Summary of Trustee Compensation Program
EX-10.4 3 rpt-12312019ex104new.htm EX-10.4 Document
|SUMMARY OF COMPENSATION FOR|
|THE BOARD OF TRUSTEES OF|
|The following table sets forth the compensation program for non-employee Trustees:|
Annual cash retainer (1)
|Additional cash retainer:|
|Audit Committee chair||25,000|
|Compensation Committee chair||15,000|
|Nominating and Governance Committee chair||15,000|
Annual equity retainer (value of restricted shares) (2)
(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.