Tiffany Kenyon - Feb 27, 2023 Form 4 Insider Report for National Storage Affiliates Trust (NSA)

Role: Chief Legal Officer
Signature: Tiffany Kenyon, by Zoya Afridi, her Attorney-in-fact
Stock symbol: NSA
Transactions as of: Feb 27, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/1/2023, 07:01 PM
Previous filing: Jan 9, 2023
Next filing: Mar 4, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NSA	Class A OP Units	Award	$0	+12.8K	+45.11%	$0.00	41.2K	Feb 27, 2023	Common shares of beneficial interest, $0.01 par value	12.8K		Direct	F1, F2, F3, F4, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the agreement of limited partnership (the "Partnership Agreement") of NSA OP, LP (the "Partnership"), the Reporting Person has the right to cause the Partnership to redeem all or a portion of the Reporting Person's Class A common units of limited partner interest ("Class A OP Units") for cash in an amount equal to the market value of an equivalent number of the common shares of beneficial interest ("Shares") of National Storage Affiliates Trust (the "Issuer"), or at the Issuer's option, Shares on a one-for-one basis, subject to certain adjustments.
F2	The Class A OP Units in the first row of this table are comprised of 12,811 Class A OP Units issuable upon the conversion of 12,811 unvested long-term incentive plan units ("LTIP Units") in the Partnership which were granted to the Reporting Person pursuant to a 2023 LTIP Unit Award Agreement between the Issuer and the Reporting Person under the Issuer's 2015 Equity Incentive Plan. Of these, 3,600 vest in three annual installments on January 1, 2024, January 1, 2025, and January 1, 2026, subject to continued employment by the Reporting Person and 9,211 represent the maximum amount of LTIP Units that can vest on January 1, 2026 contingent upon the achievement of certain performance criteria.
F3	The Reporting Person will not earn any of the 9,211 performance-based LTIP Units if the minimum performance criteria is not met. The 9,211 performance-based LTIP Units are being reported here for informational purposes only. Vested LTIP Units, after achieving parity with Class A OP Units, are eligible to be converted into Class A OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership's agreement of limited partnership.
F4	N/A.
F5	The Reporting Person's total direct and indirect beneficial ownership of Class A OP Units following the reported transactions above is 41,208 Class A OP Units, which includes those Class A OP Units previously reported and the Class A OP Units reported herein (together with those securities convertible into, or exchangeable for, such Class A OP Units as specified therein).
F6	This filing shall not be deemed to be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.