UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: March 7, 2007
(Date of earliest event reported)
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
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Maryland
(State or other jurisdiction of
incorporation or organization)
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1-11718
(Commission File No.)
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36-3857664
(IRS Employer Identification Number) |
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Two North Riverside Plaza, Chicago, Illinois
(Address of principal executive offices)
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60606
(Zip Code) |
(312) 279-1400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain Officers.
2007 Executive Bonus Plan:
On March 7, 2007, the Compensation, Nominating and Corporate Governance Committee (the
“Compensation Committee”) of the Board of Directors of Equity LifeStyle Properties, Inc. (the
“Company”) approved the 2007 Executive Bonus Plan (the “Plan”). Under the Plan, the annual bonus
potential was established based on certain performance targets. The total bonus potential under
the Plan for each executive follows:
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| Name |
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Title |
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Bonus Potential |
Thomas P. Heneghan
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President and Chief Executive
Officer |
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200% of annual salary |
Roger Maynard
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Executive Vice President and
Chief Operating Officer |
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150% of annual salary |
Ellen Kelleher
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Executive Vice President,
General Counsel and Secretary |
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150% of annual salary |
Michael Berman
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Executive Vice President and
Chief Financial Officer |
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150% of annual salary |
Marguerite Nader
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Vice President of New Business
Development |
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150% of annual salary |
The Compensation
Committee determined that payment of 70% of the bonus potential is contingent upon certain
operational targets, including goals related to property operating revenues and resort revenues,
occupancy, new home sales, sales profitability, and capital expenditures. Payment of 30% of the
bonus potential is at the discretion of the Compensation Committee.
Consistent with 2006, bonus payments will be made in cash and will be paid subsequent to the year
ended December 31, 2007 after finalization of the Company’s results of operations and upon final
approval by the Compensation Committee.