LIFE STORAGE, INC.

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LIFE STORAGE, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

12/20/2021 | 04:19pm EDT
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
          Appointment of  Certain Officers; Compensatory Arrangements of Certain
          Officers.


On December 17, 2021, 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:

                                                                                         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

David Dodman, Senior Vice President, Strategic Planning and Investor Relations 2,074 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) Mr. Dodman will succeed Edward Killeen as Chief Operating Officer on

January 1, 2022.



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).


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