Company: PLDGP
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-067058
Chunk: 38

Company: Prologis, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 38
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 performance. This year also underscored the success of our executive succession strategy, which culminated in our CEO succession announcement. Paying for performance is our central compensation tenet. 2024 payouts reflect company performance.

| l |     | CEO commitment to pay-for-performance: Mr. Moghadam champions performance-based compensation, requesting for years that his pay be 100% at-risk and tied to the company’s strategic goals. |

| l |     | Strong earnings growth in a challenging market: In 2024, despite macroeconomic challenges, our team delivered 21.9% net earnings per share growth and 8.4% Core FFO per share(1) growth over 2023. Over the past decade, our Core FFO per share(1) grew every year, exceeding 194% total growth and demonstrating long-term financial strength. |

| l |     | Pay-for-performance design worked as intended: While earnings were strong, some operational metrics fell short of our goals, leading to below target payouts in 2024. |

| –  CEO bonus decreased by 34% and his equity in lieu of salary declined by 16% compared to 2023.   –  All NEO bonuses were below target.   –  2024 was the first year since the Merger that we did not achieve our target corporate score using our rigorous bonus scorecard. |

| l |     | Our compensation design is working to promote strong performance, reflected by our outperformance of the MSCI U.S. REIT Index by 695 bps in 10-year annualized TSR. |

| l |     | Near-term TSR performance impacts our executives’ ability to earn unvested performance equity awards. |

| –  While our ten-, seven- and five-year annualized TSR each outperformed the MSCI U.S. REIT Index, 2024 was the first time Prologis underperformed the MSCI U.S. REIT Index on a 3-year performance cycle since 2015.   –  Prologis Outperformance Plan (POP) awards for the 2022-2024 performance period (granted in 2022) did not pay out because the applicable TSR outperformance hurdle was not met. |

| l |     | CEO pay cap also took effect in 2024: Demonstrating his commitment to the company and our stockholders, our CEO volunteered to cap his total compensation. The