Document:

EX-10.2 SUMMARY OF 2007 ANNUAL INCENTIVE PLAN

 

Exhibit 10.2

Colonial Properties Trust

Summary of 2007 Incentive Plan

     On January 26, 2007, the Executive Compensation Committee of the Board of Trustees (the
“Committee”) adopted its annual incentive plan for 2007 and set specific performance goals and
business criteria for the award of 2007 bonus payments to the Company’s named executive officers
under the plan. Such bonuses are expected be paid in the first quarter of 2008. The performance
goals and business criteria for 2007 are based on the following:

     Criteria for Chief Executive Officer and President/Chief Financial Officer:

	 	•	 	Achievement of total shareholder return (with separate one year and three year
measurement periods) as compared to an index of comparable REITs;
	 
	 	•	 	Achievement of multifamily division same store net operating income as compared
to an index of comparable REITs; and
	 
	 	•	 	Achievement of the Company’s combined divisional operating plan for 2007.

     Criteria for Executive Vice President — Multifamily Division:

	 	•	 	Achievement of total shareholder return (with separate one year and three year
measurement periods) as compared to an index of comparable REITs;
	 
	 	•	 	Achievement of multifamily division same store net operating income as compared
to an index of comparable REITs; and
	 
	 	•	 	Achievement of the Company’s multifamily division operating plan for 2007.

     Criteria for Executive Vice President — Mixed Use Division:

	 	•	 	Achievement of total shareholder return (with separate one year and three year
measurement periods) as compared to an index of comparable REITs; and
	 
	 	•	 	Achievement of a land sales plan for 2007.

     The Committee’s determinations regarding 2007 annual incentive plan criteria take into account
anticipated impacts on the business from the previously announced proposed strategic plan to
reposition the Company’s operating portfolio to focus on multifamily in 2007.

     The amounts actually payable to the named executive officers are determined based on whether
the executive’s performance meets the “threshold,” “median,” “target” or “maximum” level for each
performance indicator. For each performance indicator except the achievement of division operating
plans and the achievement of the land sales plan, the “threshold” level is the 25th percentile, the
“median” level is the 50th percentile, the “target” level is the 75th percentile and the “maximum”
level is the 90th percentile. For the achievement of division operating plans and land sales, the
projected “threshold” level is -1%, the projected “median” level is the planned net operating
income/land sales, the projected “target” level is +2% and the projected “maximum” level is +10%.

     The “threshold” level is the minimum level of performance that will give rise to an annual
incentive, which pays at a maximum of 1% of the base salary. The “median” level pays at the maximum
of 125% of the base salary, “target” performance, which is the upper quartile expected level, pays
at a maximum of 200% of the base salary, and “maximum” level, which refers to superior performance,
pays at a maximum of 250% of the base salary. The performance payout thresholds were set as follows
(as a percentage of 2007 base salary): for the Chief Executive Officer, and the President and Chief
Financial Officer, the “threshold” level pays at a maximum of 1% of base salary, the “median” level
pays at a maximum of 125% of base salary, the “target” level pays at a maximum of 200% of base
salary, and the “maximum” level pays at a maximum of 250% of base salary; and for the Executive
Vice President — Multifamily Division, and the Executive Vice President — Mixed Use Division, the
“threshold” level pays at a maximum of 1% of base salary, the “median” level pays at a maximum of
10% of base salary, the “target” level pays at a maximum of 100% of base salary, and the “maximum”
level pays at a maximum of 125% of base salary.

43EX-10.3 TRUST COMPENSATION POLICY FOR 2007

 

Exhibit 10.3

Colonial Properties Trust

Trustee Compensation Policy

Annual Trustee compensation for 2007 shall be as follows:

	 	 	 	 	 
	Non-Employee Trustees	 	2007
	Annual Retainer – Board Members
	 	$	22,500	 
	 
	 	 	 	 
	Annual Retainer – Audit Committee Chairman
	 	$	15,000	 
	 
	 	 	 	 
	Annual Retainer – Executive Compensation Committee Chairman
	 	$	7,500	 
	 
	 	 	 	 
	Annual Retainer – Executive Committee Chairman
	 	$	7,500	 
	 
	 	 	 	 
	Annual Retainer – Governance Committee Chairman
	 	$	7,500	 
	 
	 	 	 	 
	Annual Retainer – Lead Trustee
	 	$	15,000	 
	 
	 	 	 	 
	Per Board Meeting Attended in Person
	 	$	1,750	*
	 
	 	 	 	 
	Per Board Meeting Attended by Telephone
	 	$	1,000	 
	 
	 	 	 	 
	Committee Members (other than Chairman):
	 	 	 	 
	 
	 	 	 	 
	Per Committee Meeting Attended in Person
	 	$	1,250	*
	 
	 	 	 	 
	Per Committee Meeting Attended by Telephone
	 	$	1,000	 
	 
	 	 	 	 
	Committee Chairman:
	 	 	 	 
	 
	 	 	 	 
	Per Committee Meeting Attended in Person or by Telephone
	 	$	1,750	*

 

			
	*	 	Plus out of pocket expenses.

     Non-employee trustees can elect to receive common shares in lieu of all or a portion of annual
board and committee fees pursuant to the Company’s Non-Employee Trustee Share Plan. Common shares
received in lieu of fees under such plan shall have a fair market value equal to 125% of the amount
of fees foregone.

     Non-employee trustees also receive an option to purchase 5,000 common shares upon election to
the board, and an additional option to purchase 5,000 common shares following each annual election
of trustees that occurs after the trustee has completed at least one year of service. These
options are issued under the Company’s Third Amended and Restated Employee Share Option and
Restricted Share Plan. The options vest one year after the date of the grant, at an exercise price
equal to the fair market value on the day of the grant.

     Non-employee trustees further receive a grant of $10,000 of restricted shares following each
annual election of trustees that occurs after the trustee has completed at least one year of
service. The restricted shares are issued under the Company’s Third Amended and Restated Employee
Share Option and Restricted Share Plan. The restricted shares are valued based on the fair market
value on the day of the grant and vest one year after the date of grant.

     Employee trustees are not entitled to any additional compensation for their service as
trustees.

44EX-10.38 BINDING TERM SHEET OF ACQUISITION

 

Exhibit 10.38

Binding Term Sheet for Veridien’s Acquisition of Santius LifeSciences

VERIDIEN CORPORATION

having a business location at

7600 Bryan Dairy Road, Suite F

Largo, Florida, USA 33777

(hereinafter referred to as “Veridien”)

- and -

LEXXEC CORPORATION

having a business location at

145 Dunvegan Road,

Toronto, Ontario, CANADA M5P 3N8

(hereinafter referred to as “Lexxec”)

WHEREAS Lexxec has a 100% ownership of Santius LifeSciences (“Santius”), an Ontario Corporation;

AND WHEREAS Santius has the objective of undertaking a pharmaceutical undertaking in respect of
locating, in-licensing or acquiring pharmaceutical products for distribution in some of the
emerging world markets, including but not limited to Russia, China, India and Brazil;

AND WHEREAS Veridien wishes to acquire an initial ownership interest in Santius with an option to
acquire 100% of Santius as hereinafter set out;

IN CONSIDERATION FOR THE SUM OF TEN DOLLARS AND THE MUTUAL BENEFITS HEREIN DESCRIBED, AND FOR OTHER
GOOD AND VALUABLE CONSIDERATION THE SUFFICIENCY AND RECEIPT WHEREOF IS HEREBY ACKNOWLEDGED, THE
PARTIES HERETO HEREBY AGREE AS FOLLOWS:

A. VERIDIEN’S ACQUISITION OF 49.9% OF SANTIUS

     Veridien shall acquire from Lexxec its initial 49.9% ownership in Santius on the following
terms:

	 	i.	 	Purchase Price

	 	a)	 	Initial Purchase price of 25 million common share
warrants at an exercise price of US$0.06 for 14.2 million of such
warrants and US$0.10 for the remaining 10.8 million warrants. These
warrants shall be granted with a five (5) year term and they shall vest
immediately upon grant; and
	 
	 	b)	 	Additional purchase price of $ 1.071 million,
which Lexxec shall use towards the exercise price of its Veridien
warrants and which purchase price shall only be payable at the time when
Santius has entered into initial product

 

	 	 	 	transaction(s) with a NPV of not less the US$6million (as determined by an
independent appraiser); and
	 
	 	c)	 	Additional purchase price of $ 1.214 million,
which Lexxec shall use towards the exercise price of its Veridien
warrants and which purchase price shall only be payable at the time when
Santius has entered into additional product transaction(s) with a NPV of
not less the US$13million (as determined by an independent appraiser).

	 	ii.	 	Veridien shall have the option of issuing Lexxec 25,000,000 common
shares in exchange for the cancellation of all of the warrants and additional
purchase price obligations as described under (i) (a), (b) & (c) above;
	 
	 	iii.	 	Veridien will agree, so long as Veridien has the option to purchase the
balance of the ownership of Santius (to 100%), to loan Santius up to $125,000 per
annum for operating expenses and Veridien will provide Santius with office
facilities. The value of these accommodations, together with the operating loan
balance will be reimbursed to Veridien out of the first net revenues generated by
Santius.

	 	 	No fees or salaries shall be allocated to any related parties unless unanimously approved by the
Santius Board.
	 
	 	 	The initial Officers and Directors of Santius will be:

	 	•	 	Ken Cancellara, CEO, President & Director
	 
	 	•	 	Shelley Fenton, Director
	 
	 	•	 	Rolf Reininghaus, Director

B. VERIDIEN’S ACQUISITION OF ADDITIONAL 50.1% OF SANTIUS

	 	 	Veridien will have the option to acquire the remaining 50.1% of Santius from Lexxec, on the
following basis:

	 	i.	 	If the Veridien stock price has met or exceeded $0.50 for a
period of 30 consecutive days, the consideration shall be 40million Veridien
common shares;

     if not

	 	ii.	 	the consideration will be $20 million; to be satisfied at
Lexxec’s unilateral option by the payment of (a) $20million cash, or (b)
Veridien common shares with a then current market value of $20million

	 	 	This option shall be exercised or shall expire on the earlier of (a) 36 months from the contract
date; or (b) on the 10th day following Veridien’s stock price having met or exceeded
$0.50 for a period of 30 consecutive days. It is nevertheless, not withstanding the preceding,
agreed that Veridien’s option to acquire the remaining interest in Santius shall not expire
earlier than April 15, 2008.

All shares
and options referenced in this agreement are subject to potential forward and/or reverse
splits.

THE PARTIES
HERETO HEREBY AGREE THAT THIS TERM SHEET SHALL BE A BINDING AND ENFORCEABLE AGREEMENT
BETWEEN LEXXEC CORPORATION AND VERIDIEN CORPORATION.

 

 

SIGNED AT TORONTO, CANADA, THIS 8th OF MAY, 2007.

	 	 	 
	VERIDIEN CORPORATION

	 	LEXXEC CORPORATION
	 
	 	 
	Per: /s/ Sheldon C. Fenton

	 	Per: /s/ Kenneth C. Cancellara
	 
	 	 
	Per: /s/ Russell Van Zandt

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