Attached files
EXHIBIT
10.1
2010
Executive Annual Bonus Plan
Total
executive bonus opportunities will be based on 2010 base salaries as
follows:
|
Percentage
of
|
||
|
2010
Base Salary
|
||
|
Opportunity
|
||
|
H.
Eric Bolton, Jr.
|
200%
|
|
|
Albert
M. Campbell, III
|
100%
|
|
|
Thomas
L. Grimes, Jr.
|
100%
|
|
|
James
Andrew Taylor
|
100%
|
The bonus
opportunity will be earned by performance in three areas: year-over-year funds
from operations, or FFO, per diluted share/unit growth, same store gross
operating income, or GOI, growth and the achievement of individual goals as
approved by the Compensation Committee. The weight of these performance factors
for each executive officer will be as follows:
|
FFO
per Share
|
Same
Store
|
Individual
|
||||
|
Growth
|
GOI
Growth
|
Goals
|
||||
|
H.
Eric Bolton, Jr.
|
80%
|
0%
|
20%
|
|||
|
Albert
M. Campbell, III
|
80%
|
0%
|
20%
|
|||
|
Thomas
L. Grimes, Jr.
|
50%
|
30%
|
20%
|
|||
|
James
Andrew Taylor
|
50%
|
30%
|
20%
|
The
percentage of bonus opportunity earned from performance growth targets will be
based on a sliding scale as follows:
|
Percentage
of
|
||
|
Performance
|
Bonus
Opportunity
|
|
|
Level
|
Earned
|
|
|
Minimum
Threshold
|
0.0%
|
|
|
Threshold
I
|
12.5%
|
|
|
Threshold
II
|
25.0%
|
|
|
Threshold
III
|
37.5%
|
|
|
Target
|
50.0%
|
|
|
Target
I
|
62.5%
|
|
|
Target
II
|
75.0%
|
|
|
Target
III
|
87.5%
|
|
|
High
|
100.0%
|
|
In
determining FFO per diluted share/unit growth, the Compensation Committee has
the ability to factor in any material and non-recurring events that may or may
not occur that impact the registrant’s FFO performance, but may or may not
subsequently impact the registrant’s share price, to help ensure that the
potential bonus is in line with actual shareholder performance realized for the
year.
After the
total bonus opportunity is calculated, the Compensation Committee, at its
discretion, may apply a discretionary modifier allowing the bonus opportunity
calculated to be lowered or raised by up to 25% to determine the final bonus
award amount.