Common use of Annual Incentive Bonus Clause in Contracts

Annual Incentive Bonus. The Executive shall be eligible to receive an annual incentive bonus (the “Target Bonus”) for each fiscal year during the Term of this Agreement, based on satisfactory achievement of reasonable performance criteria and objectives (satisfaction of such criteria and objectives, “Target Performance”) to be adopted by the Board, as advised by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, after consultation with management, each year prior to or as soon as practicable after the commencement of such year, but in no event later than March 1 of the applicable performance year, and set forth in a written plan (the “Annual Bonus Plan”). If (i) the Compensation Committee determines that Target Performance has been fully achieved with respect to a given performance year and (ii) the Executive is employed by the Company throughout the entirety of such year (January 1 through December 31), then the Executive shall be entitled to receive payment of the full Target Bonus. If the Compensation Committee determines that Target Performance is not achieved with respect to the applicable performance year, then the Compensation Committee may determine whether any Target Bonus shall be payable to the Executive for such year. The Target Bonus, if any, shall be paid to the Executive no later than 30 days after the date the Board, or the Compensation Committee, determines (i) whether or not Target Performance for such performance year has been achieved, and (ii) the amount of the actual bonus; provided that, except as may be set forth in the Annual Bonus Plan, in no event shall any Target Bonus payable be paid later than February 15 of the year following the year to which it relates. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of a performance year, the Executive has met the employment criterion for Target Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Target Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Target Bonus amount the Executive would otherwise be entitled to receive.

Annual Incentive Bonus. The Executive shall be eligible to receive an annual incentive bonus (the “Target Incentive Bonus”) for each fiscal year during the Term of this Agreement, based on satisfactory achievement of reasonable performance criteria and objectives (satisfaction of such criteria and objectives, “Target Performance”) to be adopted by the Board, as advised by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, after consultation with management, each year prior to or as soon as practicable after the commencement of such year, but in no event later than March 1 of the applicable performance year, and set forth in a written plan (the “Annual Bonus Plan”). The Executive’s targeted bonus opportunity (“Target Bonus”) shall be (i) a cash payment in an amount up to 100% of the Executive’s Base Salary (the “Target Cash Bonus”), and (ii) up to $400,000, payable in shares of restricted common stock of the REIT (the “Target RSU Bonus”). If (i) the Compensation Committee Board, or a committee thereof, determines that Target Performance has been fully achieved with respect to a given performance year and (ii) the Executive is employed by the Company throughout the entirety of such year (January 1 through December 31), then the Executive shall be entitled to receive payment of the full Target Bonus. If the Compensation Committee Board determines that Target Performance is not achieved with respect to the applicable performance year, then the Compensation Committee Board, or a committee thereof, may determine whether any Target Incentive Bonus shall be payable to the Executive for such year. Notwithstanding the foregoing, the Target Performance for 2011 shall be established not later than June 30, 2011; the period of employment related to the annual incentive for 2011 shall be the period from the Effective Date to December 31, 2011 (the “2011 Performance Period”); and the Target Bonus and actual Incentive Bonus for 2011 shall be pro-rated based on the number of days in the 2011 Performance Period divided by 365. The Target Incentive Bonus, if any, shall be paid to the Executive no later than 30 days after the date the Board, or the Compensation Committeea committee thereof, determines (i) whether or not Target Performance for such performance year has been achieved, and (ii) the amount of the actual bonus; provided that, except as may be set forth in the Annual Bonus Plan, that in no event shall any Target Incentive Bonus payable be paid later than February 15 of the year following the year to which it relates. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of a performance yearyear (or, with respect to any Incentive Bonus payable for 2011, during the 2011 Performance Period), the Executive has met the employment criterion for Target Incentive Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Target Incentive Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Target Incentive Bonus amount the Executive would otherwise be entitled to receive.

Annual Incentive Bonus. The Beginning January 1, 2019 and continuing for each calendar year during the Term, in addition to the Base Salary, the Executive shall be eligible to receive earn an annual incentive cash bonus opportunity (“Incentive Bonus”). The parties acknowledge and agree that following the date on which the Company’s common stock becomes listed on an established stock exchange (the “Target BonusListing Date”) ), the Company expects to establish an annual bonus program whereby an Incentive Bonus will be determined by reference to the attainment of Company performance metrics and/or individual performance objectives. The Executive’s target, maximum and threshold bonus levels shall be set at a target level of [ ]%, with a maximum level of [ ]%, and a threshold level of [ ]%, of the Base Salary actually paid for each fiscal year during such year, and shall be subject to adjustment, after the Term Listing Date, in the sole discretion of this Agreement, based on satisfactory achievement the Compensation Committee of reasonable performance criteria and objectives (satisfaction of such criteria and objectives, “Target Performance”) to be adopted by the Board, . The determination as advised by to the Incentive Bonus level achieved for any calendar year shall be made in the sole discretion of the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, after consultation with managementthe Company’s Chief Executive Officer; provided, each year prior to or as soon as practicable after however, that for the commencement of such year2019 and 2020 bonus years, but in no event later than March 1 of the applicable performance year, and set forth in a written plan (the “Annual Bonus Plan”). If (i) the Compensation Committee determines that Target Performance has been fully achieved with respect to a given performance year and (ii) the Executive is employed by the Company throughout the entirety of such year (January 1 through December 31), then the Executive shall be entitled guaranteed at least a minimum Incentive Bonus equal to receive the applicable target bonus level. The Company shall pay any Incentive Bonus earned for a calendar year to the Executive in a single cash lump sum payment of the full Target Bonus. If the Compensation Committee determines that Target Performance is not achieved either (i) with respect to the applicable performance year, then the Compensation Committee may determine whether any Target Bonus shall be payable calendar year that ends prior to the Executive for such year. The Target BonusListing Date, if any, shall be paid to the Executive no later than 30 days after the date the Board, December 31 of such year or the Compensation Committee, determines (i) whether or not Target Performance for such performance year has been achieved, and (ii) with respect to any calendar year that ends after the amount of the actual bonus; provided thatListing Date, except as may be set forth in the Annual Bonus Plan, in no event shall any Target Bonus payable be paid later than February March 15 of the calendar year following the calendar year in which such Incentive Bonus was earned. Any Incentive Bonus payment is subject to the Executive’s continued employment by the Company or its affiliates through the last day of the calendar year to which it such Incentive Bonus relates. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of a performance year, the Executive has met the employment criterion for Target Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Target Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Target Bonus amount the Executive would otherwise be entitled to receive.

Annual Incentive Bonus. The Executive shall be eligible to receive an annual incentive bonus (the “Target Incentive Bonus”) for each fiscal year during the Term of this Agreement, based on satisfactory achievement of reasonable performance criteria and objectives (satisfaction of such criteria and objectives, “Target Performance”) to be adopted by the Board, as advised by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, after consultation with management, each year prior to or as soon as practicable after the commencement of such year, but in no event later than March 1 of the applicable performance year, and set forth in a written plan (the “Annual Bonus Plan”). The Executive’s targeted bonus opportunity (“Target Bonus”) shall be (i) a cash payment in an amount up to 100% of the Executive’s Base Salary (the “Target Cash Bonus”), and (ii) up to $900,000, payable in shares of restricted common stock of the REIT (the “Target RSU Bonus”). If (i) the Compensation Committee Board, or a committee thereof, determines that Target Performance has been fully achieved with respect to a given performance year and (ii) the Executive is employed by the Company throughout the entirety of such year (January 1 through December 31), then the Executive shall be entitled to receive payment of the full Target Bonus. If the Compensation Committee Board determines that Target Performance is not achieved with respect to the applicable performance year, then the Compensation Committee Board, or a committee thereof, may determine whether any Target Incentive Bonus shall be payable to the Executive for such year. Notwithstanding the foregoing, the Target Performance for 2011 shall be established not later than June 30, 2011; the period of employment related to the annual incentive for 2011 shall be the period from the Effective Date to December 31, 2011 (the “2011 Performance Period”); and the Target Bonus and actual Incentive Bonus for 2011 shall be pro-rated based on the number of days in the 2011 Performance Period divided by 365. The Target Incentive Bonus, if any, shall be paid to the Executive no later than 30 days after the date the Board, or the Compensation Committeea committee thereof, determines (i) whether or not Target Performance for such performance year has been achieved, and (ii) the amount of the actual bonus; provided that, except as may be set forth in the Annual Bonus Plan, that in no event shall any Target Incentive Bonus payable be paid later than February 15 of the year following the year to which it relates. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of a performance yearyear (or, with respect to any Incentive Bonus payable for 2011, during the 2011 Performance Period), the Executive has met the employment criterion for Target Incentive Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Target Incentive Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Target Incentive Bonus amount the Executive would otherwise be entitled to receive.

Annual Incentive Bonus. The Executive shall be eligible to receive an annual incentive bonus (the “Target Incentive Bonus”) for each fiscal year during the Term of this Agreement, based on satisfactory achievement of reasonable performance criteria and objectives (satisfaction of such criteria and objectives, “Target Performance”) to be adopted by the Board, as advised by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, after consultation with management, each year prior to or as soon as practicable after the commencement of such year, but in no event later than March 1 of the applicable performance year, and set forth in a written plan (the “Annual Bonus Plan”). The Executive’s targeted bonus opportunity (“Target Bonus”) shall be (i) a cash payment in an amount up to 100% of the Executive’s Base Salary (the “Target Cash Bonus”), and (ii) up to $400,000, payable in shares of restricted common stock of the REIT (the “Target RSU Bonus”). If (i) the Compensation Committee Board, or a committee thereof, determines that Target Performance has been fully achieved with respect to a given performance year and (ii) the Executive is employed by the Company throughout the entirety of such year (January 1 through December 31), then the Executive shall be entitled to receive payment of the full Target Bonus. If the Compensation Committee Board determines that Target Performance is not achieved with respect to the applicable performance year, then the Compensation Committee Board, or a committee thereof, may determine whether any Target Incentive Bonus shall be payable to the Executive for such year. The period of employment related to the annual incentive for 2012 shall be the period from the Effective Date to December 31, 2012 (the “2012 Performance Period”); and the Target Bonus and actual Incentive Bonus for 2012 shall be pro-rated based on the number of days in the 2012 Performance Period divided by 365. The Incentive Bonus, if any, shall be paid to the Executive no later than 30 days after the date the Board, or the Compensation Committeea committee thereof, determines (i) whether or not Target Performance for such performance year has been achieved, and (ii) the amount of the actual bonus; provided that, except as may be set forth in the Annual Bonus Plan, that in no event shall any Target Incentive Bonus payable be paid later than February 15 of the year following the year to which it relates. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of a performance yearyear (or, with respect to any Incentive Bonus payable for 2012, during the 2012 Performance Period), the Executive has met the employment criterion for Target Incentive Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Target Incentive Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Target Incentive Bonus amount the Executive would otherwise be entitled to receive.

Annual Incentive Bonus. The Executive shall be eligible to receive an annual incentive bonus (the “Target Incentive Bonus”) for each fiscal year during the Term of this Agreement, based on satisfactory achievement of reasonable performance criteria and objectives (satisfaction of such criteria and objectives, “Target Performance”) to be adopted by the Board, as advised by the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion, after consultation with management, each year prior to or as soon as practicable after the commencement of such year, but in no event later than March 1 of the applicable performance year, and set forth in a written plan (the “Annual Bonus Plan”). The Executive’s targeted bonus opportunity (“Target Bonus”) shall be (i) a cash payment in an amount up to 100% of the Executive’s Base Salary (the “Target Cash Bonus”), and (ii) up to $425,000, payable in shares of restricted common stock of the REIT (the “Target RSU Bonus”). If (i) the Compensation Committee Board, or a committee thereof, determines that Target Performance has been fully achieved with respect to a given performance year and (ii) the Executive is employed by the Company throughout the entirety of such year (January 1 through December 31), then the Executive shall be entitled to receive payment of the full Target Bonus. If the Compensation Committee Board determines that Target Performance is not achieved with respect to the applicable performance year, then the Compensation Committee Board, or a committee thereof, may determine whether any Target Incentive Bonus shall be payable to the Executive for such year. Notwithstanding the foregoing, the Target Performance for 2011 shall be established not later than June 30, 2011; the period of employment related to the annual incentive for 2011 shall be the period from the Effective Date to December 31, 2011 (the “2011 Performance Period”); and the Target Bonus and actual Incentive Bonus for 2011 shall be pro-rated based on the number of days in the 2011 Performance Period divided by 365. The Target Incentive Bonus, if any, shall be paid to the Executive no later than 30 days after the date the Board, or the Compensation Committeea committee thereof, determines (i) whether or not Target Performance for such performance year has been achieved, and (ii) the amount of the actual bonus; provided that, except as may be set forth in the Annual Bonus Plan, that in no event shall any Target Incentive Bonus payable be paid later than February 15 of the year following the year to which it relates. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of a performance yearyear (or, with respect to any Incentive Bonus payable for 2011, during the 2011 Performance Period), the Executive has met the employment criterion for Target Incentive Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Target Incentive Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Target Incentive Bonus amount the Executive would otherwise be entitled to receive.

Annual Incentive Bonus. The Executive shall be eligible entitled to receive an annual cash incentive bonus (the “Target Bonus”) for each fiscal year during the Term of this AgreementAgreement consistent with a bonus policy ("Bonus Policy") adopted by the Compensation Committee. The Bonus Policy shall be applied under the following conditions: 1) the first year the Bonus Policy shall be in effect is 2004; 2) For 2004 and thereafter, the Compensation Committee and the Executive shall mutually agree, by no later than March 31, on three (3) sets of financial performance goals for the Company, based on satisfactory achievement Funds from Operations or Total Return to Shareholders and the Company's audited financials for the prior year. If the first or threshold set of reasonable performance criteria and objectives (satisfaction of such criteria and objectives, “Target Performance”) to be adopted goals is met by the BoardCompany, as advised by the Compensation Committee shall award the Executive a cash bonus equal to forty percent (40%) of his Base Salary for the Board (the “Compensation Committee”), in its sole discretion, after consultation with management, each year prior to or as soon as practicable after the commencement of such year, but as adjusted in no event later than March 1 of the applicable performance year, and set forth in a written plan (the “Annual Bonus Plan”)Section 3 if applicable. If (i) the second or target set of goals is met by the Company, the Compensation Committee determines that Target Performance has been fully achieved with respect to a given performance year and (ii) shall alternatively award the Executive is employed by a cash bonus equal to sixty percent (60%) of his Base Salary for the Company throughout the entirety of such year (January 1 through December 31)prior year, then the Executive shall be entitled to receive payment of the full Target Bonusas adjusted in Section 3 if applicable. If the Compensation Committee determines that Target Performance third or maximum set of goals is not achieved with respect to met by the applicable performance yearCompany, then the Compensation Committee may determine whether any Target Bonus shall alternatively award the Executive a cash bonus equal to eighty percent (80%) of his Base Salary for the prior year, as adjusted in Section 3 if applicable; and 3) A bonus shall be payable awarded and paid not more than thirty (30) days after the Compensation Committee has received the final audited financial statements for the Company for the prior year. All Bonus Policy award calculations shall be based on the Company's most recent audited financial statements. If the Company fails to achieve the threshold performance goals applicable for the year in question, nothing herein shall be construed to prevent the Compensation Committee from recommending to the Board of Directors and the Board thereafter approving a cash bonus to the Executive for such year. The Target Bonusbased on terms determined to be fair, if any, shall be paid to the Executive no later than 30 days after the date the Board, or the Compensation Committee, determines (i) whether or not Target Performance for such performance year has been achieved, reasonable and (ii) the amount equitable by a majority of the actual bonus; provided that, except as may be set forth in the Annual Bonus Plan, in no event shall any Target Bonus payable be paid later than February 15 of the year following the year to which it relates. For the avoidance of doubt, if the Executive was employed by the Company from January 1 through December 31 of a performance year, the Executive has met the employment criterion for Target Bonus eligibility for that year and need not be employed by the Company thereafter, including at the time the Target Bonus, if any, is determined or paid for that performance year, in order to receive payment of any Target Bonus amount the Executive would otherwise be entitled to receivedisinterested Board members.