Cramer David 4

What Happened

• David Cramer, President, CEO and Director of National Storage Affiliates Trust (NSA), was granted 109,663 Class A OP Units (derivative award via LTIP Units) on Feb 27, 2026. The award is reported at $0.00 (transaction code A — award/grant).
• On the same date he converted 22,606 LTIP Units into 22,606 Class A OP Units (transaction code C — conversion of derivative security). These are partnership units convertible on a one-for-one basis into Class A OP Units or, under the Partnership Agreement, redeemable for cash or shares.

Key Details

• Transaction date: 2026-02-27; Filing date: 2026-03-03 (filed timely).
• Grant: 109,663 LTIP-related Class A OP Units reported as an award (A) at $0.00.
• Conversion: 22,606 LTIP Units converted into 22,606 Class A OP Units (reported via conversion rows).
• Shares/units owned after transactions: Reporting person has 587,104 Class A OP Units (direct + indirect beneficial ownership as reported). Also holds 30,555 vested LTIP Units and 258,001 unvested LTIP Units after these transactions.
• Vesting specifics: Of the 109,663 LTIP Units reported, 40,412 vest in three annual installments (Jan 1, 2027–2029); 69,251 are performance-based and vest only if performance criteria are met. The 69,251 are reported for informational purposes and may not be earned if minimum targets are unmet.
• Legal/ownership note: The filing includes standard disclaimers that the Reporting Person disclaims beneficial ownership except to the extent of pecuniary interest.

Context

• These are equity-based compensation and conversion events (derivative transactions), not open-market purchases or sales — they typically reflect compensation and conversion mechanics rather than market-timing by the insider.
• LTIP Units convert into partnership Class A OP Units one-for-one upon satisfaction of conditions; Class A OP Units can be converted into Issuer shares or redeemed for cash per the Partnership Agreement.