Document:

Document

DIRECTOR COMPENSATION POLICY - 2022
TABLE OF CONTENTS
												
	I.		Purpose:	1 	
	II.		Scope:	1 	
	III.		Policy Statement:	1 	
			A.    Methodology	1 	
			B.    Board and Committee Meeting Fees	1 	
			C.    Quarterly Retainer	2 	
			D.    Maximum Compensation	2 	
			E.    Reduction in Compensation based on Attendance and Performance	3 	
	IV.		Administration:	3 	
			A.    Roles and Responsibilities:	3 	
			B.    Governance	3 	
			C.    Exception Management/Policy Interpretations	3 	
	V.		Applicable Laws and Regulations:	4 	
	VI.		Related Policies; Procedures	4 	
	VII.		Policy History Log:	4 	

									
	Director Compensation Policy		October 22, 2021

Director Compensation Policy - 2022
I.Purpose:  

The purpose of this policy is to set forth the compensation to be paid to the Board of Directors of the Federal Home Loan Bank of Boston (the “Bank”) in 2022.  The Travel and Public Relations Policy and Director’s Addendum to the Travel and Public Relations Policy set forth the circumstances under which the Bank will reimburse Directors for certain expenses incurred while on Bank business.
The goal of the Policy is to appropriately compensate the Directors for actual attendance and participation at the meetings of the Board of Directors and the committees of the Board and also for work performed on behalf of the Board of Directors and the Bank apart from such meetings.  
II.Scope:

This policy applies to all Directors of the Bank.
III.Policy Statement: 

A.Methodology.

The 2022 Director compensation set forth in this Policy, which remains unchanged from the Director compensation set forth in the 2020 and 2021 Director Compensation Policies, was determined after a review of a comparative compensation study conducted by a third party with expertise in the compensation of directors conducted in May 2019, a review of the compensation paid to directors of other Federal Home Loan Banks, and a consideration of other factors, including the Bank’s condition, the time and expertise required to be an effective Bank director, and the level of compensation deemed to be necessary and appropriate to allow the Bank to recruit and retain highly qualified directors and compensate them for the time required in performing their duties. 
B.Board and Committee Meeting Fees.

In order to compensate Directors for their time attending meetings, each Director who attends a meeting of the Board of Directors or a Board Committee shall be paid an attendance fee, based on the responsibilities of the Director as set forth below:  
															
		Per Board 
Meeting 1
	Per Committee Meeting 1 
	Telephonic/Remote Attendance 2
	Maximum Attendance Fees
	Chair	$11,500	$2,500	$1,500	$92,500
	Vice Chair and Committee Chairs	$9,500	$2,500	$1,500	$77,500
	Other Directors	$8,500	$2,500	$1,500	$72,500

    Footnotes appear on following page.

									
	Director Compensation Policy	1
	October 22, 2021

_______________________________________________
1  Applies to attendance at all or part of (i) Board and Committee meetings scheduled to be held in person (including scheduled in-person meetings that are changed to remote due to COVID-19) and (ii) full telephonic/remote Board and Committee meetings scheduled for February, April and July, 2022. 
2 Applies to all telephonic/remote meetings other than the full meetings scheduled for February, April and July 2022, and to participation by telephone/remotely at in-person meetings for which a Director would be entitled to compensation if attending in person. 
_______________________________________________
Committee meeting attendance fees apply to all committee members, including ex officio members, who attend all or any part of any meeting of a committee of the Board.  Directors will not be compensated for attendance at a meeting of a committee on which the Director is not a member.  
Fees shall be paid per meeting.  For example, if a Board meeting and committee meeting occur on the same day, a separate fee shall be payable for attendance at each meeting.  Additionally, in the case of multi-day meetings, a separate fee shall be payable for each day's attendance.
In the event that inclement weather prevents the occurrence of a planned meeting of the Board or one of its committees, the Directors shall be entitled to receive the applicable meeting fee called for in the Policy, minus any fees received if an in-person meeting is changed to a telephonic meeting. 
C.Quarterly Retainer.

In order to compensate Directors for their time while serving as Directors outside of normal Committee and Board meetings, Directors shall receive a quarterly retainer, payable in arrears at the end of each quarter. The retainer shall compensate Directors for their time preparing for meetings, attending Advisory Council meetings, attending Bank System meetings, Board training sessions, and member events, and other activities outside of normal Board and Board Committee meetings. The amount of the quarterly retainer varies depending on the responsibilities of the Director as set forth below: 
									
		Quarterly Retainer	Annual Retainer
	Chair	$11,250	$45,000
	Vice Chair and Committee Chairs 	$10,000	$40,000
	Other Directors	$8,750	$35,000

D.Maximum Compensation.

The maximum director compensation for 2022 shall be as follows:  
												
		Maximum Attendance Fees	Maximum Retainer	Total Maximum Compensation
	Chair	$92,500	$45,000	$137,500
	Vice Chair and Committee Chairs 	$77,500	$40,000	$117,500
	Other Directors	$72,500	$35,000	$107,500

									
	Director Compensation Policy	2
	October 22, 2021

The Bank will also pay/reimburse Directors for expenses related to the Directors’ attendance at board meetings pursuant to the Bank’s Travel and Public Relations Policy and Director’s Addendum to the Travel and Public Relations Policy.  The Bank will not pay for or reimburse the expenses of a Director’s spouse/guest accompanying the Director to Board meetings, other than the cost of the food and beverages of a Director’s spouse/guest who attends the Bank’s corporate officer holiday party as an invited guest. Directors will reimburse the Bank for any such expenses incurred by the Bank either directly or via deduction from such Directors’ meeting fees or retainer. 

E.Reduction in Compensation based on Attendance and Performance.

The Board may, at its December meeting, vote to reduce or eliminate a Director’s final quarterly retainer payment if (i) the Director has not attended (in person or by telephone) at least 75% of all regular and special meetings of the Board and the Committees on which the Director served during the year (adjusted as appropriate for partial year of service), or (ii) the Board, in its discretion, determines that the Director has consistently demonstrated a lack of engagement and participation in meetings attended.     

IV.Administration:  

A.Roles and Responsibilities

(1)Owner.  The General Counsel shall be the owner of this Policy, responsible for maintaining this Policy.   

(2)Authorized Approver.  The Board of Directors of the Bank shall be authorized to approve all changes to this Policy. 

B.Governance

(1)Re-Adoption Frequency.  The Governance/Government Relations Committee shall annually review this policy and shall submit its recommendation to the Board.  The Board shall consider the recommendations of the Governance/ Government Relations Committee and shall approve the policy no later than required to allow for submission, review and approval of the Director of the Federal Housing Finance Agency (FHFA), if required, to ensure that directors are paid timely for the first regularly scheduled meeting of the Board in which the policy shall apply.  
 
(2)Review Frequency:  The Owner of this Policy is expected to review this Policy annually.
  
C.Exception Management/Policy Interpretations

The Board is authorized, in its sole discretion, to interpret the provisions of the policy and to address situations not anticipated or covered by this policy as it determines to be appropriate, consistent with the requirements set forth in the regulations promulgated by the Federal Housing Finance Agency, if any.  
									
	Director Compensation Policy	3
	October 22, 2021

V.Applicable Laws and Regulations:

The following provisions of the Federal Home Loan Bank Act and FHFA Regulations are applicable to this Policy:  
•12 CFR Part 1261.20 - 24

VI.Related Policies; Procedures

The following Bank policies cover subject matter that is related to this Policy:
•Travel and Public Relations Policy 

•Directors Addendum to Travel and Public Relations Policy

VII.Policy History Log:  
												
	Date Approved	Purpose	Author	Approved by
	12/16/2011	Annual Review	J. Authur	Board
	12/21/2012	Annual Review and Policy reformatting into new format	J. Authur	Board
	12/20/2013	Annual Review; incorporating compensation adjustments based on revised McLagan study	C. Pratt	Board
	10/24/2014	Added language regarding purpose and methodology.  Changed “maximum fee” provision to “maximum compensation,” and added a cap on spouse/guest expenses.  	C. Pratt	Board
	10/26/2015	Adjusted compensation for 2016. Reduced meeting fees, eliminated spousal expenses and added retainer component, with possible reduction for poor attendance or performance. 	C. Pratt	Board Chair and Governance Committee Chair, via delegation by full Board
	10/28/2016	Adjusted meeting fees, retainer and maximum compensation for 2017.	C. Pratt	Board
	10/27/2017	Adjusted meeting fees, retainer and maximum compensation for 2018.	C.Pratt	Board
	10/19/2018	No changes in 2019 from 2018 compensation	C. Pratt	Board
	10/25/2019	Adjusted maximum meeting fees, retainer and maximum compensation for 2020	C. Pratt	Board
	10/30/2020	No changes in 2021 from 2020 compensation	C. Pratt	Board
	10/22/2021	No changes in 2022 from 2021 compensation	C. Pratt	Board

									
	Director Compensation Policy	4
	October 22, 2021Exhibit 4.1

 

 

 

RETAIL PROPERTIES OF AMERICA, INC.,

 

as Issuer,

 

KITE REALTY GROUP, L.P.,

 

as Successor Company

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

4.00% SENIOR NOTES DUE 2025

4.750% SENIOR NOTES DUE 2030

 

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

DATED AS OF OCTOBER 22, 2021

 

TO

 

INDENTURE

 

DATED AS OF MARCH 12, 2015

 

 

 

 

 

     

     

    

 

FOURTH SUPPLEMENTAL INDENTURE (this “Fourth
Supplemental Indenture”), dated as of October 22, 2021, by and among Kite Realty Group, L.P., a Delaware limited partnership
(the “Successor Company”), Retail Properties of America, Inc., a Maryland corporation (the “Issuer”),
and U.S. Bank National Association, as Trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer and the
Trustee have heretofore executed and delivered an Indenture, dated as of March 12, 2015 (the “Base Indenture”),
as supplemented by that certain First Supplemental Indenture, dated as of March 12, 2015 (the “First Supplemental Indenture”),
between the Issuer and the Trustee, relating to the Issuer’s 4.00% Senior Notes due 2025 (the “2025 Notes”),
that certain Second Supplemental Indenture, dated as of July 21, 2020 (the “Second Supplemental Indenture”), between
the Issuer and the Trustee, relating to the 2025 Notes, and that certain Third Supplemental Indenture, dated as of August 25, 2020
(the “Third Supplemental Indenture” and the Base Indenture, as supplemented by the First Supplemental Indenture, the
Second Supplemental Indenture and the Third Supplemental Indenture, and as otherwise supplemented or modified from time to time, the “Indenture”),
between the Issuer and the Trustee, relating to the Issuer’s 4.750% Senior Notes due 2030 (the “2030 Notes” and
together with the 2025 Notes, the “Notes”);

 

WHEREAS, the Issuer is a party
to that certain Agreement and Plan of Merger, dated as of July 18, 2021, by and among Kite Realty Group Trust, a Maryland real estate
investment trust, KRG Oak, LLC, a Maryland limited liability company (“KRG Oak”), and the Issuer, pursuant to which,
on October 22, 2021, the Issuer merged with and into KRG Oak, with KRG Oak being the surviving entity (the “Merger”);

 

WHEREAS, immediately
following the Merger, on October 22, 2021, KRG Oak and the Successor Company effected a business combination transaction in
which KRG Oak merged with and into the Successor Company, with the Successor Company continuing as the successor entity within the
meaning of Article Eight of the Indenture;

 

WHEREAS, each party hereto
has duly authorized the execution and delivery of this Fourth Supplemental Indenture and has done all things necessary to make this Fourth
Supplemental Indenture a valid agreement in accordance with its terms; and

 

WHEREAS, pursuant to Section 9.01(1) of
the Indenture, the consent of Holders to the execution and delivery of this Fourth Supplemental Indenture is not required, and the Trustee
is authorized to execute and deliver this Fourth Supplemental Indenture.

 

NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Successor Company and
the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.            Capitalized
terms. Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture.

 

    1 

     

    

 

2.            Rights
and Duties of Successor Company. The Successor Company hereby succeeds the Issuer as the Company under the Indenture and as such
will have all of the rights and privileges, be subject to and hereby agrees to assume all of the obligations, duties, covenants and agreements,
of the Issuer under the Indenture and the Notes. All references to the “Company” in the Indenture shall be deemed to refer
to the Successor Company.

 

3.            Notices.
All notices and other communications to the Company under the Indenture shall be given as provided in the Indenture, at the address set
forth below:

 

Kite Realty Group, L.P.

c/o Kite Realty Group Trust

30 S. Meridian Street

Suite 1100

Indianapolis, IN 46204

Attention:

Heath R. Fear, Executive Vice President, Chief Executive Officer
and Secretary

Robert G. Solloway, Senior Vice President, Legal

 

4.            Parties.
Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders
and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Fourth Supplemental Indenture or the Indenture
or any provision herein or therein contained.

 

5.            Ratification
of Base Indenture. This Fourth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base
Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture
and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. In the event of a conflict between
the language of this Fourth Supplemental Indenture and the Base Indenture, the language of this Fourth Supplemental Indenture shall control.

 

6.            Effect
of headings. The Section headings
herein are for convenience only and shall not affect the construction hereof.

 

7.          Successors
and Assigns. All covenants and agreements in this Fourth Supplemental Indenture by the parties hereto shall bind their successors
and assigns, whether so expressed or not.

 

8.           Separability
Clause. In case any one or more of the provisions in this Fourth Supplemental Indenture shall be held invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
shall not in any way be affected or impaired thereby.

 

9.          Governing
Law. THIS FOURTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

    2 

     

    

 

10.            Counterparts.
This Fourth Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall
constitute one and the same instrument. Signatures of the parties hereto transmitted by facsimile or email (in PDF format or otherwise)
shall be deemed to be their original signatures for all purposes. All notices, approvals, consents, requests and any communications hereunder
must be in writing (provided that any communications sent to the Trustee hereunder must be in the form of a document that is signed manually
or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee
by the authorized representative)), in English. The Company agrees to assume all risks arising out of the use of using digital signatures
and electronic methods to submit communications to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized
instructions and the risk of interception and misuse by third parties.

 

11.            The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Successor
Company and the Issuer. The Successor Company and the Issuer hereby authorizes and directs the Trustee to execute and deliver this Fourth
Supplemental Indenture.

 

[SIGNATURE PAGES FOLLOW]

 

    3 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Fourth Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	 	KITE REALTY GROUP, L.P.,

	 	as the Successor Company

 

	 	By: Kite Realty Group Trust, its sole general partner

 

	 	By:	/s/ Heath R. Fear
	 	Name:	 Heath R. Fear
	 	Title:	Executive
Vice President, Chief Financial
Officer and Secretary

 

Signature Page to Fourth Supplemental
Indenture

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,

	 	solely in its capacities as Trustee and not in its individual capacity

 

	 	By:	/s/ Linda Garcia

	 	Name:	Linda Garcia
	 	Title:	Vice
President

 

Signature Page to Fourth Supplemental
Indenture

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