This Separation Agreement (Agreement), dated as of September 2, 2021, is entered into by and among Life Storage, Inc., a Maryland corporation and Life Storage LP, a Delaware limited partnership (collectively the Company), and Edward Killeen (the Employee).
1. Employment Term. The Employee and the Company agree that the term of Employees employment will end effective December 31, 2021 (the Mutual Employment End Date) as a result of the Employees and the Companys mutual agreement.
2. Benefits. Subject to Section 3 of this Agreement, the Employee shall be entitled to receive and the Company shall pay and provide the Employee with the following compensation and benefits, less any tax or other legally required withholdings:
(a) The Company will pay the Employee the balance of the Employees 2021 salary in accordance with the Companys regular pay practices and other benefits through the end of 2021 in accordance with past practices;
(b) The Employee shall continue to be eligible for a bonus, if any, pursuant to the Companys Annual Incentive Compensation Plan for senior executives based upon employment with the Company in 2021 and the performance metrics under such plan, with any such bonus to be paid in 2022 consistent with past practices of the Company;
(c) On the Mutual Employment End Date, the additional restricted stock described in Exhibit A shall vest as set forth in such Exhibit A;
(d) On the Mutual Employment End Date, the Employee shall be vested in the fraction of the number of shares in which the Employee would be entitled to under the performance grants set forth in Exhibit B to the same extent as if the Employee had remained in the employment of the Company through the end of the applicable performance period, as set forth in Exhibit B;
(e) The Company shall continue to pay the premiums for the Employees participation in the Companys group health plan, subject to normal employee contributions, through December 31, 2021, consistent with past practices; and
(f) The Company shall continue to permit the Employee to be eligible under COBRA, at his sole cost and without any reimbursement by the Company, in the Companys group health plan through June 30, 2023, to the extent permitted by applicable law and the Companys plans.
3. Survival of Covenants under Employment Agreement and Other Matters. The Company and the Employee agree that as of the Mutual Employment End Date, the Employees employment under the Employment Agreement dated as of October 22, 1999 among the Company and the Employee (as such agreement was amended and restated as of November 1, 2017) (the Employment Agreement) is and shall be terminated and that the parties shall have no further rights and obligations thereunder, except that the Employees obligations under Section 6 of the Employment Agreement shall continue and survive in accordance with their terms.