Lodgian, Inc. Executive Incentive Plan Participation Form for James MacLennan (2006–2008)
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Summary
This agreement notifies James MacLennan that he has been selected to participate in the Lodgian, Inc. Executive Incentive Plan for the years 2006, 2007, and 2008. Under this plan, he may receive incentive compensation, including a maximum annual cash bonus of $288,750 and 10,000 restricted shares per year, subject to the company meeting certain performance goals. The agreement outlines his eligibility and refers to the main plan document for details on how bonuses are calculated and awarded.
EX-10.3 4 g99949exv10w3.htm LODGIAN, INC. EXECUTIVE INCENTIVE PLAN PARTICIPATION FORM LODGIAN, INC. EXEC INCENTIVE PLN PARTICIPATION FRM
EXHIBIT 10.3
Participation Form
Participation Form No. 7
Lodgian, Inc. Executive Incentive Plan
Participation Form
Participation Form
To: James MacLennan
In accordance with the provisions of the Lodgian, Inc. Executive Incentive Plan (the “Plan”), you are hereby notified that you have been selected to become a Participant in the Plan. As a Participant, you may become entitled to incentive compensation pursuant to the terms and provisions of the Plan for the Bonus Years noted below:
2006: x | 2007: x | 2008: x | ||
| Your Maximum Annual Cash Bonus Amount shall be: | ||||
| $288,750 | ||||
| Your Base Annual Restricted Shares shall be: | ||||
| 10,000 | ||||
| Your Bonus Multiplier shall be: | ||||
| 100% | ||||
The Company must achieve certain performance goals noted in the Plan for you to receive all or any portion of your Maximum Annual Cash Bonus Amount or all, any portion of, or a multiple of, your Base Annual Restricted Shares. This Participation Form will evidence your participation in the Plan. You should consult the Plan for details concerning the calculation and determination of your potential incentive compensation.
In witness whereof, we, the undersigned members of the Committee have executed this Participation Form as of this 1st day of March, 2006.
/s/ Kenneth A. Caplan | /s/ Kevin C. McTavish | |||||
/s/ Sean F. Armstrong | ||||||
Committee Member |
