Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 49

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 49
---
 and for all of our NEOs together (other than Mr. Sambar, who joined the Company in October 2024 and did not participate in our 2024 NEO incentive compensation program), the split between (i) compensation, the ultimate value of which is at risk, including (a) multi-year time-based stock options /AO LTIP Units, and (b) compensation tied to the achievement of performance goals, consisting of performance-based stock options / AO LTIP Units, performance-based RSUs / LTIP Units, and annual cash incentive awards, and (ii) compensation with a fixed value, consisting of base salary. The amounts below reflect the target value of performance-based stock options / AO LTIP Units, performance-based RSUs / LTIP Units, and annual cash incentive awards as granted in 2024.

| 2024 CEO Compensation | 2024 NEO Compensation |

CASH COMPENSATION

Base Salaries.Consistent with the CHC Committee’s philosophy that executive compensation should be more heavily weighted towards performance-based, at-risk compensation, the CHC Committee set the following base salaries for our NEOs, which comprise a small percentage of each NEO’s potential compensation when compared to performance-based, at-risk compensation:

| Executive              |     | 2024 Base Salary(1) |   |           |
|:-----------------------|:----|:--------------------|:--|----------:|
| Joseph D. Russell, Jr. |     |                     | $ | 1,000,000 |
| H. Thomas Boyle        |     |                     | $ |   650,000 |
| Natalia N. Johnson     |     |                     | $ |   565,000 |
| Chris C. Sambar        |     |                     | $ |   800,000 |
| Nathaniel A. Vitan     |     |                     | $ |   425,000 |

(1)Reflects annualized salary. Mr. Sambar joined the Company on October 14, 2024.

#### Public Storage | 2025 Proxy Statement |49
Proposal 2: Approve Executive Compensation

2024 Annual Cash Incentive Program.Similar to prior years, the CHC Committee structured the 2024 annual cash incentive program to be based both on a financial performance metric and the Company’s achievement of strategic management goals. For the financial performance metric, the CHC Committee chose growth in Core FFO, as used in 2023. The CHC Committee weighted the Core FFO growth