Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain
Officers.
On October 25, 2022, Life Storage, Inc. (the "Company") announced that Andrew J.
Gregoire, the Chief Financial Officer of the Company, will retire effective
January 2, 2023, and that Alexander E. Gress, the Company's current Vice
President, Finance, Corporate Planning, and Investor Relations, will succeed
Mr. Gregoire as Chief Financial Officer of the Company effective upon
Mr. Gregoire's retirement.
In connection with Mr. Gregoire's retirement as Chief Financial Officer of the
Company, the Company and Mr. Gregoire entered into an Amendment to Employment
Agreement and Retirement Agreement (the "Amendment and Agreement"). Pursuant to
the Amendment and Agreement, the parties agreed that Mr. Gregoire will retire as
of January 2, 2023 and will continue to receive his current salary and bonus, if
any, through his retirement date. He will remain eligible for a bonus, if any,
for 2022 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 the end of the applicable performance period.
The foregoing description of the Amendment and Agreement does not purport to be
complete and is qualified in its entirety by reference to the full Amendment and
Agreement which is attached as Exhibit 10.1 hereto and incorporated herein by
reference.
Mr. Gress, age 49, has served as Vice President, Finance, Corporate Planning,
and Investor Relations of the Company since October 18, 2021. Prior to joining
the Company, Mr. Gress served as Executive Vice President & Chief Financial
Officer of the Hamister Group, LLC, a privately held real estate investment
platform, and as a General Partner of Meritas Equity Partners, a private equity
firm, from February 2020 through October 2021. Prior to that, Mr. Gress served
in executive management and leadership positions for national and international
banking institutions, as well as venture capital platforms, for over 20 years
including JPMorgan Securities Inc. and Lehman Brothers Ltd. in London. Mr. Gress
started his career at Price Waterhouse LLP in New York City in 1995.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
10.1 Amendment to Employment Agreement and Retirement Agreement by and
Among Life Storage, Inc., Life Storage LP, and Andrew J. Gregoire,
dated October 25, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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