Summary of U.S. Managing Director 2007 Incentive Compensation Plan

Summary

This agreement outlines the 2007 incentive compensation plan for U.S. Managing Directors. Eligible directors receive a base override of 14% and an additional 3% override for certain transactions, based on new business generated in their region. Compensation is paid 60% in cash and 40% in restricted stock, with stock vesting over three years. There is no cap on total incentive compensation, but recognized losses can offset gains. Additional bonuses of up to $75,000 per category (up to $300,000 total) are available for meeting specific business and leadership targets within a calendar year.

EX-10.2 3 c17012exv10w2.htm SUMMARY OF U.S. MANAGING DIRECTOR 2007 INCENTIVE COMPENSATION PLAN exv10w2

EXHIBIT 10.2

		Summary of U.S. Managing Director 2007 Incentive Compensation Plan

•		Each U.S. Managing Director is eligible to receive 14% base override on the new business generation compensation paid to officers of the U.S. Managing Director’s region.

•		Each U.S. Managing Director is eligible to receive 3% additional override on the new business generation compensation paid to the officers of the U.S. Managing Director’s region for certain types of transactions.

•		Compensation will be paid 60% cash and 40% restricted stock. Restricted stock will vest ratably over 3 years. There will be no pre-set limit on the amount of U.S. Managing Director incentive compensation.

•		Certain recognized losses from comparable transactions will offset gains for the purpose of determining compensation payable.

•		Additional incentive compensation of up to $75,000 for each category ($300,000 in the aggregate) is payable based upon 1) a U.S. Managing Director’s cities within his region generating minimum profits from new business generation transactions and minimum volumes of acquisition, development and certain targeted transactions during a calendar year; 2) a U.S. Managing Director’s region generating a minimum acquisition/re-development volume during a calendar year; 3) a U.S. Managing Director’s region generating a minimum dollar volume of development starts and developments in-service during the calendar year; and 4) a U.S. Managing Director meeting sales leadership responsibilities in certain areas.