Description of Compensation Arrangements with William Bensten – Comstock Homebuilding Companies, Inc.
This document outlines the compensation arrangements for William Bensten, Senior Vice President of Comstock Homebuilding Companies, Inc. For 2004, Mr. Bensten received a $200,000 base salary, a $200,000 incentive bonus, and an additional bonus of about $845,000 based on a prior agreement entitling him to 4% of certain stockholder distributions. This bonus arrangement ended with the company's IPO. He was also granted 112,500 restricted shares of Class A common stock, vesting over four years.
Exhibit 10.30
Description of Arrangements with William Bensten
Mr. Bensten serves as the Senior Vice President of Comstock Homebuilding Companies, Inc. (the “Company”). For the year ended December 31, 2004, Mr. Bensten received $200,000 in base salary and $200,000 in incentive bonus payment. In addition, Mr. Bensten received an additional bonus of approximately $845,000 resulting from an arrangement he entered into with the Predecessor Company. Under this arrangement Mr. Bensten was entitled to receive bonuses in an amount equal to 4% of distributions to stockholders including our distribution payable to our pre-initial public offering stockholders. This agreement terminated with respect to any new bonus obligations immediately upon execution of our initial public offering. Pursuant to the Company’s 2004 Long-Term Incentive Compensation Plan, on December 14, 2004, Mr. Bensten received a restricted stock grant of 112,500 shares of the Company’s Class A common stock, which shares have a four year vesting period.
