Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 48

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 48
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 CHC Committee designed the 2024 compensation program to be consistent with our pay-for-performance philosophy. Given the strong support expressed by shareholders for the 2023 compensation program, the CHC Committee retained the design of this program. The following are the key components of the Company’s 2024 compensation program. The CHC Committee’s ultimate 2024 performance awards are described in the section that follows.

Incentivizing and Rewarding Performance Through At-Risk Pay

Our executive compensation design is simple, effective, and links pay to performance and the creation of long-term value. We pay our NEOs a mix of cash and equity, the substantial majority of which is “at risk” and tied to achieving performance objectives set by the CHC Committee in light of the Company’s long-term strategy and the current business environment. We promote responsible growth and risk management and align the interests of our executives with the interests of our shareholders by using performance-based equity awards that are subject to long, above-market vesting periods as the predominant form of compensation. The main elements of our 2024 executive compensation program are summarized as follows:

| Compensation Type |                     |                                         |                                                                                                                                     | Pay Element                                                                           |                                                                                               | Primary Objectives                                                                                               |
| FixedPay          |                     | CashCompensation                        |                                                                                                                                     | BaseSalary                                                                            |                                                                                               | •The only fixed element of compensation, provides stable income and compensation for day-to-day responsibilities 
 •Helps attract and retain exceptional talent                                                                     |
| At-RiskPay        |                     | Annual Performance-Based Cash Incentive |                                                                                                                                     | •Aligns compensation with business strategy                                           
 •Motivates and rewards achievement of predefined annual financial and strategic goals |                                                                                               |                                                                                                                  |
|                   | Equity Compensation |                                         | Multi-Year Time-Based Stock Options / AO LTIP UnitsMulti-Year Performance-Based Stock Options / AO LTIP Units and RSUs / LTIP Units |                                                                                       | •Drive sustainable performance through achievement of predetermined financial and other goals 
 •Align the interest of executives with those of shareholders                                  
 •Help retain executive talent through extended vesting schedule (5 years)                     |                                                                                                                  |

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

2024 At-Risk Compensation of Our NEOs

We believe that paying a significantly larger percentage of total compensation to our NEOs in at-risk cash and equity incentive awards advances our pay-for-performance compensation philosophy. The following charts depict for Mr. Russell, our CEO,