Advanced accounting oversight at affiliate |
| Gladstone Investment Corporation | Senior Accountant | Aug 2008–Sep 2009 | Core accounting responsibilities at affiliate |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Gladstone Administration, LLC | Employee (Administrator) supporting LAND CFO capacity | 2014–present | Administrator pays CFO compensation; LAND pays allocable overhead under the Administration Agreement |
Fixed Compensation
LAND does not disclose individual executive cash compensation; as an externally managed REIT, executives are compensated by the Adviser/Administrator.
| Component | Disclosure |
|---|---|
| Base Salary | Not disclosed by LAND; paid by Administrator under Administration Agreement |
| Target Bonus % | Not disclosed by LAND; paid by Administrator |
| Actual Bonus Paid | Not disclosed by LAND; paid by Administrator |
| Perquisites/Pension/Deferred Comp | LAND states no equity incentive plans, pensions, or perquisites provided by LAND; executive pay handled by Adviser/Administrator |
Context – Company payments to Administrator (proxy-reported):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Administration fees paid by LAND (approx.) | $2.0 million | $0.7 million | $2.5 million |
Performance Compensation
LAND has no executive equity incentive plan; employees of the Adviser/Administrator do not receive stock-based awards from LAND.
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Company equity awards (RSUs/PSUs) | Not applicable (no plan) | — | — | — | — | — |
| Options | Not applicable (no plan) | — | — | — | — | — |
Adviser incentive fee structure (shaping management economics at the Adviser, not CFO-specific):
| Metric | Structure |
|---|---|
| Pre-incentive fee FFO hurdle | Quarterly FFO must exceed 1.75% of total adjusted common equity (7.0% annualized) |
| Payout band 1 | Adviser receives 100% of pre-incentive fee FFO above hurdle up to 2.1875% quarterly (8.75% annualized) |
| Payout band 2 | Adviser receives 20% of amounts above 2.1875% quarterly (8.75% annualized) |
| Capital gains incentive fee | 15% of positive annual aggregate realized gains less losses, if any (based on defined acquisition/carrying values) |
Equity Ownership & Alignment
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Shares Beneficially Owned (#) | 3,500 | 3,500 | 3,500 |
| Ownership % of Common | <1% | <1% | <1% |
| Pledged Shares | None disclosed (no pledge footnote for Parrish) | ||
| Options (exercisable/unexercisable) | None (no LAND executive equity plan) | ||
| Vested vs. Unvested Shares | Not disclosed (no equity awards from LAND) | ||
| Stock Ownership Guidelines | Not disclosed |
Employment Terms
- Officer status: Each executive officer serves at the pleasure of the Board; Parrish is CFO and Assistant Treasurer .
- Compensation source: Parrish is an employee of the Administrator; LAND pays its allocable share of Administrator overhead including CFO salary, bonus, and benefits per the Administration Agreement .
- Severance / change-in-control: Not disclosed for Parrish; the Advisory Agreement includes a termination fee payable to the Adviser equal to three times the average annual base management fee plus incentive fee earned over the prior 24 months if terminated (with two‑thirds independent director approval and 120 days’ notice) .
- Clawback / tax gross-ups: Not disclosed; LAND has a Code of Ethics and Insider Trading Policy with transaction pre-clearance and prohibitions on short sales/derivatives but no compensation clawback policy disclosure .
- Non-compete/non-solicit/garden leave: Not disclosed .
Investment Implications
- Transparency and pay-for-performance: LAND’s external management model obscures individual executive pay details; Parrish’s cash compensation and bonuses are not disclosed at the company level, limiting pay-for-performance assessment and potentially weakening direct shareholder alignment .
- Equity alignment and selling pressure: Parrish’s beneficial ownership is small (3,500 shares, <1%), with no pledging disclosed; lack of equity awards reduces insider selling pressure but also diminishes equity-based alignment with common shareholders .
- Incentive structures: Adviser incentive fees are linked to pre-incentive FFO hurdles and capital gains, which drive adviser economics but are not tailored to CFO-specific performance metrics; no LAND equity plan exists for executives, suggesting limited direct performance conditioning for Parrish’s compensation .
- Retention and continuity: Parrish has served as CFO since 2014, indicating stability in the finance function; however, absence of disclosed severance/change-of-control terms for Parrish creates uncertainty around retention economics in strategic transitions .