# EDGAR Filing Document

**Accession Number:** 0001031316
**File Stem:** 0001104659-25-099770
**Filing Date:** 2025-10
**Character Count:** 17439
**Document Hash:** 14a7da4619bfeb2813bdac7bb4c9f4b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-099770.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001104659-25-099770

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251009

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN STREET PROPERTIES CORP /MA/
- **CENTRAL INDEX KEY:** 0001031316
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 042724223
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32470
- **FILM NUMBER:** 251395494

**BUSINESS ADDRESS:**
- **STREET 1:** 401 EDGEWATER PLACE
- **STREET 2:** STE 200
- **CITY:** WAKEFIELD
- **STATE:** MA
- **ZIP:** 01880
- **BUSINESS PHONE:** 7815571300

**MAIL ADDRESS:**
- **STREET 1:** 401 EDGEWATER PLACE
- **STREET 2:** STE 200
- **CITY:** WAKEFIELD
- **STATE:** MA
- **ZIP:** 01880

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN STREET PARTNERS LP
- **DATE OF NAME CHANGE:** 20010301

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): October 9, 2025

Franklin Street Properties Corp.

(Exact name of registrant as specified in its charter)

Maryland 001-32470 04-3578653 <br> (State or other jurisdictionof incorporation) (CommissionFile Number) (IRS EmployerIdentification No.)

<u>401 Edgewater Place, Suite 200, Wakefield, Massachusetts</u>   <u>01880</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (781) 557-1300

------

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol (s)** | **Name of each exchange on which registered** |
| Common Stock, $.0001 par value per share | FSP | NYSE American |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 1.01. Entry into a Material Definitive Agreement.**

As previously reported, on November 27, 2024, Franklin Street Properties Corp. (the "Company") entered into a cooperation agreement (the "Cooperation Agreement") with Converium Capital Inc., Converium Capital Master Fund LP and Converium PGEQ Multi-Strategy Fund L.P. (collectively, ''Converium''), and Erez REIT Opportunities LP and Erez Asset Management LLC (collectively, "Erez" and together with Converium, the "Stockholder Parties"). The Cooperation Agreement is set forth as Exhibit 10.1 to this current report and is incorporated herein by reference.

As also previously reported, pursuant to the Cooperation Agreement, the Company appointed Bruce J. Schanzer as a member of the Board of Directors of the Company (the "Board") on November 27, 2024 and Mr. Schanzer was re-elected to the Board at the Company's 2025 annual meeting of stockholders on May 15, 2025 to serve a one-year term expiring at Company's 2026 annual meeting of stockholders (the "2026 Annual Meeting").

On October 9, 2025, Mr. Schanzer informed the Company that he had resigned from the Board, effective immediately. Mr. Schanzer's decision to resign did not involve any disagreement on any matter relating to the Company's operations, policies or practices.

The Cooperation Agreement provides that in the event that Mr. Schanzer resigns as a director the Company and Converium would cooperate to identify and mutually agree upon a replacement director candidate (the "Replacement Director") if at such time Converium (together with its affiliates) beneficially owned at least three percent (3%) of the Company's then-outstanding common stock.

The Company and Converium identified Jennifer Bitterman as a Replacement Director under the Cooperation Agreement. On October 15, 2025, the Board elected Ms. Bitterman to serve as a director of the Company to fill the vacancy caused by the resignation of Mr. Schanzer.

In connection with the appointment of Ms. Bitterman to serve as a director of the Company, the Company and Converium entered into a letter agreement dated October 15, 2025 (the ''Letter Agreement''), pursuant to which the Company agreed to nominate Ms. Bitterman at the 2026 Annual Meeting as a member of the Company's slate of nominees (which such slate shall not exceed eight (8) nominees) and to recommend, support and solicit proxies for and use its commercially reasonable efforts (in a manner substantially consistent with the manner in which the Company supports its other nominees) to obtain the election of Ms. Bitterman at the 2026 Annual Meeting and Converium agreed to such nomination of Ms. Bitterman at the 2026 Annual Meeting.

In addition, under the Letter Agreement, the Company and Converium agreed that, solely as between Converium and the Company (a) notwithstanding the occurrence of the Termination Date under Section 11 of the Cooperation Agreement, the terms of the Cooperation Agreement would remain in effect solely between Converium and the Company (such surviving terms, the "Surviving Terms") and (b) for purposes of the Surviving Terms, the "Termination Date" would be the date that is the earlier of (i) December 31, 2026, (ii) the date that is thirty (30) calendar days prior to the last day of the Company's stockholder director nomination period for the Company's 2027 annual meeting of stockholders, as established pursuant to the Company's Amended and Restated Bylaws, and (iii) the date on which Ms. Bitterman (or any Replacement Director) no longer serves on the Board.

The obligations of Erez under the Cooperation Agreement are expected to terminate on November 4, 2025 in accordance with the terms of the Cooperation Agreement.

The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Letter Agreement, a copy of which is attached hereto as Exhibit 10.2, and the Cooperation Agreement.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Departure of Director*

As disclosed in Item 1.01 above, on October 9, 2025, Bruce J. Schanzer, a director of the Company, informed the Company that he had resigned from the Board, effective immediately. Mr. Schanzer's decision to resign did not involve any disagreement on any matter relating to the Company's operations, policies or practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Election of Director*

Also, as reported in Item 1.01 above, the Board appointed Jennifer Bitterman to serve as a director of the Company to fill the vacancy caused by the resignation of Mr. Schanzer. Ms. Bitterman was also appointed to the Audit Committee of the Board and the Compensation Committee of the Board, effective October 15, 2025. The Board has affirmatively determined that Ms. Bitterman is "independent" under the rules of the NYSE American.

Jennifer Bitterman, age 42, is the Chief Financial Officer at GSA Group and on the Executive Leadership Team of The Dot Group. She has two decades of experience spanning asset management, transaction, capital markets and compliance. Before joining GSA Group, Jennifer was CFO at Andover Properties, one of the largest private owner-operators of self-storage facilities in the US. Prior to Andover, Jennifer worked for over a decade at Cedar Realty Trust, a New York publicly listed real estate investment trust, holding various positions but also serving as its CFO. Prior to that, Jennifer held roles at Morgan Stanley within its Asset Management Team, Credit Suisse covering equity REITs and PwC. She also serves as an Advisory Board Member for the Weiser Center for Real Estate at the Stephen M. Ross School of Business and at the Cold Spring Harbor Laboratory. She previously served on the Board and was Audit Committee Chairperson of the Dreamscape Companies. Jennifer has a BBA with high distinction from the Stephen M. Ross School of Business at the University of Michigan.

Non-employee members of the Board, including Ms. Bitterman, currently receive (i) an annual retainer fee for membership on the Board of $30,000, which is paid in four equal installments each year, and (ii) an annual grant of the Company's common stock with a grant date fair value of $45,000.

There are no arrangements or understandings between Ms. Bitterman and any other person pursuant to which she was appointed as a director other than with respect to the matters referred to in Item 1.01. There are no transactions in which Ms Bitterman has an interest requiring disclosure under Item 404(a) of Regulation S-K.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| Exhibit No. | Description |
| [10.1](https://www.sec.gov/Archives/edgar/data/1031316/000110465924123727/tm2429663d1_ex10-1.htm) | [Cooperation Agreement, dated as of November 27, 2024, by and between the Company and the Stockholder Parties. (Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed on November 27, 2024 (File No. 001-32470)).](https://www.sec.gov/Archives/edgar/data/1031316/000110465924123727/tm2429663d1_ex10-1.htm) |
| [10.2](tm2528806d1_ex10-2.htm) | [Letter Agreement, dated as of October 15, 2025, by and between the Company and the Stockholder Parties.](tm2528806d1_ex10-2.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | FRANKLIN STREET PROPERTIES CORP. | FRANKLIN STREET PROPERTIES CORP. |
| Date: October 15, 2025 | By: | /s/ George J. Carter |
|  | George J. Carter | George J. Carter |
|  | Chief Executive Officer | Chief Executive Officer |

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## Exhibit 10.2

**Exhibit 10.2**

October 15, 2025

Converium Capital Inc.

1250, boul. René-Lévesque O., Suite 4030

Montreal, Quebec H3B 4W8

Canada

Attention: General Counsel <br> Email: legal@converiumcap.com

Reference is made to that certain Cooperation Agreement, dated as of November 27, 2024 (the "<u>Cooperation Agreement</u>"), by and among Franklin Street Properties Corp., a Maryland corporation (the "<u>Company</u>"), Converium Capital Inc., a Canadian corporation ("<u>CCI</u>"), Converium Capital Master Fund LP, a Cayman limited partnership ("<u>CCMF</u>"), and Converium PGEQ Multi-Strategy Fund L.P., a Quebec limited partnership ("<u>CPMF</u>", and collectively with CCI and CCMF, "<u>Converium</u>"), and the other parties thereto. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Cooperation Agreement.

Pursuant to Section 1(d) of the Cooperation Agreement, if the New Director resigns for any reason during the Cooperation Period and at such time Converium (together with its Affiliates) has aggregate beneficial ownership of Company Common Shares equivalent to a "net long position" of at least three percent (3%) of the then outstanding Company Common Shares, (i) the Company and Converium shall cooperate to identify and mutually agree upon a Replacement Director and (ii) such Replacement Director will be considered a New Director for all purposes of this Agreement from and after such appointment.

The Company represents that the New Director, Bruce Schanzer, resigned as a director of the Company effective October 9, 2025. The undersigned parties agree that, effective upon the execution of this letter, (a) Jennifer Bitterman will be the Replacement Director and, therefore, become the New Director for purposes of the Cooperation Agreement; and (b) as promptly as practicable following the execution of this letter (and in any event, within four (4) business days after the date hereof), the Board shall take all action necessary to appoint Jennifer Bitterman as a member of the Board, and as a member of each committee on which Mr. Schanzer served, to fill the vacancy caused by such resignation with an initial term expiring at the 2026 Annual Meeting.

By signing below, (a) Converium represents and warrants to the Company that it has aggregate beneficial ownership of Company Common Shares equivalent to a "net long position" of at least three percent (3%) of the then outstanding Company Common Shares; (b) the Company agrees to nominate Ms. Bitterman at the 2026 Annual Meeting as a member of the Company's slate of nominees (which such slate shall not exceed eight (8) nominees) and to recommend, support and solicit proxies for and use its commercially reasonable efforts (in a manner substantially consistent with the manner in which the Company supports its other nominees) to obtain the election of Ms. Bitterman at the 2026 Annual Meeting; and (c) Converium agrees to such nomination of Ms. Bitterman at the 2026 Annual Meeting.

Subject to the Company's performance of its obligations to Converium under the third and fourth paragraphs of this letter, and notwithstanding anything to the contrary in the Cooperation Agreement, each of the Company and Converium hereby agrees that, solely as between Converium and the Company (a) notwithstanding the occurrence of the Termination Date under Section 11 of the Cooperation Agreement, the terms of the Cooperation Agreement shall remain in effect solely between Converium and the Company, mutatis mutandis (such surviving terms, the "Surviving Terms"), (b) for purposes of the Surviving Terms, the "Termination Date" shall be the date that is the earlier of (i) December 31, 2026, (ii) the date that is thirty (30) calendar days prior to the last day of the Company's stockholder director nomination period for the Company's 2027 annual meeting of stockholders, as established pursuant to the Company's Amended and Restated Bylaws, and (iii) the date on which Ms. Bitterman (or any Replacement Director) no longer serves on the Board, and (c) for purposes of the Surviving Terms, "Stockholder Parties" shall be deemed to refer solely to CCI, CCMF and CPMF. Upon the originally scheduled Termination Date under Section 11 of the Cooperation Agreement, the Cooperation Agreement shall have no further force and effect with respect to Erez REIT Opportunities LP, a Delaware limited partnership, and Erez Asset Management LLC, a Delaware limited liability company **(**except as otherwise provided in the last sentence of Section 11 of the Cooperation Agreement).

This letter (read in conjunction with the Cooperation Agreement) contains the entire understanding of the undersigned with respect to the subject matter hereof.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| By: | /s/ George J. Carter |
| Name: | George J. Carter |
| Title: | Chief Executive Officer |

---

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| | |
|:---|:---|
| Agreed and Accepted: | Agreed and Accepted: |
| **CONVERIUM CAPITAL INC.** | **CONVERIUM CAPITAL INC.** |
| By: | /s/ Michael Rapps |
| Name: | Michael Rapps |
| Title: | Managing Partner |
| **CONVERIUM CAPITAL MASTER FUND LP** | **CONVERIUM CAPITAL MASTER FUND LP** |
|  | By: Converium Capital Inc., its investment manager |
| By: | /s/ Michael Rapps |
| Name: | Michael Rapps |
| Title: | Managing Partner |
| **CONVERIUM PGEQ MULTI-STRATEGY FUND L.P.** | **CONVERIUM PGEQ MULTI-STRATEGY FUND L.P.** |
|  | By: Converium Capital Inc, its investment advisor |
| By: | /s/ Michael Rapps |
| Name: | Michael Rapps |
| Title: | Managing Partner |

---