Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-29

Franklin Street Properties Corp. (FSP)

CEO George Carter was paid $306,000 in fiscal year 2025, ↑ up 0.0% from fiscal year 2024 (SEC filing 0001104659-26-039190 ↗): 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.

$595,993
John Demeritt total, FY2025
Executive Vice President, Chief Financial Officer and Treasurer — highest-paid officer; CEO George Carter: $306,000
—
CEO (George Carter) pay percentile vs peers
1.42:1
CEO-to-median pay ratio
64.88%
Say-on-pay support, latest vote

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FSP's next annual pay disclosure, estimated April 1, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
John Demeritt$332,177$257,816————$6,000$595,993
Executive Vice President, Chief Financial Officer and Treasurer
Jeffrey Carter332,718255,21600000587,934
President and Chief Investment Officer
Scott Carter288,930255,680————0544,610
Executive Vice President, General Counsel and Secretary
John Donahue280,623257,592————6,000544,215
Executive Vice President and President of FSP Property Management LLC
George Carter300,0000————6,000306,000
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
John Demeritt$595,993$642,875$714,474↓ −46,882
Jeffrey Carter587,934641,386712,469↓ −53,452
Scott Carter544,610598,158669,986↓ −53,548
John Donahue544,215588,963—↓ −44,748
George Carter306,000306,000—↑ +0

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

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$595,993 John Demeritt total, FY2025

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Data as of May 29, 2026 · Source: 0001104659-26-039190 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Dennis J. McGillicuddyIndependent Director$78,750
Georgia MurrayLead Independent Director$82,500
Jennifer BittermanIndependent Director$10,000
John N. BurkeIndependent Director$82,500
Milton P. Wilkins, JrIndependent Director$78,967
02

Equity transactions since the proxy statement was filed

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.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
John N. BurkeDirector2026-05-28A80,342$0$0CommonForm 4 ↗
Dennis J. McGillicuddyDirector2026-05-28A80,34200CommonForm 4 ↗
Georgia MurrayDirector2026-05-28A80,34200CommonForm 4 ↗
Jennifer BittermanDirector2026-05-28A80,34200CommonForm 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.

05

Incentive-plan design — the Compensation Discussion & Analysis

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 consultantnot disclosed
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1438,438,86720,811,1066,941,87564.88%Passed
20252025-05-1566,808,3989,160,83480,16887.94%Passed
20242024-05-1659,819,5063,773,782479,06794.07%Passed
20232023-05-1176,936,2202,357,171160,07897.03%Passed
20222022-05-1075,007,5572,360,984148,75796.95%Passed
20212021-05-1378,375,2963,306,646291,59395.95%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.

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

Meeting yearMeeting dateApproval — company's computation
20262026-05-1464.88%a
20252025-05-1587.94%b
20242024-05-1694.07%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.

07

CEO pay ratio

Ratio (CEO : median employee)1.42 : 1
CEO total compensation$306,000
Median employee compensation$216,057
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Georgia MurrayIndependent · Lead Independent Director · Compensation · Nominating/Governance$37,500$45,000$0$0$0$82,500
John N. BurkeIndependent · Audit (Chair) · Compensation · Nominating/Governance37,50045,00000082,500
Milton P. Wilkins, JrIndependent · Audit · Compensation (Chair) · Not standing for re-election33,96745,00000078,967
Dennis J. McGillicuddyIndependent · Audit · Nominating/Governance (Chair)33,75045,00000078,750
Jennifer BittermanIndependent · Audit · Compensation · Partial-year service · Newly elected10,000000010,000
George J. CarterEmployee director · Board Chair000—00
09

Board fee structure and ownership guideline

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$150,000
09b

Total cost of the board

ComponentFY2025
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.

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
1Franklin Street Properties Corp.2025George 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.

10d

Frequently asked questions

Who was the highest-paid executive at Franklin Street Properties Corp. in fiscal 2025?
As disclosed, John Demeritt (Executive Vice President, Chief Financial Officer and Treasurer) was the highest-paid executive at Franklin Street Properties Corp. in fiscal 2025, with total compensation of $595,993.
What is Franklin Street Properties Corp.'s CEO-to-median employee pay ratio?
As disclosed, Franklin Street Properties Corp.'s CEO-to-median employee pay ratio was 1.42:1.
How did shareholders vote on Franklin Street Properties Corp.'s executive compensation?
As disclosed, 64.88% of shareholders supported Franklin Street Properties Corp.'s executive compensation in the latest say-on-pay vote.
How much does Franklin Street Properties Corp. spend in total on board compensation for fiscal 2025?
As disclosed, Franklin Street Properties Corp. reported total board compensation of $332,717 for fiscal 2025.

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, John DemerittDEF 14A2026-04-020001104659-26-039190Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 595,993. Filing ↗machine: r12 · c21 · span 652507–652514
2Section 01, Jeffrey CarterDEF 14A2026-04-020001104659-26-039190Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 587,934. Filing ↗machine: r21 · c21 · span 677460–677467
3Section 01, Scott CarterDEF 14A2026-04-020001104659-26-039190Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 544,610. Filing ↗machine: r21 · c21 · span 697596–697603
4Section 01, John DonahueDEF 14A2026-04-020001104659-26-039190Section “SUMMARY COMPENSATION TABLE” · page 41. As printed: 544,215. Filing ↗machine: r26 · c21 · span 722615–722622
5Section 01, George CarterDEF 14A2026-04-020001104659-26-039190Section “Summary Compensation Table” · page 41. As printed: 306,000. Filing ↗machine: r21 · c21 · span 632509–632516
6Section 07, pay ratioDEF 14A2026-04-020001104659-26-039190Section “CEO Pay Ratio”. As printed: 1.42 : 1. Filing ↗machine: span 818481–818490
7Section 08, Georgia MurrayDEF 14A2026-04-020001104659-26-039190Section “Director Compensation”. As printed: 82,500. Filing ↗machine: t82 · r16 · c7 · span 440830–440917
8Section 08, John N. BurkeDEF 14A2026-04-020001104659-26-039190Section “Director Compensation”. As printed: 82,500. Filing ↗machine: t82 · r8 · c7 · span 427816–427903
9Section 08, Milton P. Wilkins, JrDEF 14A2026-04-020001104659-26-039190Section “Director Compensation”. As printed: 78,967. Filing ↗machine: t82 · r22 · c7 · span 450892–450979
10Section 08, Dennis J. McGillicuddyDEF 14A2026-04-020001104659-26-039190Section “Director Compensation”. As printed: 78,750. Filing ↗machine: t82 · r14 · c7 · span 437580–437667
11Section 08, Jennifer BittermanDEF 14A2026-04-020001104659-26-039190Section “Director Compensation”. As printed: 10,000. Filing ↗machine: t82 · r18 · c1 · span 442988–443075
12Section 08, George J. CarterDEF 14A2026-04-020001104659-26-039190Section “Director Compensation”. As printed: 0. Filing ↗
13Section 02, John N. Burke 2026-05-28Form 42026-05-290001104659-26-068360Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, Dennis J. McGillicuddy 2026-05-28Form 42026-05-290001104659-26-068363Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Georgia Murray 2026-05-28Form 42026-05-290001104659-26-068366Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Jennifer Bitterman 2026-05-28Form 42026-05-290001104659-26-068367Insider equity transaction reported since the proxy statement. Filing ↗
17Section 06, 2026 voteForm 8-K2026-05-140001104659-26-061120Item 5.07 · say-on-pay result. As reported: 64.88% (votes for as printed: 38,438,867). Filing ↗
18Section 06, 2025 voteForm 8-K2025-05-150001104659-25-049389Item 5.07 · say-on-pay result. As reported: 87.94% (votes for as printed: 66,808,398). Filing ↗
19Section 06, 2024 voteForm 8-K2024-05-170001104659-24-062851Item 5.07 · say-on-pay result. As reported: 94.07% (votes for as printed: 59,819,506). Filing ↗
20Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 09b board cost (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
22Franklin Street Properties Corp. (subject), Section 10b CEO totalDEF 14A2026-04-020001104659-26-039190CEO total compensation as printed in Franklin Street Properties Corp.'s own proxy. As printed: 306,000. Filing ↗machine: r21 · c21 · span 632509–632516

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