12. STOCK-BASED COMPENSATION

At the Company's 2026 Annual Meeting of Stockholders, held on June 16, 2026, its stockholders approved the Global Self Storage, Inc. Amended and Restated 2017 Equity Incentive Plan (the “Amended Plan”), which amended and restated the Global Self Storage, Inc. 2017 Equity Incentive Plan (the “Plan”). The Amended Plan increased the number of shares of common stock reserved for issuance by 1,000,000 shares. On June 29, 2026, the Company filed a registration statement on Form S-8 to register those additional shares.

As of June 30, 2026, 1,219,621 shares of common stock were available for issuance under the Amended Plan. The Amended Plan is designed to provide equity-based incentives to certain eligible persons, as defined in the Amended Plan, in the form of options, share appreciation rights, restricted stock, restricted stock units, dividend equivalent rights or other forms of equity-based compensation as determined in the discretion of the Board of Directors, the Compensation Committee of the Board of Directors, or other designee thereof.

The Company recorded $84,816 and $72,218 of expense related to restricted stock awards for the three months ended June 30, 2026 and 2025, respectively, and $190,187 and $172,954 of expense related to restricted stock awards for the six months ended June 30,

2026 and 2025, respectively. As of June 30, 2026, there was $314,914 and $430,760 of unrecognized compensation expense related to unvested time-based and performance-based restricted stock awards, respectively. That cost is expected to be recognized over a weighted-average period of 2.5 years and 2.7 years for time-based and performance-based awards, respectively. The fair value of common stock awards is determined based on the closing trading price of the common stock on the grant date. Forfeitures are accounted for as they occur, compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition is reversed in the period of the forfeiture.

Time-Based Restricted Stock Grants

These time-based grants vest solely based on continued employment, with 6.25% of the shares eligible to vest on each three- month anniversary of the grant date during the remaining four-year time vesting period. Time-based restricted stock cannot be transferred during the vesting period. These time-based restricted stock grants entitle the holder to voting rights and dividends paid by the Company on shares of its common stock, including unvested shares.

Performance-Based Restricted Stock Grants

Performance-based restricted stock grants vest based on continued employment and the achievement of certain funds from operations, as adjusted (“AFFO”) and same-store revenue growth (“SSRG”) goals by the Company during the year of the grant. Each of these performance components is weighted 50% and are measured over the performance cycle, which is defined as the year ending on December 31st in the year of the grant. At the end of the performance cycle, the financial performance components are reviewed to determine the number of shares actually earned, which can be as low as 0% of shares granted and up to a maximum of 200% of shares granted. The shares which are earned will remain subject to quarterly vesting during the remaining four-year time vesting period. Dividends paid by the Company prior to the determination of how many shares are earned will be retained by the Company and released only with respect to earned shares. If a Change in Control (as defined in the Plan) occurs the number of shares earned will equal the greater of the number of shares granted and the number of shares which would have been earned based on the AFFO and SSRG through the date of the Change in Control. If following a Change in Control, a grantee is terminated by the Company without Cause or by the grantee with Good Reason (as each is defined in the Amended Plan), all unvested restricted stock will fully vest.