Limoneira CO
For the period ended Feb 18, 2026. Filed Feb 18, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Feb 18, 2026 · Filed Feb 18, 2026
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**UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
The Securities Exchange Act of 1934 (Amendment No. )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
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| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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| ☒ | Definitive Proxy Statement |
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| ☐ | Definitive Additional Materials |
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| ☐ | Soliciting Material Pursuant to §240.14a-12 |
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LIMONEIRA COMPANY
(Name of Registrant as Specified in Its Charter)
N/A
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
| ☒ | No fee required. |
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| ☐ | Fee paid previously with preliminary materials. |
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| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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Dear Fellow Stockholder:
On behalf of the Board of Directors, it is my pleasure to invite you to attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Limoneira Company, a Delaware corporation (the “Company” or “Limoneira”). The meeting will be held on March 25,2026, at 10:00 a.m., Pacific Time, at the Museum of Ventura County Agriculture Museum, 926 Railroad Avenue, Santa Paula, California 93060.
Despite our best intentions and diligent efforts, the Company experienced disappointing financial performance in fiscal year 2025. An oversupply of lemons, less than optimal utilization in our usually reliable packing house, along with a smaller than expected avocado crop, was an adverse trifecta and the root cause of our underperformance.
Nevertheless, we continued to progress and improve our industry farming practices in our orchards while we planted still more avocados. On the horizon, we see our non-bearing avocado trees entering into full avocado production, and we hope to see rewards from these efforts in the years ahead.
Most notably, fiscal year 2025 was marked by our rejoinder with Sunkist. We believe this move will aid our effort to more efficiently and cost-effectively grow, pack and sell our lemons. We look forward to realizing improved margins while market conditions remain competitive, and we plan to remove unnecessary costs from our business.
While we must refine and improve our farming enterprise in fiscal year 2026, we are simultaneously preparing to roll out Phase 3 of our Harvest Project. We are also progressing our land transition strategy for Limco Del Mar, a 220-acre property wholly enveloped within the boundaries of the City of Ventura. Thus, as we endeavor to improve our sustainable farming operations, we seek to play our part in meeting the region’s dire need for new housing. To that end, we increased our ownership interest in Limco Del Mar from 28% to 55% and engaged professionals, planning experts and stakeholders for input which will help inform our design approach.
We believe community outreach and stockholder feedback, along with a strong and effective Board of Directors, are essential. The feedback we received throughout this challenging year has been invaluable in helping us chart a path forward. We are also pleased that, despite the challenges, we retooled our approach to more efficiently farm, our sustainable water supplies continued to meet our needs, and our intrinsic assets continue to increase in value, year over year. Management is methodically examining all the ways we can better leverage these assets in the best interests of our stockholders in fiscal year 2026 and beyond.
Enclosed please find our Notice of 2026 Annual Meeting of Stockholders and proxy statement, including a proxy card and our annual report. The proxy statement contains important information about the business to be conducted at the Annual Meeting, the proposals we will consider and how you can vote your shares. Please be sure to carefully follow the instructions contained in these proxy materials.
Your vote is very important to us. We encourage you to promptly vote your shares by telephone, Internet or by completing, signing, dating and returning the enclosed proxy card, which contains instructions on how you would like your shares to be voted. Please submit your proxy card regardless of whether you will attend the Annual Meeting. This will help us ensure that your vote is represented at the Annual Meeting.
Sincerely,
Scott S. Slater
Chairperson of the Board of Directors
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To Be Held Wednesday, March 25, 2026
Limoneira Company’s 2026 Annual Meeting of Stockholders (the “Annual Meeting”) will be held on Wednesday, March 25, 2026, at 10:00 a.m., Pacific Time, at the Museum of Ventura County Agriculture Museum, 926 Railroad Avenue, Santa Paula, California 93060, for the following purposes:
| ● | to elect two (2) Class III directors to the Board of Directors, each to serve for a three-year term (“Proposal 1”); |
| ● | to vote on an advisory resolution to approve the compensation of the Named Executive Officers as disclosed in this proxy statement (“Proposal 2”); |
| ● | to ratify the appointment of Deloitte & Touche LLP to serve as the independent registered public accounting firm for Limoneira Company for the fiscal year ending October 31, 2026 (“Proposal 3”); and |
| ● | to transact such other business as may properly come before the meeting or any adjournment or postponement thereof. |
These matters are more fully described in the enclosed proxy statement. The Board of Directors recommends that you vote “FOR” ALL the director nominees, “FOR” the advisory approval of the compensation of the Named Executive Officers, and “FOR” the ratification of the independent registered public accounting firm.
Stockholders of record at the close of business on January 30, 2026, the record date, will be entitled to notice of, and to vote at, the Annual Meeting and at any subsequent adjournments or postponements. A list of stockholders entitled to vote at the Annual Meeting will be available for inspection for ten (10) days preceding the Annual Meeting at our principal executive offices at 1141 Cummings Road, Santa Paula, California 93060. We will begin mailing the Notice of Annual Meeting, proxy statement and proxy card on or about February 18, 2026, to stockholders of record at the close of business on January 30, 2026.
To be sure that your shares are properly represented at the meeting, whether or not you attend, please promptly vote your shares either by telephone, Internet or by completing, signing, dating and returning the enclosed proxy card in the accompanying pre-addressed envelope. We must receive your proxy card no later than 11:59 p.m., Pacific Time, on Tuesday, March 24, 2026.
You will be required to bring certain documents with you to be admitted to the Annual Meeting. Please carefully read the sections in the proxy materials on attending and voting at the Annual Meeting to ensure that you comply with these requirements.
By order of the Board of Directors.
Amy Fukutomi
Vice President of Human Resources, Compliance & Corporate Secretary
| Table of Contents | |
|---|---|
| Proxy Statement for Annual Meeting of Stockholders | 4 |
| Purpose of Meeting | 4 |
| Questions and Answers About Attending and Voting at the Annual Meeting | 5 |
| Fiscal Year Highlights | 10 |
| Business Performance / Fiscal Year 2025 Achievements / Recent Events | 10 |
| Environmental, Social and Governance Initiatives | 12 |
| Corporate Governance and Related Matters | 16 |
| Corporate Governance Policies | 16 |
| Board of Directors Highlights | 16 |
| Board of Directors Structure | 16 |
| Board of Directors Oversight Responsibilities | 17 |
| Leadership Structure | 17 |
| Risk Oversight | 17 |
| Code of Ethics | 17 |
| Code of Business Conduct and Ethics for Directors | 17 |
| Corporate Governance Guidelines | 17 |
| Stock Ownership Guidelines | 18 |
| Policy Regarding Recoupment of Incentive Compensation (Clawback Policy) | 18 |
| Hedging and Pledging Policies | 18 |
| Board of Directors Meetings and Attendance | 18 |
| Director Independence | 18 |
| Committees of the Board of Directors | 19 |
| Committee Overview | 19 |
| Audit and Finance Committee | 19 |
| Compensation Committee | 20 |
| Nominating and Corporate Governance Committee | 21 |
| Risk Management Committee | 21 |
| Director Compensation | 21 |
| Proposal 1: Election of Directors | 24 |
| Nominations of Directors | 24 |
| Board of Directors Refreshment | 24 |
| Nominations of Directors | 24 |
| Board of Directors and Director Evaluation and Review Process | 25 |
| Board of Directors Experience | 25 |
| Director Education | 26 |
| Nominees for Election to the Board of Directors | 26 |
| Required Vote for Election of Directors | 28 |
| Recommendation of the Board of Directors | 28 |
| Limoneira Company | 1 | 2026 Proxy Statement |
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| Directors Not Up for Re-Election | 28 |
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| Executive Compensation | 31 |
| Compensation Discussion and Analysis | 31 |
| Certain Information Regarding Our Executive Officers | 31 |
| Executive Officers Who Are Not Directors | 31 |
| Key Executive Compensation Objectives | 32 |
| Stockholder Engagement and Key Accomplishments | 33 |
| Fiscal Year 2025 | 34 |
| Fiscal Year 2024 | 34 |
| Key Compensation Program Decisions and Developments for Fiscal Year 2025 | 34 |
| Benchmarking | 34 |
| Philosophy | 34 |
| Fiscal Year 2025 Compensation Structure | 35 |
| Changes for Fiscal Year 2026 Compensation Structure | 36 |
| Oversight of Executive Compensation | 36 |
| The Role of the Compensation Committee in Setting Compensation | 36 |
| The Role of Executives in Setting Compensation | 36 |
| Risk Assessment | 37 |
| Elements of Compensation | 37 |
| Base Salaries | 37 |
| Annual Performance Compensation Award | 37 |
| Annual Equity Incentive Awards | 38 |
| Performance Share-Based Awards | 39 |
| Restricted Share Awards | 39 |
| Strategic Special Project Bonus | 39 |
| Change In Control, Separation or Severance Benefits | 40 |
| Transaction Bonus Program | 40 |
| Retirement Plans | 41 |
| Nonqualified Deferred Compensation | 41 |
| Options and Stock Appreciation Rights | 41 |
| Performance-Based Awards | 41 |
| Restricted Stock Awards | 42 |
| Estimated Potential Incremental Payments Upon Change in Control or Certain Termination Events | 43 |
| Perquisites and Other Personal Benefits | 43 |
| Employment Agreements | 43 |
| Hedging and Pledging Policies | 43 |
| Ownership Requirement | 44 |
| Other | 44 |
| Chief Executive Officer Pay Ratio | 45 |
| Summary Compensation Table for Fiscal Years 2025, 2024 and 2023 | 46 |
| Chart of All Other Compensation in Fiscal Year 2025 | 47 |
| Grants of Plan-Based Awards in Fiscal Year 2025 | 47 |
| Outstanding Equity Awards at 2025 Fiscal Year End | 48 |
| Limoneira Company | 2 | 2026 Proxy Statement |
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| Outstanding Exercises and Stock Vested at 2025 Fiscal Year End | 49 |
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| Pay Versus Performance (PVP) | 49 |
| Compensation Committee Report | 52 |
| Proposal 2: Advisory Vote on Executive Compensation | 53 |
| Required Vote for Stockholder Approval | 53 |
| Recommendation of the Board of Directors | 53 |
| Proposal 3: Ratification of Selection of Independent Registered Public Accounting Firm | 54 |
| General | 54 |
| Fees | 54 |
| Pre-Approval Policies and Procedures | 54 |
| Required Vote For Stockholder Approval | 55 |
| Recommendation of the Board of Directors | 55 |
| Audit and Finance Committee Report | 55 |
| Other Information | 57 |
| Stock Ownership Information | 57 |
| Security Ownership of Certain Beneficial Owners and Management | 57 |
| Securities Authorized for Issuance Under Equity Compensation Plans | 59 |
| Certain Relationships and Related-Party Transactions | 59 |
| Policy for Approval of Related Party Transactions | 59 |
| Family Relationships and Other Arrangements | 59 |
| Delinquent Section 16(a) Reports | 59 |
| Stockholder Communications with the Board of Directors | 59 |
| Stockholder Proposals for the 2026 Annual Meeting of Stockholders | 60 |
| Stockholder Proposals – Inclusion in Company Proxy Statement | 60 |
| Other Stockholder Proposals or Nominations | 60 |
| United States Securities and Exchange Commission Reports | 60 |
| Delivery of Documents to Stockholders Sharing an Address | 60 |
| Other Matters | 61 |
| Except where the context indicates otherwise, the “Company,” “we,” “us” and “our” refer to Limoneira Company and its wholly owned subsidiaries. References to “stockholders” refer to stockholders of Limoneira Company. | |
| Limoneira Company | 3 | 2026 Proxy Statement |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.