Exhibit 10.4
| | | |
| | | (Resolution Amending Non-Employee
Trustee Compensation Policy) |
WHEREAS,in connection with its initial public offering, Republic Property Trust (“Trust”) previously adopted the Non-Employee Trustee Compensation Policy (the “Policy”) establishing the fees to be paid to trustees for their service on the Trust’s Board of Trustees (“Board”); and
WHEREAS, the Board desires to amend and restate Section 3 of the Policy, effective January 1, 2006.
NOW THEREFORE, BE IT RESOLVED, that Section 3 of the Policy is hereby amended and restated as follows:
“3. Meeting Fees.Each Trustee shall be entitled to a fee of $1000 for each Board meeting, Board committee meeting or executive session of non-employee Trustees attended, commencing on January 1, 2006. The Trustees will not be paid for convening an executive session of non-employee Trustees if such executive session occurs on the same day as a Board or Board committee meeting.”
FURTHER, RESOLVED,that appropriate officers of the Trust shall be and are hereby authorized to take any and all actions necessary to effectuate the foregoing resolution.
