Document:

<PAGE>

                                                                   Exhibit 10.11

                  Description of Arrangement for Directors Fees

The following sets forth the amount of annual fees payable (excluding
representation expenses) to each non-employee director of W Holding Company,
Inc. (except for directors who receive benefits from any retirement plan), for
their services as Directors in fiscal year 2005 (year-end 2004 figures were
included for comparative purposes):

<TABLE>
<CAPTION>
            Event                               2005 Fees                 2004 Fees
            -----                               ---------                 ---------
<S>                                    <C>                          <C>
Annual Retainer:

For those Directors with               $24,000 annually, payable    $24,000 annually, payable
   participation in less than three     on a monthly basis          on a monthly basis
   Board of Directors committees.      ($2,000).                    ($2,000).

For those Directors with               $42,000 annually, payable    $24,000 annually, payable
   participation in more than three    on a monthly basis           on a monthly basis
   Board of Directors committees.      ($3,500).                    ($2,000).

Secretary of the Board of              $18,000 annually, payable    $18,000 annually, payable
   Directors                           on a monthly basis           on a monthly basis
                                       ($1,500) for being a         ($1,500) for being a
                                       director of the Board of     director of the Board of
                                       Directors. Also, the         Directors. Also, the
                                       Secretary of the Board of    Secretary of the Board of
                                       Directors receives an        Directors receives an
                                       additional retainer of       additional retainer of
                                       $6,720 annually, payable     $6,720 annually, payable
                                       on a monthly basis ($560)    on a monthly basis ($560)
                                       for his (her) position as    for his (her) position as
                                       Secretary of the Board.      Secretary of the Board.

Chairman of the Audit Committee        $36,000 annually, payable    None
   and Financial Expert                on a monthly basis
                                       ($3,000).
</TABLE>

W Holding Company, Inc. may also reimburse Directors for their out-of-pocket
expenses incurred in connection with attendance at meetings of and other
activities relating to service on the Board of Directors or any Board of
Directors committee.<PAGE>
                                                                   Exhibit 10.12

Base Salaries. The Board of Directors of the Company approved the Compensation
Committee's recommended base salaries for the executive officers listed below
(the "Named Executive Officers") in the amounts indicated, effective January 1,
2005.

<Table>
<S>                                            <C>
                                               Base Salary         Last Salary
Name                                              Amount(1)        Increase Date
--------------------------------------------------------------------------------
Frank C. Stipes, Esq.                            $ 297,500    November 19, 2001
Freddy Maldonado                                   255,000    September 24, 2001
Pedro R. Dominguez                                 162,000    September 24, 2001
Ricardo Hernandez, CPA                             170,000    September 24, 2001
Miguel Vazquez                                     250,000    June 1, 2001

</Table>

Base salaries for each Named Executive Officer are reviewed by the Compensation
Committee following the 18-month anniversary of such Named Executive Officer
start date with the Company, with the exception of the Company's Chief
Executive Officer, Mr. Frank C. Stipes, whose compensation is reviewed annually.

Annual Incentive Awards. The Board of Directors of the Company approved the
Compensation Committee's recommended annual incentive awards for 2004, payable
in cash, to the Named Executive Officers as follows:

<Table>
<S>                                        <C>
                                           Annual Incentive
Name                                            Award
-----------------------------------------------------------
Frank C. Stipes, Esq.                          $1,824,792
Freddy Maldonado                                  921,250
Pedro R. Dominguez                                613,500
Ricardo Hernandez, CPA                            514,167
Miguel Vazquez                                    720,833
</Table>

Annual incentive awards include a Christmas bonus that is granted under Puerto
Rico legislation. The Company has normally granted one month of salary as a
Christmas bonus.

The Company will provide additional information regarding the compensation of
the Named Executive Officers in its Proxy Statement for the 2005 Annual Meeting
of Shareholders.

---------------------------------------
(1) Does not include (i) perquisites and other personal benefits, including an
    allowance for business and entertainment expenses, which, in the aggregate,
    do not exceed the lesser of $50,000 or 10% of the total salary and bonus
    reported for the Named Executive officer, or (ii) cash payments in respect
    of accrued and unused vacation time.<PAGE>
                                                                  Exhibit 10.4.1

                               EIGHTH AMENDMENT TO
                           THIRD AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                       COLONIAL REALTY LIMITED PARTNERSHIP

     THIS EIGHTH AMENDMENT (this "Eighth Amendment") TO THIRD AMENDED AND
RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF COLONIAL REALTY LIMITED PARTNERSHIP
(as amended by Amendments dated as of January 5, 2000, as of January 25, 2000,
as of August 28, 2000, as of April 17, 2001, as of June 19, 2001, as of April
30, 2003 and as of February 18, 2004, collectively, the "Partnership
Agreement"), dated as of March 14, 2005, is entered into among Colonial
Properties Trust, as general partner (the "General Partner") of Colonial Realty
Limited Partnership (the "Partnership"), for itself and on behalf of the limited
partners of the Partnership (the "Limited Partners"), and each of the holders
of the Series B Preferred Units.

     WHEREAS, the General Partner desires to, and each holder of Series B
Preferred Units desires to consent to, amend the Partnership Agreement to amend
the terms of the Series B Preferred Units to make the Series B Preferred Units
callable on or after August 24, 2009 rather than February 24, 2009, as currently
provided in Exhibit H to the Partnership Agreement.

     NOW, THEREFORE, in consideration of good and valuable consideration, the
receipt and sufficiency of which hereby are acknowledged, the General Partner
hereby amends the Partnership Agreement, as follows:

     1. Amendment to Exhibit H to Partnership Agreement. Exhibit H to the
Partnership Agreement is hereby amended by deleting the reference to "February
24, 2009" in Section 4(a) of Exhibit H and replacing such reference with "August
24, 2009."

     2. Certain Capitalized Terms. All capitalized terms used in this Eighth
Amendment and not otherwise defined shall have the meanings assigned in the
Partnership Agreement. Except as modified herein, all terms and conditions of
the Partnership Agreement shall remain in full force and effect, which terms and
conditions the General Partner hereby ratifies and affirms.

     3. Approval. To the extent such approval or consent is required pursuant to
Section 5(b)(iii) of Exhibit H or any other provision of the Partnership

<PAGE>

Agreement, each of the undersigned holders of Series B Preferred Units,
constituting 100% of the holders of the issued and outstanding Series B
Preferred Units,  hereby approves and consents to the amendment of the
Partnership Agreement set forth in this Eighth Amendment and the other
transactions contemplated hereby.

     4. Conforming Amendment. The General Partner shall present to its board of
trustees an amendment (the "Proposed Amendment") to the articles supplementary
for the 7.25% Series B Cumulative Redeemable Perpetual Preferred Shares to
delete the reference to "February 24, 2009" in ARTICLE SECOND, Section 5(a) of
such articles supplementary and replace such reference with "August 24, 2009."
If the board of trustees approves the Proposed Amendment (and all other
necessary corporate and contractual approvals, if any, are obtained), the
General Partner shall file the Proposed Amendment with the appropriate state
offices in Alabama. The General Partner shall use reasonable efforts to complete
the actions in this Section 4 within 60 days after the date hereof.

                      [Signatures appear on following page]

<PAGE>

     IN WITNESS  WHEREOF,  the undersigned has executed this Eighth Amendment as
of the date first set forth above.

                            COLONIAL PROPERTIES TRUST,
                            as General Partner of
                            Colonial Realty Limited Partnership

                            By:       /s/ Weston Andress
                               -------------------------------------------------
                            Name:     Weston Andress
                            Title:    Chief Financial and Investment Officer

                            Series B Preferred Unit Holders:

                            BELAIR REAL ESTATE CORPORATION

                            By:       /s/ Thomas Faust
                               -------------------------------------------------
                            Name:     Thomas Faust
                            Title:    Executive Vice President

                            BEL ALLIANCE PROPERTIES LLC

                            By:       /s/ Thomas Faust
                               -------------------------------------------------
                            Name:     Thomas Faust
                            Title:    Manager

                            BEL ALLIANCE APARTMENTS LLC

                            By:      /s/ Thomas Faust
                               -------------------------------------------------
                            Name:     Thomas Faust
                            Title:    Manager

<PAGE>

                            BELPORT REALTY CORPORATION

                            By:       /s/ Thomas Faust
                               -------------------------------------------------
                            Name:     Thomas Faust
                            Title:    Executive Vice President

                            BELSHIRE REALTY CORPORATION

                            By:       /s/ Thomas Faust
                               -------------------------------------------------
                            Name:     Thomas Faust
                            Title:    Executive Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]