Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-20

Plymouth Industrial REIT, Inc. (PLYM)

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.

$3,108,503
Jeffrey Witherell total, FY2024
42nd
CEO pay percentile vs peers
CEO-to-median pay ratio
98.36%
Say-on-pay support, latest vote
Companies that benchmark against PLYM
13 companies name PLYM as a compensation peer

Each company listed discloses PLYM 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 PLYM 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
Jeffrey Witherell$643,750$0$1,799,980$0$620,000$0$44,773$3,108,503
Chairman and Chief Executive Officer
Anthony Saladino443,7500875,0020310,000030,4861,659,238
President and Chief Financial Officer
James Connolly343,7500649,9890155,000055,7941,204,533
Executive Vice President/Asset Management

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
Jeffrey Witherell$3,108,503$3,195,306−86,803
Anthony Saladino1,659,2381,723,7021,022,637−64,464
James Connolly1,204,5331,210,441−5,908

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
Anthony SaladinoRSU2025-02-1426,978$449,993
James ConnollyPSU2024-04-157,95015,90031,800324,996
Jeffrey WitherellRSU2025-02-1453,956899,986
Jeffrey WitherellPSU2024-04-1522,01644,03188,062899,994
James ConnollyRSU2025-02-1419,484324,993
Anthony SaladinoPSU2024-04-1510,39720,79341,586425,009
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Anthony Saladino$449,993$425,009$048.6%
James Connolly324,993324,996050.0%
Jeffrey Witherell899,986899,994050.0%

% 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 ConnollyRSU38,043$677,165
Anthony SaladinoRSU45,075802,335
Jeffrey WitherellRSU99,3981,769,284
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to align with a strong pay-for-performance philosophy and ties a substantial portion of executive compensation to the achievement of annual and long-term performance.

CEO STI target (% of salary)123%
CEO LTI target (% of salary)
Independent consultantFerguson Partners Consulting L.P.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-06-1235,738,777595,01998,70398.36%Passed
20242024-06-2740,242,150970,91934,17997.64%Passed
20212021-06-1020,576,5511,727,215112,94291.79%Passed
20182018-06-291,162,10245,516150,77496.23%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
20252025-06-1298.36%a
20242024-06-2797.64%b
20212021-06-1091.79%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 vote The approval of the advisory, non-binding vote on the compensation of our named executives, the approval of the Fourth Amended and Restated 2014 Incentive Award Plan and the ratification of our appointment of PricewaterhouseCoopers LLP as our independent registered public accountants for 2025 require the affirmative vote of a majority of the votes cast.”.

b. Approved under the standard stated in the filing — “For purposes of this advisory vote, the abstentions and broker non-votes will not be counted as votes cast and will have no effect on the result of the vote.”.

c. Approved under the standard stated in the filing — “Accordingly, abstentions have the same effect as a vote against this proposal.”.

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 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David G. GawIndependent · Lead Independent Director · Audit (Chair) · Cybersecurity$72,500$59,995$0$0$0$132,495
Richard J. DeAgazioIndependent · Compensation (Chair) · Nominating and Corporate Governance · Sustainability70,00059,995000129,995
Caitlin MurphyIndependent · Nominating and Corporate Governance (Chair) · Sustainability (Chair)67,50059,995000127,495
John W. GuineeIndependent · Audit · Compensation · Cybersecurity · Real Estate Investment65,00059,995000124,995
Philip S. CottoneIndependent · Audit · Nominating and Corporate Governance · Compensation · Real Estate Investment65,00059,995000124,995
Robert O. StephensonIndependent · Audit · Partial-year service · Newly elected000000
Pendleton P. White, JrNot independent · Real Estate Investment (Chair)000000
Jeffrey E. WitherellEmployee director · Board Chair · Cybersecurity · Sustainability · Real Estate Investment00000
09

Board fee structure and ownership guideline

Annual cash retainer$60,000
Annual equity retainer$59,995
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)12,500
Stock ownership guideline
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$340,000
Equity awards (grant-date value)$299,975
All other compensation$0
Total cost of the board$639,975

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

10

Disclosed peer group — fiscal year 2024

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 Plymouth Industrial REIT, Inc. 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 Plymouth Industrial REIT, Inc..

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
1LXP Industrial Trust2025T. Wilson Eglin$840,000$4,044,982$0$1,442,438$6,645,384
2STAG Industrial, Inc.2025William Crooker800,0003,599,97001,427,9155,881,152
3Four Corners Property Trust, Inc.2025William Lenehan724,6053,705,794005,701,486
4Terreno Realty Corporation2025W. Blake Baird800,0004,603,498005,413,998
5NETSTREIT Corp.2025Mark Manheimer700,0003,194,41601,253,1755,165,527
6LTC Properties, Inc.2025Pamela Shelley-Kessler650,0002,250,00001,117,1884,027,538
7Getty Realty Corp.2025Christopher Constant643,1251,875,808003,163,755
8Plymouth Industrial REIT, Inc.2024Jeffrey Witherell643,7501,799,9800620,0003,108,503
9Community Healthcare Trust Incorporated2025David Dupuy666,6681,147,5020620,0012,448,171
10City Office REIT, Inc.2024James Farrar525,0001,054,368002,326,635
11Orion Office REIT Inc.2025Paul McDowell584,000659,9060746,9362,080,319
12One Liberty Properties, Inc.2025Patrick Callan1,061,330776,200002,009,253
13Global Medical REIT Inc.2025Mark Decker, Jr.371,3891,148,5560222,8331,817,778

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
Plymouth Industrial REIT, Inc.77.5%RSU 50 · PSU 50Yes — 3-Year Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting L.P.
City Office REIT, Inc.125%PRSU 60 · RSU 40Nonot disclosed
Community Healthcare Trust Incorporated62%PSU 65 · RSU 35Yes — Relative TSR vs. Peer GroupFerguson Partners Consulting
Four Corners Property Trust, Inc.125%PSU 50 · RSU 50Yes — Absolute Total Stockholder Return (TSR)Semler Brossy
Getty Realty Corp.not disclosedRSU 100not disclosednot disclosed
Global Medical REIT Inc.not disclosedLTIP Units 100YesFarient
LTC Properties, Inc.137.5%RSU 50 · PSU 50Yes — Absolute TSRFrederic W. Cook & Co., Inc.
LXP Industrial Trustnot disclosedPSU 60 · RSU 40Yes — Relative TSR compared to MSCI US REIT IndexFerguson Partners Consulting, L.P.
NETSTREIT Corp.179.0%PSU 60 · RSU 40Yes — Absolute TSRFPC and Farient
One Liberty Properties, Inc.not disclosedRSU 100Yes — Total Stockholder Return (TSR)Ferguson Partners Consulting L.P.
Orion Office REIT Inc.not disclosedPSU 60 · RSU 40Yes — absolute TSR performanceFerguson Partners Consulting L.P.
STAG Industrial, Inc.178%PSU 65 · LTIP Units 35Yes — Relative TSR vs Industry Peer GroupFerguson Partners Consulting
Terreno Realty Corporationnot disclosedPSU 65 · RSU 35Nonot disclosed

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.

FAQ

Frequently asked questions

Who was the highest-paid executive at Plymouth Industrial REIT, Inc. in fiscal 2024?
As disclosed, the highest-paid executive was Jeffrey Witherell, who served as Chairman and Chief Executive Officer with total compensation of $3,108,503.
How does Plymouth Industrial REIT, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows that the chief executive's pay falls at the 42nd percentile of the disclosed peer group.
What is Plymouth Industrial REIT, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was not disclosed in this extract.
How did shareholders vote on Plymouth Industrial REIT, Inc.'s executive compensation?
Shareholders approved the executive compensation plan with 98.36% support in the latest vote.
How much does Plymouth Industrial REIT, Inc. spend in total on board compensation for fiscal 2024?
The company reported total board compensation for fiscal 2024 as $639,975.

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, Jeffrey WitherellDEF 14A2025-04-280001171520-25-000158Section “2024 Summary Compensation Table”. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288
2Section 01, Anthony SaladinoDEF 14A2025-04-280001171520-25-000158Section “2024 Summary Compensation Table”. As printed: 1,659,238. Filing ↗machine: r5 · c12 · span 473615–473624
3Section 01, James ConnollyDEF 14A2025-04-280001171520-25-000158Section “2024 Summary Compensation Table”. As printed: 1,204,533. Filing ↗machine: r9 · c12 · span 478008–478017
4Section 03, Anthony Saladino RSUDEF 14A2025-04-280001171520-25-000158Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t70 · r5 · c18 · span 496872–496879
5Section 03, James Connolly PSUDEF 14A2025-04-280001171520-25-000158Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t70 · r9 · c14 · span 504901–504907
6Section 03, Jeffrey Witherell RSUDEF 14A2025-04-280001171520-25-000158Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t70 · r2 · c18 · span 490575–490582
7Section 03, Jeffrey Witherell PSUDEF 14A2025-04-280001171520-25-000158Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t70 · r3 · c14 · span 492307–492313
8Section 03, James Connolly RSUDEF 14A2025-04-280001171520-25-000158Section “Grants of Plan Based Awards” · grants of plan-based awards table. Filing ↗machine: t70 · r8 · c18 · span 503170–503177
9Section 03, Anthony Saladino PSUDEF 14A2025-04-280001171520-25-000158Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t70 · r6 · c14 · span 498604–498610
10Section 08, David G. GawDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 132,495. Filing ↗
11Section 08, Richard J. DeAgazioDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 129,995. Filing ↗
12Section 08, Caitlin MurphyDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 127,495. Filing ↗
13Section 08, John W. GuineeDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 124,995. Filing ↗
14Section 08, Philip S. CottoneDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 124,995. Filing ↗
15Section 08, Robert O. StephensonDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Pendleton P. White, JrDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Jeffrey E. WitherellDEF 14A2025-04-280001171520-24-000173Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2025 voteForm 8-K2025-06-160001171520-25-000208Item 5.07 · say-on-pay result. As reported: 98.36% (votes for as printed: 35,738,777). Filing ↗
19Section 06, 2024 voteForm 8-K2024-07-020001171520-24-000239Item 5.07 · say-on-pay result. As reported: 97.64% (votes for as printed: 40,242,150). Filing ↗
20Section 06, 2021 voteForm 8-K2021-06-150001171520-21-000248Item 5.07 · say-on-pay result. As reported: 91.79%. Filing ↗
21Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 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
23Section 09b board cost (computed)ComputedcomputedCash 340,000 + equity 299,975 + all other 0 = 639,975, summed across the director compensation table rows.machine: formula: Σ = 639,975
24LXP Industrial Trust, Section 10b CEO totalDEF 14A2026-04-030000910108-26-000015CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576
25STAG Industrial, Inc., Section 10b CEO totalDEF 14A2026-03-180001104659-26-031046CEO total compensation as printed in STAG Industrial, Inc.'s own proxy. As printed: 5,881,152. Filing ↗machine: span 1074440–1074449
26Four Corners Property Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001140361-26-015137CEO total compensation as printed in Four Corners Property Trust, Inc.'s own proxy. As printed: 5,701,486. Filing ↗machine: r2 · c18 · span 641840–641849
27Terreno Realty Corporation, Section 10b CEO totalDEF 14A2026-03-200001193125-26-116759CEO total compensation as printed in Terreno Realty Corporation's own proxy. As printed: 5,413,998. Filing ↗machine: t94 · r2 · c23 · span 345620–345629
28NETSTREIT Corp., Section 10b CEO totalDEF 14A2026-04-010001628280-26-022557CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640
29LTC Properties, Inc., Section 10b CEO totalDEF 14A2026-04-080001104659-26-040921CEO total compensation as printed in LTC Properties, Inc.'s own proxy. As printed: 4,027,538. Filing ↗machine: t203 · r7 · c20 · span 1255138–1255147
30Getty Realty Corp., Section 10b CEO totalDEF 14A2026-03-120001140361-26-009218CEO total compensation as printed in Getty Realty Corp.'s own proxy. As printed: 3,163,755. Filing ↗machine: r2 · c28 · span 750236–750245
31Plymouth Industrial REIT, Inc. (subject), Section 10b CEO totalDEF 14A2025-04-280001171520-25-000158CEO total compensation as printed in Plymouth Industrial REIT, Inc.'s own proxy. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288
32Community Healthcare Trust Incorporated, Section 10b CEO totalDEF 14A2026-03-120001631569-26-000021CEO total compensation as printed in Community Healthcare Trust Incorporated's own proxy. As printed: 2,448,171. Filing ↗machine: t78 · r5 · c14 · span 606124–606133
33City Office REIT, Inc., Section 10b CEO totalDEF 14A2025-03-120001193125-25-052437CEO total compensation as printed in City Office REIT, Inc.'s own proxy. As printed: 2,326,635. Filing ↗machine: r2 · c22 · span 458462–458471
34Orion Office REIT Inc., Section 10b CEO totalDEF 14A2026-03-200001873923-26-000073CEO total compensation as printed in Orion Office REIT Inc.'s own proxy. As printed: 2,080,319. Filing ↗machine: r4 · c39 · span 433823–433832
35One Liberty Properties, Inc., Section 10b CEO totalDEF 14A2026-04-200001140361-26-015499CEO total compensation as printed in One Liberty Properties, Inc.'s own proxy. As printed: 2,009,253. Filing ↗machine: r2 · c18 · span 461230–461239
36Global Medical REIT Inc., Section 10b CEO totalDEF 14A2026-04-080001104659-26-040956CEO total compensation as printed in Global Medical REIT Inc.'s own proxy. As printed: 1,817,778. Filing ↗machine: t115 · r2 · c23 · span 428747–428756
37Section 10a, Global Medical REIT Inc. reciprocityDEF 14A0001104659-26-040956Global Medical REIT Inc. names Plymouth Industrial REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
38Section 10a, Community Healthcare Trust Incorporated reciprocityDEF 14A0001631569-26-000021Community Healthcare Trust Incorporated names Plymouth Industrial REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
39Section 10a, One Liberty Properties, Inc. reciprocityDEF 14A0001140361-26-015499One Liberty Properties, Inc. names Plymouth Industrial REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Four Corners Property Trust, Inc. reciprocityDEF 14A0001140361-26-015137Four Corners Property Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Plymouth Industrial REIT, Inc.. Filing ↗
41Section 10a, NETSTREIT Corp. reciprocityDEF 14A0001628280-26-022557NETSTREIT Corp. names Plymouth Industrial REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, LTC Properties, Inc. reciprocityDEF 14A0001104659-26-040921LTC Properties, Inc.'s most recent proxy was read; its disclosed peer group does not include Plymouth Industrial REIT, Inc.. Filing ↗
43Section 10a, STAG Industrial, Inc. reciprocityDEF 14A0001104659-26-031046STAG Industrial, Inc. names Plymouth Industrial REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, LXP Industrial Trust reciprocityDEF 14A0000910108-26-000015LXP Industrial Trust names Plymouth Industrial REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Terreno Realty Corporation reciprocityDEF 14A0001193125-26-116759Terreno Realty Corporation's most recent proxy was read; its disclosed peer group does not include Plymouth Industrial REIT, Inc.. Filing ↗
46Section 10a, Orion Office REIT Inc. reciprocityDEF 14A0001873923-26-000073Orion Office REIT Inc. names Plymouth Industrial REIT, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Getty Realty Corp. reciprocityDEF 14A0001140361-26-009218Getty Realty Corp.'s most recent proxy was read; its disclosed peer group does not include Plymouth Industrial REIT, Inc.. Filing ↗