Summary of Executive Bonus Arrangements for Kitchin Hospitality Executives (March 2006)
This document outlines the approval and allocation of cash bonuses to several executive officers of Kitchin Hospitality, including the CEO, CFO, and other vice presidents. The Compensation Committee approved and ratified these bonuses on March 1 and March 15, 2006, based on performance and achievements during 2005. The bonuses were distributed from a previously approved bonus pool, with specific amounts awarded to each executive as recognition for their contributions.
Exhibit 10.4
SUMMARY OF EXECUTIVE BONUSES
On March 1, 2006, the Compensation Committee approved bonuses for Thomas W. Kitchin, Chief Executive Officer and Chairman of the Board of Directors, and Craig R. Kitchin, President and Chief Financial Officer. The Compensation Committee also ratified the allocation to the officers of bonuses in the amount recommended by Thomas W. Kitchin from a bonus pool previously approved at the November 17, 2005 meeting of the Compensation Committee. All bonuses were awarded on March 15, 2006 in recognition for work performed and goals accomplished during 2005.
The amounts of the bonuses awarded to executive officers listed below were:
| Executive Officer | Cash Bonus Amount | ||
| Thomas W. Kitchin, Chief Executive Officer and Chairman of the Board of Directors | $ | 220,350 | |
| Craig R. Kitchin, President and Chief Financial Officer | $ | 90,000 | |
| Steven A. Curlee, Vice President – Legal and General Counsel | $ | 50,000 | |
| D. Anthony Maness, Vice President - Operations of Kitchin Hospitality | $ | 60,000 | |
| W. David Vining, Vice President – Marketing of Kitchin Hospitality | $ | 45,000 | |
