This excerpt taken from the PSB DEF 14A filed Mar 29, 2006.
The Performance-Based Plan is designed to permit the Compensation Committee to make awards to Company executives that will qualify as performance-based compensation in order to allow the Company a full income tax deduction for that compensation. Under the Performance-Based Plan, if predetermined business performance measures to be set by the Compensation Committee are satisfied, bonuses may be awarded. The Performance-Based Plan generally will be administered and tied to a calendar year or a longer period of time. The executives base compensation will not be dependent upon satisfying the performance measures under the Performance-Based Plan and they also may be paid other compensation that is not governed by the Performance-Based Plan.
This excerpt taken from the PSB DEF 14A filed Apr 7, 2005.
This proxy statement (first mailed to shareholders on or about April 11, 2005) is furnished in connection with the solicitation by the board of directors of PS Business Parks, Inc. (the Company) of proxies for use at the Companys annual meeting of shareholders to be held at the Hilton Glendale, 100 West Glenoaks Boulevard, Glendale, California at 1:00 p.m., Los Angeles time, on May 3, 2005 or at any adjournment or postponement of the meeting. The purposes of the meeting are (1) to consider and vote upon a proposal to elect eight directors of the Company; (2) to consider and vote upon a proposal to ratify the appointment of Ernst & Young LLP as the Companys independent registered public accounting firm for the fiscal year ending December 31, 2005; and (3) to consider such other business as may properly be brought before the meeting or any adjournment or postponement of the meeting.