Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 93

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 93
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736 common shares remained available for future grants (without giving effect to the additional 3,000,000 common shares proposed to be added to the 2021 Plan pursuant to this proposal). The Board believes that additional common shares are necessary to meet the Company’s anticipated equity compensation needs and that the amendment and restatement of the 2021 Plan is in the best interests of the Company and its shareholders. The proposed share increase is expected to last more than six years. This estimate is based on a forecast that takes into account our anticipated rate of growth in hiring, an estimated range of our share price over time and our historical forfeiture rates, as well as the number of shares we have available for grant under our existing plan.

Equity Compensation Is an Important Part of Our Compensation Philosophy

As discussed in the “Compensation Discussion and Analysis” above, our overall compensation objective is to attract and retain exceptional executives in a competitive labor market and create the proper incentives that encourage executive share ownership and align executive compensation with Company performance and the creation of long-term value. Our 2021 Plan continues to be a crucial component of our compensation program for our executives and other key employees. The CHC Committee’s philosophy is that executive compensation should be more heavily weighted towards performance-based, at-risk compensation. Our ability to grant

#### 88| Public Storage | 2025 Proxy Statement
Proposal 4: Approval of Amendment and Restatement of 2021 Plan

equity-based awards allows us to make a substantial portion of our executive officers’ compensation at-risk and contingent on the Company’s operating and stock-price performance over the long-term.

The Size of Our Share Reserve Request Is Reasonable

We believe additional common shares should be reserved for issuance under our 2021 Plan to meet our estimated near-term equity compensation needs. If the A&R 2021 Plan is approved by our shareholders, we will have 3,888,736 common shares available for grant as of the Amendment Date, which we view as necessary and reasonable to provide a predictable amount of equity for attracting, retaining, and motivating key employees, consultants, and advisors.

The following table provides certain additional information regarding our long-term incentive award program:

|                                                                      |     | As of March 5, 2025 |           |
|:---------------------------------------------------------------------|:----|:--------------------|----------:|
| Common shares subject to outstanding full-value awards               |     |                     |   203,348 |
| Common shares subject to outstanding stock options                   |     |                     |   584,011