CubeSmart (NYSE: CUBE) HR chief adds new phantom share units

Rhea-AI Filing Summary

CubeSmart reported that Chief Human Resources Officer Jennifer Schulte acquired 13.275 phantom shares on the company’s deferred compensation plan. These units came from reinvested dividend equivalents at a reference price of $38.95 per share and are payable in cash on a one-for-one basis after she leaves the company.

Following this grant, Schulte holds a total of 988.838 phantom shares, which track the value of CubeSmart common stock but do not represent actual shares and can be reallocated to other investment options under the plan.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Schulte Jennifer

Role Chief Human Resources Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	13.275	$38.95	$517.06

Holdings After Transaction: Phantom Shares — 988.838 shares (Direct)

Footnotes (1)

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Key Figures

Phantom shares granted: 13.275 phantom shares Reference share price: $38.95 per share Total phantom shares after grant: 988.838 phantom shares +1 more

4 metrics

Phantom shares granted 13.275 phantom shares Dividend equivalent reinvestment on executive deferred compensation plan

Reference share price $38.95 per share Price used to calculate dividend-equivalent phantom share grant

Total phantom shares after grant 988.838 phantom shares Balance following April 15, 2026 acquisition

Conversion price $0.00 Phantom shares are cash-settled with no exercise price

Key Terms

Phantom Shares, dividend equivalents, Executive Deferred Compensation Plan, one-for-one basis, +1 more

5 terms

Phantom Shares financial

"These phantom shares were acquired through reinvestment of dividend equivalents"

Phantom shares are a form of employee or executive compensation that mimics the economic value of owning company stock without actually issuing real shares; holders receive cash or equivalent payments tied to the company’s share price or dividends. Think of it like a receipt that pays out if the stock rises — it aligns managers’ interests with shareholders but does not dilute ownership, while creating a future cash obligation that investors should watch as it can affect company cash flow and valuation.

dividend equivalents financial

"acquired through reinvestment of dividend equivalents under the CubeSmart Trust Executive Deferred Compensation Plan"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

Executive Deferred Compensation Plan financial

"under the CubeSmart Trust Executive Deferred Compensation Plan, amended and restated January 1, 2007"

one-for-one basis financial

"payable in cash on a one-for-one basis after the reporting person ceases employment"

deemed investment option financial

"reallocating his or her deemed investment option to another investment alternative"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Schulte Jennifer

(Last) (First) (Middle)

5 OLD LANCASTER ROAD

(Street)

MALVERN PENNSYLVANIA 19355

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CubeSmart [ CUBE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Human Resources Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Shares	(1)	04/15/2026		A		13.275		(1)	(1)	Common	13.275	$38.95	988.838	D

Explanation of Responses:

1. These phantom shares were acquired through reinvestment of dividend equivalents under the CubeSmart Trust Executive Deferred Compensation Plan, amended and restated January 1, 2007, and are payable in cash on a one-for-one basis after the reporting person ceases employment with the Company. The reporting person may elect to transfer these phantom shares at any time by reallocating his or her deemed investment option to another investment alternative, and such transfer will be effected on the first business day of the calendar quarter following the election.

	Douglas J. Tyrell, Attorney-in-Fact	04/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did CubeSmart (CUBE) report for Jennifer Schulte?

CubeSmart reported that Chief Human Resources Officer Jennifer Schulte acquired 13.275 phantom shares. These units were credited through reinvestment of dividend equivalents in the company’s executive deferred compensation plan and increase her total phantom share balance to 988.838 linked to CubeSmart common stock.

How many phantom shares does Jennifer Schulte now hold at CubeSmart (CUBE)?

After the latest grant, Jennifer Schulte holds 988.838 phantom shares. These units reflect deferred compensation tracking CubeSmart’s common stock value and are ultimately payable in cash on a one-for-one basis after she ceases employment with the company under the plan’s terms.

How were the 13.275 phantom shares for CubeSmart (CUBE) HR chief calculated?

The 13.275 phantom shares for Jennifer Schulte were acquired through reinvestment of dividend equivalents at a reference price of $38.95 per share. Instead of receiving cash dividends, the plan credits additional phantom share units based on the dividend amount and the specified share value.

When will Jennifer Schulte’s CubeSmart (CUBE) phantom shares be paid out?

Schulte’s phantom shares are payable in cash on a one-for-one basis after she ceases employment with CubeSmart. Until that time, the units remain in the executive deferred compensation plan and continue to track the value of CubeSmart common stock under the plan’s provisions.

Do CubeSmart (CUBE) phantom shares give voting rights or represent actual stock?

The filing describes these awards as phantom shares payable in cash, not actual stock. They represent deferred compensation tracking CubeSmart’s common stock value and are held within the executive deferred compensation plan, rather than conferring direct share ownership or voting rights.

Can Jennifer Schulte reallocate her CubeSmart (CUBE) phantom shares to other investments?

Yes. The filing states Schulte may transfer phantom shares by reallocating her deemed investment option to another investment alternative. Such transfers will be effected on the first business day of the calendar quarter following her election under the CubeSmart Trust Executive Deferred Compensation Plan.