Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 34

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 34
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, the trustee’s election must also indicate (1) when the units will be settled, such as the trustee’s separation from service (including retirement), a specified future date, or January 1 of the year following a chosen anniversary of the grant date, (2) whether the units will be settled in a lump sum or in annual installments (not to exceed 10 years), and (3) whether cash dividend equivalents will be reinvested into additional DSUs. Notwithstanding a trustee’s election, the DSUs will be settled in a lump sum upon the trustee’s earlier death or disability or upon an earlier change of control of Public Storage. In any event, the DSUs will be settled in common shares.

Equity Awards

One-time Onboarding Award. The Company grants to each new non-management trustee, upon initial election by the Board or the shareholders to serve as a trustee, a one-time non-qualified stock option to acquire a number of common shares equal in value to $540,000 as determined based on a Black-Scholes valuation on the grant date. Stock options have an exercise price equal to the closing price of the Company’s common shares on the NYSE on the grant date, and they vest in full on the first anniversary of the grant date. Additionally, non-management trustees may elect to receive their onboarding award in the form of AO LTIP Units with equivalent terms.

Annual Award. In addition, each non-management trustee annually receives a non-qualified stock option to acquire a number of common shares equal in value to $180,000 as determined based on a Black-Scholes valuation on the grant date. The annual grants are made immediately following the annual meeting of shareholders and have an exercise price equal to the closing price of the Company’s common shares on the NYSE on that date. These awards vest in full on the first anniversary of the grant date, and non-management trustees may elect to receive their award in the form of AO LTIP Units with equivalent terms.

Upon the retirement of a non-management trustee, the vesting of any equity awards granted to the trustee for his/her service on the Board and not otherwise deferred will accelerate effective on his/her retirement date from the Board. Additional terms and conditions may be set forth in the award agreement governing the non-management trustee’s equity awards. Unless otherwise defined in an award agreement, retirement is defined as a retirement from the Board pursuant to any mandatory retirement policy or at a time when the non-management trustee (x) is at least age 55, (y)