| ITEMS OF BUSINESS | | ||||||||||||||||||
| | | | PROPOSAL | | | BOARD’S RECOMMENDATION | | | SEE PAGE | | |||||||||
| 1 | | | Election of directors to the Board of Directors (the “Board”) to serve until the next Annual Meeting or until their successors have been duly elected and qualified | | |||||||||||||||
| • Nanci Caldwell • Adaire Fox-Martin • Ron Guerrier • Gary Hromadko | | | • Charles Meyers • Thomas Olinger • Christopher Paisley • Jeetu Patel | | | • Sandra Rivera • Fidelma Russo • Peter Van Camp | | | | | FOR each nominee | | | | |||||
| 2 | | | Approval, by a non-binding advisory vote, of the compensation of our named executive officers | | | | | FOR | | | | ||||||||
| 3 | | | Approval, by a non-binding advisory vote, of the frequency with which our stockholders will vote on the compensation of our named executive officers | | | | | FOR ONE YEAR | | | | ||||||||
| 4 | | | Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending Dec. 31, 2023 | | | | | FOR | | | | ||||||||
| 5 | | | A stockholder proposal related to shareholder ratification of termination pay | | | | | AGAINST | | | |
EQUINIX 2024 PROXY STATEMENT |
Notice of Annual Meeting of Stockholders | ||
Dear Stockholder: You are cordially invited to attend the Annual Meeting of Stockholders (the “Annual Meeting”) of Equinix, Inc., a Delaware corporation (“Equinix”). This year’s meeting will be held exclusively online; we are not holding an in-person meeting. The Annual Meeting will be held on Thursday, May 23, 2024, at 9:00 a.m. PDT, and login will begin at 8:45 a.m. PDT. We believe in meaningfully engaging with our stockholders and hope this virtual meeting will maximize participation. You will be able to attend and participate in the virtual Annual Meeting, vote your shares electronically and submit your questions during the meeting by visiting: www.virtualshareholdermeeting.com/EQIX2024 To participate in the virtual meeting, you will need the 16-digit control number included on your Notice of Internet Availability of Proxy Materials, proxy card, or voting instruction form. Please refer to the “Voting Information and Attending the Meeting” section of the proxy statement for more details about attending the Annual Meeting online. Beneficial stockholders who did not receive a 16-digit control number from their bank or brokerage firm, who wish to attend the meeting, should follow the instructions from their bank or brokerage firm, including any requirement to obtain a legal proxy. Most brokerage firms or banks allow a stockholder to obtain a legal proxy either online or by mail. Formal rules of conduct and technical support will be available during the virtual Annual Meeting. We encourage you to access the meeting prior to the start time leaving ample time for the check-in. Please follow the registration instructions as outlined in this proxy statement. At the Annual Meeting, the following proposals will be considered and voted on, in addition to such other business as may properly come before the meeting or any adjournments or postponements thereof: | ||||||||||||||
TO BE HELD Thursday, May | ||||||||||||||
VIRTUAL MEETING www.virtualshareholder meeting.com/ | ||||||||||||||
ATTENDANCE Whether or not you plan to attend the Annual Meeting, please vote promptly, following the instructions contained in the materials you received. |
ITEMS OF BUSINESS | ||||||||||||||||||||||||||||||||||||||
PROPOSAL | BOARD’S RECOMMENDATION | SEE PAGE | ||||||||||||||||||||||||||||||||||||
1 | Election of directors to the Board of Directors (the “Board”) to serve until the next Annual Meeting or until their successors have been duly elected and qualified: | FOR each nominee | ||||||||||||||||||||||||||||||||||||
Nanci Caldwell Adaire Fox-Martin | Gary Hromadko Charles Meyers | Thomas Olinger Christopher Paisley | Jeetu Patel Sandra Rivera | Fidelma Russo Peter Van Camp | ||||||||||||||||||||||||||||||||||
2 | Approval, by a non binding advisory vote, of the compensation of our named executive officers | FOR | ||||||||||||||||||||||||||||||||||||
3 | Approval of the Amendment of the Equinix, Inc. 2004 Employee Stock Purchase Plan (the “Plan”), including to eliminate the Plan termination date | FOR | ||||||||||||||||||||||||||||||||||||
4 | Ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending Dec. 31, 2024 | FOR |
EQUINIX 2024 PROXY STATEMENT |
The foregoing items of business are more fully described in the attached proxy statement. Only stockholders of record at the close of business on Mar. 26, 2024, are entitled to notice of, and to vote at, the Annual Meeting and at any adjournments or postponements thereof. | BY ORDER OF THE BOARD OF DIRECTORS, Peter Van Camp Executive Chairman Redwood City, California Apr. 12, 2024 |
Whether or not you plan to attend the virtual meeting, please vote as soon as possible. | |||||
Important notice regarding the availability of proxy materials for the Annual Meeting to be held on May |
VOLUNTARY E-DELIVERY OF PROXY MATERIALS | ||||
We encourage our stockholders to enroll in electronic delivery of proxy materials. | ||||
Electronic delivery offers immediate and convenient access to proxy statements, annual reports and other investor documents. It also helps us preserve the environment and reduce printing and shipping costs. | ||||
Visit proxyvote.com to vote your shares and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. | ||||
Section 16(A) beneficial ownership reporting compliance | |||||||||||||||
PROPOSAL 3— on frequency | |||||||||||||||
Voting information and attending the | ||||||||||||||
A-1 |
EQUINIX 2024 PROXY STATEMENT |
Proxy Summary | ||||||||
WHEN Thursday, May | VIRTUAL LOCATION Visit: www.virtualshareholdermeeting.com/ | RECORD DATE Mar. | ||||||||||||||||||||||||
CORPORATE INFORMATION | EQUINIX WEBSITES | |||||||||||||||||||||||||
Stock Symbol EQIX | Registrar & Transfer Agent Computershare | CORPORATE WEBSITE Equinix.com INVESTOR RELATIONS investor.equinix.com 2024 ANNUAL MEETING MATERIALS https://investor.equinix.com/news-events/annual-meeting-of-stockholders PUBLIC POLICY ACTIVITIES https://investor.equinix.com/board-governance/public-policy-activities | ||||||||||||||||||||||||
Stock Exchange NASDAQ | State of Incorporation Delaware | |||||||||||||||||||||||||
Common Stock Outstanding As of Mar. | Year of Incorporation 1998 | |||||||||||||||||||||||||
Public Company Since 2000 | ||||||||||||||||||||||||||
EQUINIX | |||||
REGISTERED HOLDERS (shares are registered in your own name) | BENEFICIAL OWNERS (shares are held “in street name” in a stock | |||||||||||||||||||||||||||||||||||
BY MOBILE DEVICE | Scan the QR code provided on your proxy card | Scan the QR code if one is provided by your broker, bank or other nominee | ||||||||||||||||||||||||||||||||||
Vote your shares online 24/7 at proxyvote.com | Vote your shares online 24/7 if a website is provided by your broker, bank or other nominee | |||||||||||||||||||||||||||||||||||
BY TELEPHONE | Call toll-free 24/7 in the U.S., U.S. territories and Canada 1-800-690-6903 | Call the toll-free number provided on your voting information form 24/7 | ||||||||||||||||||||||||||||||||||
BY MAIL | Complete, date, sign and return your proxy card in the postage-paid envelope | Complete, date, sign and return your voting information form | ||||||||||||||||||||||||||||||||||
| | | | PROPOSAL | | | BOARD’S RECOMMENDATION | | | SEE PAGE | | |||
| 1 | | | DIRECTORS: Election of directors | | | | | FOR each nominee | | | | ||
| 2 | | | COMPENSATION: Advisory vote to approve named executive officer compensation | | | | | FOR | | | | ||
| 3 | | | COMPENSATION: Advisory vote to approve the frequency of the executive compensation vote | | | | | FOR one year | | | | ||
| 4 | | | AUDIT: Ratification of independent registered public accountants | | | | | FOR | | | | ||
| 5 | | | STOCKHOLDER PROPOSAL: Stockholder proposal related to shareholder ratification of termination pay | | | | | AGAINST | | | |
PROPOSAL | BOARD’S RECOMMENDATION | SEE PAGE | ||||||||||||||||||||||||
1 | DIRECTORS: Election of directors | FOR each nominee | ||||||||||||||||||||||||
2 | COMPENSATION: Advisory vote to approve named executive officer compensation | FOR | ||||||||||||||||||||||||
3 | PLAN AMENDMENT: Vote to approve the Amendment of the Equinix, Inc. 2004 Employee Stock Purchase Plan (the “Plan”), including to eliminate the Plan termination date | FOR | ||||||||||||||||||||||||
4 | AUDIT: Ratification of independent registered public accountants | FOR |
EQUINIX 2024 PROXY STATEMENT | Proxy Summary | / 3 |
NANCI CALDWELL, AGE 66 (Independent Director) | CHRISTOPHER PAISLEY, AGE 71 (Lead Independent Director) | ||||||||||||||||||||||||||
Since: 2015 COMMITTEES: • Nominating and Governance • Talent, Culture and Compensation | COMMITTEES: •Audit •Finance •Nominating and Governance •Real Estate | ||||||||||||||||||||||||||
ADAIRE FOX-MARTIN*, AGE 59 (Director) | JEETU PATEL, AGE 52 (Independent Director) | ||||||||||||||||||||||||||
Since: 2020 | Since: 2022 COMMITTEE: •Talent, Culture and Compensation | ||||||||||||||||||||||||||
GARY HROMADKO, AGE 71 (Independent Director) | SANDRA RIVERA, AGE 59 (Independent Director) | ||||||||||||||||||||||||||
Since: 2003 COMMITTEES: •Finance •Nominating and Governance •Real Estate | Since: 2019 COMMITTEES: •Talent, Culture and Compensation •Stock Award | ||||||||||||||||||||||||||
CHARLES MEYERS*, AGE 58(Chief (Chief Executive Officer and President) | FIDELMA RUSSO, AGE 60 (Independent Director) | ||||||||||||||||||||||||||
Since: 2018 COMMITTEE: • Stock Award | Since: COMMITTEE: • |
THOMAS OLINGER, AGE 57 (Independent Director) | PETER VAN CAMP*, AGE 68 ( | ||||||||||||||||||||||||||
Since: 2023 COMMITTEES: • Audit • Finance • Real Estate |
Proxy Summary | / 4 |
Board Nominees Who are Female | Board Nominees Self-identifying as Racially/Ethnically Diverse | Average Attendance at Board and Committee Meetings |
9.02 YEARS Average Tenure of Board Nominees as of Annual Meeting date • 3 new members added in past • 3 out of 4 newest members | 8 Board Meetings in 91% Average Attendance at Board and Committee Meetings | Board • • • Governance • • Talent, Culture and | 4 5 8 4 | |||||||||||||||||||||||||||||||||||
1 YEAR Director Term | Majority Director Standard | No Supermajority Requirements | No Stockholder Rights Plan | ||||||||||||||||||||||||||||||||
Stockholders Right to Call Special Meetings | Stockholders Right to Act by Written Consent | Stockholders Proxy Access | Corporate Governance | |||||||||||||||||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Proxy Summary | / 5 |
$1.9M | Executive Incentive |
Energy Coverage Achieved in 2023 | of Issued Green Bond Net Proceeds Fully Allocated Toward Eligible Green Projects | in Employee Donations, Corporate Matching and Community-based Donations | Short-term Incentive Performance Metrics for VP-level and Above Tied to Our Environmental and Social Progress | ||||||||||||||
100% | ||||||||||||||||||||||||||||||||||||||
Clean and | Nominating and Governance | CEO Focus Initiatives | Nominating and | |||||||||||||||||||||||||||||||||||
206:1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage | ESG Metrics Used for | Stock Ownership Guidelines | Policy Prohibiting Hedging | Recoupment Policy | CEO Pay Ratio for 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Proxy Summary | / 6 |
REVENUES (in millions) | AFFO(1)/Share | STOCK PRICE PERFORMANCE(2) | ||||||
+13% | +9% | +20.41% | ||||||
Chief Executive Officer | Average - Named Executive Officers | ||||||||||
EQUINIX 2024 PROXY STATEMENT | Governance / 7 |
Governance | ||
The Board recommends that you vote | |||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Governance / 8 |
NANCI CALDWELL | Independent Director / Since December 2015 | |||||||||||||||||||
AGE: COMMITTEES: • Nominating and Governance • Talent, Culture and Compensation | CURRENT ROLE • Corporate director (since 2005) PRIOR BUSINESS EXPERIENCE • Executive vice president and chief marketing officer, PeopleSoft (2001−2004) • Various senior and executive sales and marketing roles in Canada and the U.S., Hewlett-Packard (1982−2001) CURRENT PUBLIC COMPANY BOARDS (in addition to Equinix) • CIBC • Procore Technologies, Inc. PAST PUBLIC COMPANY BOARDS • Talend • Tibco Software • Deltek • Donnelley Financial Solutions • Citrix Systems | SKILLS & EXPERTISE • Executive leadership skills gained as an operating executive at major public companies • Deep “go-to-market” experience gained over decades of senior and executive enterprise sales and marketing roles at Hewlett-Packard and PeopleSoft, bringing insight to our strategy as we continue to target the enterprise customer and leverage our channel partner program • Global experience as an executive at multinational corporations • Experience with public company M&A • Risk management experience from prior operating roles as well as oversight expertise from experience gained across multiple boards and governance committees • Significant public company board experience across numerous boards |
ADAIRE FOX-MARTIN | |||||||||||||||||||||||||
AGE: | CURRENT ROLE • President, Google Cloud Go-to-Market (since 2023) and Head of Google Ireland (since 2021) PRIOR BUSINESS EXPERIENCE • EMEA Cloud President, Google Cloud International (2021-2022) • Various roles, SAP (2008−Jul. 2021), including executive board member, global customer operations, president, chief operating officer, SVP industry business solutions, and vice president public sector • Various management roles, Oracle Corporation (1989−2007), the most recent being vice president government education and healthcare PAST PUBLIC COMPANY BOARDS • SAP SE | SKILLS & EXPERTISE • Executive leadership skills gained as an operating executive at major public companies • Extensive experience in the information technology sector, bringing relevant technology expertise to the Board as we evolve our platform • Experience in cloud relevant to the Board as Equinix evolves our business model and strategy to meet the needs of our customers in a cloud-first world • Global experience as an executive at multinational corporations, and experience and perspective gained from living and working in both the Asia-Pacific and EMEA regions • “Go-to-market” experience in serving the enterprise customer, a key segment of our current strategy, as an experienced sales leader • Advocacy of social entrepreneurship and workplace inclusivity and |
GARY HROMADKO | Independent Director / Since June 2003 | |||||||||||||||||||
AGE: COMMITTEES: • • Nominating and GovernanceReal Estate | CURRENT ROLE • Private investor PRIOR BUSINESS EXPERIENCE • Venture partner, Crosslink Capital, a venture capital firm (2002−2017) PAST PUBLIC COMPANY BOARDS • Carbonite | SKILLS & EXPERTISE • Experience in the field of digital infrastructure services • Deep understanding of current technologies and trends, and implications for our strategic plans and positioning, through experience as an investor in the networking, cloud and infrastructure service sectors • Extensive capital markets and corporate finance experience, providing valuable insight to fundraising activities and to decisions regarding investments and allocation of capital • Public company board experience across numerous boards and valuable institutional knowledge and perspective gained from long tenure on the Equinix Board |
CHARLES MEYERS | Director / Since September 2018 | |||||||||||||||||||
AGE: COMMITTEE: • Stock Award | CURRENT ROLE • Chief executive officer and president, Equinix (since 2018) PRIOR BUSINESS EXPERIENCE • President, strategy, services and innovation, Equinix (2017-2018) • Chief operating officer, Equinix (2013-2017) • President, Equinix Americas (2010-2013) • Various positions, including group president of messaging and mobile media, and product group executive for the security and communications portfolio, VeriSign, an Internet security company now part of Symantec (2006-2010) CURRENT PUBLIC COMPANY BOARDS (in addition to Equinix) • Fastly | SKILLS & EXPERTISE • Executive leadership skills gained as Equinix’s current CEO, and through various prior leadership roles at Equinix and other technology companies • Deep experience in the field of digital infrastructure services as well as in the technology and trends shaping Equinix’s current and future strategy • Global experience as an executive at multinational corporations • “Go-to-market” experience as an experienced sales leader • Experience with public company M&A, including multiple transactions while at Equinix • As Equinix’s CEO, responsible for setting and driving all aspects of ESG strategy, including award-winning sustainability initiatives and prioritization of DIB as a strategic priority; member of CEO Action for Diversity & Inclusion |
EQUINIX 2024 PROXY STATEMENT |
THOMAS OLINGER | Independent Director / Since January 2023 | ||||||||||||||||||
AGE: COMMITTEES: •Audit • Finance • Real Estate | CURRENT ROLE • Corporate director (since 2011) PRIOR BUSINESS EXPERIENCE • Chief financial officer, Prologis (2012−2022) • Chief integration officer, Prologis (2011-2012) • Chief financial officer, AMB (2007-2011) now a part of Prologis • Vice president, corporate controller, Oracle (2002-2007) • Audit partner, Arthur Anderson & Co. (1988-2002) CURRENT PUBLIC COMPANY BOARDS (in addition to Equinix) • American Assets Trust | SKILLS & EXPERTISE • Executive leadership skills gained as an operating executive at public companies, including as chief financial officer of Prologis • Global experience as an executive at a multinational corporation • Extensive capital markets and corporate finance experience providing valuable insight to decisions regarding investments and allocation of capital • Extensive experience with REITs and real estate development, including as a chief financial officer at a REIT, which provides valuable insight to discussions of Equinix’s continued expansion and management of our growing real estate portfolio • Experience with public company M&A • ESG experience through the oversight of financial and tax structuring efforts related to environmental sustainability transactions, and through the issuance and sale of green bonds, while chief financial officer of Prologis • Extensive finance and accounting expertise as a former chief financial officer, controller and audit partner, • Risk management experience from prior operating roles • Public company board experience, including on another publicly listed REIT | |||||||||||||||||
Independent Director / Since July 2007 (and Lead Independent Director since | ||||||||||||||||||||
AGE: COMMITTEES: •Audit • Finance • •Real Estate | CURRENT ROLE • Dean’s executive professor of accounting, Leavey School of Business at Santa Clara University (since 2001) PRIOR BUSINESS EXPERIENCE • Chief financial officer, Enterprise 4.0 Technology Acquisition Corporation • Senior vice president of finance and chief financial officer, 3Com (1985−2000) CURRENT PUBLIC COMPANY BOARDS (in addition to Equinix) • Ambarella • Fastly PAST PUBLIC COMPANY BOARDS • Enterprise 4.0 Technology Acquisition Corporation • Fitbit • Fortinet | SKILLS & EXPERTISE • Executive leadership skills gained as an operating executive at multiple companies, including as chief financial officer of 3Com • Global experience as an executive at a multinational corporation • Extensive capital markets experience • Extensive experience with public company M&A, including as an operating executive and as a board member • Extensive finance and accounting expertise as a former chief financial officer, as a current professor of accounting, and as an audit committee chair for numerous boards • Risk management experience from prior operating roles as well as from experience across multiple boards • Public company board experience across numerous boards and valuable institutional knowledge and perspective gained from long tenure on the Equinix Board |
EQUINIX 2024 PROXY STATEMENT |
JEETU PATEL | Independent Director / Since June 2022 | |||||||||||||||||||
AGE: COMMITTEE: • | CURRENT ROLE • Executive vice president and general manager of security and collaboration, Cisco (since 2021) PRIOR BUSINESS EXPERIENCE • Senior vice president and general manager of security and collaboration, Cisco (2020-2021) • Chief product officer and chief strategy officer, Box (2017-2020) • Senior vice president of platform and chief strategy officer, Box (2015-2017) CURRENT PUBLIC COMPANY BOARDS (in addition to Equinix) • JLL | SKILLS & EXPERTISE • Executive leadership skills gained as an operating executive at major public companies • Extensive experience in the technology sector, including SaaS application experience and operating experience managing SaaS, bringing relevant technology expertise to the Board as we execute against our digital transformation strategy • Experience in building both digital products through modern software development practices, and platform products with an emphasis on the developer persona, highly relevant to Equinix as we evolve our offerings and our platform to meet the needs of our customers • Global experience as an executive at multinational corporations • Extensive “go to market” experience including in (i) incubating and scaling non-core products via a core distribution model, (ii) Modern Marketing, and (iii) selling into IT, Security, Developer and Line of Business buying centers • Public company board experience across multiple boards |
SANDRA RIVERA | Independent Director / Since | |||||||||||||||||||
AGE: COMMITTEES: • •Talent, Culture | CURRENT ROLE • •Various roles, Intel Corporation (2000-2023), including leading the network platforms group, chief people officer and most recently as executive vice president and general manager of Data Center and AI Group • General manager of CTI division, Catalyst Telecom (1998-2000) • | SKILLS & EXPERTISE • Executive leadership skills gained as an operating executive at multiple companies, including Intel • Extensive experience in the technology sector, including network infrastructure, 5G, data center, AI and cloud, bringing relevant technology expertise to the Board as Equinix executes against our platform strategy • Global experience as an executive at a multinational corporation • •Experience with public company M&A, including through numerous transactions while at Intel •Human capital and ESG experience, most recently gained as |
EQUINIX 2024 PROXY STATEMENT |
FIDELMA RUSSO | Independent Director / Since June 2022 | |||||||||||||||||||
AGE: COMMITTEE: • Audit | CURRENT ROLE • PRIOR BUSINESS EXPERIENCE • Senior vice president and general manager of the Cloud Services business unit, VMware (2020-2021) • Various senior leadership roles, Iron Mountain, Inc. (2017-2020), including chief technology officer and executive vice president (in addition to Equinix) • SBA Communications | SKILLS & EXPERTISE • Executive leadership skills gained as an operating executive at major public companies • Extensive technology experience spanning servers, storage, networking, cloud services, backup, machine learning and analytics, global IT business services and infrastructure, relevant to Equinix’s digital transformation initiatives • Perspective of an Equinix customer, with a deep understanding of current technology trends, providing valuable input to our platform and product strategies • Global experience as an executive at multinational corporations • Human capital experience from leading large and diverse teams • Extensive experience bringing technology products to market • Experience with REITs as a board member of another publicly traded REIT • Public company board experience |
PETER VAN CAMP | Director / Since May 2000 | |||||||||||||||||||
AGE: | CURRENT ROLE • Executive chairman, Equinix (since 2007) PRIOR BUSINESS EXPERIENCE • Interim chief executive officer and president, Equinix (Jan. 2018 - Sept. 2018) • Chief executive officer, Equinix (2000-2007) • President, Equinix (2006-2007) • President, UUNET, the internet division of MCI (formerly known as WorldCom) (1997-2000) PAST PUBLIC COMPANY BOARDS • Silver Spring Networks | SKILLS & EXPERTISE • Executive leadership skills gained as Equinix’s CEO, and through various prior leadership roles • Deep experience in the field of digital infrastructure services • Global experience as an executive at multinational corporations • “Go-to-market” experience as an experienced sales leader • Experience with public company M&A, including • Deep understanding of all aspects of ESG at Equinix • Public company board experience across numerous boards and valuable institutional knowledge and perspective gained from long tenure on the Equinix Board as Executive Chair, and as years served as Equinix’s CEO |
EQUINIX 2024 PROXY STATEMENT | Governance / 13 |
EQUINIX 2024 PROXY STATEMENT | Governance / 14 |
EQUINIX 2024 PROXY STATEMENT | Governance |
Skills & Experience | Nanci Caldwell | AND REFRESHMENT Fox-Martin | Chris Paisley | Jeetu Patel | Sandra Rivera | Fidelma Russo | Van Camp | |||||||||||||||||||||||||
Executive Leadership | ü | ü | ü | ü | ü | ü | ü | ü | ü | |||||||||||||||||||||||
Digital Infrastructure Services | ü | ü | ü | ü | ||||||||||||||||||||||||||||
Relevant Technology Depth and Customer Perspective | ü | ü | ü | ü | ü | ü | ||||||||||||||||||||||||||
Cloud/Software Domain Experience | ü | ü | ü | ü | ||||||||||||||||||||||||||||
Global Experience/Perspective | ü | ü | ü | ü | ü | ü | ü | ü | ü | |||||||||||||||||||||||
Human Capital | ü | ü | ||||||||||||||||||||||||||||||
Go to Market | ü | ü | ü | ü | ü | ü | ü | |||||||||||||||||||||||||
Capital Markets | ü | ü | ü | |||||||||||||||||||||||||||||
REITs/Real Estate Development | ü | ü | ||||||||||||||||||||||||||||||
M&A Experience | ü | ü | ü | ü | ü | ü | ü | |||||||||||||||||||||||||
ESG | ü | ü | ü | ü | ü | |||||||||||||||||||||||||||
Finance & Accounting | ü | ü | ü | |||||||||||||||||||||||||||||
Risk Management | ü | ü | ü | |||||||||||||||||||||||||||||
Public Company Board | ü | ü | ü | ü | ü | ü | ü | ü |
BOARD DIVERSITY, TENURE AND REFRESHMENT | 40% | 20% | 9.02 Years | |||||||||||||||||
Board Female | Board Ethnically Diverse | Average Tenure of Board Nominees •3 new members added in the last 2 years •3 of 4 newest members self-identify as female and/or ethnically diverse | ||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Governance / 16 |
Board Diversity Matrix (As of April 12, 2024) | ||||||||||||||
Total Number of Directors | 10 | |||||||||||||
Female | Male | Nonbinary | Did Not Disclose Gender | |||||||||||
Part I: Gender Identity | ||||||||||||||
Directors | 4 | 6 | ||||||||||||
Part II: Demographic Background | ||||||||||||||
African American or Black | ||||||||||||||
Alaskan Native or Native American | ||||||||||||||
Asian | 1 | |||||||||||||
Hispanic or Latinx | 1 | |||||||||||||
Native Hawaiian or Pacific Islander | ||||||||||||||
White | 3 | 5 | ||||||||||||
Two or More Races or Ethnicities | ||||||||||||||
LGBTQ+ | ||||||||||||||
Did Not Disclose Demographic Background |
EQUINIX 2024 PROXY STATEMENT | Governance / 17 |
EQUINIX 2024 PROXY STATEMENT | Governance / 18 |
EQUINIX 2024 PROXY STATEMENT | Governance / 19 |
| | | | | | | | | | | | | | | | | Committees | | ||||||||||||||||||||
| Director | | | | Independent | | | | Financial expert | | | | Audit | | | | Finance | | | | Nominating and Governance | | | | Real Estate | | | | Stock Award | | | | Talent, Culture and Compensation | | ||||
| Nanci Caldwell | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Adaire Fox-Martin | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ron Guerrier(1) | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gary Hromadko | | | | ✓ | | | | | | | | | | | | | | | (8) | | | | | | | | | | | | | | | | | ||
| Irving Lyons III(2) | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Charles Meyers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Thomas Olinger(3) | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Christopher Paisley(4) | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| Jeetu Patel(5) | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Sandra Rivera(6) | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fidelma Russo(7) | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Peter Van Camp | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Meetings in 2022 | | | | Board: 8 | | | | | | | | 10 | | | | 4 | | | | 5 | | | | 10 | | | | 0 | | | | 4 | |
Committees | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Director | Independent | Financial Expert | Audit | Finance | Nominating and Governance | Real Estate | Stock Award | Talent, Culture and Compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||
Nanci Caldwell | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adaire Fox-Martin(1) | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gary Hromadko(2) | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charles Meyers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thomas Olinger | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christopher Paisley(3) | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jeetu Patel(4) | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sandra Rivera | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fidelma Russo | ✓ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Van Camp | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Meetings in 2023 | Board: 8 | 9 | 4 | 5 | 8 | 0 | 4 |
Chairperson | Committee Member | Executive Chairman | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lead Independent Director | Audit Committee Financial Expert |
EQUINIX 2024 PROXY STATEMENT | Governance / 20 |
EQUINIX 2024 PROXY STATEMENT | Governance / 21 |
EQUINIX 2024 PROXY STATEMENT | Governance / 22 |
EQUINIX 2024 PROXY STATEMENT | Governance / 23 |
EQUINIX 2024 PROXY STATEMENT | Governance / 24 |
EQUINIX 2024 PROXY STATEMENT | Governance / 25 |
| Committee | | | Chairperson | | | Member | | ||||||
| Audit | | | | $ | 35,000 | | | | | $ | 15,000 | | |
| Finance | | | | $ | 12,500 | | | | | $ | 5,000 | | |
| Nominating and Governance | | | | $ | 20,000 | | | | | $ | 10,000 | | |
| Real Estate | | | | $ | 25,000 | | | | | $ | 12,500 | | |
| Talent, Culture and Compensation | | | | $ | 25,000 | | | | | $ | 12,500 | | |
Committee | Chairperson ($) | Member ($) | |||||||||||||||
Audit | 35,000 | 15,000 | |||||||||||||||
Finance | 12,500 | 5,000 | |||||||||||||||
Nominating and Governance | 20,000 | 10,000 | |||||||||||||||
Real Estate | 25,000 | 12,500 | |||||||||||||||
Talent, Culture and Compensation | 25,000 | 12,500 |
Committee | Chairperson ($) | Member ($) | Threshold Number of Meetings (#) | ||||||||||||||
Audit | 5,000 | 3,000 | 12 | ||||||||||||||
Finance | 5,000 | 3,000 | 6 | ||||||||||||||
Nominating and Governance | 5,000 | 3,000 | 5 | ||||||||||||||
Real Estate | 5,000 | 3,000 | 8 | ||||||||||||||
Talent, Culture and Compensation | 5,000 | 3,000 | 8 |
| Committee | | | Chairperson | | | Member | | | Threshold Number of Meetings | | |||||||||
| Audit | | | | $ | 5,000 | | | | | $ | 3,000 | | | | | | 12 | | |
| Finance | | | | $ | 5,000 | | | | | $ | 3,000 | | | | | | 6 | | |
| Nominating and Governance | | | | $ | 5,000 | | | | | $ | 3,000 | | | | | | 5 | | |
| Real Estate | | | | $ | 5,000 | | | | | $ | 3,000 | | | | | | 8 | | |
| Talent, Culture and Compensation | | | | $ | 5,000 | | | | | $ | 3,000 | | | | | | 8 | | |
EQUINIX 2024 PROXY STATEMENT | Governance / 26 |
| Name | | | Fees Earned or Paid in Cash(1) ($) | | | Stock Awards(2)(3)(4) ($) | | | Total ($) | | |||||||||
| Nanci Caldwell | | | | $ | 107,500 | | | | | $ | 249,897 | | | | | $ | 357,397 | | |
| Adaire Fox-Martin | | | | $ | 85,000 | | | | | $ | 249,897 | | | | | $ | 334,897 | | |
| Ron Guerrier | | | | $ | 83,455 | | | | | $ | 249,897 | | | | | $ | 333,352 | | |
| Gary Hromadko | | | | $ | 134,174 | | | | | $ | 249,897 | | | | | $ | 384,071 | | |
| Irving Lyons III | | | | $ | 135,500 | | | | | $ | 249,897 | | | | | $ | 385,397 | | |
| Christopher Paisley | | | | $ | 167,500 | | | | | $ | 249,897 | | | | | $ | 417,397 | | |
| Jeetu Patel(5) | | | | $ | 47,458 | | | | | $ | 240,323 | | | | | $ | 287,782 | | |
| Sandra Rivera | | | | $ | 87,500 | | | | | $ | 249,897 | | | | | $ | 337,397 | | |
| Fidelma Russo(5) | | | | $ | 50,250 | | | | | $ | 240,323 | | | | | $ | 290,573 | | |
Name | Fees Earned or Paid in Cash(1) ($) | Stock Awards(2)(3)(4) ($) | Total ($) | |||||||||||||||||
Nanci Caldwell | 107,500 | 249,663 | 357,163 | |||||||||||||||||
Adaire Fox-Martin | 85,000 | 249,663 | 334,663 | |||||||||||||||||
Ron Guerrier | 34,000 | – | 34,000 | |||||||||||||||||
Gary Hromadko | 127,500 | 249,663 | 377,163 | |||||||||||||||||
Irving Lyons lll | 47,000 | – | 47,000 | |||||||||||||||||
Thomas Olinger | 102,367 | 336,092 | 438,459 | |||||||||||||||||
Christopher Paisley | 163,500 | 249,663 | 413,163 | |||||||||||||||||
Jeetu Patel | 86,500 | 249,663 | 336,163 | |||||||||||||||||
Sandra Rivera | 95,000 | 249,663 | 344,663 | |||||||||||||||||
Fidelma Russo | 90,000 | 249,663 | 339,663 |
EQUINIX 2024 PROXY STATEMENT | Governance / 27 |
| Name of Beneficial Owner | | | Number of Shares | | | Percentage of Total | | ||||||
| Nanci Caldwell(1) | | | | | 3,158 | | | | | | * | | |
| Mike Campbell | | | | | 14,506 | | | | | | * | | |
| Scott Crenshaw | | | | | 1,563 | | | | | | * | | |
| Adaire Fox-Martin(2) | | | | | 1,091 | | | | | | * | | |
| Ron Guerrier(3) | | | | | 573 | | | | | | * | | |
| Gary Hromadko(4) | | | | | 143,596 | | | | | | * | | |
| Jon Lin | | | | | 7,223 | | | | | | * | | |
| Irving Lyons III(5) | | | | | 16,964 | | | | | | * | | |
| Charles Meyers | | | | | 15,081 | | | | | | * | | |
| Brandi Galvin Morandi | | | | | 20,443 | | | | | | * | | |
| Thomas Olinger(6) | | | | | 123 | | | | | | * | | |
| Christopher Paisley(7) | | | | | 18,911 | | | | | | * | | |
| Jeetu Patel(8) | | | | | 365 | | | | | | * | | |
| Sandra Rivera(9) | | | | | 1,352 | | ��� | | | | * | | |
| Fidelma Russo(10) | | | | | 365 | | | | | | * | | |
| Karl Strohmeyer | | | | | 23,247 | | | | | | * | | |
| Keith Taylor | | | | | 24,177 | | | | | | * | | |
| Peter Van Camp | | | | | 7,748 | | | | | | * | | |
| The Vanguard Group(11) 100 Vanguard Blvd, Malvern, PA 19355 | | | | | 12,164,040 | | | | | | 13.01% | | |
| BlackRock Fund Advisors(12) Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055 | | | | | 9,418,787 | | | | | | 10.07% | | |
| State Street Corporation(13) State Street Financial Center, 1 Lincoln Street, Boston, MA 02111 | | | | | 6,091,600 | | | | | | 6.51% | | |
| All current directors and executive officers as a group (18 persons)(14) | | | | | | | | | | | * | | |
Name of Beneficial Owner | Number of Shares (#) | Percentage of Total (%) | ||||||||||||||||||
Nanci Caldwell(1) | 3,511 | * | ||||||||||||||||||
Mike Campbell | 15,649 | * | ||||||||||||||||||
Scott Crenshaw | 4 | * | ||||||||||||||||||
Adaire Fox-Martin(2) | 1,444 | * | ||||||||||||||||||
Gary Hromadko(3) | 142,047 | * | ||||||||||||||||||
Jon Lin | 7,018 | * | ||||||||||||||||||
Charles Meyers | 13,914 | * | ||||||||||||||||||
Brandi Galvin Morandi | 14,953 | * | ||||||||||||||||||
Thomas Olinger(4) | 476 | * | ||||||||||||||||||
Christopher Paisley(5) | 18,939 | * | ||||||||||||||||||
Jeetu Patel(4) | 718 | * | ||||||||||||||||||
Sandra Rivera(4) | 1,705 | * | ||||||||||||||||||
Fidelma Russo(4) | 353 | * | ||||||||||||||||||
Keith Taylor | 24,466 | * | ||||||||||||||||||
Peter Van Camp | 8,132 | * | ||||||||||||||||||
Merrie Williamson(6) | 0 | * | ||||||||||||||||||
The Vanguard Group(7) 100 Vanguard Blvd, Malvern, PA 19355 | 12,265,027 | 12.92% | ||||||||||||||||||
BlackRock Fund Advisors(8) Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055 | 9,324,948 | 9.83% | ||||||||||||||||||
State Street Corporation(9) State Street Financial Center, 1 Lincoln Street, Boston, MA 02111 | 6,211,112 | 6.54% | ||||||||||||||||||
All current directors and executive officers as a group (16 persons)(10) | 253,329 | * |
EQUINIX 2024 PROXY STATEMENT | Governance / 28 |
EQUINIX 2024 PROXY STATEMENT | Governance / 29 |
EQUINIX 2024 PROXY STATEMENT | Governance / 30 |
Founding member of Asia-Pacific Data Centre Association (APDCA) | Signed 21 PPAs to date Amounts to more than 1GW of renewable energy once operational | |||||||||||||||||||
Renewable Energy Coverage Achieved in 2023 | ||
EQUINIX 2024 PROXY STATEMENT | Governance / 31 |
EQUINIX 2024 PROXY STATEMENT | Governance / 32 |
Mike Campbell | |||||||||||||
Chief Sales Officer (since 2016) | |||||||||||||
PRIOR BUSINESS EXPERIENCE • Senior vice president of sales, Equinix Americas (2015-2016) • Various sales management positions, most recently as senior vice president of sales, Symantec (2010-2015) • Vice president, sales, Verisign Americas, Verisign, prior to its merger into Symantec (2004-2010) |
Scott Crenshaw | |||||||||||||
EVP and GM, Digital Services (since 2022) | |||||||||||||
PRIOR BUSINESS EXPERIENCE • Various management positions, most recently as president and chief executive officer, Concourse Labs (2019-2022) • Various roles including executive vice president and general manager of private cloud, Rackspace (2016-2019) |
EQUINIX 2024 PROXY STATEMENT | Governance / 34 |
Jon Lin | |||||||||||||
EVP and GM, Data Center Services (since 2021) | |||||||||||||
PRIOR BUSINESS EXPERIENCE • Various management positions, most recently as • Director of Advanced Solutions Group, Tata Communications (2006-2009) • Various positions, most recently as senior strategist of security products, Verizon Business (2002-2006) |
Charles Meyers(1) | |||||||||||||
Chief Executive Officer and President (since 2018) | |||||||||||||
PRIOR BUSINESS EXPERIENCE • President, strategy, services and innovation, Equinix (2017-Sept. 2018) • Chief operating officer, Equinix (2013-2017) • President, Equinix Americas (2010-2013) • Various positions, including group president of messaging and mobile media, and product group executive for the security and communications portfolio, VeriSign, an internet security company now part of Symantec (2006-2010) |
Brandi Galvin Morandi | |||||||||||||
Chief Legal and Human Resources Officer (since 2019) | |||||||||||||
PRIOR BUSINESS EXPERIENCE • Chief legal officer, general counsel and secretary, Equinix (2003-2019) • Corporate attorney, Gunderson Dettmer (1997-2003) |
EQUINIX 2024 PROXY STATEMENT |
Keith Taylor | ||||||||||||
Chief (since | ||||||||||||
PRIOR BUSINESS EXPERIENCE • |
Age 61 | |||||||||||
Various roles, including vice president, finance and chief accounting officer, Equinix (2001-2005) • Director of finance and administration, Equinix (1999-2001) • Vice president finance and interim chief financial officer, International Wireless Communications, an operator, owner and developer of wireless communications networks (1996-1999) | |||||||||||
Merrie Williamson | |||||||||||
Chief Customer and Revenue Officer (since 2024) Age 47 | |||||||||||
PRIOR BUSINESS EXPERIENCE •Corporate Vice President of Azure Infrastructure and Digital and Application Innovation, Microsoft (2019-2024) •Various roles, including Global Senior Director Datacenter Sales and Marketing, Intel (1999-2019) | |||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 36 |
Compensation | ||
The Board unanimously recommends a vote |
EQUINIX 2024 PROXY STATEMENT | Compensation / 37 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 38 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 39 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 40 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 41 |
Name and Position | ||||||||
Charles Meyers, Chief Executive Officer and President | 1,603 | |||||||
Keith Taylor, Chief Financial Officer | 4,810 | |||||||
Mike Campbell, Chief Sales Officer | 548 | |||||||
Scott Crenshaw, EVP and GM, Digital Services | 100 | |||||||
Jon Lin, EVP and GM, Data Center Services | 2,285 | |||||||
Brandi Galvin Morandi, Chief Legal and Human Resources Officer | 4,812 | |||||||
All current executive officers as a group | 14,158 | |||||||
All current non-executive directors as a group | 0 | |||||||
All current and former employees, excluding current executive officers as a group | 3,116,432 |
The Board unanimously recommends |
EQUINIX 2024 PROXY STATEMENT | Compensation / 42 |
I. How did we perform and what are our practices? | ||||||||||||||||||||||||||||||||
AND ANALYSIS | ||||||||||||||||||||||||||||||||
II. How were our CEO and named executive officers compensated? | ||||||||||||||||||||||||||||||||
III. Policies and other | |||||||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 43 |
Charles Meyers | Brandi Galvin Morandi | |||||||||||||||
Chief Executive Officer and President | ||||||||||||||||
Chief Financial Officer | ||||||||||||||||
EVP and GM, Digital Services | ||||||||||||||||
Chief Legal and Human Resources Officer | ||||||||||||||||
EQUINIX 2024 PROXY STATEMENT |
2023 Total Direct Compensation* | ||||||||||||||||
* | Total Direct Compensation represents actual base salary and annual incentive award earned, and target long-term incentive opportunities, for the 2023 performance period. | |||||||||||||||
Target Compensation Mix(1)(2)(3)(4) | ||||||||||||||||
Chief Executive Officer | Average - Named Executive Officers | |||||||||||||||
(3) | Annual |
EQUINIX 2024 PROXY STATEMENT | Compensation / 45 |
Compensation Element | Payment | Metrics | Period | |||||||||||||||||||
AFFO/Share, and the Strategic Modifier | ||||||||||||||||||||||
Digital Services Revenue and AFFO/Share | ||||||||||||||||||||||
REVENUES (in millions) | AFFO(1)/Share | STOCK PRICE PERFORMANCE(2) | ||||||
+13% | +9% | +20.41% | ||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 46 |
Annual Incentive Program | Long-Term Incentive Program(2) | |||||||||||||||||||||||||||||||||||||
Primary Metrics | Revenue | AFFO/Share | Strategic Modifier | Revenue | AFFO/Share | Digital Services Revenue | rTSR | |||||||||||||||||||||||||||||||
50% | 50% | r | ±10% | 25% | 25% | 16.67% | 33.33% | |||||||||||||||||||||||||||||||
Overall Structure | A minimum of threshold performance must be achieved for both metrics for any payout to be earned | Each metric achieves funding independently | ||||||||||||||||||||||||||||||||||||
Above-Target Performance Potential | Maximum payout possible is 132% of target. Revenue achievement capped at target to ensure teamwide focus on near-term profitability | Maximum payout possible is 200% of target, both for each individual metric and overall, consistent with our focus on long-term value creation | ||||||||||||||||||||||||||||||||||||
Participation | All employees(1) | Executives only |
EQUINIX 2024 PROXY STATEMENT | Compensation / 47 |
Compensation-Focused Stockholder Engagement in Fall 2023 | ||||||||||||||||||||
Outreach to 65% Outstanding Shares | Meetings with 10 Stockholders | Representing 35% of Shares Outstanding | ||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 48 |
Shareholder Feedback Received | Our Perspective/How We Responded | |||||||||||||||||||
The use of revenue and AFFO/Share across our short- and long-term incentive programs was a consistent topic of conversation across our engagements with stockholders. However, we have also received consistent feedback over the years from REIT-oriented investors indicating that AFFO/Share is the metric they look to for value creation across any time horizon, and from technology-oriented investors focused on growth that view revenue as our top financial priority. | After carefully considering this feedback, which reflects our unique, hybrid positioning within both the technology and REIT sectors, the Compensation Committee continues to believe, that AFFO/Share and revenue are important measures of performance for both our short-term and long-term incentive structure in light of its and investors’ views of the criticality of both to our short- and long-term performance, in line with the recurring revenue and growth nature of our business. As explained in “2023 Pay and Performance Highlights” above, we use markedly different maximum payout levels and payout curves under our short- and long-term program. This provides greater upside potential under our long-term program, consistent with our focus on long-term value creation, and calibrates payout opportunities for each metric under each program with its significance to short- or long-term success. Furthermore, our short-term incentive program applies to all employees, and therefore creates a shared and consistent focus across the company while our long-term incentive structure, applicable exclusively to our executive team, further focuses and rewards executives on strong execution of these critical measures of our performance. | |||||||||||||||||||
Almost all stockholders supported our use of rTSR as a performance metric within our long-term incentive program, although some questioned our use of the Russell 1000 as the comparator index for this metric. Certain stockholders also indicated a desire to have a cap on payments under the rTSR if Equinix’s TSR was negative during the period. | In light of this feedback, the Compensation Committee determined to continue using rTSR as a metric for 2024, but will be using the S&P 500 Total Return Index (SPTR) for purposes of assessing our relative performance. In addition, if Equinix’s TSR is negative during the performance period, vesting under the award shall be capped at 100% of target. | |||||||||||||||||||
Stockholders suggested increasing the performance-based component of our long-term incentive to further enhance the pay and performance alignment of our program. | Consistent with feedback received from stockholders, we have increased the financial and rTSR PSU components of our long-term incentive to account for 67% of the award mix beginning in FY24. | |||||||||||||||||||
Some stockholders noted a preference for a three-year performance period for all long-term incentive metrics and, absent change, encouraged us to explain the Compensation Committee’s rationale for our current structure. | After carefully considering stockholders’ perspectives on performance periods, the Committee determined it was important to maintain our current structure to account for the recurring revenue nature of our business. Because of our recurring revenue model, achievement in year one delivers additional revenue and therefore drives results in years two and three. A one-year performance period also enables the Compensation Committee to set more rigorous goals than would be possible using a three-year performance period. As outlined in “Principal Elements of Executive Compensation” below, we balance the one-year performance period for the financial component of our long-term incentive by using a full three-year performance period for the rTSR component. | |||||||||||||||||||
Most stockholders encouraged us to enhance our disclosure to discuss our stockholder outreach efforts and better explain our current program structure. | We have significantly enhanced this Compensation Discussion & Analysis to include this discussion of stockholder engagement, and have endeavored to clearly explain the structure of and rationale for each component of our program. We have also enhanced our long-term incentive discussion to provide threshold and maximum, in addition to target, goals. |
EQUINIX 2024 PROXY STATEMENT | Compensation / 49 |
8Our performance both over the past year and long-term | ||||||||||||||
8The executive’s performance over the year and throughout their career with us | ||||||||||||||
8The executive’s leadership, level of experience in the position, and potential for future responsibility and promotion | ||||||||||||||
8The executive’s marketability in the marketplace based on their skill set | ||||||||||||||
•Marketability is assessed by reference to market data and comparability to our compensation peer group and broader survey data | ||||||||||||||
8The executive’s criticality to our operations and the difficulty we would have in replacing them | ||||||||||||||
8Internal parity between executives based on their contributions | ||||||||||||||
8With respect to equity, the retention value of unvested shares held by an executive | ||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 50 |
Component | Performance Criteria | Link to Stockholder Value | Vehicle/Vesting Period | |||||||||||||||||||||||
Base Salary | Continued alignment of salary with individual performance and market demands is evaluated on an annual basis. | Attracts and retains high-performing executives by providing competitive fixed pay aligned with roles, responsibilities and individual performance | Cash (vesting not applicable) | |||||||||||||||||||||||
Annual Incentives | Revenue | Motivates continued growth in the business | Delivered annually in immediately vested RSUs | |||||||||||||||||||||||
AFFO per Share | Aligns executive and stockholder interests through focus on profit | |||||||||||||||||||||||||
Strategic Modifier* | Aligns to strategic environmental and social aspirations and digital services revenue growth priorities | |||||||||||||||||||||||||
Long-Term Incentives | Financial Incentive PSUs | Key indicators of long-term success; one-year performance period enables highly rigorous goals in-line with recurring revenue business model & two-year service period encourages leadership retention and continued performance | Two-thirds of the long-term equity award is subject to multi year vesting periods Financial Incentive PSUs Vesting by Year | |||||||||||||||||||||||
rTSR PSUs | Rewards three-year total return performance relative to the market and consistent with stockholder experience | rTSR PSUs Vesting | ||||||||||||||||||||||||
Service-Based RSUs | Directly aligns with and rewards sustained value delivered to stockholders | Service-Based RSUs Vesting by Year | ||||||||||||||||||||||||
Total Long-Term Incentive Vesting by Year | ||||||||||||||||||||||||||
*Strategic Modifier applies only to VP level employees and above. |
EQUINIX 2024 PROXY STATEMENT | Compensation / 51 |
Name | 2022 Salary ($) | 2023 Salary ($) | Increase (%) | |||||||||||||||||||||||
Charles Meyers | 1,050,000 | 1,050,000 | 0% | |||||||||||||||||||||||
Keith Taylor | 680,000 | 680,000 | 0% | |||||||||||||||||||||||
Mike Campbell | 527,000 | 527,000 | 0% | |||||||||||||||||||||||
Scott Crenshaw | 530,000 | 530,000 | 0% | |||||||||||||||||||||||
Brandi Galvin Morandi | 620,000 | 620,000 | 0% | |||||||||||||||||||||||
Karl Strohmeyer(1) | 635,000 | 635,000 | 0% |
EQUINIX 2024 PROXY STATEMENT | Compensation / 52 |
Measure | Weighting | Purpose | Payout Curve* | ||||||||||||||
Revenue** | The revenue goal focuses our team on overall delivery by motivating our executives and employees to achieve continued growth in the business. The revenue goal that was set under the 2023 operating plan reflected anticipated continued growth across the global platform based on historical performance, the addressable market and our available inventory. | ||||||||||||||||
AFFO/Share** | The AFFO/Share goal was used to further align executive and employee incentives with the interests of our stockholders by focusing management on profit on a per share basis through nondilutive growth to AFFO. The AFFO/Share goal set under the 2023 operating plan contemplated delivery of services to customers, operating leverage, investments in the business, expansions in key markets, capital markets activity and dividend distributions to our stockholders. | ||||||||||||||||
Strategic Modifier (± 10%) | Social Aspirational Goals | The components of the Strategic Modifier, which is applied as a multiplier if at least the threshold revenue and threshold AFFO/Share goals are achieved, were selected to incentivize our executives to achieve our environmental and social aspirational goals and digital services revenue growth strategies. | |||||||||||||||
Environmental Targets | |||||||||||||||||
Digital Services Revenue |
* | Payouts for results between performance levels are interpolated on a straight-line basis. | ||||
** | For any funding, both Revenue and AFFO/ Share must reach the threshold goal. |
EQUINIX 2024 PROXY STATEMENT | Compensation / 53 |
Name | 2022 Bonus Opportunity (% Base Salary) | 2023 Bonus Opportunity (% Base Salary) | 2023 Target Bonus Award ($) | |||||||||||||||||
Charles Meyers | 150 | 150 | 1,575,000 | |||||||||||||||||
Keith Taylor | 110 | 110 | 748,000 | |||||||||||||||||
Mike Campbell | 90 | 90 | 474,300 | |||||||||||||||||
Scott Crenshaw | 90 | 90 | 477,000 | |||||||||||||||||
Brandi Galvin Morandi | 100 | 100 | 620,000 | |||||||||||||||||
Karl Strohmeyer | 100 | 100 | 635,000 |
Metric | Threshold | Target | Maximum(1) | Reported Result(1)(2) | Adjusted Results(3) | % of Target Achieved | Payout | |||||||||||||||||||
Revenue | $7,603.0M | $8,003.2M | n/a | $8,188M | $7,935M | 99.1% | 83% | |||||||||||||||||||
AFFO/Share | $28.86/Share | $30.38/Share | $31.29/Share | $32.25/Share(4) | $30.97/Share | 101.9% | 126% | |||||||||||||||||||
Combined Result | 104% | |||||||||||||||||||||||||
X |
Social Aspirations (% Achieved) | Environmental Aspirations (% Achieved) | Digital Services Revenue (% Achieved) | Payout | ||||||||||||||
Strategic Modifier (± 10%) | 95% | 105% | 93% | 97% | |||||||||||||
Final Payout | 101% |
EQUINIX 2024 PROXY STATEMENT | Compensation / 54 |
Spotlight on Environmental 2023 Strategic Modifier Results | ||||||||||||||||||||
Category | Metric Description | Beginning of Year Baseline | Improvement Target | Year End Achievement | ||||||||||||||||
Environmental | Energy Efficiency | Power Usage Effectiveness improvement of 4% year-over-year reduction | 1.46 | 1.44 | 1.42 | |||||||||||||||
Long-Term Climate Target | Develop long-term climate strategy and plan of action | – | – | Achieved | ||||||||||||||||
Renewable Energy | Maintain or exceed 95% global renewable energy coverage in 2023 | 96% | ≥95% | 96% | ||||||||||||||||
Water Usage | Establish internal site-level water usage effectiveness targets and complete global water withdrawal baseline | – | – | Achieved |
Name | 2023 Annual Incentive Paid(1) ($) | Number of RSUs Awarded(2) (#) | ||||||||||||||||||
Charles Meyers | 1,590,750 | 1,754 | ||||||||||||||||||
Keith Taylor | 755,480 | 833 | ||||||||||||||||||
Mike Campbell | 479,043 | 528 | ||||||||||||||||||
Scott Crenshaw | 481,770 | 531 | ||||||||||||||||||
Brandi Galvin Morandi | 626,200 | 690 | ||||||||||||||||||
Karl Strohmeyer(3) | 0 | 0 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 55 |
Measure | Payout Curve* | Weighting | Purpose | ||||||||||||||
Financial Incentive PSU Award | Revenue | A performance-based award based on revenue, AFFO/Share performance, and digital services revenue to focus management on (1) revenue growth, (2) nondilutive growth to AFFO and (3) our long-term priority of growing our digital services business. | |||||||||||||||
AFFO/Share | |||||||||||||||||
Digital Services Revenue | |||||||||||||||||
rTSR PSU Award | A performance-based award based on relative TSR as a means of further aligning management incentives and stockholder interests. | ||||||||||||||||
Service-Based RSU Award | A service-based award (the “Service-Based Award”) as an appropriate retention balance to our performance-based awards, while still tying executives’ interests to our stock price performance over the vesting schedule. |
EQUINIX 2024 PROXY STATEMENT | Compensation / 56 |
Names | Target Award Value ($) | Financial Incentive Award (#) | rTSR Incentive Award (#) | Service-Based Award (#) | ||||||||||||||||
Charles Meyers | 20,000,000 | 11,178 | 5,589 | 11,177 | ||||||||||||||||
Keith Taylor | 9,572,000 | 5,350 | 2,675 | 5,349 | ||||||||||||||||
Mike Campbell | 6,500,000 | 3,633 | 1,816 | 3,633 | ||||||||||||||||
Scott Crenshaw | 5,000,000 | 2,795 | 1,397 | 2,794 | ||||||||||||||||
Brandi Galvin Morandi | 6,000,000 | 3,353 | 1,677 | 3,353 | ||||||||||||||||
Karl Strohmeyer | 8,500,000 | 4,751 | 2,375 | 4,750 |
Metric | Threshold | Target | Maximum | Weight | Adjusted Results(2) | % of Target Achieved | Payout | ||||||||||||||||||||||
Financial Incentive Award(1) | Revenue | $7,603.0M | $8,003.2M | $8,403.4M | $7,935M | 99.1% | 83% | ||||||||||||||||||||||
AFFO/Share | $28.86/Share | $30.38/Share | $33.42/Share | $30.97/Share | 101.9% | 113% | |||||||||||||||||||||||
Digital Services Revenue | $573.8M | $638.1M | $702.4M | $594.9M | 93.2% | 32% | |||||||||||||||||||||||
Combined Result | 82% |
EQUINIX 2024 PROXY STATEMENT | Compensation / 57 |
Metric | ||||||||||||||||||||
rTSR Performance-Based Award | 7.78% less than R1000 median 3-year TSR performance | A payout of 84.44% of the target number of shares. | ||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 58 |
Names | Release Date | Financial Performance Award Shares Earned for 2023 Performance Period (#) | Release Date | TSR Award Shares Earned for 2021-2023 Performance Period (#) | ||||||||||||||||
Charles Meyers | 02/12/2024 | 4,583 | 01/16/2024 | 4,698 | ||||||||||||||||
Keith Taylor | 02/12/2024 | 2,194 | 01/16/2024 | 1,661 | ||||||||||||||||
Mike Campbell | 02/12/2024 | 1,489 | 01/16/2024 | 1,057 | ||||||||||||||||
Scott Crenshaw (1) | 02/12/2024 | 1,146 | 01/16/2024 | – | ||||||||||||||||
Brandi Galvin Morandi | 02/12/2024 | 1,375 | 01/16/2024 | 1,259 | ||||||||||||||||
Karl Strohmeyer (2) | – | – | – | – |
EQUINIX 2024 PROXY STATEMENT | Compensation / 59 |
WHAT WE DO | |||||||||||
Compensation Practice | Company Policy | ||||||||||
Pay for performance | The majority of named executives’ target total direct compensation is performance-based and tied to pre-established goals aligned with our short- and long-term strategic objectives. | ||||||||||
We | |||||||||||
Stockholder Engagement | We are committed to ongoing engagement with our stockholders and feedback received informs our compensation | ||||||||||
Limit on cash severance | We will not enter into any new employment agreement, severance agreement or similar arrangement (or any related amendment or renewal) with any of our executive officers or establish any new severance plan or policy covering any of our executive officers, that, in each case, provides for cash severance benefits exceeding 2.99 times the sum of the executive officer’s base salary plus target bonus, without seeking stockholder approval of such agreement, plan, policy or arrangement. | ||||||||||
Stock ownership | Our chief executive officer and his direct reports (including the named executive officers) are subject to stock ownership guidelines, at a level of | ||||||||||
Independent | The | ||||||||||
Independent | An independent compensation consultant, Compensia, is retained directly by the | ||||||||||
Tally | The | ||||||||||
In March | |||||||||||
Limited tax | Named executive officers at Equinix are not offered any tax gross-ups (other than in connection with expenses related to our annual sales reward trip, a relocation or international assignment) | ||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 60 |
WHAT WE DON’T DO | ||||||||||||
Compensation Practice | Company Policy | |||||||||||
No single trigger | Our named executive officers are not offered single trigger vesting on a change-in-control. | |||||||||||
No significant | Our named executive officers | |||||||||||
No hedging | We have a policy prohibiting all employees, including the named executive officers and members of the Board, from engaging in transactions involving options on Equinix’s securities, such as puts, calls and other derivative securities, whether on an exchange or in any other market, or in hedging transactions, such as collars and forward sale contracts. No categories of hedging transactions are specifically permitted. | |||||||||||
No pledging allowed absent | Our executives (including the named executive officers) and members of the Board are prohibited from holding Equinix securities in a margin account or pledging Equinix securities as collateral for a loan, absent an exception granted by the |
Criteria considered*: 8Revenues of approximately 0.5x to 2x Equinix’s trailing four quarters of revenue 8Market capitalization of approximately 0.33x to 3x Equinix’s then-current 30 trading day average 8Whether we compete with the company for executive talent 8With respect to REITs, the similarity of scale and data center focus | ||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 61 |
TECHNOLOGY | REITS | |||||||||||||||||||||||||
Activision Blizzard | ||||||||||||||||||||||||||
Adobe | ||||||||||||||||||||||||||
Akamai Technologies | ||||||||||||||||||||||||||
Autodesk | ||||||||||||||||||||||||||
Cerner | ||||||||||||||||||||||||||
Citrix Systems | American Tower | |||||||||||||||||||||||||
eBay | Crown Castle Intl | |||||||||||||||||||||||||
Electronic Arts | Digital Realty Trust | |||||||||||||||||||||||||
Intuit | Prologis | |||||||||||||||||||||||||
Palo Alto Networks | ||||||||||||||||||||||||||
Salesforce | ||||||||||||||||||||||||||
ServiceNow | ||||||||||||||||||||||||||
Splunk | ||||||||||||||||||||||||||
Synopsys | ||||||||||||||||||||||||||
VMware | ||||||||||||||||||||||||||
Workday | ||||||||||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 62 |
| Name | | | 2021 Salary | | | 2022 Salary | | | Increase | | |||||||||
| Charles Meyers | | | | $ | 1,050,000 | | | | | $ | 1,050,000 | | | | | | 0% | | |
| Keith Taylor | | | | $ | 680,000 | | | | | $ | 680,000 | | | | | | 0% | | |
| Scott Crenshaw | | | | | — | | | | | $ | 530,000 | | | | | | — | | |
| Brandi Galvin Morandi | | | | $ | 620,000 | | | | | $ | 620,000 | | | | | | 0% | | |
| Karl Strohmeyer | | | | $ | 635,000 | | | | | $ | 635,000 | | | | | | 0% | | |
| Metric | | | Weighting | | | Target | | | Reported Results(1) | | | Adjusted Results(1)(2) | | | Attainment | | ||||||
| Revenue | | | | | 50% | | | | $7,306.2 million(3) | | | $7,263 million | | | $7,422.8 million | | | | | 101.6% | | |
| AFFO/Share | | | | | 50% | | | | $29.44/Share(3) | | | $29.55/Share | | | $30.65/Share | | | | | 140% | | |
| ESG & Digital Services Revenues | | | | | +/-10% | | | | SEE STRATEGIC MODIFIER TARGETS & RESULTS BELOW | |
| Element | | | | % of Strategic Modifier | | | | Target | | | | Performance | | | | Modifier Result | |
| Environmental Targets | | | | 25% | | | | Renewable energy coverage, improvement in global PUE, and support for electric vehicles | | | | Exceeded targets for renewable energy and global PUE and achieved EV targets | | | | 105% | |
| Social Targets | | | | 25% | | | | Increases in the racial and gender diversity of our workforce | | | | Increased diversity in all measured areas while not achieving our aspirational goals | | | | 95% | |
| Digital Services Revenue | | | | 50% | | | | 2022 digital services revenue target | | | | Exceeded digital services revenue target | | | | 110% | |
| Name | | | 2021 Bonus Opportunity (% Base Salary) | | | 2022 Bonus Opportunity (% Base Salary) | | | 2022 Bonus Award Paid (126% of Target)(1) | | | Number of RSUs Awarded(1) | | ||||||||||||
| Charles Meyers | | | | | 150% | | | | | | 150% | | | | | $ | 1,984,500 | | | | | | 2,859 | | |
| Keith Taylor | | | | | 110% | | | | | | 110% | | | | | $ | 942,480 | | | | | | 1,358 | | |
| Scott Crenshaw(2) | | | | | — | | | | | | 90% | | | | | $ | 251,934 | | | | | | 363 | | |
| Brandi Galvin Morandi | | | | | 100% | | | | | | 100% | | | | | $ | 781,200 | | | | | | 1,125 | | |
| Karl Strohmeyer | | | | | 100% | | | | | | 100% | | | | | $ | 800,100 | | | | | | 1,152 | | |
| | | | 2021 Weighting | | | 2022 Weighting | | ||||||||||||||||||
| Equity Award | | | Target (% of Total) | | | Maximum (% of Target) | | | Target (% of Total) | | | Maximum (% of Target) | | ||||||||||||
| Financial Performance Award(1) | | | | | 40% | | | | | | 120% | | | | | | 40% | | | | | | 200% | | |
| TSR Performance-Based | | | | | 20% | | | | | | 200% | | | | | | 20% | | | | | | 200% | | |
| Service-Based | | | | | 40% | | | | | | n/a | | | | | | 40% | | | | | | n/a | | |
EQUINIX 2024 PROXY STATEMENT | Compensation |
| Name | | | Financial Performance-Based Award (#) | | | TSR Performance-Based Award (#) | | | Service-Based Award (#) | | |||||||||
| Charles Meyers | | | | | 11,277 | | | | | | 5,638 | | | | | | 11,277 | | |
| Keith Taylor | | | | | 4,511 | | | | | | 2,555 | | | | | | 4,511 | | |
| Scott Crenshaw(1) | | | | | — | | | | | | — | | | | | | — | | |
| Brandi Galvin Morandi | | | | | 3,248 | | | | | | 1,624 | | | | | | 3,247 | | |
| Karl Strohmeyer | | | | | 4,511 | | | | | | 2,555 | | | | | | 4,511 | | |
Performance Period | ||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation / 64 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 65 |
EQUINIX 2024 PROXY STATEMENT | Compensation |
| Name and Principal Position | | | Year | | | Salary(1) ($) | | | Bonus ($) | | | Stock Awards(2)(3) ($) | | | Non-Equity Incentive Plan Compensation(4) | | | All Other Compensation(5) | | | Total ($) | | |||||||||||||||||||||
| Charles Meyers Chief Executive Officer & President | | | | | 2022 | | | | | | 1,050,000 | | | | | | — | | | | | | 21,145,956 | | | | | | 297 | | | | | | 86,675(6) | | | | | | 22,282,928 | | |
| | | 2021 | | | | | | 1,050,000 | | | | | | — | | | | | | 22,150,441 | | | | | | 256 | | | | | | 47,496 | | | | | | 23,248,193 | | | |||
| | | 2020 | | | | | | 1,048,654 | | | | | | — | | | | | | 24,748,074 | | | | | | 605 | | | | | | 38,935 | | | | | | 25,836,268 | | | |||
| Keith Taylor Chief Financial Officer | | | | | 2022 | | | | | | 680,000 | | | | | | — | | | | | | 8,607,310 | | | | | | 1 | | | | | | 34,517(7) | | | | | | 9,321,828 | | |
| | | 2021 | | | | | | 680,000 | | | | | | — | | | | | | 8,023,062 | | | | | | 544 | | | | | | 8,550 | | | | | | 8,712,156 | | | |||
| | | 2020 | | | | | | 680,000 | | | | | | — | | | | | | 8,524,885 | | | | | | 82 | | | | | | 12,045 | | | | | | 9,217,012 | | | |||
| Scott Crenshaw(8) EVP and GM, Digital Services | | | | | 2022 | | | | | | 207,725 | | | | | | — | | | | | | 7,672,608 | | | | | | 5 | | | | | | 14,902 | | | | | | 7,895,240 | | |
| Brandi Galvin Morandi Chief Legal & Human Resources Officer | | | | | 2022 | | | | | | 620,000 | | | | | | — | | | | | | 6,299,165 | | | | | | 428 | | | | | | 16,575 | | | | | | 6,936,168 | | |
| | | 2021 | | | | | | 619,308 | | | | | | — | | | | | | 6,133,554 | | | | | | 417 | | | | | | 5,948 | | | | | | 6,759,227 | | | |||
| | | 2020 | | | | | | 598,385 | | | | | | | | | | | | 5,835,919 | | | | | | 299 | | | | | | 5,970 | | | | | | 6,440,573 | | | |||
| Karl Strohmeyer Chief Customer & Revenue Officer | | | | | 2022 | | | | | | 635,000 | | | | | | — | | | | | | 8,464,342 | | | | | | 589 | | | | | | 10,558 | | | | | | 9,110,489 | | |
| | | 2021 | | | | | | 635,000 | | | | | | — | | | | | | 7,558,726 | | | | | | 581 | | | | | | 8,550 | | | | | | 8,202,857 | | | |||
| | | 2020 | | | | | | 634,058 | | | | | | | | | | | | 7,312,971 | | | | | | 132 | | | | | | 8,800 | | | | | | 7,955,961 | | |
Name and Principal Position | Year | Salary(1) ($) | Bonus ($) | Stock Awards(2)(3) ($) | Non-Equity Incentive Plan Compensation(3) ($) | All Other Compensation(4) ($) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||
Charles Meyers Chief Executive Officer & President | 2023 | 1,050,000 | — | 22,821,961 | 503 | 54,988(5) | 23,927,452 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 1,050,000 | — | 21,145,956 | 297 | 86,675 | 22,282,928 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 1,050,000 | — | 22,150,441 | 256 | 47,496 | 23,248,193 | ||||||||||||||||||||||||||||||||||||||||||||
Keith Taylor Chief Financial Officer | 2023 | 680,000 | — | 10,916,747 | 249 | 45,808(6) | 11,642,804 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 680,000 | — | 8,607,310 | 1 | 34,517 | 9,321,828 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 680,000 | — | 8,023,062 | 544 | 8,550 | 8,712,156 | ||||||||||||||||||||||||||||||||||||||||||||
Mike Campbell Chief Sales Officer | 2023 | 527,000 | — | 7,379,092 | 337 | 34,820(7) | 7,941,249 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 527,000 | — | 6,115,944 | 67 | 9,222 | 6,652,233 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 527,000 | — | 5,102,237 | 252 | 7,269 | 5,636,758 | ||||||||||||||||||||||||||||||||||||||||||||
Scott Crenshaw EVP and GM, Digital Services(8) | 2023 | 530,000 | — | 5,789,315 | 344 | 18,218(9) | 6,337,877 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 207,725 | — | 7,672,608 | 5 | 14,902 | 7,895,240 | ||||||||||||||||||||||||||||||||||||||||||||
Brandi Galvin Morandi Chief Legal & Human Resources Officer | 2023 | 620,000 | — | 6,994,997 | 618 | 44,738(10) | 7,660,353 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 620,000 | — | 6,299,165 | 428 | 16,575 | 6,936,168 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 619,308 | — | 6,133,554 | 417 | 5,948 | 6,759,227 | ||||||||||||||||||||||||||||||||||||||||||||
Karl Strohmeyer(12) Chief Customer & Revenue Officer | 2023 | 471,976 | — | 9,023,282 | — | 50,358(11) | 9,545,616 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 635,000 | — | 8,464,342 | 589 | 10,558 | 9,110,489 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 635,000 | — | 7,558,726 | 581 | 8,550 | 8,202,857 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 67 |
EQUINIX 2024 PROXY STATEMENT | Compensation |
| Name | | | Grant Date | | | Approval Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(1) | | | Grant Date Fair Value of Stock Awards(2) ($) | | |||||||||||||||||||||||||||
| Target/Maximum(1) ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||
| Charles Meyers | | | | | 02/23/2022(3) | | | | | | 02/23/2022 | | | | | | | | | — | | | | | | 11,277 | | | | | | 22,553 | | | | | | | | | | | | 7,602,164 | | |
| | | 02/23/2022(4) | | | | | | 02/23/2022 | | | | | | | | | 1,128 | | | | | | 5,638 | | | | | | 11,277 | | | | | | | | | | | | 3,957,425 | | | |||
| | | 02/23/2022(5) | | | | | | 02/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,277 | | | | | | 7,602,164 | | | |||
| | | 03/08/2023(6) | | | | | | 02/14/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,859 | | | | | | 1,984,203 | | | |||
| Keith Taylor | | | | | 02/23/2022(3) | | | | | | 02/23/2022 | | | | | | | | | — | | | | | | 4,511 | | | | | | 9,021 | | | | | | | | | | | | 3,041,000 | | |
| | | 02/23/2022(4) | | | | | | 02/23/2022 | | | | | | | | | 451 | | | | | | 2,255 | | | | | | 4,511 | | | | | | | | | | | | 1,582,830 | | | |||
| | | 02/23/2022(5) | | | | | | 02/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,511 | | | | | | 3,041,000 | | | |||
| | | 03/08/2023(6) | | | | | | 02/14/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,358 | | | | | | 942,479 | | | |||
| Scott Crenshaw | | | | | 08/01/2022(7) | | | | | | 08/01/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,686 | | | | | | 7,420,679 | | |
| | | 03/08/2023(6) | | | | | | 02/14/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | 363 | | | | | | 251,929 | | | |||
| Brandi Galvin Morandi | | | | | 02/23/2022(3) | | | | | | 02/23/2022 | | | | | | | | | — | | | | | | 3,248 | | | | | | 6,495 | | | | | | | | | | | | 2,189,574 | | |
| | | 02/23/2022(4) | | | | | | 02/23/2022 | | | | | | | | | 325 | | | | | | 1,624 | | | | | | 3,248 | | | | | | | | | | | | 1,139,918 | | | |||
| | | 02/23/2022(5) | | | | | | 02/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,247 | | | | | | 2,188,900 | | | |||
| | | 03/08/2023(6) | | | | | | 02/14/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,125 | | | | | | 780,773 | | | |||
| Karl Strohmeyer | | | | | 02/23/2022(3) | | | | | | 02/23/2022 | | | | | | | | | — | | | | | | 4,511 | | | | | | 9,021 | | | | | | | | | | | | 3,041,000 | | |
| | | 02/23/2022(4) | | | | | | 02/23/2022 | | | | | | | | | 451 | | | | | | 2,255 | | | | | | 4,511 | | | | | | | | | | | | 1,582,830 | | | |||
| | | 02/23/2022(5) | | | | | | 02/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,511 | | | | | | 3,041,000 | | | |||
| | | 03/08/2023(6) | | | | | | 02/14/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,152 | | | | | | 799,511 | | |
Name | Grant Date | Approval Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#)(1) | Grant Date Fair Value of Stock Awards(2) ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Target/Maximum(1) ($) | Threshold (#) | Target (#) | Maximum (#) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Charles Meyers | 02/14/2023(3) | 02/14/2023 | — | 11,178 | 22,355 | 8,142,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(4) | 02/14/2023 | 1,118 | 5,589 | 11,178 | 4,947,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(5) | 02/14/2023 | 11,177 | 8,141,550 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03/06/2024(6) | 02/09/2024 | 1,754 | 1,590,247 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Taylor | 02/14/2023(3) | 02/14/2023 | — | 5,350 | 10,699 | 3,897,047 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(4) | 02/14/2023 | 535 | 2,675 | 5,350 | 2,368,151 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(5) | 02/14/2023 | 5,349 | 3,896,319 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03/06/2024(6) | 02/09/2024 | 833 | 755,231 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mike Campbell | 02/14/2023(3) | 02/14/2023 | — | 3,633 | 7,265 | 2,646,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(4) | 02/14/2023 | 363 | 1,816 | 3,633 | 1,607,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(5) | 02/14/2023 | 3,633 | 2,646,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03/06/2024(6) | 02/09/2024 | 528 | 478,706 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Scott Crenshaw | 02/14/2023(3) | 02/14/2023 | 0 | 2,795 | 5,589 | 2,035,934 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(4) | 02/14/2023 | 279 | 1,397 | 2,794 | 1,236,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(5) | 02/14/2023 | 2,794 | 2,035,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03/06/2024(6) | 02/09/2024 | 531 | 481,426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Brandi Galvin Morandi | 02/14/2023(3) | 02/14/2023 | — | 3,353 | 6,707 | 2,442,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(4) | 02/14/2023 | 335 | 1,677 | 3,353 | 1,484,631 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(5) | 02/14/2023 | 3,353 | 2,442,392 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
03/06/2024(6) | 02/09/2024 | 690 | 625,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Karl Strohmeyer | 02/14/2023(3) | 02/14/2023 | — | 4,751 | 9,501 | 3,460,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(4) | 02/14/2023 | 475 | 2,375 | 4,750 | 2,102,564 | |||||||||||||||||||||||||||||||||||||||||||||||||||
02/14/2023(5) | 02/14/2023 | 4,750 | 3,459,995 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 69 |
EQUINIX 2024 PROXY STATEMENT | Compensation |
Stock Awards | ||||||||||||||||||||||||||||||||
Name | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested(1) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | ||||||||||||||||||||||||||||
Charles Meyers | 3,199 | (2) | 2,699,188 | |||||||||||||||||||||||||||||
7,160 | (3) | 5,959,125 | ||||||||||||||||||||||||||||||
9,165 | (4) | 7,514,200 | ||||||||||||||||||||||||||||||
3,709 | (5) | 3,129,506 | ||||||||||||||||||||||||||||||
7,517 | (6) | 6,256,249 | ||||||||||||||||||||||||||||||
11,177 | (7) | 9,163,799 | ||||||||||||||||||||||||||||||
4,698 | (8) | 3,963,984 | ||||||||||||||||||||||||||||||
11,277 | (9) | 9,385,622 | ||||||||||||||||||||||||||||||
11,178 | (10) | 9,164,619 | ||||||||||||||||||||||||||||||
Keith Taylor | 1,131 | (2) | 954,293 | |||||||||||||||||||||||||||||
2,864 | (3) | 2,383,650 | ||||||||||||||||||||||||||||||
4,386 | (4) | 3,595,994 | ||||||||||||||||||||||||||||||
1,311 | (5) | 1,106,169 | ||||||||||||||||||||||||||||||
3,007 | (6) | 2,502,666 | ||||||||||||||||||||||||||||||
5,349 | (7) | 4,385,538 | ||||||||||||||||||||||||||||||
1,661 | (8) | 1,401,485 | ||||||||||||||||||||||||||||||
4,511 | (9) | 3,754,415 | ||||||||||||||||||||||||||||||
5,350 | (10) | 4,386,358 | ||||||||||||||||||||||||||||||
Mike Campbell | 719 | (2) | 606,663 | |||||||||||||||||||||||||||||
2,062 | (3) | 1,716,161 | ||||||||||||||||||||||||||||||
2,978 | (4) | 2,441,603 | ||||||||||||||||||||||||||||||
834 | (5) | 703,696 | ||||||||||||||||||||||||||||||
2,164 | (6) | 1,801,054 | ||||||||||||||||||||||||||||||
3,633 | (7) | 2,978,624 | ||||||||||||||||||||||||||||||
1,057 | (8) | 891,854 | ||||||||||||||||||||||||||||||
3,248 | (9) | 2,703,245 | ||||||||||||||||||||||||||||||
3,633 | (10) | 2,978,624 | ||||||||||||||||||||||||||||||
Scott Crenshaw | 2,291 | (4) | 1,878,345 | |||||||||||||||||||||||||||||
2,794 | (7) | 2,290,745 | ||||||||||||||||||||||||||||||
2,794 | (10) | 2,290,745 | ||||||||||||||||||||||||||||||
7,122 | (11) | 5,883,342 | ||||||||||||||||||||||||||||||
Brandi Galvin Morandi | 857 | (2) | 723,102 | |||||||||||||||||||||||||||||
2,062 | (3) | 1,716,161 | ||||||||||||||||||||||||||||||
2,749 | (4) | 2,253,850 | ||||||||||||||||||||||||||||||
994 | (5) | 838,697 | ||||||||||||||||||||||||||||||
2,164 | (6) | 1,801,054 | ||||||||||||||||||||||||||||||
3,353 | (7) | 2,749,058 | ||||||||||||||||||||||||||||||
1,259 | (8) | 1,062,294 | ||||||||||||||||||||||||||||||
3,248 | (9) | 2,703,245 | ||||||||||||||||||||||||||||||
3,353 | (10) | 2,749,058 |
or Units of Stock That Have Not Vested (#) | Shares or Units of Stock That Have Not Vested | Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested | |||||||||||||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Compensation |
| | | | Stock Awards | | |||||||||
| Name | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting(1) ($) | | ||||||
| Charles Meyers | | | | | 38,003 | | | | | | 28,262,736 | | |
| Keith Taylor | | | | | 14,947 | | | | | | 11,137,415 | | |
| Scott Crenshaw | | | | | 0 | | | | | | 0 | | |
| Brandi Galvin Morandi | | | | | 11,541 | | | | | | 8,611,513 | | |
| Karl Strohmeyer | | | | | 14,625 | | | | | | 10,942,567 | | |
Stock Awards | ||||||||||||||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting(1) ($) | ||||||||||||||||||
Charles Meyers | 33,305 | 24,675,102 | ||||||||||||||||||
Keith Taylor | 12,475 | 9,225,204 | ||||||||||||||||||
Mike Campbell | 8,219 | 6,074,321 | ||||||||||||||||||
Scott Crenshaw | 3,927 | 2,882,393 | ||||||||||||||||||
Brandi Galvin Morandi | 9,026 | 6,664,812 | ||||||||||||||||||
Karl Strohmeyer | 11,548 | 8,540,232 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 73 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 74 |
| | | | Involuntary Termination Absent Change-In-Control(1) | | | Involuntary Termination Following Change-In-Control(2) | | ||||||||||||||||||||||||||||||||||||||||||
| Name | | | Base Salary Severance(3) ($) | | | Bonus Severance(3) ($) | | | COBRA Premiums(4) | | | Total ($) | | | Base Salary Severance(3) ($) | | | Bonus Severance(3) ($) | | | COBRA Premiums(5) ($) | | | Total ($) | | ||||||||||||||||||||||||
| Charles Meyers | | | | | 1,050,000 | | | | | | 1,575,000 | | | | | | 49,093 | | | | | | 2,674,093 | | | | | | 2,100,000 | | | | | | 3,150,000 | | | | | | 98,186 | | | | | | 5,348,186 | | |
| Keith Taylor | | | | | 680,000 | | | | | | 748,000 | | | | | | 26,257 | | | | | | 1,454,257 | | | | | | 1,360,000 | | | | | | 1,496,000 | | | | | | 52,514 | | | | | | 2,908,514 | | |
| Scott Crenshaw | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,060,000 | | | | | | 954,000 | | | | | | 95,072 | | | | | | 2,109,072 | | |
| Brandi Galvin Morandi | | | | | 620,000 | | | | | | 620,000 | | | | | | 24,700 | | | | | | 1,264,700 | | | | | | 1,240,000 | | | | | | 1,240,000 | | | | | | 49,400 | | | | | | 2,529,400 | | |
| Karl Strohmeyer | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,270,000 | | | | | | 1,270,000 | | | | | | 98,186 | | | | | | 2,638,186 | | |
Involuntary Termination Absent Change-In-Control(1) | Involuntary Termination Following Change-In-Control(2) | |||||||||||||||||||||||||||||||||||||||||||||||||
Name | Base Salary Severance(3) ($) | Bonus Severance(3) ($) | COBRA Premiums(4) ($) | Total ($) | Base Salary Severance(3) ($) | Bonus Severance(3) ($) | COBRA Premiums(5) ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
Charles Meyers | 1,050,000 | 1,575,000 | 51,333 | 2,676,333 | 2,100,000 | 3,150,000 | 102,666 | 5,352,666 | ||||||||||||||||||||||||||||||||||||||||||
Keith Taylor | 680,000 | 748,000 | 16,796 | 1,444,796 | 1,360,000 | 1,496,000 | 33,592 | 2,889,592 | ||||||||||||||||||||||||||||||||||||||||||
Mike Campbell | — | — | — | — | 1,054,000 | 948,600 | 64,336 | 2,066,936 | ||||||||||||||||||||||||||||||||||||||||||
Scott Crenshaw | — | — | — | — | 1,060,000 | 954,000 | 100,402 | 2,114,402 | ||||||||||||||||||||||||||||||||||||||||||
Brandi Galvin Morandi | 620,000 | 620,000 | 25,875 | 1,265,875 | 1,240,000 | 1,240,000 | 51,750 | 2,531,750 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 75 |
| Name | | | Vesting Upon Involuntary Termination Following a CIC(1)(2) ($) | | | Vesting if Equity Awards Not Assumed or Substituted Following a CIC(1)(2) ($) | | ||||||
| Charles Meyers | | | | | 48,758,468 | | | | | | 48,758,468 | | |
| Keith Taylor | | | | | 18,259,616 | | | | | | 18,259,616 | | |
| Scott Crenshaw | | | | | 6,999,651 | | | | | | 6,999,651 | | |
| Brandi Galvin Morandi | | | | | 13,236,846 | | | | | | 13,236,846 | | |
| Karl Strohmeyer | | | | | 17,585,590 | | | | | | 17,585,590 | | |
Name | Vesting Upon Involuntary Termination Following a CIC(1)(2) ($) | Vesting if Equity Awards Not Assumed or Substituted Following a CIC(1)(2) ($) | ||||||||||||||||||
Charles Meyers | 57,236,292 | 57,236,292 | ||||||||||||||||||
Keith Taylor | 24,470,568 | 24,470,568 | ||||||||||||||||||
Mike Campbell | 16,821,524 | 16,821,524 | ||||||||||||||||||
Scott Crenshaw | 12,343,177 | 12,343,177 | ||||||||||||||||||
Brandi Galvin Morandi | 16,596,519 | 16,596,519 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 76 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 77 |
| | | | A Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | B Weighted average exercise price of outstanding options, warrants and rights | | | C Number of securities remaining available for future issuance under equity compensation plans, excluding securities reflected in Column A | | |||||||||
| Equity compensation plans approved by security holders | | | | | 1,445,692(1) | | | | | $ | 0.0000(2) | | | | | | 5,710,223(3) | | |
| Equity compensation plans not approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | 1,445,692 | | | | | $ | 0.0000 | | | | | | 5,710,223 | | |
A Number of securities to be issued upon exercise of outstanding options, warrants and rights (#) | B Weighted average exercise price of outstanding options, warrants and rights ($) | C Number of securities remaining available for future issuance under equity compensation plans, excluding securities reflected in Column A (#) | ||||||||||||||||||||||||
Equity compensation plans approved by security holders | 1,551,597(1) | 0.0000(2) | 6,323,272(3) | |||||||||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||||||||
Total | 1,551,597 | — | 6,323,272 |
EQUINIX 2024 PROXY STATEMENT | Compensation |
EQUINIX 2024 PROXY STATEMENT | Compensation |
| Year | | | Summary Compensation Table Total for CEO(1) | | | Compensation Actually Paid to CEO(2) | | | Average Summary Compensation Table Total for Non-CEO Named Executive Officers(3) | | | Average Compensation Actually Paid to Non-CEO Named Executive Officers(4) | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income (millions)(7) | | | AFFO/Share (non-GAAP)(8) | | | Supplemental Financial Performance Measure: Revenue(9) | | ||||||||||||||||||||||||||||||
| Total Shareholder Return(5) | | | Peer Group Total Shareholder Return(6) | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | | $ | 22,282,928 | | | | | $ | 12,613,714 | | | | | $ | 8,315,931 | | | | | $ | 5,927,330 | | | | | $ | 124.22 | | | | | $ | 109.93 | | | | | $ | 704,577 | | | | | $ | 29.55 | | | | | $ | 7,263 | | |
| 2021 | | | | $ | 23,248,193 | | | | | $ | 33,570,911 | | | | | $ | 6,991,224 | | | | | $ | 10,013,447 | | | | | $ | 149.41 | | | | | $ | 133.19 | | | | | $ | 500,191 | | | | | $ | 27.11 | | | | | $ | 6,636 | | |
| 2020 | | | | $ | 25,836,268 | | | | | $ | 33,284,734 | | | | | $ | 7,522,729 | | | | | $ | 10,302,386 | | | | | $ | 117.84 | | | | | $ | 93.91 | | | | | $ | 369,777 | | | | | $ | 24.76 | | | | | $ | 5,999 | | |
Year | Summary Compensation Table Total for CEO(1) ($) | Compensation Actually Paid to CEO(2) ($) | Average Summary Compensation Table Total for Non-CEO Named Executive Officers(3) ($) | Average Compensation Actually Paid to Non-CEO Named Executive Officers(4) ($) | Value of Initial Fixed $100 Investment Based On: | Net Income (thousands)(7) ($) | AFFO/Share (non-GAAP)(8) ($) | Supplemental Financial Performance Measure: Revenue(9) ($) | |||||||||||||||||||||||||||||||||||||||||||||
Total Shareholder Return(5) ($) | Peer Group Total Shareholder Return(6) ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 23,927,452 | 33,348,387 | 8,625,580 | 7,543,407 | 147.75 | 109.95 | 968,980 | 32.11 | 8,188 | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 22,282,928 | 12,613,714 | 8,315,931 | 5,927,330 | 117.82 | 98.62 | 704,577 | 29.55 | 7,263 | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 23,248,193 | 33,570,911 | 6,991,224 | 10,013,447 | 149.41 | 131.68 | 500,191 | 27.11 | 6,636 | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 25,836,268 | 33,284,734 | 7,522,729 | 10,302,386 | 124.23 | 94.14 | 369,777 | 24.76 | 5,999 |
| Year | | | SCT Total for CEO | | | Value of Equity Awards Reported in SCT(a) | | | Equity Award Adjustments(b) | | | Compensation Actually Paid to CEO(c) | | ||||||||||||
| 2022 | | | | $ | 22,282,928 | | | | | $ | 21,145,956 | | | | | $ | 11,476,742 | | | | | $ | 12,613,714 | | |
| 2021 | | | | $ | 23,248,193 | | | | | $ | 22,150,441 | | | | | $ | 32,473,159 | | | | | $ | 33,570,911 | | |
| 2020 | | | | $ | 25,836,268 | | | | | $ | 24,748,074 | | | | | $ | 32,196,540 | | | | | $ | 33,284,734 | | |
Year | SCT Total for CEO ($) | Value of Equity Awards Reported in SCT(a) ($) | Equity Award Adjustments(b) ($) | Compensation Actually Paid to CEO(c) ($) | ||||||||||||||||||||||||||||
2023 | 23,927,452 | 22,821,961 | 32,242,896 | 33,348,387 | ||||||||||||||||||||||||||||
2022 | 22,282,928 | 21,145,956 | 11,476,742 | 12,613,714 | ||||||||||||||||||||||||||||
2021 | 23,248,193 | 22,150,441 | 32,473,159 | 33,570,911 | ||||||||||||||||||||||||||||
2020 | 25,836,268 | 24,748,074 | 32,196,540 | 33,284,734 |
EQUINIX 2024 PROXY STATEMENT | Compensation |
| Year | | | Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Applicable Year | | | Year-over- Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Applicable Year | | | Year-over- Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Applicable Year | | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Applicable Year | | | Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Total Equity Award Adjustments | | |||||||||||||||||||||
| 2022 | | | | $ | 22,020,915 | | | | | ($ | 7,279,443) | | | | | | — | | | | | ($ | 4,036,337) | | | | | | — | | | | | $ | 771,607 | | | | | $ | 11,476,742 | | |
| 2021 | | | | $ | 26,697,460 | | | | | $ | 5,050,791 | | | | | | — | | | | | ($ | 178,945) | | | | | | — | | | | | $ | 903,852 | | | | | $ | 32,473,159 | | |
| 2020 | | | | $ | 25,440,598 | | | | | $ | 4,828,550 | | | | | $ | 522,848 | | | | | $ | 780,791 | | | | | | — | | | | | $ | 623,754 | | | | | $ | 32,196,540 | | |
Year | Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Applicable Year ($) | Year-over- Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($) | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Applicable Year ($) | Year-over- Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Applicable Year ($) | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Applicable Year ($) | Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation ($) | Total Equity Award Adjustments ($) | |||||||||||||||||||||||||||||||||||||||||||
2023 | 24,543,129 | 4,485,873 | — | 2,357,679 | — | 856,215 | 32,242,896 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 22,020,915 | (7,279,443) | — | (4,036,337) | — | 771,607 | 11,476,742 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 26,697,460 | 5,050,791 | — | (178,945) | — | 903,852 | 32,473,159 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 25,440,598 | 4,828,550 | 522,848 | 780,791 | — | 623,754 | 32,196,540 |
| Year | | | Average SCT Total for Non-CEO Named Executive Officers | | | Average Value of Equity Awards Reported in SCT | | | Average Equity Award Adjustments(a) | | | Average Compensation Actually Paid to Non-CEO Named Executive Officers | | ||||||||||||
| 2022 | | | | $ | 8,315,931 | | | | | $ | 7,760,856 | | | | | $ | 5,372,255 | | | | | $ | 5,927,330 | | |
| 2021 | | | | $ | 6,991,224 | | | | | $ | 6,389,618 | | | | | $ | 9,411,841 | | | | | $ | 10,013,447 | | |
| 2020 | | | | $ | 7,522,729 | | | | | $ | 6,911,006 | | | | | $ | 9,690,663 | | | | | $ | 10,302,386 | | |
Year | Average SCT Total for Non-CEO Named Executive Officers ($) | Average Value of Equity Awards Reported in SCT ($) | Average Equity Award Adjustments(a) ($) | Average Compensation Actually Paid to Non-CEO Named Executive Officers ($) | ||||||||||||||||||||||||||||
2023 | 8,625,580 | 8,020,687 | 6,938,514 | 7,543,407 | ||||||||||||||||||||||||||||
2022 | 8,315,931 | 7,760,856 | 5,372,255 | 5,927,330 | ||||||||||||||||||||||||||||
2021 | 6,991,224 | 6,389,618 | 9,411,841 | 10,013,447 | ||||||||||||||||||||||||||||
2020 | 7,522,729 | 6,911,006 | 9,690,663 | 10,302,386 |
| Year | | | Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Applicable Year | | | Year-over- Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Granted in the Applicable Year | | | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Applicable Year | | | Year-over- Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Applicable Year | | | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Applicable Year | | | Average Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Total Average Equity Award Adjustments | | |||||||||||||||||||||
| 2022 | | | | $ | 7,871,911 | | | | | ($ | 1,672,389) | | | | | | — | | | | | ($ | 1,036,970) | | | | | | — | | | | | $ | 209,703 | | | | | $ | 5,372,255 | | |
| 2021 | | | | $ | 7,672,979 | | | | | $ | 1,598,103 | | | | | | — | | | | | ($ | 124,870) | | | | | | — | | | | | $ | 265,629 | | | | | $ | 9,411,841 | | |
| 2020 | | | | $ | 7,114,378 | | | | | $ | 1,997,780 | | | | | $ | 110,177 | | | | | $ | 249,549 | | | | | | — | | | | | $ | 218,779 | | | | | $ | 9,690,663 | | |
EQUINIX 2024 PROXY STATEMENT | Compensation |
Year | Average Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Applicable Year ($) | Year-over- Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Granted in the Applicable Year ($) | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Applicable Year ($) | Year-over- Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Applicable Year ($) | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Applicable Year ($) | Average Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation ($) | Total Average Equity Award Adjustments ($) | |||||||||||||||||||||||||||||||||||||||||||
2023 | 6,682,151 | 1,053,116 | — | 642,534 | (1,657,839) | 218,552 | 6,938,514 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 7,871,911 | (1,672,389) | — | (1,036,970) | — | 209,703 | 5,372,255 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 7,672,979 | 1,598,103 | — | (124,870) | — | 265,629 | 9,411,841 | |||||||||||||||||||||||||||||||||||||||||||
2020 | 7,114,378 | 1,997,780 | 110,177 | 249,549 | — | 218,779 | 9,690,663 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 82 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 83 |
EQUINIX 2024 PROXY STATEMENT | Compensation / 84 |
EQUINIX 2024 PROXY STATEMENT | Audit |
Audit | ||
Dec. 31, 2023 ($) | Dec. 31, 2022 ($) | |||||||||||||||||||
Audit | 9,090,000 | 10,300,000 | ||||||||||||||||||
Audit related | 367,000 | 560,000 | ||||||||||||||||||
Tax | 6,000 | 30,000 | ||||||||||||||||||
All other | 9,000 | 9,000 | ||||||||||||||||||
Total | 9,472,000 | 10,899,000 |
| | | | Dec. 31, 2022 ($) | | | Dec. 31, 2021 ($) | | ||||||
| Audit | | | | | 10,300,000 | | | | | | 9,310,000 | | |
| Audit related | | | | | 560,000 | | | | | | 80,000 | | |
| Tax | | | | | 30,000 | | | | | | 95,000 | | |
| Other | | | | | 9,000 | | | | | | 8,000 | | |
| Total | | | | | 10,899,000 | | | | | | 9,493,000 | | |
The Board unanimously recommends a vote | |||||||||||||||
EQUINIX 2024 PROXY STATEMENT | Audit / 86 |
EQUINIX 2024 PROXY STATEMENT | Audit / 87 |
STOCKHOLDER OF RECORD: SHARES REGISTERED IN YOUR NAME | ||
BENEFICIAL OWNER: SHARES REGISTERED IN THE NAME OF A BROKER OR BANK | ||
EQUINIX 2024 PROXY STATEMENT | Additional Information |
STOCKHOLDER OF RECORD: SHARES REGISTERED IN YOUR NAME | ||
BENEFICIAL OWNER: SHARES REGISTERED IN THE NAME OF BROKER OR BANK | ||
We provide internet proxy voting to allow you to vote your shares online with procedures designed to ensure the authenticity and correctness of your proxy vote instructions. However, please be aware that you must bear any costs associated with your internet access, such as usage charges from internet access providers and telephone companies. |
EQUINIX 2024 PROXY STATEMENT | Additional Information / 90 |
EQUINIX 2024 PROXY STATEMENT | Additional Information / 91 |
EQUINIX 2024 PROXY STATEMENT | Additional Information |
EQUINIX 2024 PROXY STATEMENT | Additional Information |
Whether or not you plan to attend the virtual Annual Meeting, | ||||||||
Thank you for your attention to this matter. Your prompt response will greatly facilitate arrangements for the Annual Meeting. |
environment | ||||||||||||||||||
to ~1,770 trees | 82 swimming pools | |||||
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / A-1 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / A-2 |
(unaudited and in thousands, except per share amounts) | Years Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income | $ | 968,980 | $ | 704,577 | $ | 499,728 | |||||||||||
Net (income) loss attributable to non-controlling interests | 198 | (232) | 463 | ||||||||||||||
Net income attributable to common shareholders | 969,178 | 704,345 | 500,191 | ||||||||||||||
Adjustments: | |||||||||||||||||
Real estate depreciation | 1,141,861 | 1,104,787 | 1,073,148 | ||||||||||||||
(Gain) loss on disposition of real estate property | 1,898 | 7,134 | (6,439) | ||||||||||||||
Adjustments for FFO from unconsolidated joint ventures | 17,040 | 10,068 | 6,097 | ||||||||||||||
FFO attributable to common shareholders | $ | 2,129,977 | $ | 1,826,334 | $ | 1,572,997 | |||||||||||
Adjustments: | |||||||||||||||||
Installation revenue adjustment | 3,910 | 17,745 | 27,928 | ||||||||||||||
Straight-line rent expense adjustment | 12,164 | 16,263 | 9,677 | ||||||||||||||
Contract cost adjustment | (46,601) | (52,888) | (63,064) | ||||||||||||||
Amortization of deferred financing costs and debt discounts and premiums | 18,719 | 17,826 | 17,135 | ||||||||||||||
Stock-based compensation expense | 407,536 | 403,983 | 363,774 | ||||||||||||||
Stock-based charitable contributions | 2,543 | 49,013 | — | ||||||||||||||
Non-real estate depreciation expense | 494,214 | 426,666 | 377,658 | ||||||||||||||
Amortization expense | 209,063 | 204,755 | 205,484 | ||||||||||||||
Accretion expense adjustment | (1,473) | 3,166 | 4,234 | ||||||||||||||
Recurring capital expenditures | (218,287) | (188,885) | (199,089) | ||||||||||||||
(Gain) loss on debt extinguishment | 35 | (327) | 115,125 | ||||||||||||||
Transaction costs | 12,412 | 21,839 | 22,769 | ||||||||||||||
Impairment charges (1) | 1,518 | 1,815 | 31,847 | ||||||||||||||
Income tax benefit adjustment (1) | (12,133) | (31,165) | (38,505) | ||||||||||||||
Adjustments for AFFO from unconsolidated joint ventures | 4,921 | (2,262) | 3,259 | ||||||||||||||
AFFO attributable to common shareholders | $ | 3,018,518 | $ | 2,713,878 | $ | 2,451,229 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / A-3 |
(unaudited and in thousands, except per share amounts) | Years Ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
AFFO attributable to common shareholders - Diluted | $ | 3,018,518 | $ | 2,713,878 | $ | 2,451,229 | |||||||||||
AFFO per share | |||||||||||||||||
Basic | $ | 32.24 | $ | 29.64 | $ | 27.31 | |||||||||||
Diluted | $ | 32.11 | $ | 29.55 | $ | 27.11 | |||||||||||
Weighted average shares outstanding - diluted (1) | 94,009 | 91,828 | 90,409 | ||||||||||||||
(1) Reconciliation of weighted-average shares outstanding used in the calculation of diluted AFFO per share: | |||||||||||||||||
Weighted average shares outstanding - basic | 93,615 | 91,569 | 89,772 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee equity awards | 394 | 259 | 637 | ||||||||||||||
Weighted average shares outstanding - diluted | 94,009 | 91,828 | 90,409 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-1 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-2 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-3 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-4 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-5 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-6 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-7 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-8 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-9 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-10 |
EQUINIX 2024 PROXY STATEMENT | Appendix Materials / B-11 |