Effective July 1, 2008, the 2008 annual base salary of Mr. Barnello will be increased to $500,000.

Effective July 1, 2008, the annual cash incentive bonus target amount for Mr. Barnello will be increased to 100% of his annual base salary, or $500,000. For 2008, the increase will be implemented on a pro rata basis (i.e., a total target amount of $397,000, calculated as (x) 50% of Mr. Barnello’s current target bonus of $294,000, or $147,000, plus (y) 50% of the $500,000 target bonus applicable July 1 and after, or $250,000).

Mr. Barnello was granted an award of shares under the Company’s 1998 Share Option and Incentive Plan in respect of 300,000 shares, of which 175,000 shares are subject to time-based vesting and 125,000 are subject to performance-based vesting, as described in greater detail below:

with respect to the time-based portion of the award, the award was made pursuant to an award agreement substantially in the form of the award agreement used for the time-based restricted shares awarded to Mr. Barnello in December 2007, except that instead of pro rata vesting over three years, the 175,000 shares will vest as follows: (i) 75,000 shares will vest on June 30, 2011, (ii) 50,000 shares will vest on June 30, 2014, and (iii) 50,000 shares will vest on June 30, 2017; and

with respect to the performance-based portion of the award, the award was made pursuant to an agreement to award 125,000 (in target amount) performance-based restricted shares pursuant to an award agreement substantially in the form of the award agreement used for the performance-based restricted share award granted to Mr. Barnello in December 2007, except that:

with respect to 25,000 shares (in target amount), the actual amount of the award will be determined on July 1, 2011 and will depend on the Company’s total return over a three-year measuring period beginning with the per-share closing price for the Company’s common shares on June 30, 2008 and ending with the per-share closing price of the Company’s common shares on June 30, 2011;

with respect to 50,000 shares (in target amount), the actual amount of the award will be determined on July 1, 2014 and will depend on the Company’s total return over a three-year measuring period beginning with the per-share closing price for the Company’s common shares on June 30, 2011 and ending with the per-share closing price of the Company’s common shares on June 30, 2014;

with respect to 50,000 shares (in target amount), the actual amount of the award will be determined on July 1, 2017 and will depend on the Company’s total return over a three-year measuring period beginning with the per-share closing price for the Company’s common shares on June 30, 2014 and ending with the per-share closing price of the Company’s common shares on June 30, 2017;

once an award amount is determined and shares are awarded in accordance with the agreement and the equity incentive plan, such shares will not be subject to any additional time-based vesting (as was the case with the performance awards granted in December 2007);

the actual number of shares awarded pursuant to the performance award agreement could be 0% of the target amount or up to 200% of the target amount, and none of the performance shares is outstanding until issued in accordance with award agreement based on performance; and

while Mr. Barnello serves as President and Chief Operating Officer, his annual target amount of long-term equity incentive compensation will be increased to $1,000,000 (as determined in the discretion of the compensation committee of the board of trustees), of which the compensation committee expects 50% to be in the form of grants of restricted shares subject to time-based vesting and 50% to be in the form of agreements to award restricted shares where the award amount is not determined immediately but dependent on performance over a period of time.

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