Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 79

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 79
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-year period commencing at the time of the grant. For the 2021-2023 performance period, the Company’s three-year annualized TSR of 12.9% exceeded the three-year annualized TSR of the benchmark index of 7.41% by 549 basis points, resulting in awards paid to NEOs at 150% of target value. In addition, based on competitive analysis, the Compensation Committee determined that the 2023 Core Compensation targets of Mr. Letter and Mr. Arndt were materially below the 25 thpercentile of the compensation of analogous executives at the companies in our Peer Group.

| DISCUSSION OF SUMMARY COMPENSATION TABLE AND THE GRANTS OF PLAN-BASED AWARDS |

Accordingly, to bring Mr. Letter’s and Mr. Arndt’s Core Compensation for performance year 2023 closer to a reasonable band around the median of Peer Group pay to analogous executives, the Compensation Committee determined that it was appropriate to award additional grants to Messrs. Letter and Arndt in 2024 under the Prior LTI Program to supplement the awards paid at 150% of target award value (Mr. Letter: $1,500,000 and Mr. Arndt: $1,000,000). See “Compensation Discussion and Analysis” for additional detail on our new forward-looking LTI equity award program, which replaced our Prior LTI Program. Prologis Outperformance Plan (POP) Under POP, NEOs were allocated a percentage of a potential compensation pool for each performance period (the “POP Allocations”). We made POP Allocations to the NEOs in 2023 for the 2023-2025 performance period and in 2022 for the 2022-2024 performance period. Starting with the 2024-2026 performance period, the Compensation Committee will not grant our NEOs any new POP awards, but will settle POP awards that are already outstanding for prior performance periods, if such awards are earned. The POP Allocations are valued using a Monte Carlo simulation as of the grant date. POP Allocations were structured with the intent that the allocations have no economic value to the participants unless and until performance criteria are met and an award is paid for the applicable performance period.

| l |     | For the 2022–2024 performance period, the Compensation Committee made POP Allocations to the NEOs such that (had this award pool funded) 15% of the compensation pool would have been paid to Mr. Moghad