Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 63

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 63
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In connection with the internalization of the PRO structure, on July 1, 2024, the Company entered into a contribution agreement with Optivest and its affiliates, Mr. Allan, and Mr. Van Mourick, pursuant to which the Company purchased certain of their assets, intellectual property and brand, and certain rights under their tenant insurance program in exchange for an aggregate of $8.2 million in cash and 548,944 OP units with a value of approximately $22.1 million, based on the closing price of our Common Shares as of the closing date. As a result of such transaction, Mr. Allan and an entity owned and controlled by Mr. Allan, on the one hand, and an entity owned and controlled by Mr. Van Mourick, on the other hand, each received 209,333 OP units with a value of approximately $8.4 million, based on the closing price of our Common Shares as of the closing date, and approximately $2.9 million in cash. In connection with this transaction, the Facilities Portfolio Management Agreement to which Optivest, Mr. Allan, and Mr. Van Mourick were parties with the Company, along with the asset management agreements and sales commission agreement to which Optivest was a party, were terminated. In connection with the PRO internalization, the Company entered into new asset management and sales commission agreements with Optivest for a portion of the transitionary period at newly negotiated management fees.

Mr. Allan was a party to an LTIP award agreement dated December 31, 2013, as amended, pursuant to which up to 156,300 LTIP units may vest upon the contribution of certain properties to the Company. Optivest was also a party to an LTIP award agreement dated December 31, 2013, as amended, pursuant to which up to 52,100 LTIP units may vest upon the contribution of certain properties to the Company. On July 1, 2024, in connection with the PRO internalization, the LTIP unit award agreements with Mr. Allan and Optivest were amended to extend the deadline by which properties may be contributed to the Company to December 31, 2024. None of the properties identified in the foregoing LTIP award agreements were contributed to the Company by December 31, 2024, and as a result the LTIP units under both agreements were forfeited.

In connection with the internalization of the PRO structure, on July 1, 2024, Mr.