Total available rooms represents the number of rooms available multiplied by the number of days in the reported period. We use total available rooms as a measure of capacity in our system of hotels. We do not adjust total available rooms for rooms temporarily out of service for remodel or other short-term periods

EX-10.11 2 v17799exv10w11.txt EXHIBIT 10.11 EXHIBIT 10.11 SUMMARY SHEET FOR DIRECTOR COMPENSATION AND EXECUTIVE CASH COMPENSATION AND PERFORMANCE CRITERIA UNDER EXECUTIVE OFFICERS VARIABLE PAY PLAN MARCH 15, 2006 DIRECTOR COMPENSATION The Company pays its Chairman of the Board an annual retainer of $60,000 and provides him office space that has a rental value of approximately $6,000 per year. The Company pays each of its other non-employee directors an annual retainer of $30,000. In addition, the chair of the Audit Committee receives an additional annual fee of $15,000, and the chairs of each of the Compensation Committee and the Nominating and Corporate Governance Committee receive an additional annual fee of $5,000. Non-chair members of the Audit Committee receive an additional $5,000 annual fee. All director fees are payable to directors in quarterly installments. In addition to annual fees, each new non-employee director is entitled to receive, at or following the Company's annual meeting at which he or she is first elected, a one-time grant of restricted stock of the Company valued at $20,000. Thereafter, at or following each subsequent annual meeting of shareholders, each non-employee director is entitled to receive a grant of restricted stock of the Company valued at $12,000. Directors who are employees of the Company do not receive any fees for their service on the Board of Directors or any committee thereof. EXECUTIVE CASH COMPENSATION The following table sets forth the 2006 base salary of each of the Company's executive officers, together with the cash performance bonus paid by the Company to each of its executive officers for services rendered to the Company in 2005:
2005 2006 BASE PERFORMANCE SALARY BONUS --------- ----------- ARTHUR M. COFFEY $357,000 $148,617 President and Chief Executive Officer ANUPAM NARAYAN $247,500 $67,790 Executive Vice President, Chief Investment Officer and Chief Financial Officer JOHN M. TAFFIN $196,735 $51,782 Executive Vice President, Hotel Operations DAVID M. BELL $162,750 $23,782 Executive Vice President, Development THOMAS L. McKEIRNAN $159,500 $31,630 Senior Vice President, General Counsel, and Secretary