CubeSmart CHRO adds phantom shares via dividends

Schulte Jennifer reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Schulte Jennifer reported acquisition or exercise transactions in this Form 4 filing.

CubeSmart reported that Chief Human Resources Officer Jennifer Schulte was credited with 12.953 phantom shares on July 15, 2026 through reinvestment of dividend equivalents in the CubeSmart Trust Executive Deferred Compensation Plan. These phantom shares, at $40.4600 per underlying common share, raise her plan balance to 1001.791 phantom shares, payable in cash on a one-for-one basis after she ceases employment.

Insider Trade Summary

Grant/Award: 12.953 shares

Grant/Award 1 txn

Insider Schulte Jennifer

Role Chief Human Resources Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares F1	12.953	$40.46	$524.08

Holdings After Transaction: Phantom Shares — 1,001.791 contracts (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Phantom shares acquired: 12.9530 shares Price per underlying share: $40.4600 Total phantom shares after transaction: 1001.7910 shares +1 more

4 metrics

Phantom shares acquired 12.9530 shares Phantom shares credited via dividend equivalent reinvestment on 2026-07-15

Price per underlying share $40.4600 Per-share value used for this phantom share credit

Total phantom shares after transaction 1001.7910 shares Schulte’s phantom share balance following the July 15, 2026 credit

Underlying common shares for this credit 12.9530 shares Each phantom share corresponds one-for-one to a CubeSmart common share, payable in cash

Key Terms

Phantom Shares, dividend equivalents, Executive Deferred Compensation Plan, deemed investment option

4 terms

Phantom Shares financial

"security title noted as "Phantom Shares" linked one-for-one to common stock"

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 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"

deemed investment option financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

CubeSmart reported that Jennifer Schulte received 12.953 phantom shares as a grant under an executive deferred compensation plan. The credit came from reinvested dividend equivalents and increased her phantom share balance to 1001.791, with future payment in cash on a one-for-one basis.

How many phantom shares did Jennifer Schulte receive and at what value at CubeSmart (CUBE)?

Jennifer Schulte received 12.953 phantom shares tied to CubeSmart common stock, using a per-share value of $40.4600. These units were credited through dividend equivalent reinvestment within the CubeSmart Trust Executive Deferred Compensation Plan, not through an open-market stock purchase.

What is the CubeSmart (CUBE) Trust Executive Deferred Compensation Plan?

The CubeSmart Trust Executive Deferred Compensation Plan credits eligible executives with phantom shares and other investment alternatives. Schulte’s 12.953 phantom shares were acquired via dividend equivalent reinvestment and will be paid in cash after employment ends, based on a one-for-one link to CubeSmart common shares.

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

The phantom shares are payable in cash on a one-for-one basis after Jennifer Schulte ceases employment with CubeSmart. Until then, they remain bookkeeping entries within the deferred compensation plan, tracking the value of CubeSmart common shares rather than representing actual stock ownership.

Does this CubeSmart (CUBE) Form 4 show open-market buying or selling of stock?

No, the Form 4 reflects a grant/award acquisition of phantom shares via dividend equivalents, not open-market trading. The transaction occurs within an executive deferred compensation plan and results in a larger phantom share balance, payable in cash in the future.

Can Jennifer Schulte change how her CubeSmart (CUBE) phantom shares are invested?

Yes. The filing states she may transfer these phantom shares by reallocating her deemed investment option to another investment alternative. Such transfers are effected on the first business day of the calendar quarter following her election, within the plan’s rules.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/16/2026 - 04:30 PM EDT Learn about SEC filing dates

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)
07/15/2026

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)	07/15/2026		A		12.953		(1)	(1)	Common	12.953	$40.46	1,001.791	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	07/15/2026
	** 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)