form8-k.htm

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 (Date of earliest event reported):  March 27, 2009 (March 24, 2009)
 
 


MID-AMERICA APARTMENT COMMUNITIES, INC.
 (Exact name of registrant as specified in its charter)


TENNESSEE
1-12762
62-1543819
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

6584 Poplar Avenue, Suite 300
  
Memphis, Tennessee
38138
(Address of Principal Executive Offices)
(Zip Code)


Registrant's telephone number, including area code:  (901) 682-6600


N/A
(Former name or former address, if changed since last report)

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):

[    ]
Written communications  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[    ]
Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[    ]
Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the Exchange Act (17 CFR 240.14d-2(b))
[    ]
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

On March 24, 2009, the Compensation Committee, or Committee, of the registrant’s Board of Directors held a regularly scheduled meeting at which they evaluated the results of the 2008 Executive Annual Bonus Plan, or the 2008 Plan, for executive officers.  Details of the 2008 Plan were filed on Form 8-K by the registrant on March 24, 2008. The 2008 Plan determined a bonus opportunity of up to 200% of 2008 base salary for Messrs. Bolton and Wadsworth and up to 100% of 2008 base salary for Messrs. Grimes, Campbell and Taylor, with a modifier that can be applied by the Committee at its discretion, allowing the bonus amount awarded to be lowered or raised by up to 25%. The bonus opportunity is calculated as a percent of salary based on a sliding scale of year-over-year funds from operations, or FFO, per diluted share/unit growth, achievement of individual goals as approved by the Committee, and, in the case of Messrs. Grimes and Taylor, same store gross operating income, or GOI, growth. The weight of each of the performance factors varies by person in the plan. In determining FFO growth, the Committee has the ability to factor in any material and non-recurring events that may occur that impact the registrant’s FFO performance. As the 2008 Plan allowed, the Committee applied a 25% discretionary modifier to the bonus calculations for Messrs. Grimes and Taylor. Following the modifier, the final bonuses awarded by the Committee in compliance with the 2008 Plan were cash awards as follows:

   
2008 Bonus
H. Eric Bolton, Jr.
  
 $  538,234
Simon R.C. Wadsworth
  
 $  372,270
Thomas L. Grimes, Jr.
  
 $    86,553
Albert M. Campbell, III
  
 $  114,741
James Andrew Taylor
  
 $    76,173


On March 24, 2009, the Committee awarded 2009 base salaries as follows:


 
   
2009 Salary
H. Eric Bolton, Jr.
  
 $  407,753
Simon R.C. Wadsworth
  
 $  265,907
Thomas L. Grimes, Jr.
  
 $  170,441
Albert M. Campbell, III
  
 $  159,640
James Andrew Taylor
  
 $  150,000

On March 24, 2009, the Committee also adopted an annual bonus plan for 2009, or the 2009 Plan, for executive officers. The 2009 Plan determines a bonus opportunity of up to 200% of 2009 base salary for Messrs. Bolton and Wadsworth and up to 100% of 2009 base salary for Messrs. Grimes, Campbell and Taylor, with a modifier that can be applied by the Committee at its discretion, allowing the bonus amount awarded to be lowered or raised by up to 25%. The bonus opportunity is calculated as a percent of salary based on a sliding scale of year-over-year FFO per diluted share/unit growth, achievement of individual goals as approved by the Committee, and, in the case of Messrs. Grimes and Taylor, same store GOI growth. The weight of each of the performance factors varies by person in the plan. In determining FFO growth, the Committee has the ability to factor in any material and non-recurring events that may occur that impact the registrant’s FFO performance.

A copy of the 2009 Plan is set forth on Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.




ITEM 9.01                                Financial Statements and Exhibits

 
           (c)           Exhibits

Exhibit Number
  
Description
10.1
  
2009 Executive Annual Bonus Plan



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
MID-AMERICA APARTMENT COMMUNITIES, INC.
Date: March 27, 2009
/s/Simon R.C. Wadsworth
 
Simon R.C. Wadsworth
 
Executive Vice President and Chief Financial Officer
 
(Principal Financial and Accounting Officer)