Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 3, 2018, our Board of Trustees, pursuant to a recommendation of our Nominating and Governance Committee, elected Mark L. Kleifges as the Managing Trustee in Class II of our Board of Trustees effective immediately. Mr. Kleifges was elected to fill the vacancy caused by the death of Barry M. Portnoy and to serve the remainder of the full term of the Class II Trustees, the Class of Trustees which will stand for election at our 2020 annual meeting of shareholders.
Mr. Kleifges, age 57, is and has been our Chief Financial Officer and Treasurer since 2011. Mr. Kleifges is and has been an Executive Vice President of our manager, The RMR Group LLC, or RMR LLC, since 2008 and prior to that served in various capacities with RMR LLC and its subsidiaries since 2002. Mr. Kleifges is and has been the chief financial officer and treasurer of Hospitality Properties Trust since 2002, the president and chief executive officer of RMR Advisors LLC since October 2017 and a managing trustee of RMR Real Estate Income Fund, or RIF, since March 2018 and the chief financial officer and treasurer of RIF and its predecessor funds since 2003. Mr. Kleifges served as a vice president of RMR Advisors LLC from 2003 to 2004 and its chief financial officer and treasurer from 2004 to September 2017. Mr. Kleifges is a certified public accountant and, prior to joining RMR LLC, was a partner at Arthur Andersen LLP.
Our Board of Trustees is comprised of two Managing Trustees and four Independent Trustees. Mr. Kleifges qualifies as a Managing Trustee in accordance with our Amended and Restated Bylaws. Mr. Kleifges has advised us that he has no arrangement or understanding with any other person pursuant to which he was appointed as our Managing Trustee. Mr. Kleifges is not expected to be appointed to any committees of our Board of Trustees.
In accordance with our publicly disclosed Trustee compensation arrangements, Mr. Kleifges will not be entitled to any cash compensation for his service as a Managing Trustee, but he will be entitled to receive awards of our common shares from time to time pursuant to our equity compensation plan at the discretion of our Compensation Committee. On April 3, 2018, consistent with our Trustee compensation arrangements, we awarded Mr. Kleifges 3,000 of our common shares. We previously filed a summary of our currently effective Trustee compensation as Exhibit 10.1 to our Current Report on Form 8-K dated May 17, 2017, which summary is incorporated herein by reference.
We have relationships and historical and continuing transactions with RMR LLC, The RMR Group Inc., or RMR Inc., and others related to them. For example: we have no employees and the personnel and various services we require to operate our business are provided to us by RMR LLC pursuant to our management agreements with RMR LLC; RMR Inc. is the managing member of RMR LLC; Adam D. Portnoy, our other Managing Trustee, is the sole trustee of ABP Trust, which is the controlling shareholder of RMR Inc.; and we own shares of class A common stock of RMR Inc. Mr. Adam Portnoy is an officer of RMR LLC and a managing director, president and chief executive officer of RMR Inc. We also have relationships and historical and continuing transactions with other companies to which RMR LLC or its subsidiaries provide management services and which may have trustees, directors and officers who are also trustees, directors or officers of us, RMR LLC or RMR Inc.
For further information about these and other such relationships and related person transactions, please see our Annual Report on Form 10-K for the year ended December 31, 2017, or our Annual Report, our definitive Proxy Statement for our 2018 Annual Meeting of Shareholders, or our Proxy Statement, and our other filings with the Securities and Exchange Commission, or the SEC, including Notes 6 and 7 to our consolidated financial statements included in our Annual Report and the sections captioned Business, Managements Discussion and Analysis of Financial Condition and Results of OperationsRelated Person Transactions and Warning Concerning Forward Looking Statements of our Annual Report and the section captioned Related Person Transactions and the information regarding our Trustees and executive officers included in our Proxy Statement. In addition, please see the section captioned Risk Factors of our Annual Report for a description of risks that may arise as a result of these and other such relationships and related person transactions. Our filings with the SEC and copies of certain of our agreements with these related parties are publicly available as exhibits to our public filings with the SEC and accessible at the SECs website, www.sec.gov.
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