Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2025-03-12

City Office Reit (CIO)

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.

$2,326,635
James Farrar total, FY2024
CEO pay percentile vs peers
10:1
CEO-to-median pay ratio
97.95%
Say-on-pay support, latest vote
Companies that benchmark against CIO
10 companies name CIO as a compensation peer

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.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Farrar$525,000$656,250$1,054,368$0$0$0$91,017$2,326,635
Chief Executive Officer
Gregory Tylee525,000656,2501,054,36800091,0172,326,635
Chief Operating Officer and President
Anthony Maretic400,000483,500437,57800037,5271,358,605
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.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
James Farrar$2,326,635$2,378,388$3,118,540−51,753
Gregory Tylee2,326,6352,378,3883,118,540−51,753
Anthony Maretic1,358,6051,343,4261,436,609+15,179

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
James FarrarRSU2024-01-2473,289$399,425
James FarrarRSU2024-07-242,51414,229
James FarrarRSU2024-01-242,41713,173
James FarrarPSU2024-01-2454,967109,934164,901599,140
James FarrarRSU2024-10-242,55314,476
James FarrarRSU2024-04-243,04713,925
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
James Farrar$455,228$599,140$056.8%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
James FarrarRSU369,738$2,040,954
Anthony MareticRSU149,848827,161
Gregory TyleeRSU369,7382,040,954
05

Incentive-plan design — the Compensation Discussion & Analysis

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 consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-0226,790,145560,403112,34697.95%Passed
20232023-05-0425,555,0981,326,987195,78995.06%Passed
20222022-05-0429,266,701990,171116,34896.73%Passed
20212021-05-0631,085,8251,022,492218,68796.82%Passed
20202020-04-3040,156,3631,861,384306,21795.57%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.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-05-0297.95%a
20232023-05-0495.06%b
20222022-05-0496.73%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.

07

CEO pay ratio

Ratio (CEO : median employee)10 : 1
CEO total compensation$2,326,635
Median employee compensation$241,377
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John SweetIndependent · Board Chair · Compensation · Investment$70,000$65,317$0$0$135,317
Michael MazanIndependent · Audit (Chair) · Nominating/Governance65,00062,04500127,045
John McLernonIndependent · Audit · Nominating/Governance · Investment (Chair)60,00065,31700125,317
Mark MurskiIndependent · Audit · Compensation (Chair) · Investment60,00065,31700125,317
Sabah MirzaIndependent · Compensation · Nominating/Governance (Chair) · Nominating (Chair)60,00065,31700125,317
James FarrarEmployee director · Investment00000
09

Board fee structure and ownership guideline

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 guideline3x total annual base compensation
09b

Total cost of the board

ComponentFY2024
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.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1City Office Reit2024James 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.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, James FarrarDEF 14A2025-03-120001193125-25-052437Section “Summary Compensation Table” · page 38. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471
2Section 01, Gregory TyleeDEF 14A2025-03-120001193125-25-052437Section “Summary Compensation Table” · page 38. As printed: 2,326,635. Filing ↗machine: r6 · c22 · span 463489–463498
3Section 01, Anthony MareticDEF 14A2025-03-120001193125-25-052437Section “Summary Compensation Table” · page 38. As printed: 1,358,605. Filing ↗machine: r10 · c22 · span 468506–468515
4Section 03, James Farrar RSUDEF 14A2025-03-120001193125-25-052437Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t144 · r2 · c3 · span 415729–415735
5Section 03, James Farrar RSUDEF 14A2025-03-120001193125-25-052437Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r4 · c7 · span 481964–481969
6Section 03, James Farrar RSUDEF 14A2025-03-120001193125-25-052437Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r8 · c23 · span 490052–490058
7Section 03, James Farrar PSUDEF 14A2025-03-120001193125-25-052437Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t146 · r2 · c3 · span 425496–425503
8Section 03, James Farrar RSUDEF 14A2025-03-120001193125-25-052437Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r3 · c7 · span 480153–480158
9Section 03, James Farrar RSUDEF 14A2025-03-120001193125-25-052437Section “Grant of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t158 · r5 · c7 · span 483750–483755
10Section 07, pay ratioDEF 14A2025-03-120001193125-25-052437Section “CEO Pay Ratio”. As printed: 10 : 1. Filing ↗machine: span 603125–603127
11Section 08, John SweetDEF 14A2025-03-120001193125-25-052437Section “Director Compensation”. As printed: 135,317. Filing ↗machine: t218 · r2 · c11 · span 746562–746569
12Section 08, Michael MazanDEF 14A2025-03-120001193125-25-052437Section “Director Compensation”. As printed: 127,045. Filing ↗machine: t218 · r3 · c11 · span 747558–747565
13Section 08, John McLernonDEF 14A2025-03-120001193125-25-052437Section “Director Compensation”. As printed: 125,317. Filing ↗machine: t218 · r4 · c11 · span 748579–748586
14Section 08, Mark MurskiDEF 14A2025-03-120001193125-25-052437Section “Director Compensation”. As printed: 125,317. Filing ↗machine: t218 · r6 · c11 · span 750598–750605
15Section 08, Sabah MirzaDEF 14A2025-03-120001193125-25-052437Section “Director Compensation”. As printed: 125,317. Filing ↗machine: t218 · r5 · c11 · span 749573–749580
16Section 08, James FarrarDEF 14A2025-03-120001193125-25-052437Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2024 voteForm 8-K2024-05-030001193125-24-130667Item 5.07 · say-on-pay result. As reported: 97.95% (votes for as printed: 26,790,145). Filing ↗
18Section 06, 2023 voteForm 8-K2023-05-050001193125-23-136947Item 5.07 · say-on-pay result. As reported: 95.06% (votes for as printed: 25,555,098). Filing ↗
19Section 06, 2022 voteForm 8-K2022-05-060001193125-22-143633Item 5.07 · say-on-pay result. As reported: 96.73%. Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
22Section 09b board cost (computed)ComputedcomputedCash 315,000 + equity 323,313 + all other 0 = 638,313, summed across the director compensation table rows.machine: formula: Σ = 638,313
23City Office Reit (subject), Section 10b CEO totalDEF 14A2025-03-120001193125-25-052437CEO total compensation as printed in City Office Reit's own proxy. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471