CEO Letter gets $1M salary, $15.75M LTI target; Moghadam gets $13.75M PSU target + 220k LTIP units

Prologis, Inc.

Daniel Letter promoted to CEO effective Jan 1 2026; base salary $1M, bonus target 200% of base, LTI target $15.75M.
Hamid Moghadam becomes Executive Chairman; 2026 PSU target value $13.75M.
Moghadam receives one-time grant of 220,000 LTIP units cliff-vesting on third anniversary.
Compensation packages approved by Talent and Compensation Committee on Jan 20, 2026.

item 5.02item 9.01

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