Summary
Public Storage (PSA) filed an 8-K on February 24, 2014, to report on the departure of its Senior Vice President, Chief Legal Officer, and Corporate Secretary, Steven M. Glick. Mr. Glick notified the company of his decision to leave for personal reasons, with his departure expected by early March 2015. In connection with his departure, Public Storage has entered into an employment agreement with Mr. Glick that outlines the terms of his transition. His employment will continue through March 2, 2015, with a reduced work schedule starting in 2015, working on an as-needed basis not exceeding 20 hours per week. The agreement also details his continued eligibility for vesting restricted share units and stock options, and a cash payment of $500,000 related to his 2014 bonus and departure.
Key Highlights
- 1Steven M. Glick, SVP, Chief Legal Officer, and Corporate Secretary, is departing Public Storage for personal reasons.
- 2Mr. Glick's departure is planned for early March 2015, with his employment continuing until March 2, 2015.
- 3An employment agreement and general release has been executed with Mr. Glick.
- 4From January 1, 2015, Mr. Glick's work schedule will be reduced to an as-needed basis, not exceeding 20 hours per week.
- 5Mr. Glick will remain eligible for restricted share units and stock options that vest up to the termination date.
- 6Mr. Glick is set to receive a $500,000 cash payment, inclusive of his 2014 bonus and departure compensation, subject to standard deductions.