Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 99

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 99
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 the satisfaction of all applicable vesting conditions, on a one-for-one basis into Operating Partnership common units, which are exchangeable by the holder for cash or, at the Company’s election, on a one-for-one basis into Company common shares. AO LTIP Units may be converted into LTIP Units at an implied purchase price comparable to an option exercise price. As a result, the conversion ratio from AO LTIP Units to LTIP Units will always be less than one-to-one.

The minimum vesting period for any Award, including a portion or installment of an Award, under the A&R 2021 Plan is one year. However, up to 5% of the shares authorized under the A&R 2021 Plan are exempt from the one-year minimum vesting requirement. In addition, the CHC Committee may provide for the earlier vesting, exercisability, and/or settlement under any Award in the event of a recipient’s death or disability or upon the occurrence of certain conditions in connection with a change in control.

Eligibility

The A&R 2021 Plan permits grants of Awards to any employees (including officers), trustees, consultants, and advisers of the Company and its affiliates and subsidiaries, and any other individual whose participation in the A&R 2021 Plan the CHC Committee determines is in the best interests of the Company.

The CHC Committee, in its discretion, will approve Awards to be granted under the A&R 2021 Plan. We expect that substantially all Award grants pursuant to the A&R 2021 Plan will be made to the Company’s employees, executive officers, and non-employee trustees. As of March 3, 2025, the record date, the Company had approximately 5,800 employees, including five executive officers, and 11 non-employee trustees who are eligible to participate in the A&R 2021 Plan. The approximate number of total persons eligible to participate in the A&R 2021 Plan is 5,800.

Amendment

The CHC Committee may, at any time, amend, suspend, or terminate the A&R 2021 Plan; provided, however, that the CHC Committee may not make any amendments to reduce the option price or SAR exercise price of an outstanding option or SAR by lowering the option price or SAR exercise price or by canceling the outstanding option or SAR in exchange for cash, other securities, or a replacement option or SAR with a lower option price or SAR exercise price, in each case without the approval of the shareholders of the