{"url_path":"/sec/nsa/8-k/2026-07-22/item-5-02","section_key":"item-5-02","section_title":"Item 5.02 **","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-22","source_url":"https://www.sec.gov/Archives/edgar/data/1618563/0001104659-26-085888-index.html","accession_number":"0001104659-26-085888","cik":"0001618563","ticker":"NSA","issuer_name":"National Storage Affiliates Trust","edgar_url":"https://www.sec.gov/Archives/edgar/data/1618563/0001104659-26-085888-index.html","primary_entity_key":"0001618563","primary_entity_name":"National Storage Affiliates Trust"},"word_count":482,"has_tables":true,"body_markdown":"**Item 5.02**\n**Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**\n\n \n\nThe information set forth in the Introductory Note\nand under Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.\n\n \n\nIn connection with the transactions contemplated\nby the Merger Agreement, each outstanding award of time-based NSA OP LTIP Units granted in 2026 was converted on a one-for-one basis into\nan NSA Restricted Share Award covering an equal number of NSA Common Shares. Consistent with the treatment of other NSA Restricted Share\nAwards under the Merger Agreement, the converted awards vested in full immediately prior to the Company Merger Effective Time and were\nthereafter converted into the right to receive Public Storage Common Shares pursuant to the terms of the Merger Agreement applicable to\nNSA Common Shares. Accordingly, holders of such awards received Public Storage Common Shares in respect of such awards. Absent this conversion\ninto NSA Restricted Share Awards, under the terms of the Merger Agreement, all outstanding time-based NSA OP LTIP Units granted in 2026\nwould have fully vested immediately prior to the Partnership Merger Effective Time and would have converted into Public Storage OP Units.\nThis treatment applied to time-based 2026 NSA OP LTIP Units held by NSA’s named executive officers and trustees as of immediately\nprior to the Company Merger Effective Time in the following numbers: David Cramer (40,412), William Cowan (20,374), Tamara Fischer (16,670),\nBrandon Togashi (16,962), Tiffany Kenyon (9,516), and Arlen Nordhagen (4,631).\n\n \n\nIn connection with the consummation of the Mergers\non the Closing Date, (i) each member of NSA’s board of trustees (the “Board”) ceased to be a member of the Board\nand ceased to be a member of any committee of the Board on which such trustees served, and (ii) all of NSA’s officers ceased\nto be officers of NSA, effective as of the Company Merger Effective Time by operation\nof the Company Merger.\n\n \n\nOn the Closing Date, following the consummation\nof the Mergers, the employment of each of NSA’s named executive officers terminated. Pursuant to the terms of their previously disclosed\nemployment agreements, such terminations constituted terminations by NSA without “cause” (as defined in each named executive\nofficer’s employment agreement). As a result, the named executive officers became entitled to receive the severance payments and\nbenefits provided under their respective employment agreements, subject to compliance with the applicable terms and conditions thereof,\nincluding the execution and non-revocation of releases of claims and compliance with applicable restrictive covenants. A description of\nthe material severance payments and benefits payable to NSA’s named executive officers in connection with the Mergers is set forth\nunder the caption “Interests of NSA’s Trustees and Executive Officers in the Mergers” in the Definitive Proxy Statement\non Schedule 14A, filed by NSA with the Securities and Exchange Commission on June 12, 2026, and is incorporated herein by reference."}