Company: PSA-PH
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0000950170-25-046747
Chunk: 69

Company: Public Storage
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 69
---
 |
|              |     | 12/31/2017(7) |     |                               |       — |     |                   |       — |     |               |       — |     |              |      — |     |              | — |     |                           |    100 |     |           |    29,944 |     |           |      — |     |           |          — |
|              |     | TOTAL         |     |                               |       — |     |                   |  65,597 |     |               |  32,385 |     |              |        |     |              |   |     |                           | 11,324 |     |           | 3,390,859 |     |           | 10,214 |     |           |  3,058,480 |

Consists of awards of AO LTIP Units and performance-based AO LTIP Units granted to the NEOs. Vested AO LTIP Units are convertible (exercisable) into fully vested LTIP Units, which are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into OP Units. OP Units may be

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

exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company.

Consists of awards of LTIP Units and performance-based LTIP Units granted to the NEOs. Vested LTIP Units are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into OP Units. OP Units may be exchanged by the reporting person for common shares or the equivalent cash value of common shares, as determined by the Company. The values shown assume a price of $299.44 per share, the closing price for our common shares on the NYSE on December 31, 2024.

Three-fifths of these multi-year performance-based AO LTIP Units and performance-based LTIP Units will vest following certified achievement of applicable performance targets at the conclusion of the applicable three-year performance period, with the remaining vesting ratably (assuming the performance conditions were met) over the subsequent two years beginning one year from March 20, 2026 (for the 2023 awards) and one year from March 10, 2027 (for the 2024 awards). As of December