Common use of Incentive Compensation/Bonuses Clause in Contracts

Incentive Compensation/Bonuses. In addition to Base Salary, during the Employment Period, Executive shall be eligible for and shall receive, upon approval of the Board or Compensation Committee of the Board, such discretionary annual bonuses as the Employer, in its sole discretion, may deem appropriate to reward Executive for job performance. In addition, Executive shall be eligible to participate in any other bonus or incentive compensation plans in effect with respect to senior executive officers of the Employer, as the Board or Compensation Committee of the Board, in its sole discretion, may deem appropriate to reward Executive for job performance. It is expressly understood that, with respect to the awards made to Executive pursuant to the XX Xxxxx Realty Corp. 2003 Long-Term Outperformance Compensation Program, as amended December 2003 (the “2003 Outperformance Plan”), the XX Xxxxx Realty Corp. 2005 Long-Term Outperformance Plan Award Agreement, dated as of March 15, 2006 (the “2005 Outperformance Plan”) and the XX Xxxxx Realty Corp. 2006 Long-Term Outperformance Plan Award Agreement, dated as of October 23, 2006 (the “2006 Outperformance Plan” and together with the 2003 Outperformance Plan and 2005 Outperformance Plan, the “Outperformance Plans”), the provisions of the Outperformance Plans, as amended from time to time, and not the provisions of this Agreement shall govern in accordance with their terms, except: (i) to the extent the provisions of this Agreement are specifically referred to or incorporated into the Outperformance Plans and (ii) as specifically provided otherwise in this Agreement.

Incentive Compensation/Bonuses. In addition to Base Salary, during the Employment Period, Executive shall be eligible for and shall receive, upon approval of the Board or Compensation Committee of the Board, such discretionary annual bonuses as the Employer, in its sole discretion, may deem appropriate to reward Executive for job performance. Upon the execution of the Prior Employment Agreement, (i) Executive was granted a signing bonus of 95,000 restricted shares of the Employer’s common stock (“Common Stock”) which were vested upon grant and which were subject to a prohibition from any disposition, alienation, etc. for a period of two years from the date of grant, and (ii) the Employer paid Executive an additional cash amount, intended to serve generally as a tax gross-up equal to 40% of the value of the shares then included in Executive’s taxable income. In addition, Executive shall be eligible to participate in any other bonus or incentive compensation plans in effect with respect to senior executive officers of the Employer, as the Board or Compensation Committee of the Board, in its sole discretion, may deem appropriate to reward Executive for job performance. It is expressly understood that, with respect to the awards made to Executive pursuant to the XX Xxxxx Realty Corp. 2003 Long-Term Outperformance Compensation Program, as amended December 2003 (the “2003 Outperformance Plan”), the XX Xxxxx Realty Corp. 2005 Long-Term Outperformance Plan Award Agreement, dated as of March 15, 2006 (the “2005 Outperformance Plan”) and the XX Xxxxx Realty Corp. 2006 Long-Term Outperformance Plan Award Agreement, dated as of October 23, 2006 (the “2006 Outperformance Plan” and together with the 2003 Outperformance Plan and 2005 Outperformance Plan, the “Outperformance Plans”), the provisions of the Outperformance Plans, as amended from time to time, and not the provisions of this Agreement shall govern in accordance with their terms, except: (i) to the extent the provisions of this Agreement are specifically referred to or incorporated into the Outperformance Plans and (ii) as specifically provided otherwise in this Agreement.