AMENDMENT TO EMPLOYMENT AGREEMENT
|
Exhibit 10.3
|
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment (“Amendment”) to Employment Agreement by and among Xxxxx X. Xxxxxx (“Executive”), Sovran Self Storage Inc. (the “Corporation”) and Sovran Acquisition Limited Partnership (“SALP”) as amended and restated effective January 1, 2009 (“Agreement”). The Corporation and SALP, are collectively referred to herein as the “Company”.
WHEREAS, the Executive is a valuable employee of the Company, an integral part of its management team and a key participant in the decision-making process for material corporate actions and in short-term and long-term strategic planning for the Company; and
WHEREAS, the Corporation’s Board of Directors desires to implement an orderly and efficient succession plan for senior management of the Company and in connection therewith the Company and Xxxxxx X. Xxxxx and Xxxxxxx X. Xxxxxx are each entering an amendments to their respective employments agreements on the date hereof; and
WHEREAS, among other matters, the amendments to the employment agreements with Xxxxxx X. Xxxxx and Xxxxxxx X. Xxxxxx provide that the section regarding gross-up payments in the connection with certain severance payments is deleted in its entirety; and
WHEREAS, in connection with the foregoing and to assist in facilitating the succession plan, the Executive and the Company have agreed to enter into this Amendment.
NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties agree that Section 5(e) (“Gross-up Payments”) of the Agreement is deleted in its entirety.
|
Dated: January 19, 2015
|
|
|
SOVRAN SELF STORAGE, INC.
By: /s/Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx, President
|
|
|
SOVRAN ACQUISITION LIMITED PARTNERSHIP
By: Sovran Holdings, Inc., its General Partner
By: /s/Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx, President
|
|
|
/s/ Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx
|
2
