Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 98

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 98
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 is subject to transfer restrictions and may be subject to forfeiture or vesting conditions for a period of time as specified in the Award Agreement.

The recipient of a Restricted Stock has the rights of a shareholder, including voting and dividend rights, subject to any restrictions and conditions specified in the Award Agreement.

Dividend Equivalent Rights . A dividend equivalent right represents an unfunded and unsecured promise to pay to the recipient an amount equal to all or any portion of the regular cash dividends that would be paid on a specified number of common shares if those shares were owned by the recipient.

A dividend equivalent right may be granted alone or in connection with another Award. Under the A&R 2021 Plan, no payments will be made in respect of dividend equivalent rights before any applicable performance goals relating to the dividend equivalent right or the related Award are satisfied.

Options and Stock Appreciation Rights (SARs) . An option entitles the recipient to purchase common shares at an exercise price specified in the Award Agreement (which may be paid in cash or through a cashless exercise). As of March 3, 2025, the closing price of our common shares on the NYSE was $311.04. The A&R 2021 Plan only permits grants of nonqualified stock options, which are options that do not qualify as “incentive stock options” under Section 422 of the Code.

A stock appreciation right (SAR) may entitle the recipient to receive common shares, cash or other property on the exercise date having a value equal to the excess of market value of the underlying common shares over the exercise price specified in the Award Agreement.

#### 92| Public Storage | 2025 Proxy Statement
Proposal 4: Approval of Amendment and Restatement of 2021 Plan

Options and SARs become exercisable as specified in the Award Agreement but within ten years after the date of grant. The A&R 2021 Plan provides that we may not reset the exercise price for options and SARs and we may not issue any options or SARs with an exercise price less than the closing price of our common shares on the NYSE on the date of grant. Grants of options and SARs are subject to the individual limits described below.

LTIP Units . LTIP Units and AO LTIP Units are units of the Operating Partnership and are structured as “profits interests” for U.S. federal income tax purposes.

Once LTIP Units have been allocated value equivalent to the common units of the Operating Partnership, the LTIP Units may be converted, subject to