Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 106

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 106
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 | -3 |     |               | 1,074,064 |
| Equity compensation plans not approved by security holders(4) |     |                           |         — |     |    |     | $                       |      — |     |    |     |               |         — |

(1)The Company’s equity compensation plans are described more fully in Note 11 to the Company’s audited financial statements for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K.

(2)Includes (i) stock options and AO LTIP Units to purchase 2,727,342 common shares or to convert to vested LTIP units, including performance-based stock options and AO LTIP Units as to which the performance period had not ended or the CHC Committee had not certified performance as of December 31, 2024, which stock options and AO LTIP Units are reflected in the table above assuming a maximum payout, (ii) 451,222 RSUs and LTIP Units, including performance-based RSUs and LTIP Units as to which the performance period had not ended as of December 31, 2024, which RSUs and LTIP Units are reflected in the table above assuming a maximum payout, and (iii) 11,734 fully vested DSUs. All RSUs and LTIP Units, if and when vested, and all DSUs will be settled in common shares or into OP Units on a one-for-one basis.

(3)Represents the weighted average exercise or conversion price of stock options or AO LTIP Units to purchase 2,373,588 common shares or to convert to vested LTIP Units, excluding the performance-based stock options and AO LTIP Units described in footnote (3), above. The 451,222 RSUs or LTIP Units would vest for no consideration.

(4)There are no securities available for future issuance or currently outstanding under plans not approved by the Company’s shareholders.

VOTE REQUIRED AND RECOMMENDATION

The affirmative vote of a majority of the votes cast at the Annual Meeting is necessary for approval of the A&R 2021 Plan. For purposes of the vote on this proposal, abstentions and broker non-votes will not affect the vote.

<div align='center'>The Board recommends a voteFORapproval of

the Amendment and Restatement of the 2021 Equity and

Performance-Based Incentive Compensation Plan.</div>

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