Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 42

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 42
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| COMPENSATION DISCUSSION AND ANALYSIS |

2024 Compensation Program Structure Core Compensation aligns with peer group median, with greater opportunities available for delivering significant outperformance. The Committee’s 2024 competitive analysis confirmed that our current target Core Compensation (consisting of base salary, bonus opportunity and long-term incentive) is within a reasonable band of median peer group pay. Outperformance Compensation, now granted exclusively in the form of PPP awards, allows for greater pay opportunities when our Strategic Capital vehicles generate significant value for our stockholders by achieving high-reach performance hurdles. Our compensation program pays for performance in support of our business model. The components of our compensation program are purposefully constructed to support the drivers of our business. We use compensation to support progress toward annual strategic priorities, strong relative stockholder returns and outperformance in our critical Strategic Capital business, while maintaining our core pay-for-performanceapproach throughout. The Committee sets executive pay opportunities on an individual-by-individualbasis. The Committee customizes total pay based on individual contributions, leadership experience, peer benchmarking and future potential, reassessing compensation as performance evolves. Regular reviews ensure executive pay remains competitive with market standards.

| COMPENSATION DISCUSSION AND ANALYSIS |

2024 Chief Executive Officer Compensation 2024 is a Summary Compensation Table transition year, requiring us to report two tranches of LTI equity awards. The shift to our new LTI equity program creates a transition period in our Summary Compensation Table (SCT) as we move from a backward to forward-looking performance period. Due to rules governing the presentation of compensation in the SCT, we are required to report two tranches of LTI equity awards in the SCT for 2024.Our current SCT reflects both the final backward-looking award made in January 2024 for the 2021-2023 performance period and the first forward-looking award made in 2024 for the 2024-2026 performance period. These are not duplicative awards because they relate to mutually exclusive performance periods, and the forward-looking awards have not yet been earned. 2024 CEO pay reflects company performance in 2024 and the impact of recent changes to our program. When analyzing pay-for-performancein 2024, the Committee considered the amounts it awarded as compensation for performance delivered in 2024. The table below illustrates the distinction between (i) the compensation we are required to report in the Summary Compensation Table and (ii) compensation that the Committee views as 2024 pay for 2024 performance. In addition