Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 131

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 131
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 receive a grant or settlement of any Award, and the timing, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions and may exercise its discretion to increase or reduce the amounts payable under any Award subject to performance conditions.

12.2 Performance Goals Generally.The performance goals for Performance or Annual Incentive Awards may consist of one or more business criteria and a targeted level or levels of performance relating to each of such criteria, as specified by the Committee. Performance goals may be subjective or objective. The Committee may determine that Performance or Annual Incentive Awards shall be granted, exercised, and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to grant, exercise, and/or settlement of such Performance or Annual

#### B-12| Public Storage | 2025 Proxy Statement
Appendix B: Amended and Restated 2021 Plan

Incentive Awards. Performance goals may differ for Performance or Annual Incentive Awards granted to any one Participant or to different Participants.

12.3 Business Criteria.The Committee may use one or more of the following criteria or measures of performance as it may deem appropriate (or such other criteria or measures of performance as it may deem appropriate):

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

(ii) changes in funds available for distribution (FAD);

(iii) same store revenue growth or targets or other sales or revenue growth or targets;

(iv) changes in net asset value (NAV);

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

(vi) changes in intrinsic business value;

(vii) stock price or total shareholder return;

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

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

(x) divestiture, joint venture, or development activity;

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

(xii) net earnings or net income;

(xiii) operating earnings;

(xiv) gross or operating margins, or

(xv) any combination of any of the foregoing.

These business criteria need not be based