UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 1, 2019, the Compensation Committee of the Board of Directors of Equinix, Inc. (“Equinix”) approved amendments to the benefits offered to certain executives after a change in control of Equinix, including Charles Meyers, Equinix’s chief executive officer, Keith Taylor, Equinix’s chief financial officer, and Equinix’s named executive officers. The amendments included:
| • | An increase in cash severance and covered health care premiums upon a termination without cause within 12 months after, or a resignation for good reason within four to 12 months after, a change in control of Equinix to 200% of base salary and target bonus (from 100%) and 24 months of COBRA coverage (from 12 months), respectively. |
| • | An increase to 100% (from 50%) of the number of unvested restricted stock units that will vest upon a termination without cause within 12 months after, or a resignation for good reason within four to 12 months after, a change in control of Equinix. |
These changes were approved as part of a general review of severance and change in control benefits provided by Equinix as compared to its peer group.
This summary is qualified in its entirety by the provisions of the actual agreements, copies of which will be filed with Equinix’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EQUINIX, INC. | ||||||
| DATE: October 3, 2019 |
By: |
/s/ Keith D. Taylor | ||||
| Keith D. Taylor | ||||||
| Chief Financial Officer | ||||||