Jennifer Bitterman
About Jennifer Bitterman
Jennifer Bitterman (age 42) joined Franklin Street Properties’ board on October 15, 2025 as an independent director, filling a vacancy created by Bruce Schanzer’s resignation, and was appointed to both the Audit and Compensation Committees . She is Chief Financial Officer at GSA Group, serves on the Executive Leadership Team of The Dot Group, and previously held finance and capital markets roles at Andover Properties, Cedar Realty Trust (including CFO), Morgan Stanley (Asset Management), Credit Suisse (REIT coverage), and PwC; she also serves on advisory boards at the University of Michigan’s Weiser Center for Real Estate and Cold Spring Harbor Laboratory, and previously chaired the Audit Committee at Dreamscape Companies . Upon appointment she filed a Form 3 indicating no beneficial ownership of FSP securities .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GSA Group | Chief Financial Officer | Current (as of Oct-2025) | Senior finance leadership |
| The Dot Group | Executive Leadership Team | Current (as of Oct-2025) | Strategy/operations leadership |
| Andover Properties | Chief Financial Officer | Prior to 2025 | Corporate finance for a large private self-storage operator |
| Cedar Realty Trust (NYSE: CDR) | Various roles including Chief Financial Officer | Over a decade (prior to 2025) | Public REIT finance, capital markets, compliance |
| Morgan Stanley | Asset Management Team | Prior | Institutional asset management exposure |
| Credit Suisse | Equity REITs coverage | Prior | Sell-side/coverage experience |
| PwC | Professional services | Prior | Accounting foundation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Weiser Center for Real Estate (Ross School of Business) | Advisory Board Member | Current | Academic/industry bridge |
| Cold Spring Harbor Laboratory | Advisory Board Member | Current | Governance/advisory |
| Dreamscape Companies | Board Member; Audit Committee Chair (prior) | Prior | Audit leadership |
Board Governance
- Appointment path and shareholder alignment: Bitterman was designated as the “Replacement Director” under FSP’s November 2024 cooperation agreement with Converium after Schanzer’s resignation; the Company agreed to nominate her at the 2026 annual meeting and support her election, with certain agreement terms extended between FSP and Converium through December 31, 2026 or her departure from the Board .
- Committee assignments: Audit Committee and Compensation Committee member effective October 15, 2025; Board determined she meets NYSE American independence standards .
- Attendance and engagement baseline: FSP reported that in 2024 each director attended more than 75% of Board and committee meetings; Bitterman joined in October 2025, so her individual attendance will be disclosed in the next proxy cycle .
- Executive sessions: Independent directors hold executive sessions at least annually without management .
- Lead Independent Director context: FSP’s Lead Independent Director is Georgia Murray; the role coordinates independent director activities and investor liaison .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (Board) | $30,000 | Paid in four equal installments; program reduced in May 2024 to cut G&A |
| Additional annual cash retainer – Lead Independent Director | $7,500 | Role-specific, not applicable to Bitterman |
| Additional annual cash retainer – Audit Committee Chair | $7,500 | Chair only (Bitterman is a member) |
| Additional annual cash retainer – Compensation Committee Chair | $5,000 | Chair only |
| Additional annual cash retainer – Nominating & Corporate Governance Chair | $5,000 | Chair only |
- The Company reiterated that non‑employee directors, including Bitterman, currently receive a $30,000 annual retainer .
Performance Compensation
| Equity Element | Grant Value | Grant Timing/Structure | Instruments/Performance Links |
|---|---|---|---|
| Annual grant of FSP common stock | $45,000 | Grant date fair value based on closing price; typically on the 10th business day after the annual meeting | |
| Options/PSUs/Deferred comp | None | Not offered to directors at FSP | No option grants; equity is delivered as common stock |
- Non‑employee directors, including Bitterman, “currently receive” the $45,000 annual stock grant; no options, PSUs, or perquisites are provided to directors .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | FSP director (independent) |
| Prior public company boards | Not disclosed |
| Notable prior executive roles | CFO and other senior roles at Cedar Realty Trust (public REIT) |
| Related-party or interlocks | 8‑K states no transactions requiring disclosure under Item 404(a) related to Bitterman |
Expertise & Qualifications
- Finance, accounting, capital markets, and compliance spanning public REITs and private real estate platforms; prior CFO experience (Cedar Realty Trust; Andover Properties) and advisory board service (Ross; Cold Spring Harbor) .
- Audit acumen evidenced by prior Audit Committee Chair role (Dreamscape Companies) and appointment to FSP’s Audit Committee .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 0 | Form 3 filed indicated no securities beneficially owned |
| Ownership (% of shares outstanding) | 0.00% | Based on 0 shares owned |
| Vested vs. unvested | N/A | No holdings |
| Pledged shares | None | No holdings |
| Hedging/short sale policy | Prohibited for directors/officers | Company anti-hedging policy restricts shorts, puts/calls |
| Stock ownership guideline | 5× cash retainer ($150,000 value) | Value measured by cost basis or prior-year average price; new directors have 7 years to comply |
Insider Filings & Trades
| Date | Form | Securities Reported | Key Note |
|---|---|---|---|
| 10/22/2025 | Form 3 (Initial Statement) | 0 shares | Filed upon appointment; “No securities are beneficially owned.” |
Governance Assessment
- Board effectiveness: Bitterman strengthens financial oversight on Audit and Compensation with CFO and public REIT experience; her independence was affirmed by FSP’s Board . Given FSP’s lean director pay structure and emphasis on cash plus common stock (no options/PSUs), her incentives are aligned with shareholder outcomes without complex performance linkages .
- Investor confidence signals: Appointment occurred under an extended cooperation framework with Converium, with explicit nomination support through 2026; this reflects active shareholder engagement and aligns board refreshment with investor priorities . No related‑party transactions involving Bitterman were disclosed, reducing conflict risk .
- RED FLAGS/cautions: Appointment pursuant to a cooperation agreement indicates ongoing shareholder influence over board composition, which investors should monitor for stability and strategic alignment through the 2026 window . Individual attendance and ownership guideline progress will be assessed in the next proxy cycle; current ownership is zero per Form 3, but guidelines grant seven years to reach the $150,000 threshold .