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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
AMENDMENT NO. 1
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2006
Commission file number: 0-24071
SOVRAN ACQUISITION LIMITED PARTNERSHIP
of Registrant as specified in its charter)
Delaware | 16-1481551 |
(State or other jurisdiction of | (I.R.S. Employer |
6467 Main Street
Buffalo, NY 14221
(Address of principal executive offices) (Zip code)
(716) 633-1850
(Registrant's telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the exchange Act).
Large Accelerated Filer [ X ] Accelerated Filer [ ] Non-accelerated Filer [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
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Explanatory Note
Sovran Acquisition Limited Partnership (the "Operating Partnership") is filing this Amendment No. 1 on Form 10-Q/A (the "Form 10-Q/A") to amend its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2006, which was originally filed with the Securities and Exchange Commission (the "SEC") on May 8, 2006 (the "Original Filing").
This Form 10-Q/A amends information in Items 5 and 6 of Part II of the Original Filing. For purposes of this Form 10-Q/A, and in accordance with Rule 12b-15 of the Exchange Act, Items 5 and 6 of Part II have been amended and restated in their entirety. This amendment does not modify or amend the other disclosures or Items in the Original Filing and this Form 10-Q/A does not reflect events occurring after the date of the Original Filing or modify, amend or update disclosures affected by subsequent events.
This Form 10-Q/A includes updated certifications from the Operating Partnership's Chief Executive Officer and Chief Financial Officer in Exhibits 31.1 and 31.2.
PART II
OTHER INFORMATION
Item 5. | Other Information |
During the quarterly period ending March 31, 2006, the Company, through action of the Compensation Committee of the Board of Directors, approved cash bonuses and restricted stock awards for 2005 performance and long term restricted stock awards for the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer and established their base salary for 2006. The Company also awarded cash bonuses and restricted stock awards for 2005 performance to certain other executive officers, and established 2006 base salary for such executive officers.
The cash bonuses, restricted stock awards, long term restricted stock awards and 2006 base salary for each such person is as follows:
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Schedule of Compensation for Executive Officers
Bonus for 2005 Performance | ||||
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| Long-Term |
Robert J. Attea | $ 379,168 | $ 371,078 | 4,4162Shares | 7,7854Shares |
Kenneth F. Myszka | $ 369,056 | $ 360,269 | 4,2871Shares | 6,8904Shares |
David L. Rogers | $ 369,056 | $ 360,269 | 4,2873Shares | 6,8904Shares |
Andrew J. Gregoire | $ 142,000 | $ 40,000 | 1,0001Shares | N/A |
Edward F. Killeen | $ 135,000 | $ 40,000 | 1,0001Shares | N/A |
Paul T. Powell | $ 135,000 | $ 40,000 | 1,0001Shares | N/A |
(1) | Vests 25% per year over 4 years. |
(2) | Vests 50% per year over 2 years. |
(3) | Vests 14.28% per year over 7 years. |
(4) | Vests 12.5% per year over 8 years. |
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Item 6. | Exhibits |
10.1 | Form of restricted stock grant pursuant to Sovran Self Storage, Inc. 2005 Award and Option Plan.* |
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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.
SOVRAN ACQUISITION LIMITED PARTNERSHIP | |
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