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PSA > SEC Filings for PSA > Form 8-K on 25-Feb-2014All Recent SEC Filings

Show all filings for PUBLIC STORAGE



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) On February 19, 2014 Steven M. Glick, currently Senior Vice President, Chief Legal Officer and Corporate Secretary, notified Public Storage that he had decided for personal reasons to leave the company and that his departure from the company is expected by early March 2015.

(e) In connection with Mr. Glick's departure from the company, Public Storage entered into an Employment Agreement and General Release (the "Agreement") with Mr. Glick, dated February 19, 2014. The Agreement provides that Mr. Glick's employment will continue through 11:59 p.m. (Pacific time) March 2, 2015 (the "Termination Date"), unless terminated earlier pursuant to the terms of the Agreement. From February 19, 2014 until December 31, 2014, Mr. Glick's employment will continue according to the same terms, conditions, duties, policies, compensation, incentives, and benefits as immediately prior to February 19, 2014. From January 1, 2015 until the Termination Date, Mr. Glick's employment work schedule shall be reduced such that he shall perform work for Public Storage on an as needed basis not to exceed 20 hours per week at an agreed hourly rate for any such work performed. Assuming Mr. Glick is continuously employed through the Termination Date, he will continue to be entitled to any restricted share units and stock options that would vest up to and including the Termination Date, and will, subject to certain conditions, also receive cash payments totaling $500,000 (less applicable withholdings) in connection with his 2014 bonus and his departure from Public Storage.

The foregoing description of the Agreement is qualified in its entirety by reference to the copy of the Agreement that is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 10.1-Employment Agreement and General Release dated as of February 19, 2014 between Public Storage and Steven M. Glick.

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