UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02(e) | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On June 28, 2023, the Compensation and Human Capital Committee (the “Committee”) of Public Storage (the “Company”) approved certain changes to the compensation of Joseph D. Russell, Jr., the Company’s President and Chief Executive Officer, based upon a review of peer compensation levels and practices by the Committee’s independent compensation consultant. Effective July 1, 2023, the Committee increased Mr. Russell’s base salary from $800,000 to $1,000,000 per year. The Committee also increased Mr. Russell’s target annual performance-based bonus to 200% of his base salary. The Committee did not modify the performance criteria or goals for Mr. Russell’s 2023 annual performance-based bonus award.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PUBLIC STORAGE | ||||||
By: | /s/ Nathaniel A. Vitan | |||||
Date: July 5, 2023 | Nathaniel A. Vitan Senior Vice President, Chief Legal Officer & Corporate Secretary |
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