Derek Bergeon - Apr 1, 2023 Form 3 Insider Report for National Storage Affiliates Trust (NSA)

Role: Chief Operating Officer
Signature: Derek Bergeon, by Zoya Afridi, his Attorney-in-fact
Stock symbol: NSA
Transactions as of: Apr 1, 2023
Transactions value $: $0
Form type: 3
Date filed: 4/10/2023, 04:16 PM
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
holding	NSA	Class A OP Units							Apr 1, 2023	Common shares of beneficial interest, $0.01 par value	22.1K		Direct	F1, F2, F3, F4, F5

* 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 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 this table are comprised of 4,920 Class A OP Units, 3,012 Class A OP Units issuable upon the conversion of 3,012 vested long-term incentive plan units ("LTIP Units") in the Partnership and 14,214 Class A OP Units issuable upon conversion of 14,214 unvested LTIP Units, granted to the Reporting Person under the Issuer's 2015 Equity Incentive Plan pursuant to LTIP Unit Award Agreements between the Issuer and the Reporting Person.
F3	N/A
F4	Of the 14,214 unvested LTIP Units, 5,712 vest in six installments from January 1, 2024 through January 1, 2026, subject to continued employment by the Reporting Person and 8,502 represent the maximum amount of performance-based LTIP Units that can vest on January 1, 2026 contingent upon the achievement of certain performance criteria.
F5	The Reporting Person will not earn any of the 8,502 performance-based LTIP Units if the minimum performance criteria are not met. The 8,502 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.

Remarks:

Exhibit No. 24.1 Power of Attorney dated April 3, 2023.