<SEC-DOCUMENT>0001193125-25-089212.txt : 20250422
<SEC-HEADER>0001193125-25-089212.hdr.sgml : 20250422
<ACCEPTANCE-DATETIME>20250422162113
ACCESSION NUMBER:		0001193125-25-089212
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250422
DATE AS OF CHANGE:		20250422

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEJON RANCH CO
		CENTRAL INDEX KEY:			0000096869
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				770196136
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07183
		FILM NUMBER:		25857981

	BUSINESS ADDRESS:	
		STREET 1:		4436 LEBEC ROAD
		STREET 2:		PO BOX 1000
		CITY:			LEBEC
		STATE:			CA
		ZIP:			93243
		BUSINESS PHONE:		6612483000

	MAIL ADDRESS:	
		STREET 1:		4436 LEBEC RD
		STREET 2:		PO BOX 1000
		CITY:			LEBEC
		STATE:			CA
		ZIP:			93243
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d901790ddefa14a.htm
<DESCRIPTION>DEFA14A
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<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9746;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195; Filed by a Party other than the Registrant&#8194;&#9744;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="bottom"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>
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<TD VALIGN="bottom">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="bottom">Soliciting Material Pursuant to &#167;240.14a-12</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Tejon
Ranch Co. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
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</B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P>
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STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT></P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tejon Ranch Co. Files Investor Presentation Highlighting Strategy for Significant
Long-Term </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Value Creation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Tejon&#146;s Board Continues to Take Decisive Strategic Steps to Drive the Company&#146;s Growth at Tejon </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Ranch Commerce Center and is Uniquely Positioned to Advance the Value of its Master-Planned </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Communities </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Urges
Shareholders to Vote &#147;FOR&#148; Only Tejon&#146;s Highly Qualified Director Nominees on the </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Company&#146;s WHITE Proxy Card
TODAY </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TEJON RANCH, Calif., April</B><B></B><B>&nbsp;22, 2025</B> &#150; Tejon Ranch Co. (NYSE:TRC), (&#147;Tejon&#148; or the
&#147;Company&#148;), a diversified real estate development and agribusiness company, today filed an investor presentation with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders (the
&#147;Annual Meeting&#148;) to be held on May&nbsp;13, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Highlights of the presentation include: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tejon Ranch is successfully executing on its proven strategy: </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Continuing to Develop and Execute Residential and Industrial Projects at Tejon Ranch Commerce Center
(&#147;TRCC&#148;) </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Progressing Successful Entitlements of Master-Planned Communities (&#147;MPCs&#148;) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Advancing MPCs Toward Generating Future Cash Flow </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Maximizing Commodity Businesses for Cash Flow Generation </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Tejon&#146;s thoughtful development of its unique assets aims to maximize shareholder value.</B> Tejon has a
decades-long track record of successfully obtaining land use entitlements and developing value-accretive MPCs. Tejon is expertly navigating the well-known challenges of California&#146;s<B> </B>regulatory and environmental approval process and
transforming raw land into monetizable assets. The value potential of Tejon&#146;s real estate assets is immense and must be managed by leaders with the strategic outlook, regulatory expertise, and development track record necessary to unlock it.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>TRCC is a case study for our future success. </B>TRCC is Tejon&#146;s first operational and highly successful
development, <B>driving industrial land price appreciation of nearly 1,500% since inception. The project has generated more than $110</B><B></B><B>&nbsp;million in cumulative cash flows from commercial and industrial development since 2000,
underscoring its long-term viability and strategic importance. </B>Tejon successfully secured entitlements for TRCC after a lengthy approval process that included prevailing in litigation. The Company has since developed a thriving MPC that
leverages its strategic location defined by high vehicular traffic and rapid growth in the logistics sector. With the development of its residential apartment community, Terra Vista, TRCC has also delivered much-needed housing that will be available
for thousands of individuals working in TRCC. Building on this momentum, Tejon is now prudently allocating strategic investments into its Mountain Village, Grapevine and Centennial developments to sustain a virtuous cycle of growth and long-term
value creation. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Tejon sought investor feedback and has taken decisive action in response. </B>In 2024, Tejon&#146;s Board
continued to implement its succession planning process, which included significant shareholder engagement. <B>That process culminated in the appointment of a new CEO and four new directors, one of whom was recommended by a shareholder. </B>Based on
this carefully planned and executed leadership transition, Tejon&#146;s Board combines legacy knowledge, fresh perspectives and tailored expertise that make it uniquely positioned to oversee the Company&#146;s prudent and deliberate long-term
strategy. Tejon also engaged a compensation consultant to evaluate the executive compensation program and enhanced transparency and disclosures. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Bulldog Investors (&#147;Bulldog&#148;) has neither the skills nor the knowledge base to drive Tejon&#146;s
strategy.</B> Bulldog has never attempted to constructively engage with TRC, despite attempting to take control of nearly 30% of the Board. Rather, shortly after Bulldog&#146;s <B>first meeting</B> with Tejon, it notified the Company of its decision
to propose three director candidates directly to shareholders. Bulldog&#146;s director nominees lack the requisite experience in real estate and California-specific land development and entitlement, as well as the expertise in capital allocation and
financing needed to support our strategy. We believe Bulldog fundamentally misunderstands Tejon&#146;s business and our value creation plan. The <B>astonishing lack of effort</B> it put into its solicitation materials and <B>failure to articulate
anything approaching a plan or strategy</B> signals that the election of <B>Bulldog&#146;s nominees would ultimately derail Tejon&#146;s strategy to the detriment of all shareholders.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Protect your investment in Tejon.</B> Tejon urges shareholders to vote <B>ONLY &#147;FOR&#148;</B> Tejon&#146;s <B>10</B> nominees on the Company&#146;s
<B>WHITE</B> proxy card and <U>withhold all votes from Bulldog&#146;s nominees</U>. <B>Your support is essential to Tejon&#146;s ability to drive long-term value for shareholders while providing vital housing and economic growth for the State of
California.</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN.</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">YOU MAY VOTE BY THE INTERNET OR MAIL BY FOLLOWING THE
INSTRUCTIONS ON THE <B>WHITE</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PROXY CARD. <B>WE URGE YOU TO VOTE TODAY!</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If you have any questions or require any assistance with
voting your shares, please contact:</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D.F.
King&nbsp;&amp; Co., Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 Wall Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, NY 10005</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Banks and
Brokers: (212) <FONT STYLE="white-space:nowrap">390-0450</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">All Others: (866) <FONT STYLE="white-space:nowrap">796-7184</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Email: TRC@dfking.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vestra Advisors is serving as financial advisor to Tejon and Gibson, Dunn&nbsp;&amp; Crutcher LLP is serving as the
Company&#146;s legal advisor. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Tejon Ranch Co. (NYSE: TRC) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tejon Ranch Co. is a diversified real estate development and agribusiness Company whose principal asset is its
<FONT STYLE="white-space:nowrap">270,000-acre</FONT> land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. For more information on the Company, please go to www.tejonranch.com. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains
forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding Tejon&#146;s plans, strategies, prospects and
expectations regarding its business and industry are forward-looking statements. They reflect Tejon&#146;s expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, Tejon does not undertake to
update such forward-looking statements. You should not rely unduly on forward-looking statements. Tejon&#146;s business results are subject to a variety of risks, including business conditions and the general economy, future commodity prices and
yields, market forces, the ability to obtain various governmental entitlements and permits, interest rates and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect Tejon&#146;s business
results, refer to Tejon&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2024 and subsequent filings with the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tejon has
filed a definitive proxy statement on Schedule 14A and WHITE proxy card with the SEC in connection with its solicitation of proxies for its 2025 Annual Meeting of Shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY TEJON AND ANY OTHER RELEVANT DOCUMENTS FILED
WITH THE SEC AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of these documents and other documents Tejon files with the SEC free of charge at the SEC&#146;s website at <U>www.sec.gov</U>. Copies of the
documents filed by Tejon are also available free of charge by accessing Tejon&#146;s website at <U>www.tejonranch.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tejon, its directors, certain of its executive officers, and other members of management and employees may be deemed to be participants in the solicitation of
proxies with respect to a solicitation by Tejon. The identity of individual participants and information about their direct and indirect interests in the solicitation is available in Tejon&#146;s <B>definitive proxy statement filed with the SEC on
April</B><B></B><B>&nbsp;3, 2025 under </B><B>&#147;</B><B>Supplemental Information Regarding Participants in the Solicitation</B><B>&#148;</B><B> in Appendix A,</B> which is available free of charge at the SEC&#146;s website at <U>www.sec.gov</U>.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Investors </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicholas Ortiz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tejon Ranch Co., Senior Vice
President,&nbsp;Corporate Communications&nbsp;&amp; Public Affairs </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">661-663-4212</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>nortiz@tejonranch.com</U> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Media </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eric Brielmann / Jed Repko </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joele Frank, Wilkinson Brimmer
Katcher </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-355-4449</FONT></FONT> </P>
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