Contract

by Caplease Funding Inc
August 7th, 2008

Exhibit 10.2 CapLease, Inc. Summary of Compensation to Independent Directors Fiscal 2008 ------------------- Annual cash retainer ................................. $ 35,000 Committee chair additional retainer .................. $ 6,000(1) Lead independent director retainer ................... $ 10,000 Stock award .......................................... 3,250 shares(2) Board attendance fee ................................. $ 1,000 per meeting(3) Committee attendance fee ............................. $ 500 per meeting(4) - ---------------- (1) Except for our audit committee chair, who receives $10,000. (2) Except for our audit committee chair, who receives 4,000 shares. All awards will vest in three equal annual installments beginning on the first anniversary of the grant date. (3) $500 fee if attended by teleconference. (4) Committee attendance fees are not paid for meetings held on the same day as a Board meeting.