Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 53

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 53
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 issuance of LTIP Units and the date of a book-up event for partnership tax purposes. At the time of a book-up event, asset gains are allocated to all outstanding units as provided under the Operating Partnership’s partnership agreement. Once LTIP Units have been allocated value equivalent to the common units of the Operating Partnership, the LTIP Units may be converted, subject to the satisfaction of all applicable vesting conditions, on a one-for-one basis into Operating Partnership common units, which are exchangeable by the holder for cash or, at the Company’s election, on a one-for-one basis into Company common shares. AO LTIP Units may be converted into LTIP Units at an implied purchase price comparable to an option exercise price. As a result, the conversion ratio from AO LTIP Units to LTIP Units will always be less than one-to-one.

Multi-Year Time-Based Stock Options / AO LTIP Units.For 2024, the CHC Committee granted each of our NEOs 20% of their total target dollar value of equity awards in the form of time-based stock options or, at the option of each NEO, time-based AO LTIP Units. For 2024, each NEO elected to receive AO LTIP Units. These awards vest ratably over the five years following the grant date.

#### Public Storage | 2025 Proxy Statement |53
Proposal 2: Approve Executive Compensation

The following table sets forth the 2024 target time-based AO LTIP Unit awards granted to our NEOs:

| NEO(1)                 |     | 2024 Target Time-Based Option / 
 AO LTIP Unit Award              
 (Five-Year Vesting Period)      
 Target Value(2)                 |   |     |           |     | Target Number |
|:-----------------------|:----|:--------------------------------|:--|:----|----------:|:----|--------------:|
| Joseph D. Russell, Jr. |     |                                 | $ |     | 1,410,000 |     |        28,155 |
| H. Thomas Boyle        |     |                                 | $ |     |   850,000 |     |        16,973 |
| Natalia N. Johnson     |     |                                 | $ |     |   635,000 |     |        12,680 |
| Nathaniel A. Vitan     |     |                                 | $ |     |   324,000 |     |         6,470 |

(1)Mr. Sambar joined