Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 35

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 35
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 has provided Services (as defined in the Public Storage 2021 Equity and Performance-Based Incentive Compensation Plan (the 2021 Plan)) for a minimum of 10 years to the Company or its subsidiaries or affiliates (or previously provided Services to

#### 34| Public Storage | 2025 Proxy Statement

#### Corporate Governance
PS Business Parks or its subsidiaries or affiliates), and (z) the sum of his or her age and years of Service is at least 80.

In addition, upon the retirement of a non-management trustee, the trustee may exercise his/her vested options and/or AO LTIP Units during the one-year period following his/her retirement date from the Board or, if shorter, the period from his/her retirement date from the Board until the expiration of the original term of the options/AO LTIP Units. If not exercised within such period, the vested options/AO LTIP Units will automatically terminate at the end of such period.

Following the retirement of a non-management trustee, any DSUs received under the Trustee Deferral Program will be delivered as elected in the trustee’s election form.

Unvested equity awards (RSUs, options, LTIP Units, or AO LTIP Units) held by current non-management trustees who are former Public Storage executives will continue to vest under the terms of the Company’s equity incentive plans for so long as the trustee continues to provide service to the Company. Those awards will not qualify for accelerated vesting as described above upon the retirement of the non-management trustee.

2024 TRUSTEE COMPENSATION

The following table presents the compensation provided by the Company to our trustees for the year ended December 31, 2024.

| Trustee                   |     | Fees earned or 
 paid in cash   |     |         |     |    |     | Option       
 Awards(1)(2) |   |         |     | Total |   |         |
|:--------------------------|:----|:---------------|:----|--------:|:----|---:|:----|:-------------|:--|--------:|:----|:------|:--|--------:|
| Ronald L. Havner, Jr.     |     |                | $   | 120,000 |     | -3 |     |              | $ | 180,031 |     |       | $ | 300,031 |
| Tamara Hughes Gustavson   |     |                | $   | 120,000 |     |    |     |