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Exhibit 10.14
Post-Retirement Agreement
Between
Public Storage, Inc. and
B.
Wayne Hughes
This
agreement is entered into as of March 11, 2004 by
and between
Public Storage, Inc., a California
corporation ("PSI") and B. Wayne Hughes
("Hughes").
Recitals
--------
A. Hughes is
the co-founder of PSI and served as its chief
executive
officer until November 2002 and continues to serve as its chairman
of the board.
B.
PSI's board of directors wishes
to obtain Hughes' continued
commitment to PSI on the terms set forth in this agreement.
Agreement
---------
Now, Therefore,
PSI and Hughes agree as follows:
1. Hughes agrees
to be available for up to 50 partial days a year (or a
greater number of days at Hughes' option), including days
attending meetings of
PSI's board of directors, when requested by PSI's then
current chief executive
officer for consulting services on days and at times
convenient to Hughes. Such
services may be rendered in person or by telephone at Hughes'
option. Nothing in
this agreement shall obligate Hughes to
continue to serve as chairman of the
board or as a director of PSI.
2. PSI agrees
to continue to pay Hughes compensation of
$60,000 per
year in equal installments payable no less frequently than
monthly. Hughes will
not receive additional fees for serving as a director
or member of a committee
of PSI's board. PSI will deduct and withhold from
all compensation or other
benefits paid to Hughes all amounts required to be
deducted or withheld under
any present or future law requiring such deduction and
withholding.
3. Subject to
satisfaction of the applicable eligibility requirements,
Hughes will continue to be e
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