| Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 2, 2021, Life Storage, Inc. (the “Company”) announced that Edward F. Killeen, the Chief Operating Officer of the Company, will retire effective December 31, 2021 and that David Dodman, the Company’s current Senior Vice President, Strategic Planning and Investor Relations, will succeed Mr. Killeen as Chief Operating Officer of the Company effective upon Mr. Killeen’s retirement.
In connection with Mr. Killeen’s retirement as Chief Operating Officer, the Company and Mr. Killeen entered into a Separation Agreement. Pursuant to the Separation Agreement, Mr. Killeen will continue as an employee of the Company through the end of 2021. He will remain eligible for a bonus, if any, under the Company’s annual incentive compensation plan for 2021 service and the performance metrics of such plan, vest in certain restricted stock and be entitled to a
pro-rata
portion of shares under previously issued performance-based share awards at the end of the applicable performance period. As a result of this event, the Company currently estimates that it will incur charges of approximately $155,000 in the third quarter of 2021 and approximately $465,000 in the fourth quarter of 2021. The Separation Agreement is included herein as Exhibit 10.1, which exhibit is incorporated by reference.
Mr. Dodman, age 48, has served as Senior Vice President, Strategic Planning and Investor Relations with the Company since June 2018. Prior to joining the Company, Mr. Dodman held various corporate strategy, mergers and acquisitions, and operational roles at KeyCorp, First Niagara Financial Group, Inc. and Lockheed Martin Corporation. He also worked in the Corporate Finance/Investment Banking departments of Legg Mason, Inc. and Stifel Financial Corp. after earning an MBA from the University of Maryland and BA from Loyola University Maryland.
| Regulation FD Disclosure. |
On September 2, 2021, 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
Form 8-K.
The information in this Item 7.01 and in Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.
