Exhibit 99.3
AMERICAN MORTGAGE ACCEPTANCE COMPANY
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
June 10, 2004
Dear Xx. Xxxxxx:
This letter agreement will confirm that the terms of your compensation
as an independent member of the Board of Trustees of American Mortgage
Acceptance Company (the "Company"), are as follows:
As an independent Trustee of the Company, you will be entitled to
receive compensation at the rate of $20,000 per year in common shares of
beneficial interest of the Company, up to $10,000 of which may be received in
cash at your option. The value of the shares of beneficial interest of the
Company issued to you will be based on the fair market value at the date of
issuance of such shares. You will also receive reimbursement of travel and other
expenses and other out-of-pocket disbursements incurred in attending any
meetings of the Board of Trustees of the Company.
If this letter accurately describes the compensation terms of your
position as an independent Trustee of the Company, please sign each enclosed
original where indicated below, and return one of the signed originals to my
attention.
I look forward to our continuing efforts on behalf of the Company.
Sincerely yours,
/s/ Xxxxxx X. Xxxxxx
------------------------
Xxxxxx X. Xxxxxx
Chief Executive Officer
Agreed and Acknowledged this
10th day of June, 2004
_______________________________
AMERICAN MORTGAGE ACCEPTANCE COMPANY
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
June 10, 2004
Dear Xx. Xxxxx:
This letter agreement will confirm that the terms of your compensation
as an independent member of the Board of Trustees of American Mortgage
Acceptance Company (the "Company"), are as follows:
As an independent Trustee of the Company, you will be entitled to
receive compensation at the rate of $20,000 per year in common shares of
beneficial interest of the Company, up to $10,000 of which may be received in
cash at your option. The value of the shares of beneficial interest of the
Company issued to you will be based on the fair market value at the date of
issuance of such shares. In addition, for your services as the Chairman of the
Audit Committee of the Board of Trustees, you will receive an additional $5,000
in cash per year. You will also receive reimbursement of travel and other
expenses and other out-of-pocket disbursements incurred in attending any
meetings of the Board of Trustees of the Company.
If this letter accurately describes the compensation terms of your
position as an independent Trustee of the Company, please sign each enclosed
original where indicated below, and return one of the signed originals to my
attention.
I look forward to our continuing efforts on behalf of the Company.
Sincerely yours,
/s/ Xxxxxx X. Xxxxxx
------------------------
Xxxxxx X. Xxxxxx
Chief Executive Officer
Agreed and Acknowledged this
10th day of June, 2004
_______________________________
AMERICAN MORTGAGE ACCEPTANCE COMPANY
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
June 10, 2004
Dear Xx. Xxxxx:
This letter agreement will confirm that the terms of your compensation
as an independent member of the Board of Trustees of American Mortgage
Acceptance Company (the "Company"), are as follows:
As an independent Trustee of the Company, you will be entitled to
receive compensation at the rate of $20,000 per year in common shares of
beneficial interest of the Company, up to $10,000 of which may be received in
cash at your option. The value of the shares of beneficial interest of the
Company issued to you will be based on the fair market value at the date of
issuance of such shares. You will also receive reimbursement of travel and other
expenses and other out-of-pocket disbursements incurred in attending any
meetings of the Board of Trustees of the Company.
If this letter accurately describes the compensation terms of your
position as an independent Trustee of the Company, please sign each enclosed
original where indicated below, and return one of the signed originals to my
attention.
I look forward to our continuing efforts on behalf of the Company.
Sincerely yours,
/s/ Xxxxxx X. Xxxxxx
------------------------
Xxxxxx X. Xxxxxx
Chief Executive Officer
Agreed and Acknowledged this
10th day of June, 2004
_______________________________
