National Storage Affiliates Trust

28/06/2024 | Press release | Distributed by Public on 28/06/2024 20:06

Material Agreement Form 8 K

Item 1.01. Entry into a Material Definitive Agreement.
Effective June 25, 2024, National Storage Affiliates Trust (the "Company") and Derek Bergeon, the Company's executive vice president and chief operating officer, have mutually agreed to terminate Mr. Bergeon's employment relationship with the Company (the "Termination Date"), for Mr. Bergeon to pursue other opportunities.
In connection with Mr. Bergeon leaving the Company, Mr. Bergeon entered into a separation agreement (the "Separation Agreement") with the Company dated June 25, 2024.
The Separation Agreement provides that, among other things and subject to certain conditions, Mr. Bergeon will receive (i) six months of his current base salary and (ii) the estimated difference between the premiums that Mr. Bergeon would be responsible for under the Company's health insurance prior to the Termination Date and the premiums Mr. Bergeon would pay for health insurance under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, for six months following the Termination Date. In addition, 8,126 of Mr. Bergeon's unvested performance-based long-term incentive plan units ("LTIP Units") in NSA OP, LP, a Delaware limited partnership (the "Operating Partnership"), shall fully vest, which amount represents the target level of performance, and Mr. Bergeon's 5,765 unvested LTIP Units in the Operating Partnership that vest on the basis of time shall fully vest, each effective as of the Termination Date.
In addition, in accordance with the Separation Agreement and his employment agreement, Mr. Bergeon is subject to a non-solicitation provision, effective for the twelve months following the Termination Date, as well as non-disparagement and confidentiality provisions, but is released from the restrictions on competition with the Company that were included in his employment agreement, also effective as of the Termination Date. Further, under the Separation Agreement, Mr. Bergeon provided a general release of claims in favor of the Company.
The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.