Amendment to Employment Agreement by and among David L. Rogers, Sovran Self Storage Inc., and Sovran Acquisition Limited Partnership

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between David L. Rogers, Sovran Self Storage Inc., and Sovran Acquisition Limited Partnership. The main change is the complete removal of the section regarding gross-up payments related to certain severance payments. This amendment is part of a broader succession plan for senior management. All parties have agreed to this change, which takes effect as of January 19, 2015.

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EX-10.3 4 exhibit-10_3.htm exhibit-10_3.htm
 
 
 

 
Exhibit 10.3


AMENDMENT TO EMPLOYMENT AGREEMENT


                    This Amendment (“Amendment”) to Employment Agreement by and among David L. Rogers (“Executive”),  Sovran Self Storage Inc. (the “Corporation”) and Sovran Acquisition Limited Partnership (“SALP”) as amended and restated effective January 1, 2009 (“Agreement”).  The Corporation and SALP, are collectively referred to herein as the “Company”.

                    WHEREAS, the Executive is a valuable employee of the Company, an integral part of its management team and a key participant in the decision-making process for material corporate actions and in short-term and long-term strategic planning for the Company; and

                    WHEREAS, the Corporation’s Board of Directors desires to implement an orderly and efficient succession plan for senior management of the Company and in connection therewith the Company and Robert J. Attea and Kenneth F. Myszka are each entering an amendments to their respective employments agreements on the date hereof; and

                    WHEREAS, among other matters, the amendments to the employment agreements with Robert J. Attea and Kenneth F. Myszka provide that the section regarding  gross-up payments in the connection with certain severance payments is deleted in its entirety; and

                    WHEREAS, in connection with the foregoing and to assist in facilitating the succession plan, the Executive and the Company have agreed to enter into this Amendment.

                    NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree that Section 5(e) (“Gross-up Payments”) of the Agreement is deleted in its entirety.




 
 


Dated:  January 19, 2015
 
 
 
  
SOVRAN SELF STORAGE, INC.
 
By:     /s/Kenneth F. Myszka                        
            Kenneth F. Myszka, President
 
 
  
SOVRAN ACQUISITION LIMITED PARTNERSHIP
 
          By:  Sovran Holdings, Inc., its General Partner
 
          By:     /s/Kenneth F. Myszka                           
                        Kenneth F. Myszka, President
 
 
  
 
/s/ David L. Rogers                             
David L. Rogers
 
  



 
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