Exhibit 4.2
CHARTER MUNICIPAL MORTGAGE ACCEPTANCE COMPANY
000 XXXXXXX XXXXXX
XXX XXXX, XXX XXXX 00000
April 3, 1998
Xxxxxx X. Xxxxx
00 Xxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Xx. Xxxxx:
This letter agreement will confirm that the terms of your compensation
as a member of the Board of Trustees of Charter Municipal Mortgage Acceptance
Company, a Delaware business trust (the "Company"), are as follows:
As a Trustee of the Company, you will be entitled to receive
compensation at the rate of $15,000 per year in shares of beneficial interest of
the Company, up to $5,000 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 a 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
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Xxxxxx X. Xxxxxx
President
Agreed and Acknowledged this
3rd day of April, 1998
/s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
