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ecd:FrValAsOfPrrYrEndOfEqtyAwrdsGrntdInPrrYrsFldVstngCondsDrngCvrdYrMember ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0000844059 ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000844059 ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0000844059 ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0000844059 ecd:NonPeoNeoMember 2022-01-01 2022-12-31 0000844059 ecd:NonPeoNeoMember 2021-01-01 2021-12-31 0000844059 1 2025-01-01 2025-12-31 0000844059 2 2025-01-01 2025-12-31 0000844059 3 2025-01-01 2025-12-31 iso4217:USD 0000844059 true DEFR14A FRP HOLDINGS, INC. Timing of Equity Grants. Except with respect to inducement grants to new officers, the Compensation Committee approves all equity grants at a regularly scheduled Compensation Committee in the first or second week of December of each year. The timing of this meeting is approved by the Board of Directors at a meeting held in the prior December. At the time of this Compensation Committee meeting, the Company has released earnings for the third quarter of the fiscal year and filed its quarterly report on Form 10-Q. The effective date of all equity grants (other than inducement grants) is January 1 of the year following this Compensation Committee meeting as such equity grants are intended to constitute executive compensation in the following year. The Company has not adopted a specific policy regarding the issuance of equity grants. However, while the Company is in possession of material, non-public information, the Company does not, and has not, timed the disclosure of material, non-public information for the purpose of affecting the value of executive compensation. Moreover, the Company believes that the timing of equity grants described above minimizes the risk that equity grants are awarded while the Company is in possession of material, non-public information. Except with respect to inducement grants to new officers, the Compensation Committee approves all equity grants at a regularly scheduled Compensation Committee in the first or second week of December of each year. The timing of this meeting is approved by the Board of Directors at a meeting held in the prior December. At the time of this Compensation Committee meeting, the Company has released earnings for the third quarter of the fiscal year and filed its quarterly report on Form 10-Q. The effective date of all equity grants (other than inducement grants) is January 1 of the year following this Compensation Committee meeting as such equity grants are intended to constitute executive compensation in the following year. true The Company has not adopted a specific policy regarding the issuance of equity grants. However, while the Company is in possession of material, non-public information, the Company does not, and has not, timed the disclosure of material, non-public information for the purpose of affecting the value of executive compensation. Moreover, the Company believes that the timing of equity grants described above minimizes the risk that equity grants are awarded while the Company is in possession of material, non-public information. false true true <div style="margin-top:12pt;text-align:justify">In accordance with the SEC’s disclosure requirements regarding pay versus performance, this section discusses the relationship between executive compensation actually paid to our named executive officers and certain financial performance of the Company for fiscal years listed below.</div><div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:7.990%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.051%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.055%"></td><td style="width:0.1%"></td></tr><tr><td colspan="21" style="background-color:#d9d9d9;padding:2px 1pt;text-align:center;vertical-align:middle">PAY VERSUS PERFORMANCE</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">(a)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">(b)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">(c)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">(d)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">(e)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">(f)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">(g)</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 5.5pt;text-align:left;vertical-align:bottom">Year</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Summary Compensation Table Total for Principal Executive Officer</div><div style="text-align:center">(“PEO”)(1)</div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Compensation Actually Paid to PEO(2)</div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Average Summary Compensation Table For Non-</div><div style="text-align:center">PEO Named Executive Officers (“NEOs”)(3)</div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Average Compensation Actually Paid To Non-</div><div style="text-align:center">PEO NEOs(4)</div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Value Of Initial Fixed $100 Investment</div><div style="text-align:center">Based On Total Shareholder Return(5)</div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Net Income(6)</div></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.32pt;text-align:left;vertical-align:top">2025</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,181,300</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$789,425</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,051,364</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$845,664</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$100</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$3,173,000</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.32pt;text-align:left;vertical-align:top">2024</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,197,005</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,172,558</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,249,352</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,226,040</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$134</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$6,385,000</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.32pt;text-align:left;vertical-align:top">2023</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$482,596</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$607,606</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,208,473</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,318,783</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$137</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$5,302,000</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.32pt;text-align:left;vertical-align:top">2022</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$559,706</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$620,316</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,108,865</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,170,444</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$118</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$4,565,000</td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:top">2021</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$694,950</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$811,411</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,054,051</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$1,156,563</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$127</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top">$28,215,000</td></tr></table></div> 1181300 789425 1051364 845664 100

3173000

1197005 1172558 1249352 1226040 134

6385000

482596 607606 1208473 1318783 137

5302000

559706 620316 1108865 1170444 118

4565000

694950 811411 1054051 1156563 127

28215000

The amounts set forth in column (b) represent the amounts of total compensation reported for John D. Baker III (our PEO for 2024 and 2025) and John D. Baker II (our PEO years prior to 2024) for each corresponding year in the “Total” column of the Summary Compensation Table set forth in this proxy statement (the “SCT”). See the section of this proxy statement entitled “Executive Compensation – Summary Compensation Table”. John D. Baker III John D. Baker II John D. Baker II John D. Baker II The amounts set forth in column (c) represent the amount of “compensation actually paid” to our PEO, as computed in accordance with Item 402(v) of Regulation S-K. These amounts do not reflect the actual amount of <div style="margin-top:12pt;padding-left:36pt;text-align:justify">compensation paid to or earned by our PEO during each fiscal year set forth in the table; rather, they reflect our PEO’s total compensation, as reported in the “Total” column of the SCT, after the following adjustments:</div><div style="margin-top:12pt;padding-left:63pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.515%"><tr><td style="width:1.0%"></td><td style="width:42.857%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.111%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom">Adjustments to Determine Compensation “Actually Paid” to PEO</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2025</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2024</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2023</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2022</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">2021</td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Deduction for amounts reported under the “Stock Awards” column in the SCT</div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">$(381,500)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($387,500)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($228,681)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($300,000)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($300,000)</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Increase for fair value of awards granted during year that remain unvested as of year-end(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$179,944</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$356,724</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$248,500</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$293,591</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$285,590</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Increase for fair value of awards granted during year that vested during year(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$31,079</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$18,876</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$15,420</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$23,321</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$31,732</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;text-align:justify">Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(178,258)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(6,778)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$51,120</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$64,141</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$85,432</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(43,140)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">($5,769)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$38,651</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(3,855)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$13,708</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Deduction of fair value of awards granted prior to year that were forfeited during year(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">(16,589)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">—</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:top">Total Adjustments:</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(391,875)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(24,447)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$125,010</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$60,609</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$116,462</td></tr></table></div><div style="margin-top:12pt;padding-left:81pt;text-align:justify;text-indent:-18pt">(a)The yearly change in the market price of the Company’s common stock was used to adjust the fair value of restricted stock grants. The yearly change in the market price of the Company’s common stock and the change in the probable NOI performance was used to adjust the fair value of the restricted stock grants and performance share awards that are subject to the NOI performance condition. The fair values of outstanding stock options were adjusted based on the yearly change in intrinsic value.</div> -381500 -387500 -228681 -300000 -300000 179944 356724 248500 293591 285590 31079 18876 15420 23321 31732 -178258 -6778 51120 64141 85432 -43140 -5769 38651 -3855 13708 0 0 0 -16589 0 -391875 -24447 125010 60609 116462 The amounts set forth in column (d) represent the average of the amounts reported for our named executive officers as a group (excluding our PEO) in the “Total” column of the summary compensation table. See the section of this proxy statement entitled “Executive Compensation – Summary Compensation Table”. These calculations include total compensation reported for Messrs. deVilliers Jr. and deVilliers III for each fiscal year set forth in the table.Cumulative total shareholder return represents the change in share price over the measurement period (the beginning of fiscal year 2022 to the end of fiscal year 2025), assuming reinvestment of all dividends. No dividends were issued during these years.The amounts set forth in column (g) reflects the net income of the Company during each of the fiscal years reported. The amounts set forth in column (e) represent the amount of “compensation actually paid” to our non-PEO NEOs (namely, Messrs. deVilliers Jr. and deVilliers III), as computed in accordance with Item 402(v) of Regulation S-K. These amounts do not reflect the actual amount of compensation paid to or earned by our non-PEO NEOs during <div style="margin-top:12pt;padding-left:36pt;text-align:justify">each fiscal year set forth in the table; rather, they reflect the average total compensation of our non-PEO NEOs, as reported in the “Total” column of the SCT, after the following adjustments:</div><div style="margin-top:12pt;padding-left:63pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:86.515%"><tr><td style="width:1.0%"></td><td style="width:42.857%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.111%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:middle">Adjustments to Determine Compensation “Actually Paid” to Non-PEO NEOs</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">2025</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">2024</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">2023</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">2022</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle">2021</td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt">Deduction for amounts reported under the “Stock Awards” column in the SCT</div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">$(388,875)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($375,000)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($353,681)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($300,000)</td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom">($300,000)</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Increase for fair value of awards granted during year that remain unvested as of year-end(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$244,970</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$311,507</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$357,250</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$293,591</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$285,590</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Increase for fair value of awards granted during year that vested during year(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$46,012</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$55,655</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$20,431</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$23,321</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$31,732</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;text-align:justify">Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(81,993)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(7,975)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$51,120</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$65,719</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$75,619</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(25,813)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">($7,499)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$35,190</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(4,464)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$9,571</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:justify">Deduction of fair value of awards granted prior to year that were forfeited during year(a)</div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">—</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">(16,589)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">—</td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 3.77pt 2px 1pt;text-align:right;vertical-align:bottom">Total Adjustments:</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(205,699)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$(23,312)</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$110,310</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$61,578</td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">$102,512</td></tr></table></div><div style="margin-top:8pt;padding-left:81pt;text-align:justify;text-indent:-18pt">(b)The yearly change in the market price of the Company’s common stock was used to adjust the fair value of restricted stock grants. The yearly change in the market price of the Company’s common stock and the change in the probable NOI performance was used to adjust the fair value of the restricted stock grants and performance share awards that are subject to the NOI performance condition. The fair values of outstanding stock options were adjusted based on the yearly change in intrinsic value.</div> -388875 -375000 -353681 -300000 -300000 244970 311507 357250 293591 285590 46012 55655 20431 23321 31732 -81993 -7975 51120 65719 75619 -25813 -7499 35190 -4464 9571 0 0 0 -16589 0 -205699 -23312 110310 61578 102512 <div style="margin-top:12pt;text-align:justify">Analysis of the Information Presented in the Pay Versus Performance Tables</div>The Company is focused on creating long-term value for shareholders by maximizing the value of its real estate holdings and making strategic investments. Our projects typically take several years to come to fruition, and our net income may vary significantly from year to year based on the status of those projects. Accordingly, we do not tie compensation specifically to net income; rather, the Company’s MIC plan calculates bonuses based on net operating income, leased square feet and the achievement of specified individual goals, and longer-term equity-based awards vest based on the aggregate net operating income of certain joint ventures. net operating income leased square feet the achievement of specified individual goals <div style="margin-top:12pt;text-align:justify;text-indent:36pt">The following chart reflects the relationship between “compensation actually paid” to our PEO and our non-PEO NEOs and the Company’s total shareholder return over the period the fiscal years shown. An integral part of our executive compensation program is equity-based. The Company’s objective in granting equity-based awards is to align our executive </div><div style="margin-top:12pt;text-align:justify">officers’ interests with those of our shareholders by providing a continuing incentive to maximize long-term value for shareholders and encouraging long-term employment.</div><div style="margin-top:12pt;padding-left:36pt;text-align:justify"><img alt="4764" id="i-5" src="frph-20260423_g4.jpg" style="height:288px;margin-bottom:5pt;vertical-align:text-bottom;width:480px"/></div>