Document:

EX-10.6

 Exhibit 10.6 

 
  

RREEF PROPERTY TRUST, INC. 
 INDEPENDENT DIRECTORS COMPENSATION PLAN 
  

 

 RREEF PROPERTY TRUST, INC. 

INDEPENDENT DIRECTORS COMPENSATION PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not
employees of RREEF Property Trust, Inc. or any of its subsidiaries or affiliates for service as members of the Board by providing them with competitive compensation. The Plan is a sub-plan of the RREEF Property Trust, Inc. 2012 Incentive
Plan (the “Incentive Plan”). 
 1.2. ELIGIBILITY. Independent Directors of the Company who are Eligible
Participants, as defined below, shall automatically be participants in the Plan. 
 ARTICLE 2 

DEFINITIONS 
 2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Incentive Plan. Unless the context clearly indicates otherwise, the
following terms shall have the following meanings: 
 “Base Annual Retainer” means the annual retainer
(excluding Supplemental Annual Retainers, Meeting Fees and expenses) payable by the Company to an Independent Director pursuant to Section 5.1 hereof for service as a director of the Company, as such amount may be changed from time to time.

 “Board” means the Board of Directors of the Company. 

“Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time
to time. 
 “Company” means RREEF Property Trust, Inc. 

“Effective Date” of the Plan has the meaning set forth in Section 8.4 of the Plan. 

“Eligible Participant” means any person who is an Independent Director on the Effective Date or becomes an Independent
Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be an Eligible Participant.

 “Independent Director” means a director of the Company who is not a common law employee of the Company and
who meets the additional requirements set forth for an “independent director” in the Charter. 
 “Initial
Public Offering” means the Company’s initial public offering of up to $2,500,000,000 in any combination of shares of Class A Stock and Class B Stock pursuant to the Registration Statement. 

“Meeting Fees” has the meaning set forth in Section 5.3 of the Plan. 

  
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 “Plan” means this RREEF Property Trust, Inc. Independent Directors
Compensation Plan, as amended from time to time. 
 “Plan Year(s)” means the approximate twelve-month periods
between annual meetings of the stockholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned. 
 “Registration Statement” means the Company’s registration statement on Form S-11, as may be amended from time to time, filed with the Securities and Exchange Commission, relating to
the Company’s initial public offering of up to $2,500,000,000 in any combination of shares of Class A Stock and Class B Stock. 
 “Restricted Stock” means shares of the Company’s Class B Stock granted to an Independent Director under Article 6 that is subject to certain restrictions and to risk of forfeiture.

 “Supplemental Annual Retainer” means the annual retainer (excluding the Base Annual Retainer, Meeting Fees
and expenses) payable by the Company to an Independent Director pursuant to Section 5.2 hereof for service as the chair of the Audit Committee of the Board, as such amount may be changed from time to time. 

ARTICLE 3 

ADMINISTRATION 
 3.1. ADMINISTRATION. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind
any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board
pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned, including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the
ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Board. 
 3.2.
RELIANCE. In administering the Plan, the Board may rely upon any information furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by
the Company or the Board in connection with the Plan. This limitation of liability shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or
otherwise. 
 ARTICLE 4 
 SOURCE OF SHARES 
 4.1 SOURCE OF SHARES. The shares of Stock or
other equity that may be issued pursuant to the Plan shall be issued under the Incentive Plan, subject to all of the terms and conditions of the Incentive Plan. The terms contained in the Incentive Plan are incorporated into and made a part of this
Plan with respect to shares of Stock or other equity granted pursuant hereto and any such grant shall be governed by and construed in accordance with the Incentive Plan. In the event of any actual or alleged conflict between the provisions of the
Incentive Plan and the provisions of this Plan, the provisions of the Incentive Plan shall be controlling and determinative. This Plan does not constitute a separate source of Shares for the grant of the Restricted Stock awards described herein.

  
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 ARTICLE 5 
 RETAINERS, MEETING FEES AND EXPENSES 
 5.1. BASE ANNUAL
RETAINER. Each Eligible Participant shall be paid a Base Annual Retainer for service as a director during each Plan Year. The amount of the Base Annual Retainer shall be established from time to time by the Board. Until changed by the
Board, the Base Annual Retainer for a full Plan Year shall be $50,000. The Base Annual Retainer shall be payable in approximately equal quarterly installments in advance, beginning on the date of the annual stockholders meeting; provided, however,
that for the first Plan Year, the first installment shall begin on the Effective Date and be prorated based on the number of full months in such quarter after the Effective Date. A pro rata Base Annual Retainer will be paid to any person who becomes
an Eligible Participant on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as an Independent Director during the Plan Year. Payment of such prorated Base Annual Retainer shall begin on the date
that the person first becomes an Eligible Participant, and shall resume on a quarterly basis thereafter. 
 5.2. SUPPLEMENTAL
ANNUAL RETAINER. The chairperson of the Audit Committee of the Board shall be paid a Supplemental Annual Retainer for his or her service as such chairperson during a Plan Year, payable quarterly at the same times as installments of the
Base Annual Retainer. The amount of the Supplemental Annual Retainer for the chairperson of the Audit Committee shall be established from time to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year
for the chairperson of the Audit Committee shall be $7,500. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes the chairperson of the Audit Committee of the Board on a date other than the beginning of a Plan
Year, based on the number of full months he or she serves as a chairperson of the Audit Committee of the Board during the Plan Year. Payment of such pro rated Supplemental Annual Retainer shall begin on the date that the person first becomes
chairperson of the Audit Committee, and shall resume on a quarterly basis thereafter. 
 5.3. MEETING FEES. Each
Independent Director shall be paid meeting fees for attending meetings of the Board or its committees (the “Meeting Fees”). The amount of the Meeting Fees shall be established from time to time by the Board. Until changed by the
Board, the meeting fee for attending a meeting of the Board, or a committee thereof, shall be as follows: 
  

					
	 Meeting Type
	  	Fee	 
	 Board Meeting, In-Person
	  	$	1,000	  
	 Committee Meeting, In-Person
	  	 	1,000	  
	 Board Meeting, Telephonic
	  	 	250	  
	 Committee Meeting, Telephonic
	  	 	250	  

 If an Independent Director attends a meeting of the Board and a meeting of one or more committee(s) on a
single day, he or she shall receive Meeting Fees of a maximum of $1,250 per day. For purposes of this Section 5.3, casual or unscheduled conferences among directors shall not constitute an official meeting. Meeting Fees shall be payable on the
date of the applicable meeting to which they relate. 
 5.4. TRAVEL EXPENSE REIMBURSEMENT. All Eligible
Participants shall be reimbursed for reasonable travel expenses in connection with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer or Chair of the Board requests the Independent
Director to participate. Notwithstanding the foregoing, the Company’s reimbursement obligations pursuant to this Section 5.4 shall be limited to expenses incurred during such director’s service as an Independent Director. Such
payments will be made within 30 days after delivery of the Independent Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the last day of
the Independent 

  
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Director’s tax year following the tax year in which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount reimbursable in any other tax
year. Independent Directors’ right to reimbursement pursuant to this Section 5.4 shall not be subject to liquidation or exchange for another benefit. 
 ARTICLE 6 
 EQUITY COMPENSATION 

 

	 	6.1.	INITIAL RESTRICTED STOCK GRANT. 

 (a) Subject to share availability under the Incentive Plan and the terms of this Section 6.1(a), on the first date an Independent Director is initially elected or appointed to the Board, he or she
shall receive an award of 5,000 shares of Restricted Stock. Notwithstanding the foregoing, each Independent Director elected or appointed to the Board prior to the date that the Company has issued 12,500,000 Shares in connection with the Initial
Public Offering (the “Minimum Issuance Date”) shall receive such initial Restricted Stock grant on the last business day of the first full calendar quarter immediately following the Minimum Issuance Date (the “Initial Grant
Date”), provided such Independent Director remains an Independent Director as of the Initial Grant Date. Such shares of Restricted Stock shall be subject to the terms and restrictions described below in Section 6.1(b) and shall be in
addition to any otherwise applicable annual grant of Restricted Stock granted to such Independent Director under Section 6.2. 
 (b) Shares of Restricted Stock granted under this Section 6.1 shall be evidenced by a written Award Certificate and shall be subject to the terms and conditions described herein and in the Incentive
Plan. Unless and until provided otherwise by the Board, the shares of Restricted Stock granted pursuant to this Section 6.1 shall vest and become non-forfeitable in three equal annual installments on each of the first three anniversaries of the
Grant Date. Notwithstanding the foregoing vesting schedules, the shares of Restricted Stock shall become fully vested on the earlier occurrence of (i) the termination of the grantee’s service as a director of the Company due to his or her
death or Disability, or (ii) a Change in Control of the Company. If the grantee’s service as a director of the Company terminates other than as described in clause (i) of the foregoing sentence, then the grantee shall forfeit all of
his or her right, title and interest in and to any unvested shares of Restricted Stock as of the date of such termination from the Board and such Restricted Stock shall be reconveyed to the Company without further consideration or any act or action
by the grantee. 
 6.2 SUBSEQUENT RESTRICTED STOCK GRANT. Subject to share availability under the Incentive Plan, the
Board may approve, at its discretion, an additional award of shares of restricted Class A or B Stock upon subsequent re-election of the Independent Director to the Board, subject to such terms and conditions as provided by the Board and in the
Incentive Plan. 
 ARTICLE 7 
 AMENDMENT, MODIFICATION AND TERMINATION 
 7.1. AMENDMENT, MODIFICATION
AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable opinion of the Board, require
stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of a securities exchange on which the Stock is listed or traded, then such amendment shall be subject to stockholder approval; and
provided further, that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason. 

  
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 ARTICLE 8 
 GENERAL PROVISIONS 
 8.1. ADJUSTMENTS. The adjustment provisions of
the Incentive Plan shall apply with respect to equity awards granted pursuant to this Plan. 
 8.2 DURATION OF THE PLAN.
The Plan shall remain in effect until terminated by the Board. 
 8.3. EXPENSES OF THE PLAN. The expenses of
administering the Plan shall be borne by the Company. 
 8.4. EFFECTIVE DATE. The Plan was originally adopted by
the Board on November 27, 2012, and became effective on that date (the “Effective Date”). 
 ***** 

The foregoing is hereby acknowledged as being the RREEF Property Trust, Inc. Independent Directors Compensation Plan as adopted by
the Board on November 27, 2012. 
  

			
	RREEF PROPERTY TRUST, INC.
		
	By:	 	 /s/ AIMEE E. SAMFORD

	Name:	 	Aimee E. Samford
	Title:	 	Secretary

  
 - 5 -Form of Non-Qualified Stock Option Certificate

 Exhibit 10.1 
 Award Document for Executive Officers 
 THE TJX COMPANIES, INC.

 FORM OF NON-QUALIFIED STOCK OPTION CERTIFICATE 

GRANTED UNDER THE COMPANY’S STOCK INCENTIVE PLAN 
 Series [    ] 
 This certificate evidences a non-qualified stock option
to purchase shares of Common Stock, $1.00 par value, of The TJX Companies, Inc. (the “Company”) granted to the optionee named below under the Company’s Stock Incentive Plan (as supplemented by any applicable sub-plan, the
“Plan”). This option is subject to the terms and conditions of the Plan, the provisions of which, as from time to time amended, are incorporated in this certificate by reference. By accepting this option, the optionee hereby agrees to the
terms of this certificate, including without limitation any applicable country-specific terms and conditions in the attached Addendum. Terms defined in the Plan are used in this certificate as so defined. 

Please note that the local laws applicable to this option may change from time to time. The optionee is advised to seek professional legal, tax, and
financial advice in relation to the acceptance of this grant. The Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendation regarding the acceptance or exercise of this grant or the sale of shares
received under the Plan. 
  

					
			
	1.	  	Optionee:	    	
			
	2.	  	 Number of Shares of Common
 Stock of the Company Subject
 to this Option:
	    	
			
	3.	  	Date of Grant:	    	
			
	4.	  	Expiration Date:	    	
			
	5.	  	Option Price:	    	         per share, payable by (i) certified or bank check, (ii) through a broker-assisted exercise as described in the Plan, or (iii)
shares of Common Stock of the Company not then subject to restrictions under any Company Plan, a combination of (i), (ii) and (iii), or as may be specified by the Company in its discretion under Section 6(c) of the Plan or any successor
provision.
			
	6.	  	Exercise of Option:	    	This option shall become exercisable in annual installments as specified below:
		
		  	
		
		  	
		
		  	
		
		  	This option may be exercised to the extent it has become exercisable in full at any time prior to the Expiration Date, or in part from time to time prior to the
Expiration Date.
		
	7.	  	Termination of Employment: In the event of the termination of employment of the optionee or in the event of the designation of the optionee as an inactive
employee by reason of Disability, this option may thereafter be exercised during the following applicable period (or until the Expiration Date, if earlier) but only to the extent it was exercisable at the earlier of such termination or designation
(except as otherwise indicated below):
			
		  	Reason for Termination or Designation	    	                            
Subsequent Period for Exercise
		
		  	
		
		  	
		
		  	
		
		  	
		
	8.	  	Partial Acceleration of Exercisability Upon Death and Disability: Subject to Paragraph 7 above, in the event of the termination of employment of the optionee due
to the death or Disability of the optionee, or in the event of the designation of the optionee as an inactive employee by reason of Disability, this option shall be exercisable as to the number of shares for which it could have been exercised
immediately prior to such termination or designation or, if greater, (i) the total number of shares subject to this option multiplied by a fraction the numerator of which shall be the number of days between the grant of this option and such
termination or designation and the denominator of which shall be the number of days between the grant of this option and the date upon which this option, by its terms, would have become fully exercisable, minus (ii) the number of shares, if any,
previously purchased under this option, provided, however, that no shares may be purchased under this option in the event that such termination or designation occurs within three months after the grant of this
option.

					
		
	9.	  	Change of Control: This option unless previously terminated or expired shall automatically become fully exercisable upon the occurrence of a Change of
Control.
		
	10.	  	Automatic Exercise in Certain Circumstances: To the extent any portion of this option is otherwise exercisable but remains unexercised at the close of business on
the Expiration Date (or on the date of the earlier expiration of the period for exercising such portion of the option following a termination of employment or a designation as an inactive employee by reason of Disability), and if on such date the
Fair Market Value of the shares subject to such exercisable but unexercised portion of this option exceeds the aggregate consideration that would have been required to be paid to purchase such shares had such portion of this option been exercised,
the optionee will automatically be paid, in cancellation of such portion of the option, an amount of Company Stock having a Fair Market Value equal to such excess, if any. This Paragraph 10 is subject to the terms of any applicable sub-plan. The
optionee hereby acknowledges that tax and other legal requirements must be met prior to any settlement of options under this Paragraph 10 and hereby consents to any tax or other consequences that may arise in connection with this Paragraph
10.
		
	11.	  	Limited Transferability: This option may not be transferred by the optionee other than by will or by the laws of descent and distribution, and is exercisable
during the optionee’s lifetime only by the optionee.
		
	12.	  	Withholding: No shares will be delivered pursuant to the exercise or automatic exercise of this option unless and until the person exercising the option has paid
to the Company any taxes required to be withheld by the Company as a consequence of such exercise or automatic exercise, or otherwise provided to the Company’s satisfaction for the payment of such taxes. The optionee shall be entitled to tender
shares that would otherwise be delivered upon exercise of this option, or shares of Common Stock of the Company not then subject to restrictions under any Company Plan, in satisfaction of minimum required tax withholding with respect to income
realized in connection with the exercise or automatic exercise of this option, subject to applicable law. The optionee understands that any tax, social contribution, or other liability that may arise in relation to this option is solely the
optionee’s (and not the Company’s or Subsidiary’s) responsibility and that such liability may exceed any amounts withheld. The optionee further understands that the optionee is solely responsible for filing any relevant documentation
that may be required in relation to this option and any taxes, including but not limited to personal income tax returns or reporting statements.
		
	13.	  	Data Privacy: In order to perform its obligations under the Plan or for the implementation and administration of such Plan, the Company may collect, transfer,
use, process, or hold certain personal data about the optionee. Such data includes, but is not limited, to the optionee’s name, nationality, citizenship, work authorization, date of birth, age, government or tax identification number, passport
number, brokerage account information, address, compensation and equity award history, and beneficiaries’ contact information. By accepting this grant, the optionee explicitly consents to the collection, transfer (including to third parties in
the optionee’s home country or the United States or other countries, such as but not limited to human resources personnel, the Company’s legal and/or tax advisors, and brokerage administrators), use, processing, holding, electronically or
otherwise, of his/her personal data in connection with this or any other equity award. At all times the Company shall maintain the confidentiality of the optionee’s personal data, except to the extent the Company is required to provide such
information to governmental agencies or other parties; any such actions will be undertaken by the Company only in accordance with applicable law.
		
	14.	  	Mode of Communications: To the fullest extent permitted by law, in lieu of delivering documents in paper format, any documents that the Company or Subsidiary may
deliver in connection with this grant and any other grants offered by the Company to the optionee, including prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications may be delivered
electronically. Electronic delivery of a document may be made via the Company’s email system or by reference to a location on the Company’s intranet or website or the online brokerage account system. To the extent the optionee has been
provided with a copy of this certificate, the Plan, or any other documents relating to this grant in a language other than English, the English language document will prevail in case of any ambiguity or divergence resulting from the translation of
such documents.
		
	15.	  	Foreign Exchange Restrictions: The optionee understands and agrees that neither the Company nor any Subsidiary is responsible for any foreign exchange fluctuation
between the optionee’s local currency (if applicable) and the United States Dollar that may affect the value of this option or the calculated income thereunder or liable for any decrease in the value of Stock or this option. The optionee
understands and agrees that any cross-border remittance made to exercise this option or transfer proceeds received upon the sale of Stock must be made through a locally authorized financial institution or registered foreign exchange agency and may
require the option to provide such entity with certain information regarding the transaction.
		
	16.	  	No Employment Rights or Other Entitlements: The optionee agrees that any awards under the Plan, including this option and this certificate, do not confer upon the
optionee any right to continued employment with the Company or a Subsidiary, nor do they interfere in any way with the right of the Company or a Subsidiary to terminate the employment of the optionee at any time. Nothing contained in this
certificate shall be deemed to constitute or create a contract of employment, nor shall this certificate constitute or create the right to remain associated with or in the employ of the Company or a Subsidiary for any particular period of time.
Furthermore, this grant is made solely at the discretion of the Company, and this certificate, the Plan, and any other Plan documents (i) are not part of the optionee’s employment contract, if any, and (ii) do not guarantee either the
optionee’s right to receive any future grants under the Plan or the inclusion of the value of any grants in the calculation of severance payments, if any, upon termination of
employment.

					
		
	17.	  	Compliance with Law: Notwithstanding anything to the contrary herein, the Company shall not be obligated to issue any Stock pursuant to any option, at any time,
if the offering of the Stock covered by such option, or the exercise of an option by the optionee, violates or is not in compliance with any laws, rules or regulations of the United States or any state or country. Furthermore, the optionee
understands that, to the extent applicable, the laws of the country in which the optionee is working at the time of grant, vesting, and/or exercise of this option (including any rules or regulations governing securities, foreign exchange, tax, labor
or other matters) may restrict or prevent exercise of this option or may subject the optionee to additional procedural or regulatory requirements for which the optionee is solely responsible and that the optionee will have to independently fulfill
in relation to the exercise of this option. The Company reserves the right to impose other requirements on optionee’s participation in the Plan, stock option awards thereunder, and any Stock acquired under the Plan, to the extent the Company
determines it is necessary or advisable to comply with applicable law or facilitate the administration of the Plan.
		
	18.	  	Governing Law and Forum: Except as otherwise expressly provided in the Plan, (i) the Plan is administered in the United States and the terms of this certificate
shall be governed by and interpreted, construed, and enforced in accordance with the laws of the Commonwealth of Massachusetts without regard to its or any other jurisdiction’s conflicts of laws provisions and (ii) for purposes of resolving any
dispute that may arise directly or indirectly from this certificate, the parties hereby submit and consent to the exclusive jurisdiction of the Commonwealth of Massachusetts in the United States and agree that any litigation shall be conducted only
in the United States District Court for the District of Massachusetts or a court of the Commonwealth of Massachusetts.
		
	19.	  	Other Terms: The provisions of this certificate are severable, and if any one or more of the provisions are determined to be illegal or otherwise unenforceable,
in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. To the extent applicable, the country-specific terms and conditions in the attached Addendum shall apply to this option.

  

			
	THE TJX COMPANIES, INC.
		
	BY:	 	 
		 	[Title]

  

	
	Accepted:
	
	  
	[Optionee]

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