PSB-Y PS Business Parks Inc

On September 30, 2021, the Board of Directors (the “Board”) of PS Business Parks, Inc. (the “Company”) increased the size of the Board to twelve directors and elected M. Christian Mitchell to serve as director of the Company effective October 4, 2021. The Board appointed Mr. Mitchell to serve on the Capital Committee and the Compensation Committee.

Mr. Mitchell serves as a managing partner of THG Advisory Services, LLC, an alternative investment and advisory firm. Mr. Mitchell is a retired senior partner at Deloitte & Touche LLP where he served as the national or regional managing partner for various practices of the firm and was a founding member of the board of directors of Deloitte Consulting USA. Mr. Mitchell is a director of Pacific Premier Bancorp, Inc. (NASDAQ:PPBI), a regional bank holding company; Western Asset Mortgage Capital Corporation (NYSE:WMC), a mortgage REIT; and Parsons Corp. (NYSE:PSN), a global solutions provider to the defense, intelligence, and critical infrastructure markets. Mr. Mitchell also serves as the vice chairman of the board of directors of Marshall & Stevens, a national valuation and financial advisory firm; as a director of Huntington Memorial Hospital, a not-for-profit hospital; and as chairman emeritus of the National Association of Corporate Directors, Pacific Southwest Chapter. Mr. Mitchell holds a Bachelor of Science in Accounting, summa cum laude, from the University of Alabama.

Mr. Mitchell will receive compensation consistent with that received by the Company’s other non-employee directors, as disclosed in the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on March 19, 2021.

The Company will enter into an indemnification agreement with Mr. Mitchell (the “Indemnification Agreement”) similar to the indemnification agreement entered into with all other members of the Board. The Indemnification Agreement provides for the indemnification by the Company for certain liabilities and expenses incurred as a result of actions brought, or threatened to be brought, against Mr. Mitchell in connection with his status or service as a member of the Board and for the Company to advance expenses incurred as a result of any proceeding for which they may be entitled to indemnification. The foregoing description is not complete and is qualified in its entirety by reference to the full text of the form of Indemnification Agreement filed as Exhibit 10.4 to the Company’s Form 10-K, which was filed with the Securities and Exchange Commission on February 23, 2021.

There are no arrangements or understandings between the new directors and any person pursuant to which Mr. Mitchell was elected as a director. There are no transactions in which Mr. Mitchell had or will have an interest that would be required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

On October 4, 2021, the Company issued a press release announcing the election of Mr. Mitchell to the Board. A copy of this press release is furnished hereto as Exhibit 99.1 to this Current Report on Form 8-K.