Summary
Public Storage (PSA) filed an 8-K on May 1, 2014, primarily to report on the company's financial results for the quarter ended March 31, 2014, and the outcomes of its 2014 Annual Meeting of Shareholders. The company announced its Q1 2014 financial results via press release, as detailed in Exhibit 99.1. A key event at the annual meeting was the shareholder approval of amendments to the 2007 Equity and Performance-Based Incentive Compensation Plan, which increased the number of shares available for issuance and the annual award limit for individual executives. Additionally, shareholders voted on several proposals, including the election of eight trustees, the ratification of the independent auditor, and an advisory vote on executive compensation, all of which passed.
Key Highlights
- 1Public Storage announced its financial results for the quarter ended March 31, 2014, via a press release filed as Exhibit 99.1.
- 2Shareholders approved amendments to the 2007 Equity and Performance-Based Incentive Compensation Plan at the 2014 Annual Meeting.
- 3The approved amendments to the 2007 Plan increase the share pool by 771,269 shares.
- 4The annual award limit for individual executives under the 2007 Plan was increased to $15.0 million for cash and non-cash awards (excluding stock options/SARs).
- 5Eight trustees were elected to the Board of Trustees, serving until the 2015 Annual Meeting.
- 6The appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2014 was ratified.
- 7An advisory vote on executive compensation was approved by shareholders.