UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 22, 2015
FRANKLIN STREET PROPERTIES CORP.
(Exact Name of Registrant as Specified in Charter)
Maryland |
001-32470 |
04-3578653 |
(State or Other Jurisdiction
of Incorporation) |
(Commission
File No.) |
(IRS Employer
Identification No.) |
401 Edgewater Place, Suite 200, Wakefield,
Massachusetts 01880
(Address of Principal Executive Office) (Zip
Code)
Registrant’s Telephone
Number, Including Area Code: (781) 557-1300
Not
Applicable
(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:
[ ] 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)
[ ] Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02 Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d)
On October 22, 2015, the Board of Directors
(the “Board”) of Franklin Street Properties Corp. (the “Company”), acting upon the recommendation of its
Nominating and Corporate Governance Committee, elected each of Kathryn P. O’Neil and Kenneth Hoxsie as Class II directors
of the Board, effective as of January 1, 2016, to fill vacancies created on the Board as a result of Barbara J. Fournier and Barry
Silverstein retiring from the Board on May 14, 2015. Pursuant to the Company’s Amended and Restated Bylaws, which provide
that any director elected to fill a vacancy on the Board will serve for the remainder of the term of the class in which the vacancy
occurred and until a successor is elected and qualified, the terms of Ms. O’Neil and Mr. Hoxsie will expire at the Company’s
2018 annual meeting of stockholders. The Board has determined neither Ms. O’Neil nor Mr. Hoxsie has a relationship with the
Company that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that
each of Ms. O’Neil and Mr. Hoxsie is an “independent director” as defined under the rules of the NYSE MKT. In
addition, the Board appointed Ms. O’Neil to serve as a member of the Compensation Committee and the Nominating and Corporate
Governance Committee and Mr. Hoxsie to serve as a member of the Audit Committee and the Nominating and Corporate Governance Committee.
Ms. O’Neil was a Director at Bain Capital
in the Investor Relations area where she focused on Private Equity and had oversight of the Investment Advisory Community from
2011 until her retirement in 2014. From 1999 to 2007, Ms. O’Neil was a Partner at FLAG Capital Management LLC, a manager
of fund-of-funds investment vehicles in Private Equity, Venture Capital, Real Estate and Natural Resources. Previously, Ms. O’Neil
was an Investment Consultant at Cambridge Associates where she specialized in Alternative Assets. Ms. O’Neil is a Trustee
Emeritus of Colby College and currently serves on the board of directors of Horizon’s for Homeless Children, the Advisory
Council and Investment Committee for the Trustees of Reservations, the Investment Committee of The Governor’s Academy, the
Board of Visitors of McLean Hospital, and the Board of Overseers of the Peabody Essex Museum. Ms. O’Neil is a former member
of the boards of Beverly Bootstraps and the Essex County Club as well as the Board of Overseers of the Boston Museum of Science.
Ms. O’Neil holds a BA (Summa Cum Laude) and MA (Honorary) from Colby College where she was elected to Phi Beta Kappa. Ms.
O’Neil received her MBA from The Harvard Graduate School of Business Administration.
Mr. Hoxsie is a Partner at the international
law firm of Wilmer Cutler Pickering Hale and Dorr LLP (“WilmerHale”), from which he will retire on December 31, 2015.
He joined Hale and Dorr (the predecessor of WilmerHale) in 1981, subsequently worked at Copley Real Estate Advisors, an institutional
real estate investment advisory firm, and rejoined Hale and Dorr in 1994. Mr. Hoxsie has over 30 years’ experience in real
estate capital markets transactions, fund formation, public company counselling and mergers and acquisitions and has advised the
Company since its formation in 1997. Mr. Hoxsie earned his JD (Cum Laude) from the Harvard Law School, his MA from Harvard University
and his BA (Summa Cum Laude) from Amherst College, where he was elected to Phi Beta Kappa.
There are no arrangements or understandings
between Ms. O’Neil or Mr. Hoxsie and any other person pursuant to which they were elected to the Board. There are no transactions
involving the Company and Ms. O’Neil or Mr. Hoxsie that would be required to be disclosed pursuant to Item 404(a) of Regulation
S-K. Ms. O’Neil and Mr. Hoxsie will receive the same compensation for their service as received by all non-management directors
of the Company, which is currently an annual fee of $75,000 in cash. The Company does not pay meeting fees. Ms. O’Neil and
Mr. Hoxsie will be entitled to reimbursement for expenses incurred by them in connection with attendance at Board meetings.
The Company issued a press release announcing
the election of Ms. O’Neil and Mr. Hoxsie on October 26, 2015, a copy of which is furnished herewith as Exhibit 99.1 to this
Current Report on Form 8-K.
ITEM 9.01 Financial
Statements and Exhibits.
See Exhibit Index attached
hereto.
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.
FRANKLIN STREET PROPERTIES
CORP.
By: /s/
George J. Carter
George J. Carter
President and Chief
Executive Officer
Date: October 26, 2015
EXHIBIT INDEX
Exhibit
No. |
|
Description |
99.1 |
|
Press release dated October 26, 2015 |
Exhibit 99.1
PRESS RELEASE |
Franklin Street Properties Corp. |
401
Edgewater Place · Suite
200 · Wakefield, Massachusetts 01880
· (781) 557-1300 · www.franklinstreetproperties.com |
Contact: Georgia Touma (877) 686-9496 |
For Immediate Release |
|
|
|
For Immediate Release
Franklin
Street Properties Corp. Elects
Two
Independent Directors to Board of Directors
WAKEFIELD, MA – October 26,
2015 – Franklin Street Properties Corp. (the “Company”, “FSP”, “its”, “our”
or “we”) (NYSE MKT: FSP), a real estate investment trust (REIT), today announced the election of Kathryn P. O’Neil
and Kenneth Hoxsie to the Company’s Board of Directors (the “Board”), effective as of January 1, 2016, to fill
vacancies created on the Board as a result of the retirement of Barbara J. Fournier and Barry Silverstein on May 14, 2015. Ms.
O’Neil and Mr. Hoxsie were elected to serve as Class II directors with terms expiring at the Company’s 2018 annual
meeting of stockholders. The Board has determined that each of Ms. O’Neil and Mr. Hoxsie is an “independent director”
as defined under the rules of the NYSE MKT. In addition, the Board appointed Ms. O’Neil to serve as a member of the Compensation
Committee and the Nominating and Corporate Governance Committee and Mr. Hoxsie to serve as a member of the Audit Committee and
the Nominating and Corporate Governance Committee. With the additions of Ms. O’Neil and Mr. Hoxsie to the Board effective
as of January 1, 2016, the Board will be comprised of eight directors, six of whom will be independent.
George J. Carter, Chairman of the Board
and Chief Executive Officer, commented as follows: “We are delighted to welcome both Kate and Ken to the FSP Board of Directors.
Kate has extensive investor relations and private equity experience, as well as broad business operating experience and service
on other boards. Ken has extensive experience in real estate capital markets transactions, securities regulation and advising public
companies, including FSP since its founding. We know that the breadth of their experiences will make them valuable contributors
to our board.”
About Kathryn P. O’Neil
Ms. O’Neil was a Director at Bain
Capital in the Investor Relations area where she focused on Private Equity and had oversight of the Investment Advisory Community
from 2011 until her retirement in 2014. From 1999 to 2007, Ms. O’Neil was a Partner at FLAG Capital Management LLC, a manager
of fund-of-funds investment vehicles in Private Equity, Venture Capital, Real Estate and Natural Resources. Previously,
Ms. O’Neil was an Investment Consultant at Cambridge Associates where she specialized in Alternative Assets. Ms. O’Neil
is a Trustee Emeritus of Colby College and currently serves on the board of directors of Horizon’s for Homeless Children,
the Advisory Council and Investment Committee for the Trustees of Reservations, the Investment Committee of The Governor’s
Academy, the Board of Visitors of McLean Hospital, and the Board of Overseers of the Peabody Essex Museum. Ms. O’Neil is
a former member of the boards of Beverly Bootstraps and the Essex County Club as well as the Board of Overseers of the Boston Museum
of Science. Ms. O’Neil holds a BA (Summa Cum Laude) and MA (Honorary) from Colby College where she was elected to Phi Beta
Kappa. Ms. O’Neil received her MBA from The Harvard Graduate School of Business Administration.
About Kenneth Hoxsie
Mr. Hoxsie is a Partner at the international
law firm of Wilmer Cutler Pickering Hale and Dorr LLP (“WilmerHale”), from which he will retire on December 31, 2015.
He joined Hale and Dorr (the predecessor of WilmerHale) in 1981, subsequently worked at Copley Real Estate Advisors, an institutional
real estate investment advisory firm, and rejoined Hale and Dorr in 1994. Mr. Hoxsie has over 30 years’ experience in real
estate capital markets transactions, fund formation, public company counselling and mergers and acquisitions and has advised the
Company since its formation in 1997. Mr. Hoxsie earned his JD (Cum Laude) from the Harvard Law School, his MA from Harvard University
and his BA (Summa Cum Laude) from Amherst College, where he was elected to Phi Beta Kappa.
This press
release, along with other news about FSP, is available on the Internet at www.franklinstreetproperties.com. We routinely post information
that may be important to investors in the Investor Relations section of our website. We encourage investors to consult that section
of our website regularly for important information about us and, if they are interested in automatically receiving news and information
as soon as it is posted, to sign up for E-mail Alerts.
About Franklin Street Properties
Corp.
Franklin Street
Properties Corp., based in Wakefield, Massachusetts, is focused on investing in institutional-quality office properties in the
U.S. FSP’s strategy is to invest in select urban infill and central business district (CBD) properties, with primary emphasis
on our top five markets of Atlanta, Dallas, Denver, Houston, and Minneapolis. FSP seeks value-oriented investments with an eye
towards long-term growth and appreciation, as well as current income. FSP is a Maryland corporation that operates in a manner intended
to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit our website
at www.franklinstreetproperties.com.
Forward-Looking
Statements
Statements
made in this press release that state FSP’s or management’s intentions, beliefs, expectations, or predictions for the
future may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press
release may also contain forward-looking statements based on current judgments and current knowledge of management, which are subject
to certain risks, trends and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking
statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Investors are cautioned
that our forward-looking statements involve risks and uncertainty, including without limitation, economic conditions in the United
States, disruptions in the debt markets, economic conditions in the markets in which we own properties, risks of a lessening of
demand for the types of real estate owned by us, changes in government regulations and regulatory uncertainty, uncertainty about
governmental fiscal policy, geopolitical events and expenditures that cannot be anticipated such as utility rate and usage increases,
unanticipated repairs, additional staffing, insurance increases and real estate tax valuation reassessments. See the “Risk
Factors” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014, as the same
may be updated from time to time in subsequent filings with the United States Securities and Exchange Commission. Although we believe
the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity,
performance or achievements. We will not update any of the forward-looking statements after the date of this press release to conform
them to actual results or to changes in our expectations that occur after such date, other than as required by law.
For Franklin Street Properties Corp.
Georgia Touma, 877-686-9496
Source: Franklin Street Properties
Corp.
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