Supplemental Retirement Benefit Agreement between Glenborough Realty Trust Incorporated and Robert Batinovich (May 7, 2003)

Summary

This agreement between Glenborough Realty Trust Incorporated and Robert Batinovich outlines the terms of Mr. Batinovich's supplemental retirement benefits. He will receive an annual pension based on 3% of his highest average salary and bonus over three of his last ten years, multiplied by his years of service (up to 22 years), with a maximum annual benefit of $565,000. Benefits vest immediately, are payable monthly for life with a 10-year minimum, and are subject to company creditor claims. The agreement replaces a prior letter and cannot be assigned or amended without mutual consent.

EX-10.4 6 f90160exv10w4.txt EXHIBIT 10.4 EXHIBIT 10.4 May 7, 2003 Mr. Robert Batinovich Chairman and Chief Executive Officer Glenborough Realty Trust Incorporated 400 South El Camino Real, Suite 1100 San Mateo, CA 94402 RE: Supplemental Retirement Benefits Dear Mr. Batinovich: This letter supersedes and replaces that certain letter dated December 31, 2000, setting forth the terms of your Supplemental Retirement Benefits. By signing below, you acknowledge and agree that the letter has been amended to reflect the termination of the Supplemental Employee Retirement Plan Trust (also known as the Rabbi Trust). The Company has approved an age 65 supplemental pension for you, with an annual benefit equal to 3% of your highest average base salary and bonus for 3 out of your last 10 years of employment with the Company prior to retirement (high 3), multiplied by your number of years of service with the Company (not to exceed 22), with the annual annuity benefit not to exceed 100% of such high 3, subject to an annual dollar cap of $565,000 ("Dollar Cap"). If benefits commence after age 65, they will be increased using an interest rate of 6% per year between age 65 and the date benefits commence, but again subject to the Dollar Cap. This benefit will be paid monthly for your life with a 10 year certain future. At December 31, 2000, based on your 22 years of service and your highest average compensation as of that date, your age 65 annual benefit was $422,000. Your age 70 annual benefit will be $565,000. Your benefits vest immediately. Your benefit is subject to the claims of the Company's creditors and you are a general unsecured creditor with respect to the payment of your benefit. This letter agreement may only be amended by agreement between you and the Company. You may not assign this benefit. Mr. Robert Batinovich May 7, 2003 Page 2 We are pleased to provide you with this valuable benefit in recognition of your exceptional services to the Company. Sincerely, /s/ Patrick Foley, Chairman - ----------------------------------- For the Compensation Committee ACCEPTED: /s/ Robert Batinovich - ----------------------------------- Robert Batinovich