Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 59

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 59
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 | Target Award |           |     | Total Award Achieved |     | Certified Annual Cash Incentive Award |     |           |
|:-----------------------|:----|:-------------|----------:|:----|:---------------------|:----|:--------------------------------------|:----|----------:|
| Joseph D. Russell, Jr. |     | $            | 2,000,000 |     | 80%                  |     | $                                     |     | 1,590,000 |
| H. Thomas Boyle        |     | $            | 1,000,000 |     | 82%                  |     | $                                     |     |   820,000 |
| Natalia N. Johnson     |     | $            |   800,000 |     | 90%                  |     | $                                     |     |   716,000 |
| Nathaniel A. Vitan     |     | $            |   425,000 |     | 86%                  |     | $                                     |     |   363,375 |

2022 Multi-Year Performance-Based Stock Option / AO LTIP Unit and RSU / LTIP Unit Awards.In February 2022, the CHC Committee granted each of our NEOs a combination of multi-year performance-based options and performance-based RSUs. Multi-year performance awards were adopted in response to shareholder feedback emphasizing the importance of long-term performance-based equity compensation and are a core piece of the Company’s annual NEO compensation programs. In February 2024, in connection with the Company’s reorganization into an umbrella partnership real estate investment trust (UPREIT), the CHC Committee provided our NEOs with an opportunity to substitute their outstanding equity awards, including their 2022 performance-based options and RSUs, for AO LTIP Units and LTIP Units, respectively, with substantially identical terms. Each of our NEOs elected to substitute all of his or her outstanding equity awards, including the 2022 performance-based options and RSUs.

For each award (options / AO LTIP Units and RSUs / LTIP Units), the CHC Committee weighted the award 60% based on the Company’s TSR over the performance period as compared against the weighted average TSR of the Company’s direct self-storage peers (Extra Space, CubeSmart, and National Storage) and 40% based on the Company’s TSR over the performance period as compared against the weighted average TSR of the S&P 500 Equity REITs. Over the three-year performance period