Document:

Exhibit 10.4

 

August 11, 2011

 

Behringer Harvard Multifamily REIT I, Inc.

15601 Dallas Parkway, Suite 600

Addison, Texas  75001

 

Re:                               Waiver of Certain Reimbursements under the

Amended and Restated Property Management Agreement

 

Ladies and Gentlemen:

 

Reference is made to that certain Amended and Restated Property Management Agreement, dated September 2, 2008, as amended by a letter agreement dated May 12, 2011 (the “Property Management Agreement”), by and between Behringer Harvard Multifamily REIT I, Inc., a Maryland corporation (the “Company”), Behringer Harvard Multifamily OP I LP, a Delaware limited partnership and Behringer Harvard Multifamily Management Services, LLC, a Texas limited liability company (the “Property Manager”).  Capitalized terms used herein but not defined herein shall have the meanings set forth in the Property Management Agreement.

 

In consideration of the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Property Manager hereby agree as follows:

 

1.             Waiver of Certain Expense Reimbursement under the Property Management Agreement.  Pursuant to the Property Management Agreement, the Property Manager is entitled to receive from the Company a reimbursement of operating expenses for certain personnel costs or expenses incurred by the Property Manager.  Pursuant to the Property Management Agreement, with respect to the operating expense reimbursement owed to the Property Manager for the fiscal quarter ended June 30, 2011, the Property Manager, on behalf of itself and its affiliates, and its and their respective successors and assigns, hereby waives the Property Manager’s right to seek reimbursement from the Company for the amount of approximately $115,000, consisting of the Property Manager’s operating expenses with respect to those off-site personnel who spend a portion of their time (and are not dedicated to a sole Project) performing work with respect to a Project or Projects on behalf of the Property Manager.

 

2.             Ratification; Effect on Property Management Agreement.

 

(a)           Ratification.  The Property Management Agreement, as amended by this letter agreement, shall remain in full force and effect and is hereby ratified and confirmed in all respects.

 

(b)           Effect on the Property Management Agreement.  On and after the date hereof, each reference in the Property Management Agreement to “this Agreement,” “herein,” “hereof,” “hereunder,” or words of similar import shall mean and be a reference to the Property Management Agreement as amended hereby.

 

 

3.             Miscellaneous.

 

(a)           Governing Law; Venue.  This letter agreement and the legal relations between the parties hereto shall be construed and interpreted in accordance with the internal laws of the State of Texas without giving effect to its conflicts of law principles, and venue for any action brought with respect to any claims arising out of this letter agreement shall be brought exclusively in Dallas County, Texas.

 

(b)           Modification.  This letter agreement shall not be changed, modified, or amended, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assignees.

 

(c)           Headings.  The titles and headings of the sections and subsections contained in this letter agreement are for convenience only, and they neither form a part of this letter agreement nor are they to be used in the construction or interpretation hereof.

 

(d)           Severability.  The provisions of this letter agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

 

(e)           Counterparts.  This letter agreement may be executed in multiple counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  This letter agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.  This letter agreement, to the extent signed and delivered by means of electronic mail or a facsimile machine, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were an original signed version thereof delivered in person.  No party hereto shall raise the use of electronic mail or a facsimile machine to deliver a signature or the fact that any signature was transmitted or communicated through the use of electronic mail or a facsimile machine as a defense to the formation or enforceability of a contract and each party hereto forever waives any such defense.

 

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2

 

If the foregoing meets with your approval, please indicate your acceptance of this letter agreement by countersigning a copy of this letter agreement in the space indicated below.

 

	
 
    	
 
    	
Very   truly yours,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
BEHRINGER   HARVARD MULTIFAMILY MANAGEMENT SERVICES, LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Gerald J. Reihsen, III
    
	
 
    	
 
    	
Name:
    	
Gerald   J. Reihsen, III
    
	
 
    	
 
    	
Its:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acknowledged   and agreed, as of the date first written above:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
BEHRINGER   HARVARD MULTIFAMILY REIT I, INC.
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Howard S. Garfield
    	
 
    	
 
    	
 
    
	
Name:
    	
Howard   S. Garfield
    	
 
    	
 
    	
 
    
	
Its:
    	
Chief   Financial Officer
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
BEHRINGER   HARVARD MULTIFAMILY OP I LP
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
BHMF, Inc.,   its General Partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Howard S. Garfield
    	
 
    
	
 
    	
 
    	
Name:
    	
Howard   S. Garfield
    
	
 
    	
 
    	
Its:
    	
Chief   Financial OfficerExhibit 10.1

 

WALKER & DUNLOP, INC.

 

NON-EXECUTIVE DIRECTOR COMPENSATION RATES

 

On August 9, 2011, the board of directors (the “Board”) of Walker & Dunlop, Inc. (the “Company”), adopted new compensation rates for the service of each of its non-executive Board members.  The Company approved the payment of an additional $15,000 in cash and $15,000 in shares of the Company’s restricted stock to each non-executive director for their current service on the Board for the period ending on the date of the Company’s 2012 Annual Meeting.

 

Furthermore, the Company approved new annual retainer and committee rates for non-executive board members elected at the Company’s 2012 Annual Meeting.  The following represents a summary of the new annual retainer rates for non-executive board members as well as for committee member and chairperson service, as a result of the newly adopted compensation rates:

 

	
Compensation
   Component
    	
 
    	
Rate
    
	
 
    	
 
    	
 
    
	
Annual   Retainer
    	
 
    	
$45,000   in cash,  $45,000 in restricted stock(1)
    
	
 
    	
 
    	
 
    
	
Committee   Chair Retainers(2)
    	
 
    	
Audit   - $15,000

Compensation   - $10,000

Others   - $10,000
    
	
 
    	
 
    	
 
    
	
Committee   Member Retainers
    	
 
    	
All   Committees:  $5,000
    

 

(1)          The non-executive director grants of restricted stock vest on the one-year anniversary of the date of  grant, subject to the non-executive director’s continued service on the Board.

(2)          Committee chairpersons will receive the Committee Chair Retainer in lieu of a Committee Member  Retainer for service on the committee they chair.

 

The Company also reimburses each of its directors for their travel expenses incurred in connection with their attendance at full Board and committee meetings.Exhibit 10.13

 

Mistras Group, Inc.

Compensation Plan for Non-Employee Directors

June 2011

 

	
Eligible   Participants:
    	
 
    	
Members   of the Mistras Group Board of Directors who are not employees of the Company.
    
	
 
    	
 
    	
 
    
	
Annual   Retainer:
    	
 
    	
$30,000   per year, payable quarterly at the beginning of each fiscal quarter,   beginning the first quarter of fiscal 2012.

 

This   amount will be paid in cash, but a director may elect to receive this   retainer in Company common stock, to be granted under the Mistras 2009   Long-Term Incentive Plan (“LTIP”), rather than cash.
    
	
 
    	
 
    	
 
    
	
Committee   Chair Fees:
    	
 
    	
Committee   Chairperson of the following committees shall receive the annual fees set for   the below, which shall be paid quarterly with the annual retainer:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Audit   Committee: $10,000
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Compensation   Committee: $7,500
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Corporate   Governance Committee: $7,500

 

This   amount will be paid in cash, but a director may elect to receive these fees   in Company common stock, to be granted under the LTIP, rather than cash.
    
	
 
    	
 
    	
 
    
	
Annual   Equity Awards:
    	
 
    	
$40,000   of Company common stock, to be granted under the LTIP. This award will be   made as soon as possible following the annual shareholders meeting.
    
	
 
    	
 
    	
 
    
	
Dates   of Equity Awards:
    	
 
    	
All   equity awards will be granted during an open trading period and, unless   circumstances require otherwise (as determined by the Company’s General   Counsel), will be made on the first day of trading during an open trading   period pursuant to the Company’s Insider Trading Compliance Policy.
    
	
 
    	
 
    	
 
    
	
Pro   Rata Awards:
    	
 
    	
If   a director is elected to the Board other than at an annual meeting, the   director will receive a pro rata portion of director compensation for that   year. For the retainer and committee chair fees paid quarterly, the payment   during the quarter in which the director is elected will be prorated based   upon the number of months in the quarter the director serves on the Board. In   the case of the annual equity award, the award will be prorated based upon   the number of months remaining before the expected date of next annual shareholders   meeting, but excluding the month of the next annual shareholders meeting. The   month in which the director is elected to the Board will be considered a   whole month.

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