Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 38

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 38
---
 case, in a lump sum upon the trustee’s earlier death or disability or upon a change of control of the Company. The number of DSUs or common shares, as applicable, granted represents the quotient of the dollar amount of that portion of the cash retainers earned for each quarter elected by the trustee to be paid in DSUs or fully vested common shares divided by the Company’s closing stock price on the grant date, rounded up to the nearest whole share.

Ms. Hawthorne’s Board service began on July 25, 2024.

Ms. Heisz’s and Mr. Neithercut’s Board service ended on May 7, 2024.

Given his position as an executive officer of the Company, Mr. Russell did not receive any compensation for his service as a trustee in 2024.

#### 36| Public Storage | 2025 Proxy Statement
Proposal 2:

Advisory Vote to Approve

Executive Compensation

| Approve, on an advisory basis, the compensation paid to the Company’s NEOs as discussed and disclosed in the CD&A, the compensation tables, and any related material contained in this proxy statement. |
| RECOMMENDATION: Vote FOR the approval, on an advisory basis, of the compensation of the Company’s NEOs                                                                                                  |

#### Public Storage | 2025 Proxy Statement |37
Proposal 2: Approve Executive Compensation

PROPOSAL 2

ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION

EXECUTIVESUMMARY

Pursuant to Section 14A of the Securities Exchange Act of 1934 (the Exchange Act), we provide our shareholders the opportunity to vote on the compensation program for our NEOs through a nonbinding annual advisory vote (Say-on-Pay proposal). Although the vote on the Say-on-Pay proposal is advisory and nonbinding, the CHC Committee values the opinions of our shareholders and will continue to consider the outcome of the vote and other sources of shareholder feedback when making future compensation decisions.

As described more fully in the following Compensation Discussion and Analysis, we believe our compensation program for NEOs helped Public Storage deliver strong performance in 2024, despite the market volatility and economic uncertainty experienced through the year.

We ask our shareholders to indicate their support for the compensation of our NEOs as disclosed in this proxy statement by voting“FOR”the following resolution:

“RESOLVED, that the shareholders of Public Storage approve, on an advisory basis, the compensation paid to Public Storage’s Named Executive Officers, as disclosed