after taking into account advisory clients’ investment considerations, is deemed appropriate for more than one advisory client, TRC will generally allocate such opportunity on a rotational basis.
Our management agreement also provides that if TRC, its affiliates (including RMR) or any of their respective directors, trustees, officers, employees or agents acquires knowledge of a potential business opportunity, we renounce any potential interest or expectation in, or right to be offered or to participate in, such business opportunity to the maximum extent permitted by Maryland law.
Liability and Indemnification. TRC maintains a contractual as opposed to a fiduciary relationship with us. Pursuant to our management agreement, TRC does not assume any responsibility other than to render the services called for thereunder in good faith and is not responsible for any action of our Board in following or declining to follow its advice or recommendations. Under the terms of our management agreement, TRC and its affiliates, including RMR, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel will not be liable to us or any of our Trustees, shareholders or subsidiaries, or any of the trustees, directors or shareholders of any of our subsidiaries, for any acts or omissions related to the provision of services to us under our management agreement, except by reason of acts or omissions that have been determined in a final, non-appealable adjudication to have constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of TRC under our management agreement. In addition, under the terms of our management agreement, we agree to indemnify, hold harmless and advance expenses to TRC and its affiliates, including RMR, and their respective directors, trustees, officers, shareholders, owners, members, managers, employees and personnel from and against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, including all reasonable attorneys’, accountants’ and experts’ fees and expenses, arising from any acts or omissions related to the provision of services to us or the performance of any matters pursuant to an instruction by our Board, except to the extent there is a final, non-appealable adjudication that such acts or omissions constituted bad faith, fraud, intentional misconduct, gross negligence or reckless disregard of the duties of TRC under our management agreement. Such persons will also not be liable for trade errors that may result from ordinary negligence, including errors in the investment decision making or trade process.
Share Awards to TRC and RMR Employees. During 2021, we awarded Common Shares to our officers and other employees of RMR and/or TRC. One fifth of these awards vested on the grant date of the awards and one fifth vests on each of the next four anniversaries of the grant dates of the awards. During 2021, we awarded to our officers and employees of RMR and/or TRC awards of 83,000 Common Shares, valued at approximately $0.9 million, in aggregate, based upon the closing price of the Common Shares on the Nasdaq on the date the awards were granted under the 2021 Equity Plan. These share awards to employees of TRC and/or RMR are in addition to the share awards made to our Managing Trustees, as Trustee compensation, and the fees we paid to TRC. During 2021, we purchased 5,530 Common Shares, at the closing price of the Common Shares on Nasdaq on the date of purchase, from certain of our officers and other employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of the Common Shares. The aggregate value of the Common Shares purchased during the year ended December 31, 2021 was $57,000.
Additionally, each of our executive officers during 2021 received share awards of RMR Inc. and other RMR Clients, in their capacities as officers or employees of RMR and/or TRC.
Directors’ and Officers’ Liability Insurance. We, RMR Inc. and certain other RMR Clients, participate in a combined directors’ and officers’ liability insurance policy. The current combined policy expires in September 2022. We paid an aggregate premium of $123,420 for this policy in 2021.
Other. In addition to the fees and expense reimbursements payable to TRC under our management agreement, TRC and its affiliates may benefit from other fees paid to them in respect of our investments. For example, if we seek to securitize some of our CRE loans, TRC or its affiliates may act as collateral manager. In any of these or other capacities, TRC and its affiliates may receive fees for their services if approved by a majority of our Independent Trustees.
The foregoing descriptions of our agreements with TRC, RMR and other related persons are summaries and are qualified in their entirety by the terms of the agreements. A further description of the terms of certain of those agreements is included in the Annual Report. In addition, copies of certain of the agreements evidencing these relationships are filed with the SEC and may be obtained from the SEC’s website, www.sec.gov. We may engage in additional transactions with related persons, including businesses to which TRC, RMR or their affiliates provide management services.