Summary of Compensation Program for Non-Employee Trustees of Ramco-Gershenson Properties Trust
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Summary
This document outlines the compensation program for non-employee Trustees of Ramco-Gershenson Properties Trust. Trustees receive an annual cash retainer, with additional cash retainers for serving as committee chairs. They also receive an annual grant of restricted stock, which vests over three years. The Trust reimburses Trustees for expenses related to their duties. Compensation details, including amounts and vesting schedules, are specified in the summary.
EX-10.9 2 a6631679ex10_9.htm EXHIBIT 10.9 a6631679ex10_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 (paid quarterly): | $ | (1 | ) | |
| 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 (shares of restricted stock)(2) | 2,000 |
| | __________ |
| (1) | The annual cash retainer is equal to $80,000 less the grant date fair value 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. |
The Trust also reimburses all Trustees for all expenses incurred in connection with attending any meetings or performing their duties as Trustees.
