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Life Storage, Inc., et al. – ‘8-K’ for 12/14/22

On:  Friday, 12/16/22, at 4:17pm ET   ·   For:  12/14/22   ·   Accession #:  1193125-22-307350   ·   File #s:  0-24071, 1-13820

Previous ‘8-K’:  ‘8-K’ on / for 11/2/22   ·   Next:  ‘8-K’ on 1/3/23 for 1/2/23   ·   Latest:  ‘8-K’ on 7/20/23 for 7/15/23   ·   1 Reference:  By:  Life Storage, Inc. – ‘10-K’ on 2/24/23 for 12/31/22

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/16/22  Life Storage, Inc.                8-K:5,9    12/14/22   14:249K                                   Donnelley … Solutions/FA
          Life Storage LP

Current Report   —   Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     46K 
 2: EX-10.1     Material Contract                                   HTML     21K 
 3: EX-10.2     Material Contract                                   HTML     32K 
 9: R1          Cover Page                                          HTML     49K 
12: XML         IDEA XML File -- Filing Summary                      XML     13K 
10: XML         XBRL Instance -- d394135d8k_htm                      XML     17K 
11: EXCEL       IDEA Workbook of Financial Reports                  XLSX      8K 
 5: EX-101.CAL  XBRL Calculations -- lsi-20221214_cal                XML      7K 
 6: EX-101.DEF  XBRL Definitions -- lsi-20221214_def                 XML     37K 
 7: EX-101.LAB  XBRL Labels -- lsi-20221214_lab                      XML     49K 
 8: EX-101.PRE  XBRL Presentations -- lsi-20221214_pre               XML     37K 
 4: EX-101.SCH  XBRL Schema -- lsi-20221214                          XSD     18K 
13: JSON        XBRL Instance as JSON Data -- MetaLinks               13±    20K 
14: ZIP         XBRL Zipped Folder -- 0001193125-22-307350-xbrl      Zip     29K

‘8-K’   —   Current Report

This is an HTML Document rendered as filed.  [ Alternative Formats ]

 iX: 
  8-K  
 i false i 0000944314 i 0001060224 0000944314 2022-12-14 2022-12-14 0000944314 lsi:LifeStorageLpMember 2022-12-14 2022-12-14
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM
 i 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 i December 14, 2022
Date of Report (Date of Earliest Event Reported)
 
 
 i LIFE STORAGE, INC.
 i LIFE STORAGE LP
(Exact Name of Registrant as Specified in Its Charter)
 
 
 
         
 i Maryland
(Life Storage, Inc.)
  
 i 1-13820
  
 i 16-1194043
 
         
 i Delaware
(Life Storage LP)
  
 i 0-24071
  
 i 16-1481551
(State or Other Jurisdiction
Of Incorporation)
  
(Commission
File Number)
  
(I.R.S. Employer
Identification Number)
 i 6467 Main Street
 i Williamsville,  i New York  i 14221
(Address of Principal Executive Offices)
( i 716)
 i 633-1850
(Registrants’ 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 registrants under any of the following provisions (
see
General Instruction A.2. below):
 
   i ☐
Written Communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
   i ☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
 
   i ☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
 
   i ☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Life Storage, Inc.:
 
         
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
 i Common Stock, $.01 par value    i LSI    i New York Stock Exchange
Life Storage LP:
 
         
Title of each class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
                  
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Life Storage, Inc.:
Emerging growth company  i ☐
Life Storage LP:
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Life Storage, Inc. ☐
Life Storage LP ☐
 
 
 
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 14, 2022, Life Storage, Inc. (the “Company”), through action of the Compensation 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:
 
                 
Officer
    Long Term
Incentive Restricted
Stock Awards
1
      Target Number
of Performance
Shares
2
  
Joseph Saffire, Chief Executive Officer
      16,746 shares        16,746 shares  
     
David Dodman, Chief Operating Officer
      2,791 shares        2,791 shares  
     
Alexander E. Gress, Vice President, Finance, Corporate Planning, and Investor Relations
3
      2,791 shares        2,791 shares  
 
(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)
Mr. Gress will succeed Andrew J. Gregoire as Chief Financial Officer on January 3, 2023.
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).
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrants have duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
                         
               
LIFE STORAGE, INC.
             
Date: December 16, 2022                        
           
                                                                                                         By  
/s/ Andrew J. Gregoire
                    Name:   Andrew J. Gregoire
                    Title:   Chief Financial Officer
         
               
LIFE STORAGE LP
         
Date: December 16, 2022               By:   LIFE STORAGE HOLDINGS, INC., as General Partner
           
                By  
/s/ Andrew J. Gregoire
                    Name:   Andrew J. Gregoire
                    Title:   Chief Financial Officer

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
1/3/23
Filed on:12/16/224
For Period end:12/14/224
 List all Filings 

1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/24/23  Life Storage, Inc.                10-K       12/31/22   96:57M                                    Donnelley … Solutions/FA
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