Document:

psa-20181231 Exhibit 1029

		

			Exhibit 10.29

		

		
			DEFERRED STOCK UNIT AGREEMENT
		

		
			UNDER THE
		

		
			NON-MANAGEMENT TRUSTEE COMPENSATION AND DEFERRAL PROGRAM
		

		
			UNDER THE
		

		
			PUBLIC STORAGE
		

		
			2016 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN
		

		
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			THIS DEFERRED STOCK UNIT AGREEMENT (the “Agreement”) is made as of ______________, (the “Grant Date”), by and between Public Storage (the “Company”), and __________________ (the “Grantee”).  Capitalized terms not otherwise defined herein shall have the meanings given to them in the Non-Management Trustee Compensation and Deferral Program (the “Program”) under the Public Storage 2016 Equity and Performance-Based Incentive Compensation Plan (as amended from time to time, the “Plan”) or the Plan.
		

		
			WHEREAS, the Board of Trustees of the Company has duly adopted, and the shareholders of the Company have duly approved, the Plan, which provides for the grant to Service Providers of Stock Units relating to shares of Stock, which may be granted from time to time as the Committee so determines; and  
		

		
			WHEREAS, the Company has determined that it is desirable and in its best interests to grant to the Grantee, pursuant to the Plan and the Program, Deferred Stock Units relating to a certain number of shares of Stock as compensation for services rendered to the Company, and/or in order to provide the Grantee with an incentive to advance the interests of the Company, all according to the terms and conditions set forth in this Agreement.
		

		
			NOW,  THEREFORE, in consideration of the mutual benefits hereinafter provided, and each intending to be legally bound, the Company and the Grantee agree as follows:
		

			
	
			
				 1.
			

			
	
			
			DEFERRED STOCK UNITS.

		
			1.1Grant.  Subject to the terms of the Plan and the Program (the terms of which will be treated as incorporated by this reference), the Company grants to the Grantee ________ Deferred Stock Units, on the terms and subject to the conditions set forth below.
		

		
			1.2Vesting.  The Deferred Stock Units shall be 100% vested as of the Grant Date.
		

		
			1.3Restrictions on Transfer.  The Grantee may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Deferred Stock Units.
		

			
	
			
				 2.
			

			
	
			
			DELIVERY DATE.

		
			2.1Time and Form.
		

		
			Settlement of the Deferred Stock Units shall be made at the time (or times) and in the form specified by the Grantee in his/her applicable DSU Election(s) (the “Delivery Date(s)”).  No settlement of the Deferred Stock Units shall be later than the later of: (a) the last day of the calendar year in which the Delivery Date occurs or (b) the 15th day of the third calendar month following the Delivery Date.  Notwithstanding the foregoing or any DSU Election, in all events, settlement of the Deferred Stock Units shall be made in a lump sum as soon as administratively feasible following: (i) the Grantee’s death, (ii) the Grantee’s disability (as such term is defined for purposes of Code Section 409A), or (iii) a Change of Control of the Company (as defined for purposes of the Program), but in no case later than the later of 
		

		 

		

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			PSA – Form of Award Agreement 7 – Trustee Deferred RSU (Form 10-K Exhibit 10.29)

		

		

			 

		

 

		

			Exhibit 10.29

		

		(1) the last day of the calendar year in which such event occurs or (2) the 15th day of the third calendar month following such event.  In those cases, the date of the relevant event shall constitute the Delivery Date for purposes of the Program.
		

		
			2.2Delivery of Shares.
		

		
			Settlement of the Deferred Stock Units shall be made solely in the form of shares of Stock.  When any shares are paid to Grantee, the Company shall deliver to the Grantee a certificate or electronic confirmation of ownership, as applicable, for the number of shares of Stock represented by the Deferred Stock Units which have been delivered to Grantee.  Upon the issuance of the shares, Grantee’s payment of the aggregate par value of the shares delivered to Grantee will be deemed paid by Grantee’s past services to the Company or its Affiliates.
		

			
	
			
				 3.
			

			
	
			
			NO SHAREHOLDER RIGHTS; DIVIDEND EQUIVALENT RIGHTS.

		
			The Grantee shall have none of the rights of a shareholder with respect to the Deferred Stock Units.  Notwithstanding the foregoing, the Grantee shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding shares of Stock, a cash payment for each Deferred Stock Unit held as of the record date for such dividend equal to the per-share dividend paid on the shares of Stock, which cash payment shall be made at the same time as the Company’s payment of a cash dividend on its outstanding shares of Stock.
		

			
	
			
				 4.
			

			
	
			
			WITHHOLDING OF TAXES.

		
			The Grantee agrees as a condition of this Agreement that the Grantee will make acceptable arrangements to pay any withholding or other taxes that may be due relating to the Deferred Stock Units or the issuance of shares of Stock with respect to the Deferred Stock Units.
		

			
	
			
				 5.
			

			
	
			
			DISCLAIMER OF RIGHTS.

		
			No provision of this Agreement shall be construed to confer upon the Grantee the right to continue in Service, or to interfere in any way with the right and authority of the Company or any Affiliate either to increase or decrease the compensation of the Grantee at any time, or to terminate the Grantee’s Service.
		

			
	
			
				 6.
			

			
	
			
			INTERPRETATION OF THE AGREEMENT.

		
			All decisions and interpretations made by the Committee with regard to any question arising under the Plan, the Program, or this Agreement shall be binding and conclusive on the Company and the Grantee and any other person.  In the event that there is any inconsistency between the provisions of this Agreement and of the Plan or Program, the provisions of the Plan or Program shall govern.
		

		
			The grant of Deferred Stock Units under this Agreement is intended to comply with Code Section 409A to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Code Section 409A.
		

			
	
			
				 7.
			

			
	
			
			GOVERNING LAW.

		
			Except to the extent governed by provisions of the Code, the validity and construction of this Agreement shall be governed by the laws of the State of Maryland, other than any conflicts or choice of 
		

		 

		

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			PSA – Form of Award Agreement 7 – Trustee Deferred RSU (Form 10-K Exhibit 10.29)

		

		

			 

		

 

		

			Exhibit 10.29

		

		law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive laws of any other jurisdiction.
		

			
	
			
				 8.
			

			
	
			
			BINDING EFFECT.

		
			Subject to all restrictions provided for in this Agreement and by applicable law, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, transferees and assigns.
		

			
	
			
				 9.
			DATA PRIVACY.  

		
			To administer the Plan, the Company may process personal data about the Grantee. Such data includes, but is not limited to, the information provided in this Agreement, Grantee’s DSU Election, and any changes to those documents, other appropriate personal and financial data about the Grantee such as home address and business addresses and other contact information, and any other information that might be deemed appropriate by the Company to facilitate the administration of the Plan and the Program.  By accepting this grant, the Grantee hereby gives express consent to the Company to process any such personal data.  The Grantee also gives express consent to the Company to transfer any such personal data outside the country in which the Grantee works, including, with respect to non-U.S. resident Grantees, to the United States, to transferees who will include the Company and other persons who are designated by the Company to administer the Plan and/or the Program.
		

			
	
			
				 10.
			

			
	
			
			CONSENT TO ELECTRONIC DELIVERY OF MATERIALS.

		
			The Company may choose to deliver certain statutory materials relating to the Plan and/or the Program in electronic form.  By accepting this grant, the Grantee agrees that the Company may deliver the Plan prospectus and any annual reports to the Grantee in an electronic format.  If at any time the Grantee would prefer to receive paper copies of these documents, as the Grantee is entitled to, the Company would be pleased to provide copies.  The Grantee should contact the Company’s Legal Department to request paper copies of these documents.
		

			
	
			
				 11.
			

			
	
			
			ENTIRE AGREEMENT.

		
			This Agreement, the DSU Election made with respect to the Deferred Stock Units under and pursuant to the Program, the Program, and the Plan constitute the entire agreement, and supersede all prior understandings and agreements, written or oral, of the parties, with respect to the subject matter hereof.  Neither this Agreement nor any of its terms may be amended, waived, discharged or terminated except by a written instrument signed by the Company and the Grantee; provided, however, that the Company unilaterally may waive any provision in writing to the extent that such waiver does not adversely affect the interests of the Grantee, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision of this Agreement.
		

		

		

		 

		

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			PSA – Form of Award Agreement 7 – Trustee Deferred RSU (Form 10-K Exhibit 10.29)

		

		

			 

		

 

		

			Exhibit 10.29

		

		
		

		
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			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
		

			
					
						GRANTEE:

					
					
						PUBLIC STORAGE

				
	
					
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						____________________________________________

					
					
						____________________________________________

				
	
					
						Name:

					
					
						Name:

				
	
					
						﻿

					
					
						Title:

				

		
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			Signature Page to the Deferred Stock Unit Agreementpsa-20181231 Exhibit 1030

		

			Exhibit 10.30

		

		
			PUBLIC STORAGE
		

		
			2016 EQUITY AND PERFORMANCE-BASED INCENTIVE COMPENSATION PLAN
		

		
			STOCK UNIT AGREEMENT
		

		
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			THIS STOCK UNIT AGREEMENT (the “Agreement”) is made as of _____________ (the “Grant Date”), by and between Public Storage (the “Trust”), and __________________ (the “Grantee”).  Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Trust’s 2016 Equity and Performance-Based Incentive Compensation Plan (as amended from time to time, the “Plan”).
		

		
			WHEREAS, the Board of Trustees of the Trust has duly adopted, and the shareholders of the Trust have duly approved, the Plan, which provides for the grant to Service Providers of Stock Units relating to common shares of beneficial ownership of the Trust, par value $.10 per share (the “Stock”), which may be granted from time to time as the Committee so determines; and 
		

		
			WHEREAS, the Trust has determined that it is desirable and in its best interests to grant to the Grantee, pursuant to the Plan, Stock Units relating to a certain number of shares of Stock as compensation for services rendered to the Trust, and/or in order to provide the Grantee with an incentive to advance the interests of the Trust, all according to the terms and conditions set forth herein.
		

		
			NOW,  THEREFORE, in consideration of the mutual benefits hereinafter provided, and each intending to be legally bound, the Trust and the Grantee hereby agree as follows:
		

			
	
			
				 1.
			

			
	
			
			GRANT OF STOCK UNITS.

		
			Subject to the terms of the Plan (the terms of which are incorporated by reference herein), the Trust hereby grants to the Grantee ________ Stock Units, on the terms and subject to the conditions hereinafter set forth.  
		

			
	
			
				 2.
			

			
	
			
			VESTING OF STOCK UNITS.

		
			2.1.Service Requirement.
		

		
			Rights in respect of [  ]% of the number of Stock Units specified in Section 1 above shall vest on each of the first [  ] anniversary[ies] of the Grant Date [or insert vesting schedule], provided that the Grantee is in Service on the applicable vesting date.  The period during which the Stock Units have not vested and therefore are subject to a substantial risk of forfeiture is referred to below as the “Restricted Period.”
		

			
	
			
				 2.2.
			

			
	
			
			Restrictions on Transfer.

		
			The Grantee may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Stock Units.
		

			
	
			
				 2.3.
			

			
	
			
			Delivery of Shares.

		
			When a portion of the Stock Units shall vest pursuant to Section 2.1 or 3, the Trust shall deliver to the Grantee a certificate or electronic confirmation of ownership, as applicable, for the number of shares of Stock represented by the Stock Units which have vested,  which delivery shall occur within 60 days following the earlier of such vesting events.  Upon the issuance of the shares, Grantee’s payment of the aggregate par value of the shares delivered to Grantee will be deemed paid by Grantee’s past services to the Trust or its Affiliates.
		

			
	
			
				 3.
			

			
	
			
			TERMINATION OF SERVICE.

		
			Upon the termination of the Grantee’s Service other than by reason of death, Disability, or Retirement (as defined below), any Stock Units held by the Grantee that have not vested shall terminate immediately, and the Grantee shall forfeit any rights with respect to such Stock Units.  If the Grantee’s Service is terminated because of his or her death or Disability, all Stock Units granted to the Grantee pursuant to this Agreement that have not previously vested shall immediately become vested.  If the Grantee’s Service is terminated for any reason (other than for Cause (as 
		

		 

		

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			PSA – Form of Award Agreement 5 – Executive RSU (Form 10-K Exhibit 10.30)

		

		

			 

		

 

		

			Exhibit 10.30

		

		defined in the Plan)) at a time when the Grantee is “retirement eligible” (as determined by the Board of Trustees, “Retirement”), all Stock Units granted to the Grantee pursuant to this Agreement that have not previously vested shall immediately become vested.   
		

			
	
			
				 4.
			

			
	
			
			DIVIDEND AND VOTING RIGHTS.

		
			The Grantee shall have none of the rights of a shareholder with respect to the Stock Units.  Notwithstanding the foregoing, the Grantee shall be entitled to receive, upon the Trust’s payment of a cash dividend on its outstanding shares of Stock, a cash payment for each Stock Unit held as of the record date for such dividend equal to the per-share dividend paid on the shares of Stock, which cash payment shall be made at the same time as the Trust’s payment of a cash dividend on its outstanding shares of Stock.
		

			
	
			
				 5.
			

			
	
			
			WITHHOLDING OF TAXES.

		
			The Trust and any Affiliates shall have the right to deduct from payments of any kind otherwise due to the Grantee any federal, state, or local taxes of any kind required by law to be withheld with respect to the termination of the Restricted Period or the issuance of shares with respect to the Stock Units.  At the termination of the Restricted Period and/or the issuance of shares, the Grantee shall pay to the Trust any amount that the Trust may reasonably determine to be necessary to satisfy such withholding obligation.  Subject to the prior approval of the Trust, which may be withheld by the Trust in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Trust to withhold shares of Stock otherwise deliverable or (ii) by delivering to the Trust shares of Stock already owned by the Grantee.  The shares of Stock so delivered or withheld shall have a Fair Market Value equal to such withholding obligations.  The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Trust as of the date that the amount of tax to be withheld is to be determined.  A Grantee who has made an election pursuant to this Section 5 may satisfy his or her withholding obligation only with shares of Stock that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.
		

			
	
			
				 6.
			

			
	
			
			DISCLAIMER OF RIGHTS.

		
			No provision of this Agreement shall be construed to confer upon the Grantee the right to continue in Service, or to interfere in any way with the right and authority of the Trust or any Affiliate either to increase or decrease the compensation of the Grantee at any time, or to terminate the Grantee’s Service.
		

			
	
			
				 7.
			

			
	
			
			DATA PRIVACY.

		
			To administer the Plan, the Trust may process personal data about the Grantee. Such data includes, but is not limited to, the information provided in this Agreement and any changes thereto, other appropriate personal and financial data about the Grantee such as home address and business addresses and other contact information, and any other information that might be deemed appropriate by the Trust to facilitate the administration of the Plan.  By accepting this grant, the Grantee hereby gives express consent to the Trust to process any such personal data. Grantee also gives express consent to the Trust to transfer any such personal data outside the country in which Grantee works, including, with respect to non-U.S. resident Grantees, to the United States, to transferees who will include the Trust and other persons who are designated by the Trust to administer the Plan.
		

			
	
			
				 8.
			

			
	
			
			CONSENT TO ELECTRONIC DELIVERY OF MATERIALS.

		
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			The Trust may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant, Grantee agrees that the Trust may deliver the Plan prospectus and any annual reports to Grantee in an electronic format. If at any time Grantee would prefer to receive paper copies of these documents, as Grantee is entitled to, the Trust would be pleased to provide copies. Grantee will contact the Trust’s Legal Department to request paper copies of these documents.
		

		
			﻿
		

			
	
			
				 9.
			

			
	
			
			INTERPRETATION OF THE AGREEMENT.

		
			All decisions and interpretations made by the Committee with regard to any question arising under the Plan or this Agreement shall be binding and conclusive on the Trust and the Grantee and any other person.  In the event 
		

		 

		

			2

		

		

			  

		

		

			PSA – Form of Award Agreement 5 – Executive RSU (Form 10-K Exhibit 10.30)

		

		

			 

		

 

		

			Exhibit 10.30

		

		that there is any inconsistency between the provisions of this Agreement and of the Plan, the provisions of the Plan shall govern.
		

		
			The grant of Stock Units under this Agreement is intended to comply with Section 409A of the Code and the related Treasury Regulations (“Section 409A”) to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Section 409A.  The Trust, however, will have no liability to the Grantee if Section 409A is determined to apply and adversely affects Grantee.
		

		
			For purposes of this Agreement, a termination of Service only occurs upon an event that would be a “separation from service” (as defined in Section 409A).  If at the time of the Grantee’s separation from service, (i) the Grantee is a “specified employee” (as defined in Section 409A and using the identification methodology selected by the Company from time to time), and (ii) the Trust makes a good faith determination that an amount payable on account of such separation from service to the Grantee constitutes “deferred compensation” (within the meaning of Section 409A), payment to the specified employee may not be made before the date that is six months after the date of the Grantee’s separation from service from the Trust or its Affiliates (or, if earlier, the date of the Grantee’s death).
		

		
			With respect to any amount payable under this Agreement to the Grantee that constitutes “deferred compensation” (within the meaning of Section 409A), payment under this Agreement may not be accelerated upon a Change in Control under the Plan, unless such Change in Control is also a “change in control” (as defined in Section 409A) or unless otherwise permitted by Section 409A.  Upon a Change in Control under the Plan that is not a “change in control” (as defined in Section 409A), such payment shall be made on the next payment date permitted by Section 409A.   
		

			
	
			
				 10.
			

			
	
			
			GOVERNING LAW.

		
			This Agreement shall be governed by the laws of the State of Maryland (but not including the choice of law rules thereof).
		

			
	
			
				 11.
			

			
	
			
			BINDING EFFECT.

		
			Subject to all restrictions provided for in this Agreement and by applicable law, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, transferees and assigns.
		

			
	
			
				 12.
			

			
	
			
			CLAWBACK.

		
			The Stock Units shall be subject to mandatory repayment by the Grantee to the Trust to the extent the Grantee is, or in the future becomes, subject to (i) any Trust “clawback” or recoupment policy that is adopted to comply with the requirements of any applicable laws, or (ii) any applicable laws which impose mandatory recoupment, under circumstances set forth in such applicable laws.
		

			
	
			
				 13.
			

			
	
			
			ENTIRE AGREEMENT.

		
			This Agreement and the Plan constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof.  Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated except by a written instrument signed by the Trust and the Grantee; provided, however, that the Trust unilaterally may waive any provision hereof in writing to the extent that such waiver does not adversely affect the interests of the Grantee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.
		

		
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			IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
		

		
			﻿
		

			
					
						GRANTEE:

					
					
						PUBLIC STORAGE

				
	
					
						﻿

					
					
						 

				
	
					
						﻿

					
					
						 

				
	
					
						____________________________________________

					
					
						____________________________________________

				
	
					
						Name:

					
					
						Name:

				
	
					
						﻿

					
					
						Title:

				

		
			﻿
		

		 

		

			Signature Page to the Stock Unit Agreement

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