[Form 3] Extra Space Storage, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Veritex Holdings, Inc. (VBTX) filed a Form 4 disclosing insider transactions by Chief Financial Officer Terry Earley. The filing covers activity on July 1, 2025, one day after Earley’s retirement became effective (June 30, 2025).

• Vesting/Conversion (Code M): 97,204 restricted stock units (RSUs) automatically vested and converted into common shares at a $0 exercise price, reflecting retirement-based acceleration.
• Tax Withholding Sale (Code F): 42,485 shares were disposed of at $26.87 per share to satisfy withholding obligations.
• Post-transaction ownership: Earley now holds 245,259 direct shares and 8,286 indirect shares (IRA), for a total beneficial ownership of 253,545 shares.

The net effect is an increase of roughly 54,700 directly held shares, signalling that the retiring executive retains a sizable equity stake. No derivative securities remain outstanding after the RSU conversion.

While the filing confirms Earley’s retirement and updated ownership, it does not address succession plans or strategic impacts. Investors typically view large insider holdings as alignment of interests, but the departure of a key financial executive can introduce short-term governance and continuity questions.

Insights

Financial Analyst

TL;DR: Routine retirement-linked RSU vesting; minor net share increase, limited market impact.

The filing is largely mechanical. A zero-cost RSU conversion increased Terry Earley’s direct stake by 97 k shares, partly offset by a 42 k share sale for taxes. His total ownership (≈253 k shares) signals continued alignment even after retirement. No purchase for investment purposes occurred, so the transaction is unlikely to be interpreted as a bullish signal. Given shares sold were tax-related and the executive is leaving, I classify the market impact as neutral.

Corporate Governance Expert

TL;DR: Filing confirms CFO retirement; continuity risks outweigh ownership increase.

Form 4 formally records Earley’s exit and related equity settlement. Accelerated vesting on retirement is standard under most executive agreements. The maintenance of a substantial direct position can cushion succession concerns, but investors will focus on the appointment and credibility of a new CFO, which is not covered here. As such, governance impact is modestly negative yet not materially price-moving in isolation.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Norman Jeffrey Jay

(Last) (First) (Middle)

2795 E COTTONWOOD PARKWAY, SUITE 300

(Street)

SALT LAKE CITY UT 84121

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/01/2025

3. Issuer Name and Ticker or Trading Symbol
Extra Space Storage Inc. [ EXR ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive VP and CFO

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	13,590	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Grace Kunde, Attorney-in-Fact	07/03/2025
	** 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 5 (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).
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