4//SEC Filing
Vitan Nathaniel A. 4
Accession 0001393311-24-000135
CIK 0001393311other
Filed
May 8, 8:00 PM ET
Accepted
May 9, 8:06 PM ET
Size
15.1 KB
Accession
0001393311-24-000135
Insider Transaction Report
Form 4
Vitan Nathaniel A.
Chief Legal Officer
Transactions
- Disposition to Issuer
Stock Option (Right to Buy)
2024-05-07−64,546→ 0 totalExercise: $221.68From: 2023-03-06Exp: 2030-03-05→ Common Shares (64,546 underlying) - Award
AO LTIP Units
2024-05-07+64,546→ 64,546 totalExp: 2030-03-05→ Common Shares (64,546 underlying)
Holdings
- 3,614
Common Shares
- 77,456
AO LTIP Units
Exercise: $222.66From: 2024-02-16Exp: 2031-02-15→ Common Shares (77,456 underlying) - 6,470
AO LTIP Units
Exercise: $279.51From: 2025-03-05Exp: 2034-03-04→ Common Shares (6,470 underlying) - 9,000
LTIP Units
→ Common Shares (9,000 underlying) - 6,196
AO LTIP Units
Exercise: $228.74From: 2020-05-27Exp: 2029-05-26→ Common Shares (6,196 underlying)
Footnotes (7)
- [F1]Three-fifths of this multi-year (2020-2022) performance-based option vested following certified achievement of the applicable performance targets at the conclusion of the performance period, with the remaining vesting ratably over the subsequent two years beginning one year from March 6, 2023.
- [F2]On May 7, 2024, Public Storage (the "Company") canceled the option upon surrender to the Company by the reporting person (the "Canceled Option").
- [F3]In exchange for the Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units"), which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The 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 Common Units in Public Storage OP ("OP Units"). The OP Units may be exchanged by the reporting person for Company common shares, par value $0.10 per share ("Common Shares"), or the equivalent cash value of Common Shares, as determined by the Company.
- [F4]LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units, if and as they become vested, 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. The resulting 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.
- [F5]The final tranche of these AO LTIP Units will become exercisable on May 27. 2024.
- [F6]Three-fifths of these AO LTIP Units vested February 16, 2024, with the remaining vesting ratably over the following two years.
- [F7]These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2025, 2026, 2027, 2028, and 2029.
Documents
Issuer
Public Storage
CIK 0001393311
Entity typeother
Related Parties
1- filerCIK 0001774586
Filing Metadata
- Form type
- 4
- Filed
- May 8, 8:00 PM ET
- Accepted
- May 9, 8:06 PM ET
- Size
- 15.1 KB