SEC Contract Filing

Filing Date: 2023-07-11

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d519010dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDMENT TO EMPLOYMENT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this &#147;Amendment&#148;) is entered into by and among Life Storage, Inc., a Maryland corporation
(the &#147;Corporation&#148;), Life Storage LP, a Delaware limited partnership (the &#147;Partnership&#148;, and collectively with the Corporation, the &#147;Company&#148;), and David Dodman (the &#147;Executive&#148;) on the 11th day of July, 2023
(&#147;Agreement Date&#148;), and effective as of the later to occur of (i)&nbsp;the Agreement Date and (ii)&nbsp;the date upon which Extra Space Storage Inc. (&#147;Extra Space&#148;) consents to matters contemplated by this Amendment to the extent
required pursuant to that certain Agreement and Plan of Merger (the &#147;Merger Agreement&#148;), dated as of April&nbsp;2, 2023 and as further amended as of May&nbsp;18, 2023, by and among the Corporation, the Partnership, Extra Space, Extra Space
Storage LP, Eros Merger Sub, LLC and Eros OP Merger Sub, LLC (such earlier date, the &#147;Effective Date&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W I T N E S S E T
H</U>: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive are parties to that certain Employment Agreement dated January&nbsp;1, 2022, which
Employment Agreement was amended and restated as of March&nbsp;17, 2023 (such agreement as so amended and restated, being the &#147;Employment Agreement&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company&#146;s Chief Financial Officer and Secretary, Alexander Gress, unexpectedly passed away on July&nbsp;9, 2023; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive served as the Company&#146;s Senior Vice President of Strategic Planning and Investor Relations from joining the
Company in 2018 until December&nbsp;31, 2021, has served as the Chief Operating Officer from January&nbsp;1, 2022 to present, has extensive experience in leading complex financial analyses of mergers and acquisitions, has a comprehensive knowledge
of risk and regulatory compliance and audit issues and has a strong track record of implementing new capabilities to improve financial business performance; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS, in order to facilitate an orderly and effective transition with respect to the Chief Financial Officer and Secretary position of the
Company, and as the Company works toward the closing of its pending merger with Extra Space, the Executive and the Company have mutually agreed that, in addition to his responsibilities as Chief Operating Officer, the Executive will assume the
position and responsibilities of Chief Financial Officer and Secretary of the Company, effective as of the Effective Date; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">WHEREAS,
in connection with his assumption of the position as Chief Financial Officer and Secretary of the Company, the Company and the Executive desire to enter into this Amendment to amend the Employment Agreement and to evidence certain additional
understandings, all as set forth below. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree
as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;Subparagraphs &#147;a&#148; and &#147;b&#148; of paragraph 1 of the Employment Agreement, entitled
&#147;Employment,&#148; are deleted in their entirety and replaced with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company hereby employs the
Executive as Chief Operating Officer,<U> Chief Financial Officer and Secretary of the Company,</U> and the Executive hereby accepts such employment, on the terms and subject to the conditions hereinafter set forth. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) During the term of this Employment Agreement, the Executive shall be and have the title of Chief Operating Officer of the
Company <U>and effective as of the Effective Date, the Executive shall also be and have the title of Chief Financial Officer and Secretary of the Company</U>. Executive shall devote his entire business time and all reasonable efforts to his
employment in that capacity with such other duties as may be reasonably requested from time to time by the Board of Directors of the Company, which duties shall be consistent with such position<U>s</U>. For service as an officer and employee of the
Company, the Company agrees t