2011 Executive Annual Bonus Plan for H. Eric Bolton, Jr., Albert M. Campbell, III, Thomas L. Grimes, Jr., and James Andrew Taylor

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines the 2011 annual bonus plan for four executives, specifying bonus opportunities as a percentage of their base salaries. Bonuses are tied to company performance metrics, including funds from operations per share and same store gross operating income growth, with different weightings for each executive. The actual bonus earned depends on performance against set targets, with the Compensation Committee retaining discretion to adjust the final award by up to 25%.

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EXHIBIT 10.1

2011 Executive Annual Bonus Plan

Total executive bonus opportunities will be based on 2011 base salaries as follows:

   
Percentage of
  
   
2011 Base Salary
  
   
Opportunity
  
H. Eric Bolton, Jr.
     200 %
Albert M. Campbell, III
     100 %
Thomas L. Grimes, Jr.
     100 %
James Andrew Taylor
     100 %

The bonus opportunity will be earned by performance in the following areas: year-over-year funds from operations per diluted share/unit, or FFO per Share growth and same store gross operating income, or GOI, growth. The weight of these performance factors for each executive officer will be as follows:

   
FFO per Share
    
Same Store
  
   
Growth
    
GOI Growth
  
H. Eric Bolton, Jr.
     100 %     0 %
Albert M. Campbell, III
     100 %     0 %
Thomas L. Grimes, Jr.
     62.5 %     37.5 %
James Andrew Taylor
     62.5 %     37.5 %

The percentage of bonus opportunity earned from performance growth targets 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.