Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 95

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 95
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| Shares underlying AO LTIP Units and performance-based AO LTIP Units granted(1) |      |     194,266 |   |     |      |           — |   |     |      |           — |   |     |         |      64,755 |   |
| Shares underlying LTIP Units and performance-based LTIP Units granted(1)       |      |      55,960 |   |     |      |           — |   |     |      |           — |   |     |         |      18,653 |   |
| Total Awards Granted                                                           |      |     326,431 |   |     |      |     355,610 |   |     |      |     381,841 |   |     |         |     354,627 |   |
| Weighted-average basic shares outstanding                                      |      | 175,351,000 |   |     |      | 175,472,000 |   |     |      | 175,257,000 |   |     |         | 175,360,000 |   |
| Burn rate(2)                                                                   |      |        0.19 | % |     |      |        0.20 | % |     |      |        0.22 | % |     |         |        0.20 | % |

(1)Represents the gross number of common shares underlying options, RSUs, AO LTIP Units, and LTIP Units granted during the applicable year.

(2)Equity-based awards divided by weighted average shares outstanding.

The A&R 2021 Plan Includes Compensation and Governance Best Practices

The A&R 2021 Plan includes provisions that are designed to protect our shareholders’ interests and to reflect corporate governance best practices, including:

Fixed plan term of ten years.

No “evergreen” provision to automatically increase the number of shares available for issuance without shareholder approval.

Awards granted pursuant to the A&R 2021 Plan will be subject to our “clawback” (recoupment) policy.

No repricing or below-market grants of options and stock appreciation rights (SARs).

No liberal share recycling.

Double-trigger change of control provisions that limit acceleration in a change of control unless the employee was also terminated without cause.

No liberal change of control definition.

Minimum one-year vesting requirement that applies to 95% of the shares authorized for grant under the A&R 2021 Plan.

The essential features of the