Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 33

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 33
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 TRUSTEES

Trustees who are not also Public Storage employees (non-management trustees) receive compensation for their service. The Board determines the form and amount of compensation for non-management trustees after consideration of the recommendation of the CHC Committee. The Board has approved the mix of cash and equity compensation described below.

Cash Retainers.Retainers are paid quarterly in cash and are prorated when a trustee joins the Board (or in the case of the Lead Independent Trustee, when an appointment is made) other than at the beginning of a calendar year.

Below are the annual retainers that non-management trustees were entitled to receive during 2024 for Board service:

| Compensation                                                       |     | Amount |         |
|:-------------------------------------------------------------------|:----|:-------|--------:|
| Board member                                                       |     | $      | 120,000 |
| Lead Independent Trustee and Committee Chair supplemental retainer |     | $      |  25,000 |
| Committee Member                                                   |     | $      |  12,500 |

Beginning in 2025, the Board approved a supplemental retainer of $250,000 for the Chair of the Board.

Trustee Deferral Program.Pursuant to the Non-Management Trustee Compensation and Deferral Program (the Trustee Deferral Program), non-management trustees may elect to receive all or a portion of their cash retainers either in cash, in unrestricted common shares, or

#### Public Storage | 2025 Proxy Statement |33

#### Corporate Governance
in fully vested deferred share units (DSUs). Beginning in 2025, trustees also may elect to receive all or a portion of their cash retainers in fully vested LTIP Units. Non-management trustees receive dividends declared and paid on unrestricted common shares and a cash dividend equivalent on DSUs and LTIP Units. Trustees also may elect to reinvest cash dividend equivalents paid on DSUs into additional DSUs.

Non-management trustees must make elections in writing in advance of the calendar year to which the election relates (or, when a non-management trustee joins the Board, within 30 days of joining the Board). If chosen, the unrestricted common shares, LTIP Units, and/or the DSUs will be granted to the non-management trustee at the end of each calendar quarter based on the cash retainer earned for that quarter and converted into a number of shares or units based on the closing price for the common shares on the NYSE on such date. If a non-management trustee chooses to receive fully-vested DSUs