Real Estate
Modiv Industrial Executive Compensation (FY24)
MDV · Denver, CO · Executive and director compensation, fiscal 2022 to 2024
Data as of September 7, 2026Latest filing (8-K): July 25, 2025
68 figures on this page: 64 cited to the filing that reported them, 4 calculated from figures it prints. See the citations
What changed from fiscal 2023 to fiscal 2024
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Aaron Halfacre: $370,700 → $386,600 (4.3% higher)
Say-on-pay support: 89.4% → 89.3% (0.1 points lower)
Frequently asked questions
Answers drawn from the data on this page.
Who is Modiv Industrial's chief executive and what were they paid?
Aaron Halfacre was paid $386,600 in total compensation as Chief Executive Officer and President for fiscal 2024. Compared with the $370,700 reported for fiscal 2023, Halfacre's total was 4.3% higher.
What was Modiv Industrial's say-on-pay result?
For fiscal 2024, shareholders backed the say-on-pay proposal with 89.3% of votes cast for or against in favor at the meeting held July 23, 2025.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Raymond Pacini Executive Vice President Chief Financial Officer Secretary and Treasurer | ◇ | — | — | — | ◇ | — | ◇ | ◇ |
Aaron Halfacre Chief Executive Officer and President | ◇ | — | — | — | — | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Raymond Pacini Executive Vice President Chief Financial Officer Secretary and Treasurer | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
Aaron Halfacre Chief Executive Officer and President | ◇ | — | — | — | — | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
John Raney Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary | ◇ | — | — | — | ◇ | — | ◇ | ◇ |
Raymond Pacini Executive Vice President Chief Financial Officer Secretary and Treasurer | ◇ | — | — | — | ◇ | — | ◇ | ◇ |
Aaron Halfacre Chief Executive Officer and President | ◇ | — | — | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Aaron Halfacre | RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2024
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Thomas H. Nolan, Jr. Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Adam S. Markman | ◇ | ◇ | — | — | — | ◇ | ◇ |
Kimberly Smith | ◇ | ◇ | — | — | — | ◇ | ◇ |
Connie Tirondola | ◇ | ◇ | — | — | — | ◇ | ◇ |
Curtis B. McWilliams | ◇ | ◇ | — | — | — | ◇ | ◇ |
Christopher R. Gingras | — | ◇ | — | — | — | — | ◇ |
Aaron S. Halfacre served on the board in fiscal 2024 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
Equity is delivered as Stock.
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2024 | July 23, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | December 11, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | July 25, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | August 23, 2022 | = | ◇ | ◇ | ◇ |
What this page does not include
Everything above is a fact Modiv Industrial disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
68 figures on this page: 64 cited to the filing that reported them, 4 calculated from figures it prints.
64 cited to the filing
4 calculated from the filing
Documents cited
- 0001645873-25-000132Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001140361-25-016451NYSE · Non-Officer Director Compensation · Summary Compensation Table
- 0001645873-24-000184Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001140361-24-041347Summary Compensation Table
- 0001140361-23-036452Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001140361-23-021870Summary Compensation Table
- 0001645873-22-000218Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Modiv Industrial executive compensation, FY2022–FY2024.” https://intel.velarion.ai/comp/MDV (accessed 2026).
Short form: data: Velarion
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The headline figures, each with its citation.
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}