Summary of Managing Director 2006 Incentive Compensation Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2006 incentive compensation plan for Managing Directors. It provides that Managing Directors are eligible for a percentage-based override on new business compensation paid to officers in their region, with additional overrides for certain transactions. Compensation is paid 60% in cash and 40% in restricted stock, which vests over three years. There is no cap on total incentive compensation, and losses offset gains. Additional bonuses are available if specific business and leadership targets are met. Payments are made annually alongside executive management compensation.

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EX-10.1 2 c07524exv10w1.htm SUMMARY OF MANAGING DIRECTOR 2006 INCENTIVE COMPENSATION PLAN exv10w1  

EXHIBIT 10.1
Summary of Managing Director 2006 Incentive Compensation Plan
•   Each Managing Director is eligible to receive 7% base override on the new business generation compensation paid to officers of the Managing Director’s region.
•   Each Managing Director is eligible to receive 20% additional override on the new business generation compensation paid to the officers of the 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 and be denominated based on a price to be determined senior management with the approval of the Compensation Committee. There will be no pre-set limit on the amount of Managing Director incentive compensation.
•   Losses from comparable transactions will offset gains for the purpose of determining compensation payable.
•   Payment of incentive compensation will take place annually, in conjunction with incentive compensation paid to executive management.
•   Additional incentive compensation of up to $75,000 for each category ($300,000 in the aggregate) is payable based upon 1) a 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 Managing Director’s region generating a minimum acquisition/re-development volume during a calendar year; 3) a Managing Director’s region generating a minimum dollar volume of development starts and developments in-service during the calendar year; and 4) a Managing Director meeting sales leadership responsibilities in certain areas.