Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 97

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 97
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If an award terminates by expiration, forfeiture, cancellation, failure to vest, or otherwise without the related issuance of common shares, then such unissued shares will again be available for awards under the A&R 2021 Plan.

However, the number of common shares issuable under the A&R 2021 Plan will not be increased by the number of common shares (i) tendered or not issued upon exercise of an option, (ii) tendered or not issued upon the net settlement of a stock-settled SAR, (iii) withheld in connection with the Company’s tax withholding obligations, or (iv) repurchased by the Company using option proceeds.

The maximum number of common shares subject to options or SARs that can be granted under the A&R 2021 Plan to any person (other than a non-employee trustee) in a calendar year is one million shares.

#### Public Storage | 2025 Proxy Statement |91
Proposal 4: Approval of Amendment and Restatement of 2021 Plan

The maximum value that can be granted under the A&R 2021 Plan to any person (other than a non-employee trustee) in a calendar year under an award other than options or SARs is $15 million in the aggregate for all such awards.

In the event of any increase or decrease in the number of issued common shares (or issuance of shares of stock other than common shares) resulting from certain corporate transactions that affect the Company’s capitalization, the CHC Committee will adjust the number of common shares issuable under the A&R 2021 Plan and the terms of any outstanding Awards in such manner as it deems appropriate to prevent the enlargement or dilution of rights. As of March 3, 2025, the closing price of our common shares on the NYSE was $311.04.

Types of Awards

The A&R 2021 Plan provides for grants of the following specific types of awards and permits other equity-based or equity-related awards (each, an Award and, collectively, Awards). Each Award will be evidenced by an award agreement (together with any award statement or supplemental documents, an Award Agreement), which will govern that Award’s terms and conditions.

Restricted Stock Units (RSUs) . An RSU is an unfunded, unsecured obligation to deliver common shares (or cash or other securities or property) at a future date upon satisfaction of the conditions specified in the Award Agreement.

Restricted Stock . Restricted Stock is common shares that are registered in the recipient’s name, but that