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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
February 26, 2008
(Date of Report (Date of Earliest Event Reported))
SOVRAN SELF STORAGE, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland (State of Other Jurisdiction Of Incorporation) | 1-13820 (Commission File Number) | 16-1194043 (I.R.S. Employer Identification Number) |
6467 Main Street
Williamsville, New York 14221
(Address of Principal Executive Offices)
(716) 633-1850
(Registrant's Telephone Number, Including Area Code)
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 Communication 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)) |
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 26, 2008, Sovran Self Storage, Inc. (the "Company"), through action of the Compensation Committee of the Company's Board of Directors (the "Committee"), authorized annual incentive awards in respect of the year ended December 31, 2007 to the Company's Chief Executive Officer, Chief Operating Officer and Chief Financial Officer. The awards are payable in cash, and in restricted stock under the terms of the Company's 2005 Award and Option Plan. The Committee also established base salary for these executive officers for the year ended December 31, 2008, and elected to defer to a subsequent meeting a determination regarding long-term incentive awards.
Details of the Committee's actions are set forth below:
Officer | 2008 Base Salary | Cash Bonus | Restricted Stock Award |
| | | |
Robert J. Attea, Chief Executive Officer | $405,964 | $64,761 | 2,0201 shares |
Kenneth F. Myszka, Chief Operating Officer | $395,279 | $63,056 | 1,9662 shares |
David L. Rogers, Chief Financial Officer | $395,279 | $63,056 | 1,9663 shares |
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| (1) | Vests 50% per year over 2 years. |
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| (2) | Vests 25% per year over 4 years. |
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| (3) | Vests 14.28% per year over 7 years. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 29, 2008 | SOVRAN SELF STORAGE, INC. By /s/ DAVID L. ROGERS Name: David L. Rogers Title: Chief Financial Officer |
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