Summary of Compensation Program for Non-Employee Trustees of Ramco-Gershenson Properties Trust

Summary

This document outlines the compensation program for non-employee members of the Board of Trustees of Ramco-Gershenson Properties Trust. Trustees receive an annual cash retainer and an annual equity retainer in the form of restricted stock, which vests over three years. Additional cash retainers are provided for serving as chairpersons of various committees. Trustees are also reimbursed for expenses related to their duties. The equity grants are made under the Trust's 2008 Restricted Share Plan for Non-Employee Trustees.

EX-10.9 3 a50182260ex10-9.htm EXHIBIT 10.9 a50182260ex10-9.htm

Exhibit 10.9

SUMMARY OF COMPENSATION FOR
THE BOARD OF TRUSTEES OF
RAMCO-GERSHENSON PROPERTIES TRUST

The following table sets forth the compensation program for non-employee Trustees



Annual cash retainer (1)	$	30,000
Additional cash retainer:
Chairman		100,000
Audit Committee chair		7,500
Compensation Committee chair		5,000
Nominating and Governance Committee chair		5,000
Executive Committee chair		2,500
Executive Committee members		-

Annual equity retainer (value of shares of restricted stock) (2)		50,000

(1)	The annual cash retainer is equal to $80,000 less the grant date fair value, which approximates $50,000, of the restricted stock granted in the applicable year.

(2)	Grants are made under the Trust's 2008 Restricted Share Plan for Non-Employee Trustees. The shares of restricted stock vest over three years. The grant is made on June 30th or, if not a business day, the business day prior to June 30th. During 2011, 4,039 shares were granted per Trustee.

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