Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 78

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 78
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 approved community work or services for the company. A 2023 amendment prescribed administrative procedures and vesting conditions of forfeiture, but did not impact the NEOs’ waiver of their retirement-eligibility benefits. Prior Backward-Looking Annual LTI Equity Award Program The final tranche of awards to our NEOs under our prior backward-looking annual LTI equity award program (the “Prior LTI Program”) were granted in 2024 for the 2021-2023 performance period. Under our Prior LTI Program, NEOs were granted awards at the conclusion of a three-year backward-looking performance period based on the Company’s three-year annualized TSR performance versus the three-year annualized TSR of a weighted benchmark index. The benchmark index was composed 50% of the Cohen & Steers REIT Index and 50% of other logistics REITs, of which 40% was composed of U.S. domestic logistics REITs (East Group Properties, First Industrial and Duke Realty Corporation) and 10% was composed of global logistics REITs (Goodman Group and Segro PLC). The Company acquired Duke Realty Corporation in 2022. Duke Realty Corporation was included for performance calculations through May 9, 2022, the trading day prior to the date on which the Company made public its desire to acquire Duke Realty Corporation. Our Prior LTI Program used a formulaic payout scale to determine the value of awards. For the 2021-2023 performance period, awards were to be paid at target (100%) value if the Company’s annualized three-year TSR equaled the annualized three-year TSR of the benchmark index. Awards were to be paid at 110% of target value if the Company’s TSR outperformed the benchmark index by 100 basis points, 120% of target if by 200 basis points of outperformance, and so on (with linear interpolation between levels) up to a maximum of 150% of target for outperformance by 500 basis points or more. Awards were to be paid at 90% of target value if the Company’s TSR underperformed the benchmark index by 100 basis points, 80% of target if by 200 basis points of underperformance, and so on (with linear interpolation between levels) up to 500 basis points of underperformance, at which point the value of awards was to be up to 50% of target value as determined by the Compensation Committee. Awards under our Prior LTI Program vest ratably over a four