Summary
This Form 8-K filing by Extra Space Storage Inc. (EXR) from February 21, 2012, primarily serves two functions for investors. Firstly, it announces the company's financial results for the fourth quarter and full year ended December 31, 2011, through an accompanying press release. While the specific details of these results are not within the 8-K itself but in the referenced exhibit, this signals the release of key performance data. Secondly, the filing discloses a significant retention agreement with Karl Haas, the Executive Vice President and Chief Operating Officer.
Key Highlights
- 1Extra Space Storage Inc. (EXR) filed an 8-K on February 21, 2012, reporting on its financial results and executive compensation.
- 2The company announced its financial results for the three months and year ended December 31, 2011, via a press release furnished as an exhibit.
- 3A retention agreement was entered into with Karl Haas, Executive Vice President and Chief Operating Officer.
- 4The retention agreement outlines a $1.2 million bonus for Mr. Haas if he remains employed full-time through December 31, 2013, or if his employment is terminated by the company without cause or by him for good reason.
- 5Mr. Haas has the option to receive the retention bonus in either cash or company common stock.
- 6The retention agreement aims to incentivize Mr. Haas's continued employment and commitment to the company for the next two years.
- 7The company indicates it intends to discuss potential extensions of Mr. Haas's employment as the current agreement approaches its expiration.
Frequently Asked Questions
This 8-K filing announces the release of Extra Space Storage's financial results for the three months and year ended December 31, 2011. The detailed financial information is provided in a press release furnished as Exhibit 99.1 to this report, which is not included in the text provided but is referenced.
The retention agreement with Karl Haas, the Executive Vice President and Chief Operating Officer, is designed to secure his continued employment and commitment to the company for at least the next two years. It includes a substantial $1.2 million bonus contingent upon his full-time employment through December 31, 2013, or specific termination conditions.
Karl Haas will receive the $1.2 million retention bonus if he remains actively employed by Extra Space Storage on a full-time basis on December 31, 2013. Alternatively, he will receive the bonus if his employment is terminated earlier by the company other than for 'cause,' or by Mr. Haas himself for 'good reason,' as defined within the agreement.
Yes, the retention agreement allows Mr. Haas to elect whether to receive the $1.2 million retention bonus in cash or in shares of Extra Space Storage's common stock.