Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-11

Seritage Growth Properties (SRG)

CEO Adam Metz was paid $822,581 in fiscal year 2025, the 1st percentile of its disclosed peer group (SEC filing 0001174947-26-000519 ↗): 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.

$6,386,016
Andrea Olshan total, FY2025
Former Chief Executive Officer and President — highest-paid officer; CEO Adam Metz: $822,581
1st
CEO (Adam Metz) pay percentile vs peers
—
CEO-to-median pay ratio
46.2%
Say-on-pay support, latest vote

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SRG's next annual pay disclosure, estimated April 24, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Andrea Olshan$327,115$666,667$0$0$0$0$5,392,234$6,386,016
Former Chief Executive Officer and President
Matthew Fernand463,4131,533,122000014,0002,010,535
Chief Legal Officer and Corporate Secretary
Eric Dinenberg436,1541,442,938000014,0001,893,092
Chief Operating Officer
Adam Metz735,0810000087,500822,581
Chief Executive Officer and 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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Andrea Olshan$6,386,016$5,179,744$2,404,615↑ +1,206,272
Matthew Fernand2,010,5351,819,1311,553,825↑ +191,404
Eric Dinenberg1,893,0921,712,9351,463,200↑ +180,157
Adam Metz822,581———

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

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$6,386,016 Andrea Olshan total, FY2025

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Data as of June 11, 2026 · Source: 0001174947-26-000519 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

Reports for SRG

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

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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
Allison L. ThrushIndependent Director$150,000
John T. McClainIndependent Director$180,000
Mark WilsmannIndependent Director$150,000
Mitchell SabshonIndependent Director$165,000
Talya Nevo-HacohenIndependent Director$165,000
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee believes that retaining key employees, including NEOs, is central to the Company's success in executing the Plan of Sale and maximizing shareholder value. The Company provides cash-based compensation packages including salary, annual bonuses, retention bonuses, and cash-based long-term incentive awards, avoiding equity-based awards to limit shareholder dilution and avoid performance metrics that are difficult to forecast in a wind-down context.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0916,048,60218,687,4282,500,90946.2%Failed
20252025-06-1010,223,15010,924,298597,52948.34%Failed
20242024-06-0514,073,1749,108,681242,83160.71%Passed
20232023-06-0615,576,0784,979,78515,098,39075.77%Passed
20222022-10-2420,470,7048,347,53316,738,01171.03%Passed
20212021-05-2020,692,8533,694,8502,140,35084.85%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
20262026-06-0946.2%a
20252025-06-1048.34%b
20242024-06-0560.71%c

a. Approved under the standard stated in the filing — “Abstentions are not votes cast and will have no effect on the election of trustees, on the ratification of the 3 appointment of Deloitte & Touche LLP as our independent registered public accounting firm or on the advisory vote on the Company's executive compensation.”.

b. Approved under the standard stated in the filing — “Abstentions are not votes cast and will have no effect on the election of trustees, on the ratification of the 3 appointment of Deloitte & Touche LLP as our independent registered public accounting firm or on the advisory vote on the Company's executive compensation.”.

c. Approved under the standard stated in the filing — “Abstentions are not votes cast and will have no effect on the election of trustees, on the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm or on the advisory vote on the Company's executive compensation.”.

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)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John T. McClainIndependent · Audit (Chair) · Compensation (Chair)$180,000$0$0$0$0$180,000
Talya Nevo-HacohenIndependent · Compensation · Nominating and Corporate Governance (Chair)165,0000000165,000
Mitchell SabshonIndependent · Audit · Nominating and Corporate Governance165,0000000165,000
Allison L. ThrushIndependent · Compensation · Investment150,0000000150,000
Mark WilsmannIndependent · Audit · Nominating and Corporate Governance · Investment150,0000000150,000
Adam MetzEmployee director · Board Chair000—00
09

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer$0
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)15,000 / 15,000 / 15,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$810,000
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$810,000

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
1Seritage Growth Properties2025Adam Metz$735,081$0$0$0$822,581

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 Seritage Growth Properties in fiscal 2025?
As disclosed, Andrea Olshan (Former Chief Executive Officer and President) was the highest-paid executive at Seritage Growth Properties in fiscal 2025, with total compensation of $6,386,016.
How does Seritage Growth Properties's chief executive pay compare to its disclosed peer group?
As disclosed, Adam Metz's total compensation ranked at the 1st percentile of Seritage Growth Properties's disclosed peer group.
How did shareholders vote on Seritage Growth Properties's executive compensation?
As disclosed, 46.2% of shareholders supported Seritage Growth Properties's executive compensation in the latest say-on-pay vote.
How much does Seritage Growth Properties spend in total on board compensation for fiscal 2025?
As disclosed, Seritage Growth Properties reported total board compensation of $810,000 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, Andrea OlshanDEF 14A2026-04-270001174947-26-000519Section “COMPENSATION OF NAMED EXECUTIVE OFFICERS” · page 20. As printed: 6,386,016. Filing ↗machine: t85 · r5 · c5 · span 266478–266487
2Section 01, Matthew FernandDEF 14A2026-04-270001174947-26-000519Section “COMPENSATION OF NAMED EXECUTIVE OFFICERS” · page 20. As printed: 2,010,535. Filing ↗machine: t85 · r7 · c5 · span 268017–268026
3Section 01, Eric DinenbergDEF 14A2026-04-270001174947-26-000519Section “COMPENSATION OF NAMED EXECUTIVE OFFICERS” · page 20. As printed: 1,893,092. Filing ↗machine: t85 · r9 · c5 · span 269550–269559
4Section 01, Adam MetzDEF 14A2026-04-270001174947-26-000519Section “COMPENSATION OF NAMED EXECUTIVE OFFICERS” · page 20. As printed: 822,581. Filing ↗machine: t85 · r3 · c5 · span 265140–265147
5Section 07, pay ratio10-K2026-03-310001193125-26-134736Section “CEO Pay Ratio”. As printed: —. Filing ↗
6Section 08, John T. McClainDEF 14A2026-04-270001174947-26-000519Section “Director Compensation”. As printed: 180,000. Filing ↗machine: t115 · r1 · c1 · span 395853–395897
7Section 08, Talya Nevo-HacohenDEF 14A2026-04-270001174947-26-000519Section “Director Compensation”. As printed: 165,000. Filing ↗machine: t115 · r2 · c1 · span 396353–396397
8Section 08, Mitchell SabshonDEF 14A2026-04-270001174947-26-000519Section “Director Compensation”. As printed: 165,000. Filing ↗machine: span 396925–396969
9Section 08, Allison L. ThrushDEF 14A2026-04-270001174947-26-000519Section “Director Compensation”. As printed: 150,000. Filing ↗machine: span 397424–397468
10Section 08, Mark WilsmannDEF 14A2026-04-270001174947-26-000519Section “Director Compensation”. As printed: 150,000. Filing ↗machine: span 398026–398070
11Section 08, Adam MetzDEF 14A2026-04-270001174947-26-000519Section “Director Compensation”. As printed: 0. Filing ↗
12Section 06, 2026 voteForm 8-K2026-06-110001193125-26-267880Item 5.07 · say-on-pay result. As reported: 46.2% (votes for as printed: 16,048,602). Filing ↗
13Section 06, 2025 voteForm 8-K2025-06-110000895345-25-000209Item 5.07 · say-on-pay result. As reported: 48.34% (votes for as printed: 10,223,150). Filing ↗
14Section 06, 2024 voteForm 8-K2024-06-060000895345-24-000215Item 5.07 · say-on-pay result. As reported: 60.71% (votes for as printed: 14,073,174). Filing ↗
15Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
16Section 09b board cost (computed)Computed——Cash 810,000 + equity 0 + all other 0 = 810,000, summed across the director compensation table rows.machine: formula: Σ = 810,000
17Seritage Growth Properties (subject), Section 10b CEO totalDEF 14A2026-04-270001174947-26-000519CEO total compensation as printed in Seritage Growth Properties's own proxy. As printed: 822,581. Filing ↗machine: t85 · r3 · c5 · span 265140–265147

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SRG Peer Teardown Report