8-KLeadership ChangesExhibits & Filings

Public Storage 8-K Report, Executive Changes (Aug 29, 2011)

Filed August 29, 2011For Securities:PSAPSA-PRPSA-PFPSA-PGPSA-PHPSA-PIPSA-PJPSA-PMPSA-PNPSA-POPSA-PPPSA-PQPSA-PSPSA-PKPSA-PL

Summary

Public Storage (PSA) filed an 8-K on August 29, 2011, to announce a significant addition to its executive team. Shawn Weidmann, previously President of Teleflora LLC, has joined Public Storage as Senior Vice President and Chief Operating Officer. Mr. Weidmann brings extensive experience in global operations, marketing, and technology from his tenure at Teleflora, where he managed a large network of member businesses and support centers. The filing also details Mr. Weidmann's compensation package, which includes a base salary of $500,000, a 2011 bonus of $365,000, and a potential bonus of $500,000 for 2012. Furthermore, he has been granted stock options for 100,000 shares vesting over five years and 5,000 restricted share units vesting over eight years, aligning his incentives with shareholder value. The agreement also outlines a severance package of $865,000 under specific termination conditions.

Key Highlights

  • 1Appointment of Shawn Weidmann as Senior Vice President and Chief Operating Officer.
  • 2Mr. Weidmann's prior experience as President of Teleflora LLC, managing global operations.
  • 3Base salary of $500,000 for Mr. Weidmann.
  • 42011 bonus of $365,000 and potential 2012 bonus of $500,000.
  • 5Award of 100,000 stock options vesting over five years.
  • 6Award of 5,000 restricted share units vesting over eight years.
  • 7Severance package of $865,000 contingent on specific termination clauses.

Frequently Asked Questions

Shawn Weidmann has been appointed as the new Senior Vice President and Chief Operating Officer of Public Storage, effective immediately on August 29, 2011. He previously served as President of Teleflora LLC and has significant experience in managing global operations.

Mr. Weidmann will receive an annual base salary of $500,000. He is also eligible for a $365,000 bonus for 2011 and has a bonus potential of $500,000 for 2012, subject to the company's bonus plan. Additionally, he received stock options and restricted share units.

Mr. Weidmann has been granted an award of 100,000 stock options to acquire Public Storage common shares, which will vest in five equal annual installments. He also received an award of 5,000 restricted share units, which will vest in eight equal annual installments.

In the event Mr. Weidmann's employment is terminated without cause before August 31, 2012, and he signs a severance and release agreement, he will be entitled to a lump sum payment of $865,000, less applicable withholdings.