PATRIOT TRANSPORTATION HOLDING, INC. 200 W. Forsyth Street, 7th Floor
Jacksonville, FL 32202
December 9, 2022
Dear Fellow Shareholder:
On behalf of the board of directors, we thank you for your investment in Patriot Transportation Holding, Inc. ("Patriot") and invite you to attend the 2023 annual meeting of shareholders on Thursday, February 2, 2023 at 11:00 a.m., Eastern Standard Time. This year's annual meeting will be held virtually. To participate in the annual meeting, go to patriottrans.com, click the Investor Relations tab, and then click the link titled "2023 Annual Shareholders Meeting".
We are soliciting proxies for use at the annual shareholders meeting, at which shareholders are being asked to consider and vote upon proposals to (i) elect the six director nominees listed in the proxy statement for a one-year term, (ii) ratify the audit committee's selection of the independent auditor, and (iii) approve, on an advisory basis, the executive compensation of our named executive officers.
Your vote is very important. Even if you plan to attend the virtual annual meeting, it is strongly recommended that you vote your shares of Patriot stock by completing, signing and returning the enclosed proxy card as soon as possible to ensure your shares are represented at the annual meeting. In order to vote online during the virtual meeting, you will need to submit proof of ownership of your Patriot stock or documentation of your proxy prior to the commencement of the meeting to the following email address: dwatson@patriottrans.com.
If you hold your shares in "street name" you should instruct your broker how to vote in accordance with your voting instruction card.
The accompanying proxy statement provides you with detailed and important information about the annual meeting and the other business to be considered by Patriot's shareholders. We encourage you to read the entire proxy statement carefully. You may also obtain more information about Patriot from documents we have filed with the U.S. Securities and Exchange Commission.
Thank you for your continued support.
Very truly yours,
Robert E. Sandlin
President & CEO
This proxy statement is dated December 9, 2022 and is first being mailed to shareholders on or about December 20, 2022.
200 W. Forsyth Street, 7th Floor
Jacksonville, FL 32202
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON FEBRUARY 2, 2022
You are cordially invited to attend the virtual annual meeting of the shareholders of Patriot Transportation Holding, Inc. (the "Company", or "Patriot") on February 2, 2023 at 11:00 a.m., Eastern Standard Time, for the following purposes:
- To elect the six director nominees listed in the accompanying proxy statement for a one-year term (the "Director Election Proposal");
- To ratify the audit committee's selection of the Company's independent registered public accounting firm (the "Auditor Proposal"); and
- To approve, on an advisory basis, the compensation of the Company's named executive officers (the "Compensation Proposal").
The board of directors of Patriot recommends that you vote "FOR" the election of the six nominees listed in the Director Election Proposal, "FOR" the Auditor Proposal, and "FOR" the Compensation Proposal. We urge you to read the enclosed materials carefully.
To participate in the annual meeting, go to patriottrans.com, click the Investor Relations tab, and then click the link titled "2023 Annual Shareholders Meeting". In order to vote online during the virtual meeting, you will need to submit proof of ownership of your Patriot stock or documentation of your proxy prior to the commencement of the meeting to the following email address: dwatson@patriottrans.com.
Our board of directors has fixed the close of business on December 6, 2022 as the record date for the determination of shareholders entitled to notice and to vote at the annual meeting or any postponement or adjournment thereof. Only holders of record of shares of Patriot common stock at the close of business on the record date are entitled to notice of, and to vote at, the annual meeting and any postponements or adjournments thereof. At the close of business on the record date, Patriot had 3,484,004 shares of common stock outstanding and entitled to vote.
The ratification of the Auditor Proposal and the approval, on a non-binding, advisory basis, of the Compensation Proposal each require approval of a majority of the votes cast at the annual meeting. The outcome of the Director Election Proposal will be determined by a plurality of the votes cast at the annual meeting.
Whether you own few shares or many shares, and whether you plan to attend the virtual meeting or not, it is important that your shares be voted on matters that come before the annual meeting. If you do not vote during the meeting, you may authorize a proxy to vote by marking your votes on the proxy card,
signing and dating it, and mailing it in the envelope provided. If you sign and return your proxy card without specifying your choices, it will be understood that you wish to have your shares voted in accordance with the directors' recommendations. Any proxy given by a shareholder may be revoked by the shareholder at any time prior to the voting of the proxy by (i) delivering a written notice of revocation to our Secretary, (ii) executing and delivering a later-dated proxy, or (iii) attending and voting during the virtual annual meeting. Your prompt cooperation will be greatly appreciated.
Your vote is very important. This proxy statement provides you with detailed information about the Proposals. We encourage you to read the accompanying proxy statement carefully and in its entirety and to submit a proxy or voting instructions so that your shares will be represented and voted even if you do not attend the virtual annual meeting. If you have questions about the foregoing proposals or would like additional copies of the proxy statement, please contact: Patriot Transportation Holding, Inc., Attention: Matthew C. McNulty, Corporate Secretary, 200 W. Forsyth Street, 7th Floor, Jacksonville, FL 32202 (telephone: (904) 858-9100).
By Order of the Board of Directors,
/s/ Matthew C. McNulty
Matthew C. McNulty
Chief Financial Officer, Chief Operating
Officer, Vice President and Secretary
December 9, 2022
IMPORTANT: If you hold shares of Patriot common stock through an account with a broker, dealer, bank or other nominee please follow the instructions you receive from them to vote your shares.
TABLE OF CONTENTS | |
INTRODUCTION....................................................................................................................................... | 1 |
SUMMARY ................................................................................................................................................. | 1 |
The Annual Meeting ............................................................................................................................... | 1 |
Required Vote.......................................................................................................................................... | 1 |
Record Date ............................................................................................................................................. | 2 |
Quorum.................................................................................................................................................... | 2 |
Recommendation of Patriot's Board of Directors................................................................................ | 2 |
QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING .................................................. | 3 |
The Annual Meeting ............................................................................................................................... | 3 |
Voting at the Annual Meeting................................................................................................................ | 3 |
THE ANNUAL MEETING........................................................................................................................ | 7 |
Time, Date and Place .............................................................................................................................. | 7 |
Proposals.................................................................................................................................................. | 7 |
Recommendations of the Patriot Board................................................................................................ | 7 |
Required Vote.......................................................................................................................................... | 8 |
Quorum.................................................................................................................................................... | 8 |
Record Date ............................................................................................................................................. | 8 |
Proxies...................................................................................................................................................... | 8 |
Shares Held in "Street Name"; Broker Non-Votes.............................................................................. | 9 |
Revocation of Proxies ............................................................................................................................. | 9 |
Cost of Proxy Solicitation ....................................................................................................................... | 9 |
Assistance................................................................................................................................................. | 9 |
PROPOSAL NO. 1: THE DIRECTOR ELECTION PROPOSAL...................................................... | 10 |
BOARD OF DIRECTORS & CORPORATE GOVERNANCE .......................................................... | 10 |
Our Board of Directors and Director Nominees ................................................................................ | 10 |
Family Relationships ............................................................................................................................ | 12 |
Director Attendance at Annual Meeting of Shareholders................................................................. | 12 |
Director Independence ......................................................................................................................... | 13 |
Nominating Process .............................................................................................................................. | 13 |
Board Leadership.................................................................................................................................. | 15 |
Committees ............................................................................................................................................ | 15 |
Business Conduct Policies .................................................................................................................... | 18 |
Risk Oversight....................................................................................................................................... | 18 |
Board and Committee Self-Assessment .............................................................................................. | 18 |
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Communication with Directors............................................................................................................ | 19 |
NON-EMPLOYEEDIRECTOR COMPENSATION ........................................................................... | 20 |
Non-EmployeeDirector Stock Options............................................................................................... | 20 |
SECURITIES OWNERSHIP .................................................................................................................. | 21 |
Directors, Director Nominees and Executive Officers....................................................................... | 21 |
Shareholders Holding More Than Five Percent of Common Stock................................................. | 22 |
Section 16(a) Beneficial Ownership Reporting Compliance ............................................................. | 23 |
RELATED PARTY TRANSACTIONS.................................................................................................. | 23 |
Transactions With FRP Holdings, Inc. ............................................................................................... | 23 |
Policies and Procedures ........................................................................................................................ | 24 |
AUDIT COMMITTEE REPORT ........................................................................................................... | 25 |
PROPOSAL NO. 2: THE AUDITOR PROPOSAL............................................................................... | 26 |
Independent Registered Public Accounting Firm .............................................................................. | 26 |
Audit and Non-AuditFees.................................................................................................................... | 26 |
Pre-Approvalof Audit and Non-AuditServices ................................................................................ | 27 |
PROPOSAL NO. 3: THE COMPENSATION PROPOSAL ................................................................ | 28 |
Compensation Policies .......................................................................................................................... | 28 |
Financial Restatement .......................................................................................................................... | 29 |
Clawback Policy .................................................................................................................................... | 29 |
EXECUTIVE COMPENSATION........................................................................................................... | 29 |
Summary Compensation Table ........................................................................................................... | 29 |
Outstanding Equity Awards at Fiscal Year-End ............................................................................... | 31 |
Nonqualified Deferred Compensation ................................................................................................ | 31 |
Severance and Change of Control Agreements.............................................................................. | 32 |
SHAREHOLDER PROPOSALS ............................................................................................................ | 32 |
DELIVERY OF DOCUMENTS TO SHAREHOLDER SHARING AN ADDRESS ........................... | 33 |
WHERE YOU CAN FIND ADDITIONAL INFORMATION............................................................... | 33 |
TRANSACTION OF OTHER BUSINESS............................................................................................. | 35 |
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Patriot Transportation Holding Inc. published this content on 09 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 December 2022 13:33:38 UTC.
