Barry James R. 4

What Happened

• Barry James, SmartStop Self Storage REIT (SMA) Chief Financial Officer and Treasurer, received two LTIP unit awards on March 25, 2026: 7,501 LTIP Units (time‑based) and 11,967 LTIP Units (performance‑based). The Form 4 reports these as derivative awards with $0 immediate cash value (transaction code A).
• Total reported units granted = 19,468 LTIP Units. These LTIP Units are interests in the company’s operating partnership that can convert into common units and then be redeemed for SmartStop common stock (or cash) on a one‑for‑one basis.

Key Details

• Transaction date: 2026-03-25; filing date: 2026-03-27 (timely Form 4 filing).
• Reported price/value: $0.00 (derivative award; no cash purchase or sale).
• Vesting: 7,501 LTIP Units vest ratably over four years beginning December 31 of the grant year (subject to continued service). The 11,967 LTIP Units are performance‑based (noted as 200% of target); actual payout can range from 0% to the reported amount based on achievement of performance metrics and, if achieved, will vest no later than January 31, 2029.
• Holdings after transaction: filing references previously reported LTIP and Class A‑1 units (footnotes indicate prior holdings), but the Form 4 lists these grants as derivative awards rather than immediately issued common shares.
• Footnotes of note: F2 explains LTIP Units convert to common units redeemable for shares or cash; F3–F5 describe vesting schedules and previously reported units; F6–F7 relate to Class A‑1 units and prior holdings.

Context

• These are compensation awards (LTIP units), not open‑market purchases or sales. Time‑based units are retention‑oriented; the larger, performance‑based award may pay out only if specified goals are met, so it does not necessarily indicate immediate insider confidence in stock price.
• Because the awards are derivative LTIP units subject to vesting and performance, they do not increase immediate free‑float or reflect an immediate cash investment by the insider.