ex10-1.htm


    EXHIBIT
10.1

    


    2009
Executive Annual Bonus Plan

    


    Total
executive bonus opportunities will be based on 2009 base salaries as
follows:

    


    
      	 
      	 
      	
              Percentage
      of

            
	 
      	 
      	
              2009
      Base Salary

            
	 
      	 
      	
              Opportunity

            
	
              H.
      Eric Bolton, Jr.

            	 
      	
              200%

            
	
              Simon
      R.C. Wadsworth

            	 
      	
              200%

            
	
              Thomas
      L. Grimes, Jr.

            	 
      	
              100%

            
	
              James
      Andrew Taylor

            	 
      	
              100%

            
	
              Albert
      M. Campbell, III

            	 
      	
              100%

            


    

    


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

    


    
      	 
      	 
      	
              FFO
      per Share

            	 
      	
              Same
      Store

            	 
      	
              Individual

            
	 
      	 
      	
              Growth

            	 
      	
              GOI
      Growth

            	 
      	
              Goals

            
	
              H.
      Eric Bolton, Jr.

            	 
      	
              80%

            	 
      	
              0%

            	 
      	
              20%

            
	
              Simon
      R.C. Wadsworth

            	 
      	
              80%

            	 
      	
              0%

            	 
      	
              20%

            
	
              Thomas
      L. Grimes, Jr.

            	 
      	
              25%

            	 
      	
              50%

            	 
      	
              25%

            
	
              James
      Andrew Taylor

            	 
      	
              25%

            	 
      	
              50%

            	 
      	
              25%

            
	
              Albert
      M. Campbell, III

            	 
      	
              75%

            	 
      	
              0%

            	 
      	
              25%

            


    

    


    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 diluted share/unit 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 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 realized for the
year.

    


    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.