Lodgian, Inc. Executive Incentive Plan Participation Form for Daniel E. Ellis

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement notifies Daniel E. Ellis 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 6,000 base annual restricted shares, subject to a 50% bonus multiplier. Actual awards depend on the company meeting certain performance goals as outlined in the plan. The form is signed by members of the company's committee and serves as official evidence of his participation.

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EX-10.2 3 g99483exv10w2.htm EX-10.2 PARTICIPATION FORM FOR DANIEL E. ELLIS EX-10.2 PARTICIPATION FORM FOR DANIEL E. ELLIS  

EXHIBIT 10.2
Participation Form
Participation Form No. 1
Lodgian, Inc. Executive Incentive Plan
Participation Form
To: Daniel Ellis
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: þ   2007: þ   2008: þ
Your Maximum Annual Cash Bonus Amount shall be:
$288,750
Your Base Annual Restricted Shares shall be:
6,000
Your Bonus Multiplier shall be:
50%
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 31 day of January, 2006.
         
s/ Kevin C. McTavish
 
   s/ Sean F. Armstrong
 
    
Committee Member
  Committee Member    
 
        
s/ Kenneth A. Caplan
 
        
Committee Member