Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses CIO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CIO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| James Farrar | $525,000 | $656,250 | $1,054,368 | $0 | $0 | $0 | $91,017 | $2,326,635 |
| Chief Executive Officer | ||||||||
| Gregory Tylee | 525,000 | 656,250 | 1,054,368 | 0 | 0 | 0 | 91,017 | 2,326,635 |
| Chief Operating Officer and President | ||||||||
| Anthony Maretic | 400,000 | 483,500 | 437,578 | 0 | 0 | 0 | 37,527 | 1,358,605 |
| Chief Financial Officer, Secretary and Treasurer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2024 total | FY2023 total | FY2022 total | Δ FY2023→2024 |
|---|---|---|---|---|
| James Farrar | $2,326,635 | $2,378,388 | $3,118,540 | −51,753 |
| Gregory Tylee | 2,326,635 | 2,378,388 | 3,118,540 | −51,753 |
| Anthony Maretic | 1,358,605 | 1,343,426 | 1,436,609 | +15,179 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| James Farrar | RSU | 2024-01-24 | — | — | 73,289 | — | $399,425 |
| James Farrar | RSU | 2024-07-24 | — | — | 2,514 | — | 14,229 |
| James Farrar | RSU | 2024-01-24 | — | — | 2,417 | — | 13,173 |
| James Farrar | PSU | 2024-01-24 | 54,967 | 109,934 | — | 164,901 | 599,140 |
| James Farrar | RSU | 2024-10-24 | — | — | 2,553 | — | 14,476 |
| James Farrar | RSU | 2024-04-24 | — | — | 3,047 | — | 13,925 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| James Farrar | $455,228 | $599,140 | $0 | 56.8% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| James Farrar | RSU | 369,738 | — | $2,040,954 |
| Anthony Maretic | RSU | 149,848 | — | 827,161 |
| Gregory Tylee | RSU | 369,738 | — | 2,040,954 |
CIO's compensation philosophy targets below-average base salaries for NEOs while providing the opportunity to earn above-average total remuneration through demonstrated performance, thereby aligning management interests with those of stockholders. The program balances short-term annual cash incentives with long-term equity incentives tied to pre-established Performance Objectives. Unsatisfactory performance results in materially reduced incentive compensation.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | not disclosed |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2024 | 2024-05-02 | 26,790,145 | 560,403 | 112,346 | 97.95% | Passed |
| 2023 | 2023-05-04 | 25,555,098 | 1,326,987 | 195,789 | 95.06% | Passed |
| 2022 | 2022-05-04 | 29,266,701 | 990,171 | 116,348 | 96.73% | Passed |
| 2021 | 2021-05-06 | 31,085,825 | 1,022,492 | 218,687 | 96.82% | Passed |
| 2020 | 2020-04-30 | 40,156,363 | 1,861,384 | 306,217 | 95.57% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2024 | 2024-05-02 | 97.95%a |
| 2023 | 2023-05-04 | 95.06%b |
| 2022 | 2022-05-04 | 96.73%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, are not treated as votes cast and thus will have no effect on the outcome of the vote on this proposal, although they will be considered present for the purpose of determining the presence of a quorum.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, are not treated as votes cast and thus will have no effect on the outcome of the vote on this proposal, although they will be considered present for the purpose of determining the presence of a quorum.”.
c. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, are not treated as votes cast and thus will have no effect on the outcome of the vote on this proposal, although they will be considered present for the purpose of determining the presence of a quorum.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | 10 : 1 |
|---|---|
| CEO total compensation | $2,326,635 |
| Median employee compensation | $241,377 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| John SweetIndependent · Board Chair · Compensation · Investment | $70,000 | $65,317 | $0 | — | $0 | $135,317 |
| Michael MazanIndependent · Audit (Chair) · Nominating/Governance | 65,000 | 62,045 | 0 | — | 0 | 127,045 |
| John McLernonIndependent · Audit · Nominating/Governance · Investment (Chair) | 60,000 | 65,317 | 0 | — | 0 | 125,317 |
| Mark MurskiIndependent · Audit · Compensation (Chair) · Investment | 60,000 | 65,317 | 0 | — | 0 | 125,317 |
| Sabah MirzaIndependent · Compensation · Nominating/Governance (Chair) · Nominating (Chair) | 60,000 | 65,317 | 0 | — | 0 | 125,317 |
| James FarrarEmployee director · Investment | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 10,000 / 10,000 |
| Stock ownership guideline | 3x total annual base compensation |
| Component | FY2024 |
|---|---|
| Cash retainers and fees | $315,000 |
| Equity awards (grant-date value) | $323,313 |
| All other compensation | $0 |
| Total cost of the board | $638,313 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | City Office Reit | 2024 | James Farrar | $525,000 | $1,054,368 | $0 | $0 | $2,326,635 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, James Farrar | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Summary Compensation Table” · page 38. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471 |
| 2 | Section 01, Gregory Tylee | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Summary Compensation Table” · page 38. As printed: 2,326,635. Filing ↗machine: r6 · c22 · span 463489–463498 |
| 3 | Section 01, Anthony Maretic | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Summary Compensation Table” · page 38. As printed: 1,358,605. Filing ↗machine: r10 · c22 · span 468506–468515 |
| 4 | Section 03, James Farrar RSU | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t144 · r2 · c3 · span 415729–415735 |
| 5 | Section 03, James Farrar RSU | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r4 · c7 · span 481964–481969 |
| 6 | Section 03, James Farrar RSU | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r8 · c23 · span 490052–490058 |
| 7 | Section 03, James Farrar PSU | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r2 · c3 · span 425496–425503 |
| 8 | Section 03, James Farrar RSU | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r3 · c7 · span 480153–480158 |
| 9 | Section 03, James Farrar RSU | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r5 · c7 · span 483750–483755 |
| 10 | Section 07, pay ratio | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “CEO Pay Ratio”. As printed: 10 : 1. Filing ↗machine: span 603125–603127 |
| 11 | Section 08, John Sweet | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Director Compensation”. As printed: 135,317. Filing ↗machine: t218 · r2 · c11 · span 746562–746569 |
| 12 | Section 08, Michael Mazan | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Director Compensation”. As printed: 127,045. Filing ↗machine: t218 · r3 · c11 · span 747558–747565 |
| 13 | Section 08, John McLernon | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Director Compensation”. As printed: 125,317. Filing ↗machine: t218 · r4 · c11 · span 748579–748586 |
| 14 | Section 08, Mark Murski | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Director Compensation”. As printed: 125,317. Filing ↗machine: t218 · r6 · c11 · span 750598–750605 |
| 15 | Section 08, Sabah Mirza | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Director Compensation”. As printed: 125,317. Filing ↗machine: t218 · r5 · c11 · span 749573–749580 |
| 16 | Section 08, James Farrar | DEF 14A | 2025-03-12 | 0001193125-25-052437 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 17 | Section 06, 2024 vote | Form 8-K | 2024-05-03 | 0001193125-24-130667 | Item 5.07 · say-on-pay result. As reported: 97.95% (votes for as printed: 26,790,145). Filing ↗ |
| 18 | Section 06, 2023 vote | Form 8-K | 2023-05-05 | 0001193125-23-136947 | Item 5.07 · say-on-pay result. As reported: 95.06% (votes for as printed: 25,555,098). Filing ↗ |
| 19 | Section 06, 2022 vote | Form 8-K | 2022-05-06 | 0001193125-22-143633 | Item 5.07 · say-on-pay result. As reported: 96.73%. Filing ↗ |
| 20 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 21 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 22 | Section 09b board cost (computed) | Computed | — | computed | Cash 315,000 + equity 323,313 + all other 0 = 638,313, summed across the director compensation table rows.machine: formula: Σ = 638,313 |
| 23 | City Office Reit (subject), Section 10b CEO total | DEF 14A | 2025-03-12 | 0001193125-25-052437 | CEO total compensation as printed in City Office Reit's own proxy. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471 |