U-Store-It Trust 2006 Executive Officer Bonus Structure Schedule
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Summary
U-Store-It Trust has established a 2006 bonus plan for its chief executive officer and three other top executives. Bonuses are determined by both company and individual performance, with specific weightings for each executive. The Compensation Committee sets company goals and individual metrics, and bonuses can range from 40% to 150% of salary (or up to 250% for the CEO), depending on performance levels achieved. This plan outlines how bonuses are calculated and the criteria for earning them.
EX-10.47 2 l18680aexv10w47.htm EX-10.47 SCHEDULE OF 2006 BONUS STRUCTURE FOR EXEC OFFICERS EX-10.47
Exhibit 10.47
U-STORE-IT TRUST
Schedule of 2006 Bonus Structure for Named Executive Officers
Fiscal year 2006 bonuses for the chief executive officer and three other most highly compensated executive officers (together, the “Named Executive Officers”) of U-Store-It Trust (the “Company”), are to be awarded based on a combination of corporate and individual performance. The Company will utilize the following allocations between corporate and individual performance:
| Named Executive Officer | Allocation | |||
| Corporate | Individual | |||
Robert J. Amsdell Chairman of the Board and Chief Executive Officer | 80% | 20% | ||
Steven G. Osgood President and Chief Financial Officer | 80% | 20% | ||
Todd C. Amsdell Chief Operating Officer | 80% | 20% | ||
Tedd D. Towsley Vice President and Treasurer | 50% | 50% | ||
The Compensation Committee and/or the Company’s chief executive officer can use objective metrics to measure the individual performance of the Named Executive Officer. Such metrics are to be formulated based on the goals and expectations of the individual.
The Compensation Committee set various objective Company goals in terms of achievement of funds from operations goals and acquisitions growth with certain weightings attributable to achievement of these goals. The Committee then established various criteria for achieving “threshold,” “target,” “maximum” and “superior” performance in relation to these goals.
Under this structure, the amount of the Named Executive Officer’s bonuses may range from 40% to 150% of 2006 salary (50% to 250% of 2006 salary in the case of the Company’s chief executive officer).
