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This excerpt taken from the WYN DEF 14A filed Apr 2, 2009. Mr. Anderson
Employment Letter. Mr. Anderson is
employed by us as Executive Vice President and Chief Real Estate
Development Officer under employment letters dated
March 24, 2008, December 31, 2008 and March 6,
2009. The December 31, 2008 amendment was intended to
either exempt payments and benefits under the letter from or
comply with Section 409A of the Code. His 2008 base salary
was $425,000. Mr. Anderson is eligible for an annual
incentive award with a target amount equal to 100% of his base
salary subject to meeting performance goals, participation in
employee benefit plans generally available to our executive
officers and grants of long-term incentive awards upon terms
determined by us. Under our 2006 Equity and Incentive Plan,
grants of long-term incentive awards fully vest on a
change-in-control.
For 2008, Mr. Anderson was also eligible for an annual
incentive compensation modifier of up to $50,000, based on
individual performance regarding development of mixed use and
collaborative partnering transactions. Based on our compensation
consultant’s revised peer group analysis of
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Mr. Anderson’s position, in March 2009, we further
amended Mr. Anderson’s employment letter effective
January 1, 2009 to eliminate his annual incentive
compensation modifier. In 2008, Mr. Anderson was paid
relocation assistance expenses consistent with our relocation
policies.
Mr. Anderson’s letter provides that if his employment
is terminated by us without cause, he will be entitled to a lump
sum payment equal to 200% of his then-current base salary and
target annual incentive compensation. In this event, all of
Mr. Anderson’s then-outstanding equity awards that
would otherwise vest within one year following termination will
vest and any such awards that are stock options or stock
appreciation rights will remain exercisable until the earlier of
two years following termination and the original expiration date
of the awards.
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This excerpt taken from the WYN DEF 14A filed Mar 17, 2008. Mr. Anderson
Employment Agreement. Mr. Anderson is
employed by us as Executive Vice President and Chief Real Estate
Development Officer under an employment letter dated
June 16, 2006. His 2007 base salary is $364,000.
Mr. Anderson is eligible for an annual incentive award with
a target amount equal to 75% of his base salary subject to
meeting performance goals, participation in employee benefit
plans generally available to our executive officers and grants
of long-term incentive awards upon terms determined by us. Under
our 2006 Equity and Incentive Plan, grants of long-term
incentive awards fully vest on a
change-in-control.
Mr. Anderson is also eligible for an annual discretionary
bonus of up to $100,000, based on individual performance
regarding development of mixed use and collaborative partnering
transactions. Mr. Anderson was paid relocation assistance
expenses consistent with our relocation policies. In the event
Mr. Anderson’s employment is terminated due to a
reduction in force or elimination of his position he is eligible
for cash severance equal to one year of base salary under our
Severance Pay Plan for Officers.
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