Ermelinda Berberi
About Ermelinda Berberi
Ermelinda Berberi is Executive Vice President, Chief Financial Officer and Treasurer of Paramount Group, Inc. (PGRE), with her CFO role evidenced in the company’s Q3 2025 8-K and management roster; she previously served as Senior Vice President, Chief Accounting Officer since April 2017 and Senior Vice President, Finance since April 2016 . She is 44, holds a BA in Accounting from Montclair State University and an MBA from Rutgers University, and is a licensed CPA in New Jersey; she is a member of the AICPA and the New Jersey Society of CPAs . Prior to joining Paramount in 2016, she spent over 12 years at Deloitte & Touche LLP in the northeast real estate audit practice, serving some of the largest publicly traded REITs . Paramount’s executive incentive design emphasizes pay-for-performance with short‑term cash bonuses linked to corporate and individual objectives (e.g., Core FFO/share, leasing, occupancy, overhead, fundraising, corporate responsibility) and multi‑year equity programs tied to profitability and total shareholder returns, setting rigorous targets (e.g., 2024 Core FFO target $0.78 vs guidance midpoint $0.76) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Paramount Group, Inc. | Executive Vice President, Chief Financial Officer and Treasurer | Oct 29, 2025–present | Senior finance leadership; signatory officer on SEC filings |
| Paramount Group, Inc. | Senior Vice President, Chief Accounting Officer | Apr 2017–Oct 2025 | Led accounting function during challenging office market cycle |
| Paramount Group, Inc. | Senior Vice President, Finance | Apr 2016–Apr 2017 | Finance leadership pre‑CAO transition |
| Deloitte & Touche LLP | Audit Senior Manager (Northeast Real Estate) | 12+ years through 2016 | Served largest publicly‑traded REITs; deep technical accounting and audit expertise |
External Roles
| Organization | Role | Years |
|---|---|---|
| American Institute of Certified Public Accountants (AICPA) | Member | Not disclosed |
| New Jersey Society of Certified Public Accountants | Member | Not disclosed |
Fixed Compensation
- Not disclosed for Ms. Berberi in the 2025 proxy; 2024 NEOs were Behler (CEO), Paes (COO/CFO), Brindley (EVP), and Johnson (SVP GC), indicating Berberi was not a named executive officer in 2024 .
Performance Compensation
Retention and Incentive Arrangements
| Item | Terms |
|---|---|
| Retention Bonus | $475,000 retention bonus, payable within 30 days after the earlier of June 30, 2026 (subject to continued employment) or termination without cause (following closing of the Rithm Mergers); payment conditioned on release and ongoing compliance with restrictive covenants . |
| Short‑Term Incentive (Program Design) | Company STIC uses corporate and individual objectives with rigorous targets; examples for 2024: Core FFO/share Threshold $0.76, Target $0.78, Max $0.80; leasing 650k/775k/900k sq ft; same‑store leased occupancy 86.1%/87.1%/88.1%; overhead $62M/$61M/$60M; fundraising $100M/$200M/$300M; corporate responsibility points 12/16/20 . |
| LTIC Design | Multi‑year, performance‑based equity linked to profitability and TSR; 2023 front‑loaded equity awards were granted company‑wide to address retention and replace LTIC grants that otherwise would have been made in early 2024 and 2025 . |
Equity Ownership & Alignment
- Stock ownership guidelines require executive officers to hold shares (including OP units and LTIP units, excluding options/AOLTIP/unearned P‑LTIP) equal to at least 3x base salary, to be achieved within five years of appointment; until compliant, executives must retain 50% of the value of vested awards net of taxes .
- Anti‑hedging and anti‑pledging policies: executives are prohibited from hedging or pledging company securities without committee approval; management disclosed that no executives have engaged in hedging or currently have pledges in place .
- Clawback (Compensation Recovery Policy): requires recovery of incentive-based compensation tied to financial reporting measures for the three fiscal years preceding a required restatement, regardless of fault .
Employment Terms
| Provision | Terms |
|---|---|
| Executive Severance Plan (General) | For executives not under employment agreements (includes Ms. Berberi): if terminated without cause, lump‑sum severance equals base salary + most recent cash bonus + annual health/dental premium; subject to signing a separation agreement and six‑month non‑competition and non‑solicitation covenants . |
| Change‑in‑Control Amendment (Sept 17, 2025) | If terminated without cause within 12 months after a change in control (including the Rithm Mergers): lump sum equal to 2x (base salary + target annual bonus), plus pro‑rated bonus for the year of termination and annual health/dental premium; subject to separation agreement and six‑month non‑compete/non‑solicit . |
| Tax Gross‑Ups | None; payments reduced to avoid 280G excise tax if it yields higher after‑tax outcome; 409A six‑month delay applied as needed . |
| Benefits Continuity (Merger Agreement) | Parent (Rithm) to provide, for ≥12 months post‑closing, base pay at least equal to pre‑merger, target short‑term incentive opportunities no less favorable, and benefits no less favorable in aggregate to similarly situated Parent employees; service credited for vesting/eligibility; severance benefits no less favorable than Parent’s . |
Investment Implications
- Near‑term retention risk mitigated by a $475k retention bonus and by enhanced change‑in‑control severance terms (2x base + target bonus) contingent on termination within 12 months post‑closing; this reduces voluntary departure risk through the merger close and integration period .
- Alignment safeguards (3x salary ownership requirement, anti‑hedging/pledging, clawback) are in place, limiting misalignment and signaling governance discipline; absence of pledging is a positive indicator for trading risk assessments .
- Event pathway: Rithm to acquire PGRE for $6.60 per share, with close expected in Q4 2025 subject to approvals; executives (including the CFO) are participants in solicitation and proxy processes, indicating continuity through transaction milestones .
- Pay‑for‑performance context: company uses rigorous STIC targets and TSR/profitability‑linked LTIC; 2024 say‑on‑pay support was just under 50%, prompting compensation committee outreach and changes—watch for future proxy disclosures to assess Berberi’s CFO‑specific metrics and realized pay post‑merger .