Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 100

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 100
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 Company. In addition, the CHC Committee must obtain the consent of any participant whose rights or obligations are impaired as a result of any amendment, suspension, or termination.

#### Public Storage | 2025 Proxy Statement |93
Proposal 4: Approval of Amendment and Restatement of 2021 Plan

In general, we will seek shareholder approval of any amendment, suspension, or termination to the extent necessary to comply with NYSE listing standards and any applicable law, rule or regulation, including any amendment to increase the common shares available under the A&R 2021 Plan.

Change of Control

Accelerated Vesting if Awards Not Assumed. If the Company experiences a change of control (as defined in the A&R 2021 Plan) where Awards will not be assumed or continued by the surviving entity:

immediately before the change of control, except for performance awards, all restricted stock and stock units will vest (and all applicable restrictions and conditions will lapse);

immediately before the change of control, performance awards (including performance options and AO LTIP Units) will vest based on actual performance as of the change of control or target performance, as determined by the CHC Committee, and will vest pro rata based on the portion of the applicable performance period completed as of the change of control; and

at the CHC Committee’s discretion, either or both of the following actions may be taken: (a) all options and SARs will immediately vest (except for performance options, which will vest in accordance with the preceding bullet) and be exercisable 15 days before the change of control and terminate if unexercised upon the consummation of the change of control and/or (b) all options, SARs, restricted stock, and stock units will be terminated and cashed out or redeemed for securities of equivalent value.

Double-Trigger Accelerated Vesting if Awards Assumed. If the Company experiences a change of control where Awards will be assumed or continued by the surviving entity and do not otherwise accelerate or become exercisable at such time, the assumed or continued Awards will not vest unless (in addition to any other conditions set forth in the Award Agreement):

the change of control occurs; and

the recipient’s employment is terminated without Cause (as defined in the A&R 2021 Plan) within one year following the change of control.

Mandatory Repayment and Clawback

Any Award granted pursuant to the A&R 2021 Plan will be subject to the Company’s Incentive Compensation Recoupment Policy, which applies