Public Storage 2015 Annual Report Download - page 130
Download and view the complete annual report
Please find page 130 of the 2015 Public Storage annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.
$GMXVWPHQWVVSHFLILHGLQWKLV6HFWLRQUHODWLQJWRVKDUHVRI&RPPRQ6WRFNRUVHFXULWLHVRIWKH7UXVWVKDOOEH
PDGHE\WKH&RPPLWWHHZKRVHGHWHUPLQDWLRQLQWKDWUHVSHFWVKDOOEHILQDOELQGLQJDQGFRQFOXVLYH1RIUDFWLRQDO
VKDUHVVKDOOEHLVVXHGSXUVXDQWWRDQ\VXFKDGMXVWPHQWDQGDQ\IUDFWLRQVUHVXOWLQJIURPDQ\VXFKDGMXVWPHQWVKDOOEH
HOLPLQDWHGLQHDFKFDVHE\URXQGLQJGRZQZDUGWRWKHQHDUHVWZKROHVKDUH
9. GENERAL RESTRICTIONS.
7KH7UXVWVKDOOQRWEHUHTXLUHGWRVHOORULVVXHDQ\VKDUHVRI&RPPRQ6WRFNXQGHUWKH2SWLRQLIWKHVDOHRU
LVVXDQFHRIVXFKVKDUHVZRXOGFRQVWLWXWHDYLRODWLRQE\WKHLQGLYLGXDOH[HUFLVLQJWKH2SWLRQRUE\WKH7UXVWRIDQ\
SURYLVLRQRIDQ\ODZRUUHJXODWLRQRIDQ\JRYHUQPHQWDODXWKRULW\LQFOXGLQJZLWKRXWOLPLWDWLRQDQ\IHGHUDORUVWDWH
VHFXULWLHVODZVRUUHJXODWLRQV,IDWDQ\WLPHWKH7UXVWVKDOOGHWHUPLQHLQLWVGLVFUHWLRQWKDWWKHOLVWLQJUHJLVWUDWLRQRU
TXDOLILFDWLRQRIDQ\VKDUHVRI&RPPRQ6WRFNVXEMHFWWRWKH2SWLRQXSRQDQ\VHFXULWLHVH[FKDQJHRUXQGHUDQ\VWDWHRU
IHGHUDOODZRUWKHFRQVHQWRUDSSURYDORIDQ\JRYHUQPHQWUHJXODWRU\ERG\LVQHFHVVDU\RUGHVLUDEOHDVDFRQGLWLRQRI
RULQFRQQHFWLRQZLWKWKHLVVXDQFHRUSXUFKDVHRIVKDUHVKHUHXQGHUWKH2SWLRQPD\QRWEHH[HUFLVHGLQZKROHRULQSDUW
XQOHVVVXFKOLVWLQJUHJLVWUDWLRQTXDOLILFDWLRQFRQVHQWRUDSSURYDOVKDOOKDYHEHHQHIIHFWHGRUREWDLQHGIUHHRIDQ\
FRQGLWLRQVQRWDFFHSWDEOHWRWKH7UXVWDQGDQ\GHOD\FDXVHGWKHUHE\VKDOOLQQRZD\DIIHFWWKHGDWHRIWHUPLQDWLRQRIWKH
2SWLRQ6SHFLILFDOO\LQFRQQHFWLRQZLWKWKH6HFXULWLHV$FWRIXSRQQRWLFHRIH[HUFLVHRIWKH2SWLRQXQOHVVD
UHJLVWUDWLRQVWDWHPHQWXQGHUVXFK$FWLVLQHIIHFWZLWKUHVSHFWWRWKHVKDUHVFRYHUHGE\WKH2SWLRQWKH7UXVWVKDOOQRWEH
UHTXLUHGWRVHOORULVVXHVXFKVKDUHVXQOHVVWKH&RPPLWWHHKDVUHFHLYHGHYLGHQFHVDWLVIDFWRU\WRWKH&RPPLWWHHWKDWWKH
KROGHURIWKH2SWLRQPD\DFTXLUHVXFKVKDUHVSXUVXDQWWRDQH[HPSWLRQIURPUHJLVWUDWLRQXQGHUVXFK$FW$Q\
GHWHUPLQDWLRQLQWKLVFRQQHFWLRQE\WKH&RPPLWWHHVKDOOEHILQDOELQGLQJDQGFRQFOXVLYH7KH7UXVWVKDOOQRWEH
REOLJDWHGWRWDNHDQ\DIILUPDWLYHDFWLRQLQRUGHUWRFDXVHWKHH[HUFLVHRIWKH2SWLRQRUWKHLVVXDQFHRIVKDUHVRI
&RPPRQ6WRFNSXUVXDQWWKHUHWRWRFRPSO\ZLWKDQ\ODZRUUHJXODWLRQRIDQ\JRYHUQPHQWDODXWKRULW\$VWRDQ\
MXULVGLFWLRQWKDWH[SUHVVO\LPSRVHVWKHUHTXLUHPHQWWKDWWKH2SWLRQVKDOOQRWEHH[HUFLVDEOHXQOHVVDQGXQWLOWKHVKDUHV
FRYHUHGE\WKH2SWLRQDUHUHJLVWHUHGRUDUHVXEMHFWWRDQDYDLODEOHH[HPSWLRQIURPUHJLVWUDWLRQWKHH[HUFLVHRIWKH
2SWLRQXQGHUFLUFXPVWDQFHVLQZKLFKWKHODZVRIVXFKMXULVGLFWLRQDSSO\VKDOOEHGHHPHGFRQGLWLRQHGXSRQWKH
HIIHFWLYHQHVVRIVXFKUHJLVWUDWLRQRUWKHDYDLODELOLW\RIVXFKDQH[HPSWLRQ
10. DISCLAIMER OF RIGHTS.
1RSURYLVLRQLQWKLV2SWLRQ$JUHHPHQWVKDOOEHFRQVWUXHGWRFRQIHUXSRQWKH2SWLRQHHWKHULJKWWREH
HPSOR\HGE\WKH7UXVWRUDQ\6XEVLGLDU\RU6HUYLFH3URYLGHURUWRSURYLGHVHUYLFHVWRWKH7UXVWRUWRLQWHUIHUHLQDQ\
ZD\ZLWKWKHULJKWDQGDXWKRULW\RIWKH7UXVWRUDQ\6XEVLGLDU\RU6HUYLFH3URYLGHUHLWKHUWRLQFUHDVHRUGHFUHDVHWKH
FRPSHQVDWLRQRIWKH2SWLRQHHDWDQ\WLPHRUWRWHUPLQDWHDQ\HPSOR\PHQWRURWKHUUHODWLRQVKLSEHWZHHQWKH2SWLRQHH
DQGWKH7UXVWRUDQ\6XEVLGLDU\RU6HUYLFH3URYLGHU
11. WITHHOLDING TAXES.
8SRQWKHUHTXHVWRIWKH7UXVWD6XEVLGLDU\RUD6HUYLFH3URYLGHUWKH2SWLRQHHVKDOOSURPSWO\SD\WRWKH7UXVW
6XEVLGLDU\RU6HUYLFH3URYLGHURUPDNHDUUDQJHPHQWVVDWLVIDFWRU\WRWKH7UXVW6XEVLGLDU\RU6HUYLFH3URYLGHU
UHJDUGLQJSD\PHQWRIDQ\IHGHUDOVWDWHRUORFDOWD[HVRIDQ\NLQGUHTXLUHGE\ODZWREHZLWKKHOGDVDUHVXOWRIWKH
2SWLRQHH¶VH[HUFLVHRIWKH2SWLRQ7KH7UXVWD6XEVLGLDU\RUD6HUYLFH3URYLGHUVKDOOKDYHWKHULJKWWRGHGXFWIURP
SD\PHQWVRIDQ\NLQGRWKHUZLVHGXHWRWKH2SWLRQHHDQ\VXFKWD[HV7KH2SWLRQHHVKDOOPDNHDQ\VXFKSD\PHQWVLQ
FDVKRUFDVKHTXLYDOHQWVRUVXEMHFWWRWKHSULRUDSSURYDORIWKH&RPPLWWHHZKLFKPD\EHZLWKKHOGLQWKH&RPPLWWHH¶V
VROHGLVFUHWLRQWKH2SWLRQHHPD\HOHFWWRVDWLVI\WKHZLWKKROGLQJREOLJDWLRQLQZKROHRULQSDUWLE\FDXVLQJWKH
7UXVWWKH6XEVLGLDU\RUWKH6HUYLFH3URYLGHUWRZLWKKROGVKDUHVRI&RPPRQ6WRFNRWKHUZLVHLVVXDEOHWRWKH2SWLRQHH
SXUVXDQWWRWKH2SWLRQRULLE\GHOLYHULQJWRWKH7UXVWWKH6XEVLGLDU\RUWKH6HUYLFH3URYLGHUVKDUHVRI&RPPRQ6WRFN
DOUHDG\RZQHGE\WKH2SWLRQHH7KHVKDUHVRI&RPPRQ6WRFNVRGHOLYHUHGRUZLWKKHOGVKDOOKDYHDQDJJUHJDWH)DLU
0DUNHW9DOXHHTXDOWRWKHDSSOLFDEOHZLWKKROGLQJREOLJDWLRQV7KH2SWLRQHHPD\GHOLYHURUKDYHZLWKKHOGRQO\VKDUHV
RI&RPPRQ6WRFNWKDWDUHQRWVXEMHFWWRDQ\UHSXUFKDVHIRUIHLWXUHXQIXOILOOHGYHVWLQJRURWKHUVLPLODUUHTXLUHPHQWV
12. INTERPRETATION OF THIS OPTION AGREEMENT.
$OOGHFLVLRQVDQGLQWHUSUHWDWLRQVPDGHE\WKH&RPPLWWHHZLWKUHJDUGWRDQ\TXHVWLRQDULVLQJXQGHUWKH3ODQRU
WKLV2SWLRQ$JUHHPHQWVKDOOEHELQGLQJDQGFRQFOXVLYHRQWKH7UXVWDQGWKH2SWLRQHHDQGDQ\RWKHUSHUVRQHQWLWOHGWR
H[HUFLVHWKH2SWLRQDVSURYLGHGIRUKHUHLQ,QWKHHYHQWWKDWWKHUHLVDQ\LQFRQVLVWHQF\EHWZHHQWKHSURYLVLRQVRIWKLV
2SWLRQ$JUHHPHQWDQGRIWKH3ODQWKHSURYLVLRQVRIWKH3ODQVKDOOJRYHUQ