Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 129

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 129
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 for the reasons set forth below. The proposal seeks a “reasonable shareholder ability to call for a special shareholder meeting,” which the Board has already implemented in the company’s bylaws, making Proposal 4 unnecessary and redundant.

| l |     | In February 2025, following extensive stockholder engagement, the Board amended our bylaws to reduce the ownership threshold required for stockholders to call a special meeting from 50% (market practice among REITs) to 20%. This threshold is below the 25% level most frequently observed among S&P 500 companies. |

| l   Our Board determined that a 20% ownership threshold would be the most appropriate as it would give our stockholders a reasonable ability to call a special meeting without giving a single stockholder the unilateral ability to use the right for purposes that may serve their own interests.   l   Notably, the Board did not implement a stock holding period in connection with the reduced threshold, providing stockholders with additional flexibility to utilize this right. |

| l |     | The Board’s decision to reduce the ownership threshold to 20% was directly informed by engagement with our top stockholders. |

| l   This past winter, we engaged with stockholders holding approximately 42% of the outstanding common stock held by our top 100 stockholders. During those meetings, we sought their views on an appropriate ownership threshold.   l   Given the ownership structure of our company, in which our two largest stockholders, both unaffiliated, each holds over 10% of our outstanding shares, our stockholders indicated that a 10% threshold was too low. (Based on the latest available ownership disclosures, one of our stockholders holds nearly 13% and another stockholder holds over 10%.)   l   Our stockholders expressed a general preference for an ownership threshold between 15% and 25%, the latter of which is consistent with market practice among many S&P 500 companies. |

| l |     | The Board assesses our governance practices on an ongoing basis to ensure that we continue to lead in our commitment to strong corporate governance. (See pp. 39-40 of this proxy statement for more detail on our leadership in corporate governance.) |

We agree with the fundamental view of the proponent that stockholder engagement should be meaningful. Through thoughtful stockholder outreach, our Board sought and received the input of our stock