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

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Summary

This document outlines the compensation program for non-employee Trustees of RPT Realty. Trustees receive an annual cash retainer and an annual equity retainer in the form of restricted shares, which vest over one year. Additional cash retainers are provided for Trustees serving as Chairman or as chairs of key committees. Compensation is granted under the Trust's 2019 Long-Term Incentive Plan. Trustees are also reimbursed for expenses related to their duties. The program specifies payment amounts and vesting schedules for the equity awards.

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EX-10.4 2 rpt-12312021_ex104.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)
$75,000 
Additional cash retainer:
Chairman125,000 
Audit Committee chair35,000 
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 $175,000 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 2021, 7,571 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.