Fiscal year 2025 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 FSP 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 FSP 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 |
|---|---|---|---|---|---|---|---|---|
| John Demeritt | $332,177 | $257,816 | $0 | $0 | $0 | $0 | $6,000 | $595,993 |
| Executive Vice President, Chief Financial Officer and Treasurer | ||||||||
| Jeffrey Carter | 332,718 | 255,216 | 0 | 0 | 0 | 0 | 0 | 587,934 |
| President and Chief Investment Officer | ||||||||
| Scott Carter | 288,930 | 255,680 | 0 | 0 | 0 | 0 | 0 | 544,610 |
| Executive Vice President, General Counsel and Secretary | ||||||||
| John Donahue | 280,623 | 257,592 | 0 | 0 | 0 | 0 | 6,000 | 544,215 |
| Executive Vice President and President of FSP Property Management LLC | ||||||||
| George Carter | 300,000 | 0 | — | — | — | — | 6,000 | 306,000 |
| Chairman and Chief Executive Officer | ||||||||
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 | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| John Demeritt | $595,993 | $642,875 | $714,474 | −46,882 |
| Jeffrey Carter | 587,934 | 598,158 | 306,000 | −10,224 |
| Scott Carter | 544,610 | 598,158 | 669,986 | −53,548 |
| John Donahue | 544,215 | 588,963 | — | −44,748 |
| George Carter | 306,000 | 306,000 | — | +0 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Georgia Murray | Director | 2026-05-28 | A | 80,342 | $0 | $0 | Common | Form 4 ↗ |
| Dennis J. McGillicuddy | Director | 2026-05-28 | A | 80,342 | 0 | 0 | Common | Form 4 ↗ |
| Jennifer Bitterman | Director | 2026-05-28 | A | 80,342 | 0 | 0 | Common | Form 4 ↗ |
| John N. Burke | Director | 2026-05-28 | A | 80,342 | 0 | 0 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Compensation levels should be competitive enough to attract and retain experienced and capable leaders and motivate those individuals to achieve exceptional results and reward them for being instrumental in reaching our strategic goals. At the same time, we believe in simplicity and maintaining compensation at responsible levels.
| 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 |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-14 | 38,438,867 | 20,811,106 | 6,941,875 | 64.88% | Passed |
| 2025 | 2025-05-15 | 66,808,398 | 9,160,834 | 80,168 | 87.94% | Passed |
| 2024 | 2024-05-16 | 59,819,506 | 3,773,782 | 479,067 | 94.07% | Passed |
| 2023 | 2023-05-11 | 76,936,220 | 2,357,171 | 160,078 | 97.03% | Passed |
| 2022 | 2022-05-10 | 75,007,557 | 2,360,984 | 148,757 | 96.95% | Passed |
| 2021 | 2021-05-13 | 78,375,296 | 3,306,646 | 291,593 | 95.95% | 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 |
|---|---|---|
| 2026 | 2026-05-14 | 64.88%a |
| 2025 | 2025-05-15 | 87.94%b |
| 2024 | 2024-05-16 | 94.07%c |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will not be counted as votes cast and will have no effect on the result of the voting on Proposal 3.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will not be counted as votes cast and will have no effect on the result of the voting on Proposal 3.”.
c. Approved under the standard stated in the filing — “Shares held in "street name" by brokers, financial institutions or other nominees who indicate on their proxies that they do not have authority to vote the shares on Proposal 3 will not be counted as votes FOR or AGAINST Proposal 3 and will be treated as broker non-votes.Abstentions and broker non-votes, if any, will not be counted as votes cast and will have no effect on the result of the voting on Proposal 3.”.
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) | 1.42 : 1 |
|---|---|
| CEO total compensation | $306,000 |
| Median employee compensation | $216,057 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Georgia MurrayIndependent · Lead Independent Director · Compensation · Nominating/Governance | $37,500 | $45,000 | $0 | $0 | $0 | $82,500 |
| John N. BurkeIndependent · Audit (Chair) · Compensation · Nominating/Governance | 37,500 | 45,000 | 0 | 0 | 0 | 82,500 |
| Milton P. Wilkins, JrIndependent · Audit · Compensation (Chair) · Not standing for re-election | 33,967 | 45,000 | 0 | 0 | 0 | 78,967 |
| Dennis J. McGillicuddyIndependent · Audit · Nominating/Governance (Chair) | 33,750 | 45,000 | 0 | 0 | 0 | 78,750 |
| Jennifer BittermanIndependent · Audit · Compensation · Partial-year service · Newly elected | 10,000 | 0 | 0 | 0 | 0 | 10,000 |
| George J. CarterEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $30,000 |
|---|---|
| Annual equity retainer | $45,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 7,500 / 5,000 / 5,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $152,717 |
| Equity awards (grant-date value) | $180,000 |
| All other compensation | $0 |
| Total cost of the board | $332,717 |
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 | Franklin Street Properties Corp. | 2025 | George Carter | $300,000 | — | — | — | $306,000 |
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.
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.
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, John Demeritt | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 595,993. Filing ↗machine: r12 · c21 · span 652507–652514 |
| 2 | Section 01, Jeffrey Carter | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 587,934. Filing ↗machine: r21 · c21 · span 677460–677467 |
| 3 | Section 01, Scott Carter | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 544,610. Filing ↗machine: r21 · c21 · span 697596–697603 |
| 4 | Section 01, John Donahue | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 544,215. Filing ↗machine: r26 · c21 · span 722615–722622 |
| 5 | Section 01, George Carter | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “Summary Compensation Table” · page 41. As printed: 306,000. Filing ↗machine: r21 · c21 · span 632509–632516 |
| 6 | Section 07, pay ratio | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “CEO Pay Ratio”. As printed: 1.42 : 1. Filing ↗machine: span 818481–818490 |
| 7 | Section 08, Georgia Murray | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “Director Compensation”. As printed: 82,500. Filing ↗machine: t82 · r16 · c7 · span 440904–440911 |
| 8 | Section 08, John N. Burke | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “Director Compensation”. As printed: 82,500. Filing ↗machine: t82 · r8 · c7 · span 427890–427897 |
| 9 | Section 08, Milton P. Wilkins, Jr | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “Director Compensation”. As printed: 78,967. Filing ↗machine: t82 · r22 · c7 · span 450966–450973 |
| 10 | Section 08, Dennis J. McGillicuddy | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “Director Compensation”. As printed: 78,750. Filing ↗machine: t82 · r14 · c7 · span 437654–437661 |
| 11 | Section 08, Jennifer Bitterman | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “Director Compensation”. As printed: 10,000. Filing ↗machine: t82 · r18 · c1 · span 443062–443068 |
| 12 | Section 08, George J. Carter | DEF 14A | 2026-04-02 | 0001104659-26-039190 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 13 | Section 02, Georgia Murray 2026-05-28 | Form 4 | 2026-05-29 | 0001104659-26-068366 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 14 | Section 02, Dennis J. McGillicuddy 2026-05-28 | Form 4 | 2026-05-29 | 0001104659-26-068363 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 15 | Section 02, Jennifer Bitterman 2026-05-28 | Form 4 | 2026-05-29 | 0001104659-26-068367 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 16 | Section 02, John N. Burke 2026-05-28 | Form 4 | 2026-05-29 | 0001104659-26-068360 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 17 | Section 06, 2026 vote | Form 8-K | 2026-05-14 | 0001104659-26-061120 | Item 5.07 · say-on-pay result. As reported: 64.88% (votes for as printed: 38,438,867). Filing ↗ |
| 18 | Section 06, 2025 vote | Form 8-K | 2025-05-15 | 0001104659-25-049389 | Item 5.07 · say-on-pay result. As reported: 87.94% (votes for as printed: 66,808,398). Filing ↗ |
| 19 | Section 06, 2024 vote | Form 8-K | 2024-05-17 | 0001104659-24-062851 | Item 5.07 · say-on-pay result. As reported: 94.07% (votes for as printed: 59,819,506). 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 09b board cost (computed) | Computed | — | computed | Cash 152,717 + equity 180,000 + all other 0 = 332,717, summed across the director compensation table rows.machine: formula: Σ = 332,717 |
| 22 | Franklin Street Properties Corp. (subject), Section 10b CEO total | DEF 14A | 2026-04-02 | 0001104659-26-039190 | CEO total compensation as printed in Franklin Street Properties Corp.'s own proxy. As printed: 306,000. Filing ↗machine: r21 · c21 · span 632509–632516 |