Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 105

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 105
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 amount distributed to the recipient pursuant to the award. If we comply with applicable reporting requirements, we will be entitled to a business expense deduction in the same amount and generally at the same time as the recipient recognizes ordinary income, subject to the limitations of Section 162(m).

Section 280G. If payments contingent on a change of control are determined to exceed certain limitations, such payments may be subject to a 20% nondeductible excise tax, and the Company’s deduction for the associated compensation expense may be disallowed in whole or in part. The A&R 2021 Plan includes a Section 280G “best after tax” provision, which provides

#### Public Storage | 2025 Proxy Statement |97
Proposal 4: Approval of Amendment and Restatement of 2021 Plan

that if any payments under the 2021 Plan or otherwise would constitute parachute payments under Section 280G of the Code and be subject to the excise tax imposed under Section 4999 of the Code, then the payments will be reduced by the amount required to avoid the excise tax if the reduction would give the recipient a better after-tax result than if the recipient received the payments in full.

Section 409A. It is the intention of the Company that the A&R 2021 Plan and Awards granted under the A&R 2021 Plan either be exempt from, or comply with, Section 409A of the Internal Revenue Code.

Equity Compensation Plan Information

The following table sets forth information as of December 31, 2024 on the Company’s equity compensation plans:

|                                                               |     | Number of                 
 securities to             
 be issued                 
 upon                      
 exercise or conversion of 
 outstanding               
 options, AO LTIP Units,   
 warrants and              
 rights                    |           |     |    |     | Weighted                
 average                 
 exercise or conversion  
 price of                
 outstanding             
 options, AO LTIP Units, 
 warrants                
 and rights              |        |     |    |     | Number of     
 securities    
 remaining     
 available for 
 future        
 issuance      
 under equity  
 compensation  
 plans         |           |
|:--------------------------------------------------------------|:----|:--------------------------|----------:|:----|---:|:----|:------------------------|-------:|:----|---:|:----|:--------------|----------:|
| Equity compensation plans approved by security holders(1)     |     |                           | 3,190,298 |     | -2 |     | $                       | 231.89 |