Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 92

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 92
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2021 Plan

| Approve the Amendment and Restatement of the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan |
| RECOMMENDATION: Vote FOR the approval of the amendment and restatement of the 2021 Plan                                   |

#### Public Storage | 2025 Proxy Statement |87
Proposal 4: Approval of Amendment and Restatement of 2021 Plan

PROPOSAL 4

Approval of Amendment and

Restatement of 2021 Plan

EXECUTIVE SUMMARY

We are seeking shareholder approval to amend and restate the 2021 Plan, which was previously approved by our shareholders in April 2021, to increase the number of common shares reserved for issuance under the 2021 Plan by an additional 3.0 million shares and to extend the termination date of the 2021 Plan from April 25, 2031 to May 7, 2035, which would be 10 years from the date of shareholder approval of the amendment and restatement of the 2021 Plan.

The Board believes that the 2021 Plan is a necessary and important tool for attracting and retaining exceptional employees who are essential to the Company’s success and in aligning those individuals’ long-term interests with those of our shareholders. As a result, on February 20, 2025 (the Amendment Date), the Board approved an amendment and restatement of the 2021 Plan (as proposed to be amended and restated, the A&R 2021 Plan), subject to approval by the Company’s shareholders, to increase the total number of common shares authorized and reserved for issuance under the 2021 Plan and to extend its term.

If this Proposal 4 is approved by our shareholders, the A&R 2021 Plan will become effective as of the Amendment Date. In the event that our shareholders do not approve this Proposal 4, the A&R 2021 Plan will not become effective and the 2021 Plan will continue in its current form. However, without the A&R 2021 Plan, we believe that the shares available for grant under the 2021 Plan will be insufficient to meet our anticipated recruiting and retention needs.

Background ofthe Proposal

Since the 2021 Plan’s effective date in April 2021 and through March 5, 2025, an aggregate of 2,111,264 common shares have either been issued pursuant to awards or were subject to outstanding awards. Accordingly, as of March 5, 2025, 888,