Kite Realty Group Trust Schedule of Non-Employee Trustee Fees and Compensation (May 2005)
This document outlines the compensation structure for non-employee trustees of Kite Realty Group Trust. Trustees receive an annual retainer of $25,000, meeting fees, additional retainers for committee chairs and the lead trustee, and annual restricted share awards. Starting May 2005, about half of the annual retainer is paid in company shares, with the rest in cash. Share awards vest after one year. The number of shares is determined by the market price after each quarterly financial release.
Exhibit 10.2
KITE REALTY GROUP TRUST
Schedule of Non-Employee Trustee Fees and Other Compensation
| Annual Retainer |
| $25,000 (1) |
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| Board Meeting Fees (telephonic and in-person) |
| $1,000 |
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| Committee Meeting Fees (telephonic and in-person) |
| $1,000 |
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| Committee Chair Annual Retainer |
| Audit Committee: $10,000 |
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| Lead Trustee Retainer |
| $10,000 |
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| Annual Restricted Share Awards |
| Upon initial election, each trustee receives 3,000 restricted shares that vest 1 year from date of grant. |
(1) On May 13, 2005, the Board of Trustees elected to begin receiving approximately one-half of their $25,000 annual retainer, which was previously paid entirely in cash, in common shares of beneficial interest, par value $0.01 per share, of the Company. As a result, beginning with the quarterly payment for the third calendar quarter of 2005, trustees will receive approximately 50% of the quarterly payment in common shares pursuant to unrestricted share grants under the Company’s 2004 Equity Incentive Plan and the remainder in cash. The number of common shares to be issued each quarter will be based on the closing price of the common shares on the second business day after public release of the Company’s financial data for the preceding calendar quarter (rounded down to the nearest whole common share).
Effective: May 2005
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