Common use of Annual Performance Grant Clause in Contracts

Annual Performance Grant. At the end of each Performance Period, the Executive shall be eligible to receive a performance based equity award under the Equity Incentive Plan with an annual grant date value based upon a percentage of Base Salary (“Annual Performance Grant”), as established annually by the Committee. Any such Annual Performance Grant shall be made in the sole discretion of the Committee and shall be based on the Executive’s achievement of performance criteria (with respect to the performance of the Executive and REIT), as such performance criteria have been mutually agreed from time to time by the Committee and the Executive. Any Annual Performance Grant made to the Executive will also be subject to the terms and conditions of the Equity Incentive Plan.