HYLBERT PAUL WILLIAM JR
C/O NATIONAL STORAGE AFFILIATES TRUST
8400 EAST PRENTICE AVENUE, 9TH FLOOR
GREENWOOD VILLAGE, CO 80111
||the 554 class a common units of limited partner interest ("class a op units") in nsa op, lp (the "partnership") are issuable upon the conversion of 554 long-term incentive plan units ("ltip units") in the partnership. the ltip units were granted to the reporting person under the issuer's 2015 equity incentive plan, and are scheduled to vest on april 1, 2020. 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.
||upon conversion of such vested parity ltip units into class a op units, the reporting person will have the right to cause the partnership to redeem a portion of the reporting person's class a op units for cash in an amount equal to the market value of an equivalent number of the issuer's common shares of beneficial interest ("shares"), or at the issuer's option, shares on a one-for-one basis, subject to certain adjustments.
||the price of the derivative securities was determined using the closing price of the issuer's shares on february 20, 2020.
||the reporting person's total direct beneficial ownership following the reported transactions above is 30,703 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 herein and therein). following the reported transactions, the reporting person has total direct beneficial ownership in 8,458 vested ltip units and 5,670 unvested ltip units.the 30,703 class a op units do not include non-derivative securities of the reporting person that were previously reported.