| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 12, 2018, Life Storage, Inc. (the “Company”) announced that David L. Rogers, the Chief Executive Officer of the Company, will retire effective March 1, 2019 and that Joseph V. Saffire, the Company’s current Chief Investment Officer, will succeed Mr. Rogers as Chief Executive Officer of the Company effective upon Mr. Rogers’ retirement.
In connection with Mr. Rogers’ retirement as Chief Executive Officer of the Company, the Company and Mr. Rogers entered into an Amendment to Employment Agreement and Separation Agreement (the “Amendment”). Pursuant to the Amendment, the parties agreed that Mr. Rogers will retire as of March 1, 2019 and will continue to receive his current salary and bonus through his retirement date. He will also remain eligible for a bonus, if any, for 2018 service under the Company’s annual incentive compensation plan and the performance metrics of such plan, vest in certain previously issued restricted stock upon his retirement, and be entitled to receive performance shares under previously issued performance-based share awards as if he had remained in the employment of the Company through end of the applicable performance period. Also, the Company’s severance obligations applicable to Mr. Rogers were deleted from his existing employment agreement. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full Amendment, which is attached as Exhibit 10.1 hereto and incorporated herein by reference.
Mr. Saffire, age 48, has served as Chief Investment Officer of the Company since November 1, 2017. Prior to joining the Company, Mr. Saffire served as Executive Vice President and Head of Commercial Banking of First Niagara Bank from April 2014 until September 2016 and served as an Executive Vice President and Head of Global Banking for Europe, the Middle East and Africa of Wells Fargo Bank from 2012 to 2014. Prior to 2012, Mr. Saffire served in various management capacities for over 20 years with HSBC Bank, including serving as Chief Operating Officer and Head of International Corporate and Commercial Banking from 2010 to 2012 and Executive Vice President and Regional President - Corporate and Commercial Banking from 2007 to 2010.
Except for the change in Mr. Saffire’s position with the Company, the terms of his employment remain unchanged.
The law firm of Phillips Lytle LLP has represented the Company since its inception and is currently representing the Company and various joint ventures in which the Company has an ownership interest. Mr. Frederick G. Attea, a partner of Phillips Lytle LLP, married Mr. Saffire’smother-in-law in September 2017. Phillips Lytle LLP’s legal fees for services rendered to the Company and to the various joint ventures in which the Company has an ownership interest totaled $2,385,739 in 2017.
| Item 7.01 | Regulation FD Disclosure. |
On September 12, 2018, the Company issued a press release with respect to the matters set forth herein, a copy of which press release is furnished as Exhibit 99.1 to this Report on Form8-K.
