2013 Annual Bonus Plan for Named Executive Officers
This agreement outlines the 2013 Annual Bonus Plan for named executive officers H. Eric Bolton, Jr., Albert M. Campbell, III, and Thomas L. Grimes, Jr. Their bonus opportunities are based on a percentage of their 2013 base salaries and are tied to the company's year-over-year growth in funds from operations per share. The actual bonus earned depends on performance levels, with the Compensation Committee having discretion to adjust the final bonus by up to 25% based on extraordinary events or other considerations.
EXHIBIT 10.1
2013 Annual Bonus Plan
Total bonus opportunities for named executive officers will be based on 2013 base salaries as follows:
| Percentage of | ||
| 2013 Base Salary | ||
| Opportunity | ||
| H. Eric Bolton, Jr. | 200% | |
| Albert M. Campbell, III | 100% | |
| Thomas L. Grimes, Jr. | 100% |
The bonus opportunity will be earned by performance of year-over-year funds from operations per diluted share/unit, or FFO per Share growth.
The percentage of bonus opportunity earned will be based on a sliding scale as follows:
| Percentage of | ||
| Performance | Bonus Opportunity | |
| Level | Earned | |
| Minimum Threshold | 0.0% | |
| Threshold I | 12.5% | |
| Threshold II | 25.0% | |
| Threshold III | 37.5% | |
| Target | 50.0% | |
| Target I | 62.5% | |
| Target II | 75.0% | |
| Target III | 87.5% | |
| High | 100.0% |
In determining FFO per Share growth, the Compensation Committee has the ability to factor in any material and non-recurring events that may or may not occur that impact the registrant’s FFO per Share performance, but may or may not subsequently impact the registrant’s share price, to help ensure that the potential bonus is in line with actual shareholder performance.
After the total bonus opportunity is calculated, the Compensation Committee, at its discretion, may apply a discretionary modifier allowing the bonus opportunity calculated to be lowered or raised by up to 25% to determine the final bonus award amount.
