Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnDecember 17, 2021 ,Life Storage, Inc. (the "Company"), through action of theCompensation and Human Capital Committee of the Company's Board of Directors (the "Committee"), made incentive awards to certain officers by grant of restricted stock awards and performance-based awards under the terms of the Company's 2015 Award and Option Plan. The restricted stock grants consist of long term incentive restricted stock awards vesting over a five year period. The performance-based awards grant an award payable in shares of common stock of the Company based upon the Company's relative total shareholder return over a three year period as compared to a defined peer group. If threshold performance is not achieved, no shares will be awarded. Provided threshold performance is achieved, an applicable percentage of the target number of shares between 25% and 200% will be awarded, with 25% of the target number of shares being awarded if threshold performance is achieved, 100% of the target number of shares being awarded if target performance is achieved and 200% of the target number of shares being awarded if maximum performance is achieved. Details of awards made to each officer are set forth below: Long Term Target Number Incentive Restricted of Performance Stock Awards Shares Officer 1 2 Joseph Saffire, Chief Executive Officer 11,236 shares 11,236 shares Andrew J. Gregoire, Chief Financial Officer 3,457 shares 3,457 shares
2,074 shares 3 (1) Vest over 5 years.
(2) No shares will be awarded if threshold performance is not achieved. Provided
threshold performance is achieved, an applicable percentage of the target
number between 25% and 200% will be awarded, with 25% of the target number of
shares being awarded upon threshold performance, 100% of the target number of
shares being awarded upon target performance and 200% of the target number of
shares being awarded upon maximum performance.
(3)
The foregoing description of the long term incentive restricted stock awards and the performance-based awards are qualified in their entirety by the terms of the forms of Long Term Incentive Restricted Stock Award Notice and Performance-Based Award Notice, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K, respectively, which exhibits are incorporated herein by reference.
--------------------------------------------------------------------------------
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 10.1 Form of Long Term Incentive Restricted Stock Award Notice 10.2 Form of Performance-Based Award Notice 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
--------------------------------------------------------------------------------
© Edgar Online, source