ALICO, INC. — Form 10-Q

On July 14, 2026, Alico renewed John E. Kiernan's employment agreement as CEO/President through September 30, 2030 (auto-renewing thereafter). Base salary: $550K–$650K over 5 years with annual $25K increases. Annual discretionary bonus up to $250K; real estate incentive bonus up to $1.937M over the term tied to specific development milestones. Granted 160,000 performance-based RSUs vesting on stock price targets ($40–$110 per share); 50% vest at end of performance period, 50% vest over 5 years. Severance: 150% of base salary (18 months) if terminated without cause; 200% (24 months) if terminated without cause post-Change in Control. Separately, Alico leased 3,280 acres in Hendry County, Florida to United States Sugar Corporation for sugar/rotational crops (July 1, 2026–June 30, 2027, renewable 10 years). Tenant to clear citrus; option to purchase at $29.52M ($9,000/acre) with 4% annual increases post-June 30, 2029.