Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 43

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 43
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: Approve Executive Compensation

Our Compensation Philosophy and Practices Align Executive Pay with Performance and Long-Term Value-Creation

The Board and the CHC Committee believe that it is critical to Public Storage’s long-term success to:

attract and retain exceptional executives in a competitive labor market;

create the proper incentives that encourage executive share ownership and align executive compensation with Company performance and the creation of long-term value;

motivate our executives to achieve the Company’s performance goals by putting a substantial portion of each executive’s compensation “at risk” and by tying a significant portion of executive compensation to the Company’s achievement of pre-established performance criteria; and

provide a total compensation package that is competitive and appropriate to each executive’s experience, responsibilities, and performance.

The following key features of our compensation program reflect our philosophy:

| What We Do |   |                                                                                           |     | What We Don’t Do |   |                                                                                        |
|            | ☑ | Substantial portion of our NEOs’ compensation is “at risk”                                |     |                  | ☒ | No employment, “golden parachute,” or severance agreements with our NEOs               |
|            | ☑ | High percentage of executive compensation in equity                                       |     |                  | ☒ | No guaranteed bonus or salary increase arrangements with our NEOs except for new hires |
|            | ☑ | Long equity vesting periods promote retention and align pay with long-term value creation |     |                  | ☒ | No excessive perquisites                                                               |
|            | ☑ | Robust security ownership guidelines and strong clawback provisions                       |     |                  | ☒ | No repricing of stock options                                                          |
|            | ☑ | 80% of long-term equity compensation subject to multi-year relative performance           |     |                  | ☒ | No tax gross ups                                                                       |
|            | ☑ | Double-trigger for accelerated vesting of equity upon a change in control                 |     |                  | ☒ | No supplemental retirement plans                                                       |
|            |   |                                                                                           |     |                  | ☒ | No hedging against price fluctuations in the Company’s securities                      |

#### Public Storage | 2025 Proxy Statement |43
Proposal 2: Approve Executive Compensation

Our Compensation Process is Disciplined, Balanced, and Responsive to Our Shareholders

The CHC Committee determines our compensation philosophy and makes all final compensation decisions for our CEO and other NEOs. It has the authority to select, retain, and terminate advisors and other experts (including independent compensation consultants