Summary of Compensation Program for Non-Employee Trustees of RPT Realty

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation program for non-employee members of the Board of Trustees of RPT Realty. Trustees receive an annual cash retainer, additional cash for serving as committee chairs, and an annual equity grant of restricted shares that vest over one year. The compensation structure is detailed, including specific amounts for each role. Trustees are also reimbursed for expenses related to their duties. Grants are made under the 2019 Long-Term Incentive Plan, with shares awarded annually on July 1st or the preceding business day.

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EX-10.4 3 rpt-12312019ex104new.htm EX-10.4 Document

Exhibit 10.4

SUMMARY OF COMPENSATION FOR
THE BOARD OF TRUSTEES OF
RPT REALTY
The following table sets forth the compensation program for non-employee Trustees:
Annual cash retainer (1)
$60,000  
Additional cash retainer:
Chairman100,000  
Audit Committee chair25,000  
Compensation Committee chair15,000  
Nominating and Governance Committee chair15,000  
Annual equity retainer (value of restricted shares) (2)
100,000  

(1)The annual cash retainer is equal to $160,000 less the grant date fair value, which approximates $100,000, of the restricted shares granted in the applicable year.
(2)Grants are made under the Trust's 2019 LTIP. The restricted shares vest over one year. The grant is made on July 1st or, if not a business day, the business day prior to July 1st. During 2019, 7,693 shares were granted to each Trustee that was in service as of the July 1st date.

The Trust also reimburses all Trustees for all expenses incurred in connection with attending any meetings or performing their duties as Trustees.