Company: PSA-PH
Filing Date: 2025-07-30
Form Type: 8-K
Source: 0001393311-25-000119
Chunk: 1

Company: Public Storage
Filing Date: 2025-07-30
Form: 8-K
Item: Item 5.02
Chunk 1
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Also on July 30, 2025, the Board of Trustees (the “ Board”) of Public Storage (the “ Company”) increased the size of the Board to thirteen trustees and, in connection with such increase, appointed Luke Petherbridge to the Board, effective immediately, with an initial term expiring at the 2026 annual meeting of shareholders. The Board also appointed Mr. Petherbridge to serve as a member of the Nominating, Governance, and Sustainability Committee.

Mr. Petherbridge has served as Chief Executive Officer of Link Logistics since September 2020. Prior thereto, Mr. Petherbridge served as President and Chief Executive Officer of LivCor, LLC from July 2019 to September 2020, President and Chief Executive Officer of ShopCore Properties from May 2016 to September 2020, and in various executive and leadership positions at public and private real estate companies in the United States and Australia.

The Board has affirmatively determined that Mr. Petherbridge is “independent” under the rules of the New York Stock Exchange and the rules and regulations of the Securities Exchange Act of 1934, as amended.

Mr. Petherbridge was granted an initial equity award of a number of AO LTIP Units equal in value to $540,000 as determined based on a Black-Scholes valuation on the grant date. He will receive compensation consistent with that received by the Company’s other non-employee trustees. A description of the compensatory arrangements for non-employee trustees is included in the Company’s proxy statement on Schedule 14A for the 2025 annual meeting of shareholders, which was filed with the U. S. Securities and Exchange Commission on March 28, 2025.

In connection with this appointment, the Company will enter into an indemnification agreement with Mr. Petherbridge similar to the indemnification agreement entered into with all other members of the Board, the form of which is filed as Exhibit 10.19 to the Company’s Form 10-K for the year ended December 31, 2016.

There are no arrangements or understandings between Mr. Petherbridge and any other person pursuant to which Mr. Petherbridge was appointed as a trustee. There are no transactions in which Mr. Petherbridge has or will have an interest that would be required to be disclosed pursuant to Item