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.
This is the complete answer, not a partial one — the list is never padded.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Adam Portnoy | $375,000 | $2,300,000 | $2,079,973 | $0 | $0 | $0 | $62,074 | $4,817,047 |
| Managing Director, President and Chief Executive Officer | ||||||||
| Jennifer Clark | 375,000 | 2,880,000 | 1,204,975 | 0 | 0 | 0 | 61,623 | 4,521,598 |
| Former Managing Director, Executive Vice President, General Counsel and Secretary | ||||||||
| Matthew Jordan | 375,000 | 2,450,000 | 1,414,968 | 0 | 0 | 0 | 73,226 | 4,313,194 |
| Managing Director, Executive Vice President, Chief Operating Officer, Former Chief Financial Officer and Treasurer | ||||||||
| Christopher Bilotto | 375,000 | 950,000 | 1,154,974 | 0 | 0 | 0 | 35,179 | 2,515,153 |
| Executive Vice President | ||||||||
| John Murray | 37,500 | 191,250 | 699,977 | 0 | 0 | 0 | 46,597 | 975,323 |
| Executive Vice President | ||||||||
| Jeffrey Leer | 37,500 | 100,000 | 774,977 | 0 | 0 | 0 | 16,873 | 929,350 |
| Executive Vice President | ||||||||
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 |
|---|---|---|---|---|
| Adam Portnoy | $4,817,047 | — | — | — |
| Jennifer Clark | 4,521,598 | — | — | — |
| Matthew Jordan | 4,313,194 | — | — | — |
| Christopher Bilotto | 2,515,153 | — | — | — |
| John Murray | 975,323 | — | — | — |
| Jeffrey Leer | 929,350 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Christopher Bilotto | RSU | 6,198 | — | $36,134 |
| Jennifer Clark | RSU | 8,000 | — | 35,280 |
| Matthew Jordan | RSU | 8,000 | — | 35,280 |
| John Murray | RSU | 8,000 | — | 35,280 |
| Jennifer Clark | RSU | 6,000 | — | 34,980 |
| John Murray | RSU | 6,000 | — | 34,980 |
| Jeffrey Leer | RSU | 5,633 | — | 32,840 |
| John Murray | RSU | 12,000 | — | 32,520 |
| Adam Portnoy | RSU | 4,800 | — | 27,984 |
| Christopher Bilotto | RSU | 6,000 | — | 26,460 |
| Jeffrey Leer | RSU | 6,000 | — | 26,460 |
| Matthew Jordan | RSU | 4,000 | — | 23,320 |
| Christopher Bilotto | RSU | 4,000 | — | 23,320 |
| John Murray | RSU | 2,212 | — | 22,806 |
| Christopher Bilotto | RSU | 2,212 | — | 22,806 |
| John Murray | RSU | 3,674 | — | 21,419 |
| Christopher Bilotto | RSU | 3,674 | — | 21,419 |
| Jennifer Clark | RSU | 3,600 | — | 20,988 |
| Jennifer Clark | RSU | 2,000 | — | 20,620 |
| Matthew Jordan | RSU | 2,000 | — | 20,620 |
| John Murray | RSU | 2,000 | — | 20,620 |
| Jennifer Clark | RSU | 3,000 | — | 17,490 |
| John Murray | RSU | 3,000 | — | 17,490 |
| Adam Portnoy | RSU | 2,400 | — | 13,992 |
| Jennifer Clark | RSU | 2,400 | — | 13,992 |
| Matthew Jordan | RSU | 2,400 | — | 13,992 |
| John Murray | RSU | 2,400 | — | 13,992 |
| Christopher Bilotto | RSU | 3,000 | — | 13,230 |
| Jeffrey Leer | RSU | 4,740 | — | 12,845 |
| Jeffrey Leer | RSU | 800 | — | 8,248 |
| Jeffrey Leer | RSU | 1,959 | — | 11,421 |
| Jeffrey Leer | RSU | 1,105 | — | 11,393 |
| Jennifer Clark | RSU | 4,000 | — | 10,840 |
| Matthew Jordan | RSU | 1,200 | — | 6,996 |
| Jeffrey Leer | RSU | 1,859 | — | 10,838 |
| Jennifer Clark | RSU | 1,000 | — | 10,310 |
| John Murray | RSU | 1,000 | — | 10,310 |
| Jeffrey Leer | RSU | 1,600 | — | 9,328 |
| Christopher Bilotto | RSU | 1,400 | — | 8,162 |
| Jeffrey Leer | RSU | 1,400 | — | 8,162 |
| Jennifer Clark | RSU | 1,200 | — | 6,996 |
| John Murray | RSU | 1,200 | — | 6,996 |
| Christopher Bilotto | RSU | 1,200 | — | 6,996 |
| Christopher Bilotto | RSU | 960 | — | 5,597 |
| Christopher Bilotto | RSU | 700 | — | 4,081 |
| Christopher Bilotto | RSU | 800 | — | 2,168 |
| Jeffrey Leer | RSU | 960 | — | 5,597 |
| Christopher Bilotto | RSU | 1,600 | — | 4,336 |
| Jeffrey Leer | RSU | 300 | — | 1,749 |
| Adam Portnoy | RSU | 44,775 | — | 197,458 |
| Adam Portnoy | RSU | 65,420 | — | 288,502 |
| Christopher Bilotto | RSU | 65,420 | — | 288,502 |
| Jeffrey Leer | RSU | 65,420 | — | 288,502 |
| Jeffrey Leer | RSU | 44,775 | — | 197,458 |
| Jennifer Clark | RSU | 56,074 | — | 247,286 |
| Adam Portnoy | RSU | 70,175 | — | 190,174 |
| Matthew Jordan | RSU | 25,351 | — | 147,796 |
| Matthew Jordan | RSU | 56,074 | — | 247,286 |
| Jennifer Clark | RSU | 70,175 | — | 190,174 |
| John Murray | RSU | 32,709 | — | 144,247 |
| Adam Portnoy | RSU | 35,211 | — | 205,281 |
| John Murray | RSU | 70,175 | — | 190,174 |
| Jennifer Clark | RSU | 35,211 | — | 205,280 |
| Jennifer Clark | RSU | 44,775 | — | 197,458 |
| Christopher Bilotto | RSU | 44,775 | — | 197,458 |
| Christopher Bilotto | RSU | 70,175 | — | 190,174 |
| Adam Portnoy | RSU | 32,520 | — | 189,592 |
| Matthew Jordan | RSU | 32,520 | — | 189,592 |
| Jeffrey Leer | RSU | 42,104 | — | 114,102 |
| Matthew Jordan | RSU | 42,984 | — | 189,559 |
| Matthew Jordan | RSU | 63,157 | — | 171,155 |
| Adam Portnoy | RSU | 28,469 | — | 165,975 |
| Adam Portnoy | RSU | 12,715 | — | 131,092 |
| Matthew Jordan | RSU | 12,715 | — | 131,092 |
| John Murray | RSU | 26,865 | — | 118,475 |
| Jennifer Clark | RSU | 10,898 | — | 112,358 |
| Adam Portnoy | RSU | 33,859 | — | 91,758 |
| Jennifer Clark | RSU | 33,859 | — | 91,758 |
| John Murray | RSU | 33,859 | — | 91,758 |
| Matthew Jordan | RSU | 32,505 | — | 88,089 |
We strive to maintain an executive compensation program which reflects best practices. We compensate our executive officers with a combination of base salary, cash bonus and equity compensation.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-03-26 | 170,462,536 | 432,282 | 89,841 | 99.75% | Passed |
| 2025 | 2025-03-27 | 170,701,806 | 1,430,170 | 70,987 | 99.17% | Passed |
| 2024 | 2024-03-27 | 171,571,365 | 1,671,662 | 55,172 | 99.04% | Passed |
| 2023 | 2023-03-29 | 169,656,519 | 1,794,006 | 149,518 | 98.95% | Passed |
| 2022 | 2022-03-10 | 170,508,041 | 2,087,325 | 281,030 | 98.79% | 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 | 2026-03-26 | 99.75%a |
| 2025 | 2025-03-27 | 99.17%b |
| 2024 | 2024-03-27 | 99.04%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
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.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Ann LoganIndependent · Audit (Chair) · Compensation · Nominating and Governance | $117,500 | $100,000 | — | — | $0 | $217,500 |
| Rosen PlevnelievIndependent · Lead Independent Director · Audit · Compensation · Nominating and Corporate Governance | 115,000 | 100,000 | — | — | 0 | 215,000 |
| Walter C. Watkins JrIndependent · Audit · Compensation · Nominating and Governance | 112,500 | 100,000 | — | — | 0 | 212,500 |
| Jonathan VeitchIndependent · Audit · Compensation · Nominating and Governance | 112,500 | 100,000 | — | — | 0 | 212,500 |
| Jennifer B. ClarkEmployee director · Departed during FY | 0 | 100,000 | — | — | 0 | 100,000 |
| Adam D. PortnoyEmployee director · Compensation | 0 | 100,000 | — | — | 0 | 100,000 |
| Matthew P. JordanEmployee director | 0 | 0 | — | — | 0 | 0 |
| Annual cash retainer | $97,500 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 15,000 / 15,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $457,500 |
| Equity awards (grant-date value) | $600,000 |
| All other compensation | $0 |
| Total cost of the board | $1,057,500 |
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 | RMR Group | 2025 | Adam Portnoy | $375,000 | $2,079,973 | $0 | $0 | $4,817,047 |
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.
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, Adam Portnoy | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 4,817,047. Filing ↗machine: r1 · c35 · span 827869–827878 |
| 2 | Section 01, Jennifer Clark | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 4,521,598. Filing ↗machine: r4 · c35 · span 840209–840218 |
| 3 | Section 01, Matthew Jordan | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 4,313,194. Filing ↗machine: r7 · c35 · span 852038–852047 |
| 4 | Section 01, Christopher Bilotto | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 2,515,153. Filing ↗machine: r13 · c35 · span 876134–876143 |
| 5 | Section 01, John Murray | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 975,323. Filing ↗machine: r10 · c35 · span 864441–864448 |
| 6 | Section 01, Jeffrey Leer | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Summary Compensation Table”. As printed: 929,350. Filing ↗machine: r15 · c35 · span 885387–885394 |
| 7 | Section 08, Ann Logan | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 217,500. Filing ↗machine: span 587011–587018 |
| 8 | Section 08, Rosen Plevneliev | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 215,000. Filing ↗machine: span 588931–588938 |
| 9 | Section 08, Walter C. Watkins Jr | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 212,500. Filing ↗machine: span 595737–595744 |
| 10 | Section 08, Jonathan Veitch | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 212,500. Filing ↗machine: span 593114–593121 |
| 11 | Section 08, Jennifer B. Clark | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 100,000. Filing ↗ |
| 12 | Section 08, Adam D. Portnoy | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 100,000. Filing ↗ |
| 13 | Section 08, Matthew P. Jordan | DEF 14A | 2026-01-15 | 0001104659-26-004085 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 14 | Section 06, 2026 vote | Form 8-K | 2026-03-26 | 0001104659-26-035186 | Item 5.07 · say-on-pay result. As reported: 99.75% (votes for as printed: 170,462,536). Filing ↗ |
| 15 | Section 06, 2025 vote | Form 8-K | 2025-03-27 | 0001104659-25-028767 | Item 5.07 · say-on-pay result. As reported: 99.17% (votes for as printed: 170,701,806). Filing ↗ |
| 16 | Section 06, 2024 vote | Form 8-K | 2024-03-27 | 0001104659-24-039701 | Item 5.07 · say-on-pay result. As reported: 99.04% (votes for as printed: 171,571,365). Filing ↗ |
| 17 | Section 09b board cost (computed) | Computed | — | computed | Cash 457,500 + equity 600,000 + all other 0 = 1,057,500, summed across the director compensation table rows.machine: formula: Σ = 1,057,500 |
| 18 | RMR Group (subject), Section 10b CEO total | DEF 14A | 2026-01-15 | 0001104659-26-004085 | CEO total compensation as printed in RMR Group's own proxy. As printed: 4,817,047. Filing ↗machine: r1 · c35 · span 827869–827878 |