Natalia Johnson - Feb 5, 2024 Form 4 Insider Report for Public Storage (PSA)

Signature
/s/ Nathaniel A. Vitan, Attorney-in-Fact
Stock symbol
PSA
Transactions as of
Feb 5, 2024
Transactions value $
$0
Form type
4
Date filed
2/7/2024, 05:16 PM
Previous filing
Aug 9, 2023
Next filing
Feb 20, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PSA Stock Option (Right to Buy) Award $0 +77.5K $0.00 77.5K Feb 5, 2024 Common Shares 77.5K $222.66 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Reflects an award of performance-based stock options originally granted February 16, 2021, subject to a three year (2021-2023) performance period. As originally granted, this award was for 50,000 options (at target) with an exercise price of $229.95 per share. Pursuant to anti-dilution provisions of the Company's 2016 Equity and Performance-Based Incentive Compensation Plan, these options were adjusted to reflect the special dividend declared by the Company on July 22, 2022. On February 5, 2024, following completion of the performance period, the Compensation and Human Capital Committee certified performance at 150% of target, as reflected here. Three-fifths of these options will vest on February 16, 2024, with the remaining vesting ratably over the next two years.