Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 29

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 29
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• Encourage management to create shareholder value over the long-term;

• Promote management retention because full vesting of the awards generally requires continued employment for multiple years; and

| NATIONAL STORAGE AFFILIATES 2025 PROXY STATEMENT |     | 34 |

• Encourage Company growth and the achievement of our business strategies that can take more than one year to execute when they are tied to specific performance criteria.

Long-term equity incentive compensation may be granted in many forms under our 2024 Equity Incentive Plan ("2024 Plan"). For a further description of such awards, see "–Awards Under the Plan" below. We currently use LTIP unit awards in connection with our executive compensation program.

Our long-term equity incentive compensation framework is designed to align the interests of the Company's NEOs with those of the Company's shareholders in a multi-year pay-for-performance structure utilizing both performance-based and time-based LTIP unit awards. The awards are structured to reward, among other things, favorable shareholder returns, the Company’s competitive position within its segment of the real estate industry, and each NEO's contributions to the Company. For each long-term incentive grant in 2024, 40% of the target dollar value of the award is time-based, and the remaining 60% is performance-based. We may also issue long-term incentive grants in connection with the hiring or promotion of NEOs or the achievement of certain strategic initiatives, which may be in this same format or which may have a different composition.

#### Awards Granted in 2024
The terms of the LTIP awards granted on January 1, 2024 for the performance period ending December 31, 2026 are depicted below.

| 100% of target dollar value of LTIP unit award                                             |     |                                                                                                 |     | 60% Performance-Based  |     | 70% 3-Year TSR versus MSCI US REIT Index ("MSCI Component")(1) |     |                           |     |                                                                         |
| 30% 3-Year TSR versus Peer Group 3-Year Weighted Average TSR ("Storage Peer Component")(1) |     |                                                                                                 |     |                        |     |                                                                |     |                           |     |                                                                         |
| 3-YEAR CLIFF VESTING IF FUTURE RELATIVE PERFORMANCE IS MET                                 |     |                                                                                                 |     |                        |     |                                                                |     |                           |     |                                                                         |
|                                                                                            |     |                                                                                                 |     | MSCI Component         |     |