Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 101

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 101
---
 to our executive officers, our controller, and our Executive Vice President, Finance and Accounting. Refer to “Incentive Compensation Recoupment Policy (Clawback Policy)” on page80of this proxy statement for a summary of the policy.

In addition, Awards may also be subject to mandatory repayment pursuant to (i) the terms of the applicable Award, (ii) the terms of an employment, non-competition, or similar agreement, or (iii) any law, rule, requirement, or regulation that imposes mandatory recoupment, under circumstances set forth in such law, rule, requirement, or regulation. Furthermore, the Company may annul an Award if the recipient is an employee of the Company and is terminated for Cause.

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

Performance-Based Compensation

The CHC Committee may designate whether any Awards, such as restricted stock, options, stock units, LTIP Units, or cash awards being granted are intended to be performance-based compensation. The performance goals used for such Awards will be based on any one or more of the following performance measures, which may reflect objective or subjective criteria, as selected by the CHC Committee:

changes in funds from operation (FFO), Core FFO, or FFO as adjusted, including on a per share basis;

changes in funds available for distribution (FAD);

same store revenue growth or targets, or other sales or revenue growth or targets;

changes in net asset value (NAV);

changes in total shareholder value (TSV) based on changes in NAV per share and dividend distributions;

changes in intrinsic business value;

stock price or TSR;

implementation, commencement, or completion of critical or strategic projects, acquisitions, or processes;

return measures, including return on invested capital and return on assets, capital, investment, or equity;

divestiture, joint venture, or development activity;

measures related to geographic business expansion or market share, customer satisfaction, employee satisfaction, human resources management, legal matters, or information technology;

net earnings or net income;

operating earnings;

gross or operating margins; or

other criteria, as determined in the discretion of the CHC Committee.

These performance measures may apply to an individual, business unit, specified subsidiary, or the Company as a whole and need not be based on an increase or positive result under the performance measure selected, may be expressed on an absolute basis or relative to an index, budget, or other standard specified by the