Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 52

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 52
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 |
| H. Thomas Boyle        |     |                | $ | 1,000,000 |
| Natalia N. Johnson     |     |                | $ |   800,000 |
| Nathaniel A. Vitan     |     |                | $ |   425,000 |

#### 52| Public Storage | 2025 Proxy Statement
Proposal 2: Approve Executive Compensation

AT-RISK EQUITY COMPENSATION

In February 2024, the CHC Committee approved the 2024 equity award program for NEOs. The key elements of our 2024 equity compensation program were as follows:

Time-Vesting Options / AO LTIP Units: 20% of each NEO’s equity award consists of time-vesting stock options or, at the NEO’s election, AO LTIP Units. These awards vest ratably over the five years following the grant date.

Performance-Based Options / AO LTIP Units and RSUs / LTIP Units: The remaining 80% of each NEO’s equity award consists of multi-year performance-based equity awards:

20% of the total award consists of performance-based stock options or, at the NEO’s election, AO LTIP Units.

60% of the total award consists of performance-based RSUs or, at the NEO’s election, LTIP Units.

Each of these awards is contingent upon a three-year performance period based entirely on relative TSR performance. 70% of these awards are based on the Company’s TSR over the performance period as compared against the weighted average TSR of the Equity REITs in the S&P 500, excluding office and mall REITs and including U-Haul. 30% of these awards are 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. Following completion of the performance period, 60% of earned awards will vest upon certification by the CHC Committee and the remaining 40% will vest in equal annual installments over the following two years.

LTIP Unit Awards.The CHC Committee provides the NEOs the option to elect to receive AO LTIP Unit awards and/or LTIP Unit awards in lieu of traditional stock option and RSU awards, respectively. LTIP Units are structured as “profits interests” for U.S. federal income tax purposes. As profits interests, LTIP Units only have value, other than with respect to the right to receive distributions, if the value of the assets of the Operating Partnership increases between the time of