SEC Contract Filing

Filing Date: 2018-09-12

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d615504dex101.htm
<DESCRIPTION>EX-10.1
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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:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDMENT TO EMPLOYMENT AGREEMENT AND SEPARATION AGREEMENT </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">THIS AMENDMENT TO EMPLOYMENT AGREEMENT AND SEPARATION AGREEMENT (this &#147;Amendment and Agreement&#148;) is entered into as of the 12th day
of September, 2018, by and among Life Storage, Inc., a Maryland corporation and Life Storage LP, a Delaware limited partnership (the &#147;Corporation&#148; or the &#147;Partnership&#148;, respectively and collectively the &#147;Company&#148;), and
David L. Rogers (the &#147;Executive&#148;). </P> <P STYLE="margin-top:24pt; 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:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive are parties to a certain Employment Agreement dated as of May&nbsp;14, 1999, which Employment Agreement
was amended and restated as of January&nbsp;1, 2009, amended by a certain Amendment to Employment Agreement dated as of January&nbsp;19, 2015 and amended by a certain Amendment to Employment Agreement dated as of February&nbsp;22, 2017 (such
agreement as so amended, being the &#147;Employment Agreement&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive is a
<FONT STYLE="white-space:nowrap">co-founder</FONT> of the Company, has served as an executive officer of the Company since its inception in 1995 and has served as the Chief Executive Officer of the Company since 2012; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, as part of the Company&#146;s ongoing succession process and in order to facilitate an orderly and efficient succession plan with
respect to the Chief Executive Officer position of the Company, the Executive and the Company have mutually agreed that the Executive will retire from his position as Chief Executive Officer of the Company effective as of March&nbsp;1, 2019; and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, in connection with such retirement, the Company and the Executive desire to enter into this Amendment and Agreement to amend the
Employment Agreement and to evidence certain additional understandings, all as set forth below.&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; 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;<U>Retirement
Date.</U>&nbsp;&nbsp;&nbsp;&nbsp;The Executive will retire on March&nbsp;1, 2019 (the &#147;Retirement Date&#148;) and, thus his employment under the Employment Agreement shall terminate on such Retirement Date (the &#147;Retirement Date&#148;),
unless such employment is earlier terminated pursuant to Section&nbsp;4 of the Employment Agreement. During the remaining term of the Executive&#146;s employment with the Company, in addition to the Executive&#146;s duties as Chief Executive Officer
of the Company, the Executive will assist in the transition of the Chief Executive Officer position of the Company to his successor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Salary and Benefits</U>.&nbsp;&nbsp;&nbsp;&nbsp;During the remaining term of the Executive&#146;s employment with
the Company, the Executive shall continue to be paid his current annual base salary of $600,000 per year (with such salary being prorated for 2019), payable in accordance with the Company&#146;s regular pay practices and subject to applicable
withholdings, and the Executive shall </P>
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continue to be provided with all other benefits in accordance with Section&nbsp;1 of Exhibit A of the Employment Agreement and past practice, except as expressly provided herein. The Executive
shall also continue to be eligible for a bonus, if any, pursuant to the Company&#146;s Annual Incentive Compensation Plan for senior executives based upon his employment with the Company in 2018 and the performance metrics under such plan, with any
such bonus to be paid in 2019 consistent with past practices of the Company. The Executive shall not be eligible for a bonus pursuant to such plan with respect to his employment in 2019. During the remaining term of the Executive&#146;s employment,
the Executive shall not receive, and shall not be entitled to receive, any long term equity incentive grants pursuant to the Company&#146;s award and option plan or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Stock</U>. The Executive shall continue to vest in outstanding restricted stock grants in accordance
with the terms of such grants. Also, unless the Company terminates the Employme