Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On February 25, 2021, the Board of Trustees (the "Board") of National Storage Affiliates Trust (the "Company") increased the size of the Board from ten trustees to eleven trustees and elected Mr. Charles F. Wu, 64, to serve as a member of the Board, effective February 25, 2021 (the "Effective Date"). In addition, the Board appointed Mr. Wu to serve on its audit committee beginning on, and subject to, Mr. Wu's reelection to the Board at the Company's 2021 annual shareholder meeting. As of the Effective Date, the Company has entered into an indemnification agreement with Mr. Wu that is substantially similar to the indemnification agreements the Company has entered into with the other members of the Board. The indemnification agreement provides indemnification to Mr. Wu to the maximum extent permitted by Maryland law and certain procedures for indemnification, including advancement by the Company of certain expenses relating to claims brought against these persons under certain circumstances. Other than the indemnification agreement, there is no arrangement or understanding between Mr. Wu and any other persons pursuant to which Mr. Wu was elected to serve on the Board or other related party transactions between the Company and Mr. Wu that would require disclosure under Item 404(a) of Regulation S-K.


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