Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 70

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 70
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31, 2024, performance exceeded target for the March 15, 2023 grants and, as such, is reflected at a maximum payout of 200% in accordance with the terms of the applicable awards. Performance for the March 5, 2024 grants was at target and, as such, is reflected at a target payout of 100% in accordance with the terms of the applicable awards.

These AO LTIP Units or LTIP Units vest in five equal annual installments, beginning one year from the grant date.

These performance-based LTIP Units vest in five equal annual installments, beginning one year following certification by the CHC Committee of the level of achievement of the performance targets at the conclusion of the one-year performance period.

Three-fifths of these performance-based AO LTIP Units vested following certification by the CHC Committee of achievement of applicable performance targets at the conclusion of the three-year performance period, with the remaining vesting ratably over the subsequent two years beginning one year from March 6, 2023.

These LTIP Units vest in eight equal installments, beginning one year from the grant date.

These LTIP Units vest in three equal installments, beginning one year from the grant date.

#### Public Storage | 2025 Proxy Statement |69
Proposal 2: Approve Executive Compensation

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

Payments upon Termination.We do not have employment agreements with any NEO that provide for future payments upon termination of employment with the Company.

We do not have a formal severance policy for payments upon termination of employment, whether through voluntary or involuntary termination, other than as specifically set forth in our 2021 Plan (and applicable predecessor plans), 401(k) Plan, Retirement Equity Vesting Policy, or as required by law. Subject to the special circumstances noted below, the following indicates our general practice:

any vested stock options/AO LTIP Units following a voluntary termination of employment must be exercised within 90 days following the individual’s last date of employment (but before the termination date of the option);

any vested stock options/AO LTIP Units following an involuntary termination of employment must be exercised within one year (or 30 days in the case of a termination for cause) following the individual’s last date of employment (but before the termination date of the option / AO LTIP Unit);

all unvested stock options/AO LTIP Units and/or RSUs/LTIP Units following a termination of employment are forfeited; and