Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 116

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 116
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 condition or business reputation of the Company: (i) any willful act or omission by a Participant constituting dishonesty, fraud, or other malfeasance and (ii) any material breach of an agreement between a Participant and the Company.

“Change of Control” means the occurrence of any of the following events: (i) the dissolution or liquidation of the Company, or a merger, consolidation, or reorganization of the Company with one or more entities in which the Company is not the surviving entity; (ii) a sale of substantially all of the Company’s assets; (iii) a merger in which the Company is the surviving entity but after which the Company’s shareholders immediately prior to such merger cease to own their shares or other equity interest in the Company; or (iv) the acquisition, sale, or transfer of more than 30% of the Company’s outstanding shares by tender offer or similar transaction.

“Code” means the Internal Revenue Code of 1986, as now in effect or as later amended. References to particular sections shall as appropriate take into account related rules, regulations, and interpretations.

“Committee” means the Board, or the committee appointed by the Board to administer the Plan, which shall be composed of not less than two Outside Trustees, each of whom shall (i) be a “non-employee director” within the meaning of Rule 16b-3 of the Exchange Act; and (ii) comply with the independence requirements under the applicable stock exchange listing requirements. Until otherwise determined by the Board, the Compensation and Human Capital Committee of the Board shall be the designated Committee under the Plan with respect to Awards.

#### B-2| Public Storage | 2025 Proxy Statement
Appendix B: Amended and Restated 2021 Plan

“Company” means Public Storage, a Maryland real estate investment trust, or its successors. As appropriate in the context, references to the Company will include references to Affiliates.

“Disability” means the Participant is unable to perform the essential duties of such Participant’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period of not less than twelve (12) months.

“Dividend Equivalent Right” means a right, granted under Section 11, to receive cash, Stock, other Awards, or other property equal in value to dividends paid relating to a specified number of shares of Stock, or other periodic payments.

“Effective Date” means May 7,