Form 4: Prologis Director Metcalfe Reports Dividend Equivalent Unit Acquisition

Director Guy A. Metcalfe reports the acquisition of Dividend Equivalent Units related to deferred stock units.

Summary

• Guy A. Metcalfe, a director of Prologis, Inc., reported the acquisition of 15.9477 Dividend Equivalent Units (DEUs) on September 30, 2024.
• These DEUs were earned on Deferred Stock Units (DSUs) associated with board service and are deferred under the Prologis, Inc. Nonqualified Deferred Compensation Plan.
• DEUs accrue on outstanding DSUs at the Prologis common stock dividend rate.
• Both DEUs and underlying DSUs vest 100% on the earlier of the first anniversary of the grant date or the first annual meeting of stockholders after the grant date.
• The receipt of DEUs is deferred along with the underlying DSUs and are paid in the form of Prologis common stock at a rate of one common share per DSU or DEU.
• The balance in column 9 includes both DSUs and DEUs, with the director holding 2,113.7271 units after the transaction.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating standard corporate governance practices. The sentiment is neutral to slightly positive as it reflects ongoing commitment and alignment of interests.

Industry Context

This filing is a routine disclosure related to director compensation and aligns with standard practices for publicly traded companies.

Comparison to Industry Standards

• Director compensation packages often include deferred stock units and dividend equivalent units to align director interests with shareholder value.
• The vesting schedules and terms described are typical for such compensation plans.
• Companies like Duke Realty (now Prologis), and other REITs such as Simon Property Group and Public Storage, use similar compensation structures for their board members.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders as it relates to director compensation.
• It reinforces the alignment of director interests with shareholder returns through equity-based compensation.

Key Dates