KENNARD LYDIA H 4

What Happened
Lydia H. Kennard, a director of Prologis (PLD), received an award of 49.575 dividend-equivalent units (DEUs) on June 30, 2026. The DEUs were granted as a derivative award tied to Deferred Stock Units (DSUs); the reported acquisition price is $0.00, so no cash changed hands. These DEUs will convert to Prologis common stock at a 1:1 rate when paid.

Key Details

• Transaction date: 2026-06-30; Form 4 filed: 2026-07-02 (appears timely).
• Transaction type/code: A = Award/Grant (derivative).
• Shares/units granted: 49.575 DEUs; reported dollar value: $0.00.
• Shares owned after transaction: Not specified in the provided filing details (the Form 4 balance column includes DSUs and DEUs).
• Footnote: DEUs accrue on outstanding DSUs at the company dividend rate, vest 100% on the earlier of the first anniversary of the grant or the first annual meeting after the grant, and are paid in common stock at one share per DSU/DEU.

Context
DEUs are non-cash, compensation-related units that reflect dividends on deferred stock units and are commonly used to defer director compensation and related taxes until distribution. Such awards are routine for board members and do not by themselves indicate a buy/sell signal; purchases are generally more informative about an insider's market sentiment.