Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-23

EQC Liquidating Trust (EQC)

CEO David Helfand was paid $7,794,816 in fiscal year 2023, ↑ up 22.1% from fiscal year 2022, the 55th percentile of its disclosed peer group (SEC filing 0000803649-24-000032 ↗): 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.

$7,794,816 ↑
David Helfand total, FY2023
55th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
91.55%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- David Helfand (Chair of the Board, President and Chief Executive Officer), FY2023 total compensation $7,794,816 (base salary $950,000) [exec_comp, SEC accession 0000803649-24-000032, filed 2024-04-29]

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01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David Helfand$950,000$0$4,762,807$0$2,074,009$0$8,000$7,794,816
Chair of the Board, President and Chief Executive Officer
David Weinberg675,93802,139,8750983,79008,0003,807,603
Executive Vice President and Chief Operating Officer
Orrin Shifrin594,82501,305,5250865,73508,0002,774,085
Executive Vice President, General Counsel and Secretary
William Griffiths600,00001,086,5600873,26708,0002,567,827
Executive Vice President, Chief Financial Officer 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 officerFY2023 totalFY2022 totalFY2021 totalΔ FY2022→2023
David Helfand$7,794,816$6,385,922$6,274,233↑ +1,408,894
David Weinberg3,807,6033,579,9173,521,069↑ +227,686
Orrin Shifrin2,774,0852,588,4212,547,591↑ +185,664
William Griffiths2,567,8271,676,0681,065,279↑ +891,759

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

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Companies that benchmark against EQC
1 company names EQC as a compensation peer

Each company listed discloses EQC 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 EQC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
William GriffithsRSU2023-01-26——10,894—$278,995
William GriffithsPSU2023-01-265,61222,119—55,132807,565
David HelfandRSU2023-01-26——47,754—1,222,980
David HelfandPSU2023-01-2624,59796,955—241,6603,539,827
Orrin ShifrinRSU2023-01-26——13,090—335,235
Orrin ShifrinPSU2023-01-266,74226,576—66,241970,290
David WeinbergPSU2023-01-2611,05143,561—108,5761,590,412
David WeinbergRSU2023-01-26——21,455—549,463
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
William Griffiths$278,995$807,565$074.3%
David Helfand1,222,9803,539,827074.3%
Orrin Shifrin335,235970,290074.3%
David Weinberg549,4631,590,412074.3%

% 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 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
David HelfandRSU73,115—$1,403,808
Orrin ShifrinPSU26,576—510,259
William GriffithsPSU12,714—244,113
Orrin ShifrinPSU66,527—1,277,324
William GriffithsRSU5,620—107,904
David HelfandPSU185,764—3,566,660
David WeinbergRSU21,548—413,722
Orrin ShifrinPSU60,052—1,152,995
David HelfandRSU40,667—780,806
William GriffithsPSU22,119—424,685
David WeinbergRSU38,740—743,808
William GriffithsRSU5,306—101,875
David HelfandPSU96,955—1,861,536
David WeinbergPSU109,042—2,093,604
David WeinbergPSU43,561—836,371
William GriffithsRSU1,884—36,173
David HelfandPSU205,798—3,951,326
David WeinbergPSU98,429—1,889,833
Orrin ShifrinRSU23,636—453,811
David HelfandRSU47,754—916,877
David HelfandRSU27,531—528,595
William GriffithsPSU26,852—515,553
David WeinbergRSU21,455—411,936
David WeinbergRSU14,587—280,070
Orrin ShifrinRSU8,900—170,880
Orrin ShifrinRSU13,146—252,403
Orrin ShifrinRSU13,090—251,328
William GriffithsRSU10,894—209,165
05

Incentive-plan design — the Compensation Discussion & Analysis

The executive compensation program is designed to align the long-term interests of executive officers with those of the Company and shareholders, reward financial and operating performance and leadership excellence, fairly compensate executives who create long-term value, and retain and motivate executives to remain at the Company for the long-term.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFPC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-06-1387,223,0938,053,02152,20891.55%Passed
20222022-06-2191,639,8199,116,01358,27990.95%Passed
20212021-06-2390,638,61114,272,938277,65586.4%Passed
20202020-06-23102,722,2463,597,07582,28896.62%Passed
20192019-06-20105,811,0322,766,39682,12297.45%Passed
20182018-06-20104,692,6732,733,05977,33797.46%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
20232023-06-1391.55%a
20222022-06-2190.95%b
20212021-06-2386.4%c

a. Approved under the standard stated in the filing — “For purposes of the election of trustees, abstentions and other shares not voted (whether by broker non-vote or otherwise) will not be counted as votes cast and will have no effect on the result of the vote, although abstentions and broker non-votes will be considered present for the purpose of determining the presence of a quorum.”.

b. Approved under the standard stated in the filing — “For purposes of the election of trustees, abstentions and other shares not voted (whether by broker non-vote or otherwise) will not be counted as votes cast and will have no effect on the result of the vote, 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 — “For purposes of the election of trustees, abstentions and other shares not voted (whether by broker non-vote or otherwise) will not be counted as votes cast and will have no effect on the result of the vote, 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.

08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Peter LinnemanIndependent · Audit Committee · Compensation Committee$121,033$120,021——$0$241,054
Mary Jane RobertsonIndependent · Audit Committee (Chair)88,242120,021——0208,263
James A. StarIndependent · Compensation Committee · Nominating and Corporate Governance Committee (Chair)87,319120,021——0207,340
Ellen-Blair ChubeIndependent · Audit Committee · Nominating and Corporate Governance Committee82,791120,021——0202,812
Gerald A. SpectorIndependent · Compensation Committee (Chair)81,181120,021——0201,202
Martin L. EdelmanIndependent · Nominating and Corporate Governance Committee72,319120,021——0192,340
David A. HelfandEmployee director · Board Chair—————0
09

Board fee structure and ownership guideline

Annual cash retainer$70,000
Annual equity retainer$120,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 16,250 / 15,000
Stock ownership guideline$4
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$532,885
Equity awards (grant-date value)$720,126
All other compensation$0
Total cost of the board$1,253,011

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies EQC Liquidating Trust names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including EQC Liquidating Trust.

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
1SL Green Realty Corp.2025Marc Holliday$1,400,000$14,271,656$0$1,639,390$17,356,826
2Empire State Realty Trust, Inc.2025Anthony Malkin896,9239,422,6970012,669,394
3Easterly Government Properties, Inc.2025Darrell Crate825,0008,508,5190930,00010,277,519
4Douglas Emmett, Inc.2025Jordan Kaplan800,0008,170,000009,012,069
5Cousins Properties, Incorporated2025M. Colin Connolly791,8136,154,83001,705,5648,688,925
6EQC Liquidating Trust2023David Helfand950,0004,762,80702,074,0097,794,816
7COPT Defense Properties2025Stephen Budorick799,4235,085,41701,680,0007,582,340
8Brandywine Realty Trust2025Gerard Sweeney800,0003,472,94001,520,0005,812,631
9Piedmont Office Realty Trust, Inc.2025C. Brent Smith710,0003,766,34201,250,0005,757,342
10Highwoods Properties, Inc.2025Theodore Klinck772,0672,795,39701,291,1545,124,352
11Paramount Group, Inc.2024Albert Behler1,134,000002,615,0004,447,497
12Hudson Pacific Properties, Inc.2025Victor Coleman1,000,000356,326—02,766,883

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
EQC Liquidating Trustnot disclosedLTIC RSUs 67 · LTIC Shares 33not disclosedFPC
Brandywine Realty Trust95%RSU 50 · PSU 50NoPay Governance LLC
COPT Defense Properties150%PSU 60 · LTIP Units 40Yes — Total Shareholder Return (TSR)Ferguson Partners Consulting, L.P.
Cousins Properties, Incorporated143.6%PSU 60 · RSU 40NoFerguson Partners Consulting
Douglas Emmett, Inc.not disclosedLTIP Units 100Yes — Total Shareholder Return (TSR)FTI Consulting, Inc.
Easterly Government Properties, Inc.78%LTIP Units 100Yes — Absolute TSRFTI Consulting
Empire State Realty Trust, Inc.164%PSU 55 · LTIP Units 45Yes — TSR performance relative to the Nareit Office IndexFerguson Partners Consulting
Highwoods Properties, Inc.119%RSU 50 · MSU 50Yes — Relative TSR vs FTSE NAREIT Equity Office IndexPearl Meyer
Hudson Pacific Properties, Inc.not disclosedLTIP Units 50 · PSU 50Yes — Relative TSR vs. Nareit Office IndexFerguson Partners Consulting (FPC)
Paramount Group, Inc.154%P-AOLTIP 60 · T-LTIP 40NoFrederic W. Cook & Co., Inc. (FW Cook)
Piedmont Office Realty Trust, Inc.117%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR) relative to peersFerguson Partners Consulting L.P.
SL Green Realty Corp.not disclosedPSU 67 · RSU 33Yes — Office REIT Peers TSRFerguson Partners

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at EQC Liquidating Trust in fiscal 2023?
As disclosed, David Helfand (Chair of the Board, President and Chief Executive Officer) was the highest-paid executive at EQC Liquidating Trust in fiscal 2023, with total compensation of $7,794,816.
How does EQC Liquidating Trust's chief executive pay compare to its disclosed peer group?
As disclosed, David Helfand's total compensation ranked at the 55th percentile of EQC Liquidating Trust's disclosed peer group.
How did shareholders vote on EQC Liquidating Trust's executive compensation?
As disclosed, 91.55% of shareholders supported EQC Liquidating Trust's executive compensation in the latest say-on-pay vote.
How much does EQC Liquidating Trust spend in total on board compensation for fiscal 2023?
As disclosed, EQC Liquidating Trust reported total board compensation of $1,253,011 for fiscal 2023.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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, David HelfandDEF 14A2024-04-290000803649-24-000032Section “Summary Compensation Table” · page 48. As printed: 7,794,816. Filing ↗machine: r2 · c21 · span 600838–600847
2Section 01, David WeinbergDEF 14A2024-04-290000803649-24-000032Section “Summary Compensation Table” · page 48. As printed: 3,807,603. Filing ↗machine: r8 · c21 · span 618246–618255
3Section 01, Orrin ShifrinDEF 14A2024-04-290000803649-24-000032Section “Summary Compensation Table” · page 48. As printed: 2,774,085. Filing ↗machine: r11 · c21 · span 626976–626985
4Section 01, William GriffithsDEF 14A2024-04-290000803649-24-000032Section “Summary Compensation Table” · page 48. As printed: 2,567,827. Filing ↗machine: r5 · c21 · span 609556–609565
5Section 03, William Griffiths RSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
6Section 03, William Griffiths PSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
7Section 03, David Helfand RSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
8Section 03, David Helfand PSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
9Section 03, Orrin Shifrin RSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
10Section 03, Orrin Shifrin PSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
11Section 03, David Weinberg PSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
12Section 03, David Weinberg RSUDEF 14A2024-04-290000803649-24-000032Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
13Section 08, Peter LinnemanDEF 14A2024-04-290000803649-24-000032Section “Director Compensation”. As printed: 241,054. Filing ↗machine: span 885303–885434
14Section 08, Mary Jane RobertsonDEF 14A2024-04-290000803649-24-000032Section “Director Compensation”. As printed: 208,263. Filing ↗machine: span 887007–887138
15Section 08, James A. StarDEF 14A2024-04-290000803649-24-000032Section “Director Compensation”. As printed: 207,340. Filing ↗machine: span 890401–890532
16Section 08, Ellen-Blair ChubeDEF 14A2024-04-290000803649-24-000032Section “Director Compensation”. As printed: 202,812. Filing ↗machine: span 881904–882035
17Section 08, Gerald A. SpectorDEF 14A2024-04-290000803649-24-000032Section “Director Compensation”. As printed: 201,202. Filing ↗machine: span 888706–888837
18Section 08, Martin L. EdelmanDEF 14A2024-04-290000803649-24-000032Section “Director Compensation”. As printed: 192,340. Filing ↗machine: span 883603–883734
19Section 08, David A. HelfandDEF 14A2024-04-290000803649-24-000032Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2023 voteForm 8-K2023-06-140000803649-23-000059Item 5.07 · say-on-pay result. As reported: 91.55% (votes for as printed: 87,223,093). Filing ↗
21Section 06, 2022 voteForm 8-K2022-06-220000803649-22-000054Item 5.07 · say-on-pay result. As reported: 90.95% (votes for as printed: 91,639,819). Filing ↗
22Section 06, 2021 voteForm 8-K2021-06-240000803649-21-000053Item 5.07 · say-on-pay result. As reported: 86.4% (votes for as printed: 90,638,611). Filing ↗
23Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (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
25Section 09b board cost (computed)Computed——Cash 532,885 + equity 720,126 + all other 0 = 1,253,011, summed across the director compensation table rows.machine: formula: Σ = 1,253,011
26SL Green Realty Corp., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046866CEO total compensation as printed in SL Green Realty Corp.'s own proxy. As printed: 17,356,826. Filing ↗machine: span 1592570–1592580
27Empire State Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-038890CEO total compensation as printed in Empire State Realty Trust, Inc.'s own proxy. As printed: 12,669,394. Filing ↗machine: r1 · c18 · span 1693420–1693430
28Easterly Government Properties, Inc., Section 10b CEO totalDEF 14A2026-03-230001622194-26-000008CEO total compensation as printed in Easterly Government Properties, Inc.'s own proxy. As printed: 10,277,519. Filing ↗machine: t32 · r4 · c14 · span 1314670–1314680
29Douglas Emmett, Inc., Section 10b CEO totalDEF 14A2026-04-170001364250-26-000020CEO total compensation as printed in Douglas Emmett, Inc.'s own proxy. As printed: 9,012,069. Filing ↗machine: span 506518–506527
30Cousins Properties, Incorporated, Section 10b CEO totalDEF 14A2026-03-180000025232-26-000031CEO total compensation as printed in Cousins Properties, Incorporated's own proxy. As printed: 8,688,925. Filing ↗machine: r2 · c6 · span 1749369–1749379
31EQC Liquidating Trust (subject), Section 10b CEO totalDEF 14A2024-04-290000803649-24-000032CEO total compensation as printed in EQC Liquidating Trust's own proxy. As printed: 7,794,816. Filing ↗machine: r2 · c21 · span 600838–600847
32COPT Defense Properties, Section 10b CEO totalDEF 14A2026-03-300000860546-26-000017CEO total compensation as printed in COPT Defense Properties's own proxy. As printed: 7,582,340. Filing ↗machine: t88 · r2 · c25 · span 765245–765254
33Brandywine Realty Trust, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145566CEO total compensation as printed in Brandywine Realty Trust's own proxy. As printed: 5,812,631. Filing ↗machine: t214 · r4 · c24 · span 3086750–3086759
34Piedmont Office Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-03-180001174947-26-000393CEO total compensation as printed in Piedmont Office Realty Trust, Inc.'s own proxy. As printed: 5,757,342. Filing ↗machine: r1 · c6 · span 848772–848781
35Highwoods Properties, Inc., Section 10b CEO totalDEF 14A2026-03-270000921082-26-000030CEO total compensation as printed in Highwoods Properties, Inc.'s own proxy. As printed: 5,124,352. Filing ↗machine: t16 · r2 · c3 · span 333023–333032
36Paramount Group, Inc., Section 10b CEO totalDEF 14A2025-04-030001558370-25-004397CEO total compensation as printed in Paramount Group, Inc.'s own proxy. As printed: 4,447,497. Filing ↗machine: span 1533974–1533983
37Hudson Pacific Properties, Inc., Section 10b CEO totalDEF 14A2026-04-230001104659-26-047885CEO total compensation as printed in Hudson Pacific Properties, Inc.'s own proxy. As printed: 2,766,883. Filing ↗
38Section 10a, SL Green Realty Corp. reciprocityDEF 14A—0001104659-26-046866SL Green Realty Corp.'s most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
39Section 10a, Douglas Emmett, Inc. reciprocityDEF 14A—0001364250-26-000020Douglas Emmett, Inc.'s most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
40Section 10a, Hudson Pacific Properties, Inc. reciprocityDEF 14A—0001104659-26-047885Hudson Pacific Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
41Section 10a, COPT Defense Properties reciprocityDEF 14A—0000860546-26-000017COPT Defense Properties's most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
42Section 10a, Brandywine Realty Trust reciprocityDEF 14A—0001193125-26-145566Brandywine Realty Trust's most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
43Section 10a, Piedmont Office Realty Trust, Inc. reciprocityDEF 14A—0001174947-26-000393Piedmont Office Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
44Section 10a, Highwoods Properties, Inc. reciprocityDEF 14A—0000921082-26-000030Highwoods Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
45Section 10a, Cousins Properties, Incorporated reciprocityDEF 14A—0000025232-26-000031Cousins Properties, Incorporated's most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
46Section 10a, Easterly Government Properties, Inc. reciprocityDEF 14A—0001622194-26-000008Easterly Government Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗
47Section 10a, Paramount Group, Inc. reciprocityDEF 14A—0001558370-25-004397Paramount Group, Inc.'s most recent proxy was read; its disclosed peer group does not include EQC Liquidating Trust. Filing ↗

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