DEF 14A of Equinix Inc, Apr 2, 2026

DEF 14A of Equinix Inc

Filed Apr 2, 2026 · FY20250001101239-26-000073

Open on EDGAR

  1. Proxy Statement

    Proxy Statement Table of contents

  2. Proxy Statement

    | Proxy Summary | 1 | | General information | 1 | | Voting | 2 | | Items to be voted on and our Board’s recommendation | 2 | | Governance | 3 | | Performance and compensation highlights | 4 | | Governance | 7 | | Proposal 1—Election of directors | 7 | | Director nominees | 8 | | Board composition | 13 | | Board operations | 17 | | Other governance policies and practices | 27 | | 2025 director compensation | 28 | | Equinix stock ownership | 31 | | Related-party transactions | 32 | | Executive officers | 34 | | Compensation | 37 | | Proposal 2—Advisory non-binding vote on executive compensation | 37 | | Compensation roadmap | 38 | | Compensation discussion and analysis | 39 | | Talent, Culture and Compensation Committee Report | 59 | | Executive compensation tables and related information | 60 |

  3. Proxy Statement

    | Compensation policies and practices risk assessment | 73 | | Talent, Culture and Compensation Committee interlocks and insider participation | 74 | | Equity compensation plan information | 74 | | Chief Executive Officer to median employee pay ratio | 75 | | Pay versus performance | 76 | | Audit | 82 | | Proposal 3—Ratification of independent registered public accountants | 82 | | Report of the Audit Committee of the Board of Directors | 83 | | Stockholder Proposal | 85 | | Proposal 4—Reasonable Shareholder Ability to Call for a Special Shareholder Meeting | 85 | | Equinix’s Statement in Opposition to Proposal 4 | 86 | | Additional Information | 87 | | Voting information and attending the meeting | 87 | | Delivery of documents to stockholders sharing an address | 91 | | Stockholder proposals for 2027 annual meeting | 91 | | Other matters | 92 | | Appendix | A-1 |

  4. Proxy Statement

    | EQUINIX 2026 PROXY STATEMENT | Proxy Summary / 1 |

  5. Proxy Statement

    | Proxy Summary |

  6. Proxy Statement

    These proxy materials are provided in connection with the solicitation of proxies by the Board of Directors of Equinix, Inc., a Delaware corporation, for the Annual Meeting of Stockholders to be held on May 13, 2026, and at any adjournments or postponements of such meeting. These proxy materials were first sent on or about Apr. 2, 2026, to stockholders entitled to vote at the Annual Meeting. This summary highlights some of the topics discussed in this proxy statement. It does not cover all the information you should consider before voting, and you are encouraged to read the entire proxy statement before casting your vote. General information

  7. Proxy Statement

    | | | | | WHEN Wednesday, May 13, 2026 10:00 a.m. PDT | VIRTUAL LOCATION Visit: www.virtualshareholdermeeting.com/EQIX2026 | RECORD DATE Mar. 20, 2026 |

  8. Proxy Statement

    | CORPORATE INFORMATION | | EQUINIX WEBSITES | | Stock Symbol EQIX | Registrar & Transfer Agent Computershare | CORPORATE WEBSITE Equinix.com INVESTOR RELATIONS investor.equinix.com 2026 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. 20, 2026 98,623,487 shares | Year of Incorporation 1998 | | | | Public Company Since 2000 | |

  9. Proxy Statement

    | EQUINIX 2026 PROXY STATEMENT | Proxy Summary / 2 |

  10. Proxy Statement

    Voting Have your proxy card or voting instruction form in hand when voting by telephone or online. When voting, you will need to enter the unique 16-digit voter control number imprinted on the card or instruction form.

  11. Proxy Statement

    | | | REGISTERED HOLDERS (shares are registered in your own name) | BENEFICIAL OWNERS (shares are held “in street name” in a stock brokerage account or by a bank, nominee or other holder of record) | | | 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 | | | BY INTERNET | 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 |

  12. Proxy Statement

    Items to be voted on and our Board’s recommendation

  13. Proxy Statement

    | PROPOSAL | | BOARD’S RECOMMENDATION | | SEE PAGE | | 1 | DIRECTORS: Election of directors | | FOR each nominee | 7 | | 2 | COMPENSATION: Advisory vote to approve named executive officer compensation | | FOR | 37 | | 3 | AUDIT: Ratification of independent registered public accountants | | FOR | 82 | | 4 | STOCKHOLDER PROPOSAL: Stockholder proposal related to lowering the stock ownership threshold required to call a special meeting | | AGAINST | 85 |

  14. Proxy Statement

    | EQUINIX 2026 PROXY STATEMENT | Proxy Summary / 3 |

  15. Proxy Statement

    Governance Our Board of Director Nominees: 10

  16. Proxy Statement

    | NANCI CALDWELL, AGE 68 (Independent Director) | | CHARLES MEYERS, AGE 60 (Executive Chairman) | | | | Since: 2015 COMMITTEES: •Nominating and Governance •Talent, Culture and Compensation | | Since: 2018 COMMITTEE: •None | | ADAIRE FOX-MARTIN, AGE 61 (Chief Executive Officer and President) | | THOMAS OLINGER, AGE 59 (Independent Director) | | | | Since: 2020 COMMITTEE: •Stock Award | | Since: 2023 COMMITTEES: •Audit •Finance •Growth Capital •Nominating and Governance | | GARY HROMADKO, AGE 73 (Independent Director) | | CHRISTOPHER PAISLEY, AGE 73 (Lead Independent Director) | | | | Since: 2003 COMMITTEES: •Finance •Growth Capital •Technology and Strategy | | Since: 2007 COMMITTEES: •Audit •Finance •Growth Capital | | REBECCA KUJAWA, AGE 50 (Independent Director) | | SANDRA RIVERA, AGE 61 (Independent Director) | | | | Since: 2025 COMMITTEES: •Audit •Nominating and Governance | | Since: 2019 COMMITTEES: •Nominating and Governance •Talent, Culture and Compensation •Technology and Strategy •Stock Award | | YANBING LI, AGE 56 (Independent Director) | | FIDELMA RUSSO, AGE 62 (Independent Director) | | | | Since: 2025 COMMITTEES: •Talent, Culture and Compensation •Technology and Strategy | | Since: 2022 COMMITTEES: •Nominating and Governance •Technology and Strategy |

  17. Proxy Statement

    | EQUINIX 2026 PROXY STATEMENT | Proxy Summary / 4 |

  18. Proxy Statement

    Performance and compensation highlights

  19. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | Chief Executive Officer | | | | | | | | At-Risk 95% | | | | | Cash 4% | Equity 95% | | | | | 4% | 8% | 59% | 29% | | | Base Salary | Annual Incentives | PSUs | RSUs | | | | Performance Based 67% | | |

  20. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | Average - Named Executive Officers | | | | | | | | At-Risk 92% | | | | | Cash 8% | Equity 92% | | | | | 8% | 8% | 57% | 28% | | | Base Salary | Annual Incentives | PSUs | RSUs | | | | Performance Based 65% | | |

  21. 2025 Executive Compensation Mix(1)(2)(3)(4)

    (1)Average - Named Executive Officers chart includes Mr. Taylor, Mr. Abdel, Mr. Lin, and Mr. Paladin. CEO chart includes only Ms. Fox-Martin. (2)Represents annual base salaries (as of year end), target annual incentive awards, and target annual long-term incentive opportunities for the 2025 performance period. Excludes one-time new hire related compensation and stock grant offered to Mr. Paladin upon commencement of employment. (3)Annual incentives were paid in immediately vested RSUs in 2026. (4)Percentages may not sum to 100% due to rounding.

  22. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | EQUINIX 2026 PROXY STATEMENT | Governance / 7 |

  23. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | Governance |

  24. 2025 Executive Compensation Mix(1)(2)(3)(4)

    Proposal 1 — Election of directors All directors will be elected at the Annual Meeting to serve for a term expiring at the next annual meeting of stockholders and until their successor is elected, or until the director’s death, resignation or removal. If you sign your proxy card but do not give instructions with respect to the voting of directors, your shares will be voted for the 10 persons recommended by the Board. If you wish to give specific instructions with respect to the voting of directors, you must do so with respect to the individual nominee. If any nominee becomes unavailable for election because of an unexpected occurrence, your shares will be voted for the election of a substitute nominee proposed by the Board. Each of our director nominees currently serves on the Board, and all were elected to a one-year term at the 2025 annual stockholders’ meeting, with the exceptions of Dr. Li, who was elected in Aug. 2025, and Ms. Kujawa, who was elected in Nov. 2025. Each person nominated for election has agreed to serve if elected, and our Board has no reason to believe that any nominee will be unable to serve. The 10 directors who are being nominated for election by the holders of common stock to the Board; their ages as of Mar. 20, 2026; their positions and offices held with Equinix; and certain biographical information, including directorships held with other public companies during the past five years, are set forth below. In addition, we have provided information concerning the particular experience, qualifications, attributes and/or skills that led the Nominating and Governance Committee and the Board to determine that each nominee should serve as a director of Equinix.

  25. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | | The Board recommends that you vote “FOR” the election of each of the following nominees. |

  26. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | EQUINIX 2026 PROXY STATEMENT | Governance / 8 |

  27. 2025 Executive Compensation Mix(1)(2)(3)(4)

    Director nominees

  28. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | NANCI CALDWELL | | Independent Director / Since December 2015 | | | AGE: 68 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) •Procore Technologies, Inc. PAST PUBLIC COMPANY BOARDS •CIBC •Citrix Systems •Donnelley Financial Solutions | | SKILLS & EXPERTISE •Relevant Technology Depth and Customer Perspective •Executive Leadership •M&A •Global Experience / Perspective •Go-To-Market •Human Capital |

  29. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | ADAIRE FOX-MARTIN | | Director / Since January 2020 | | | AGE: 61 COMMITTEE: •Stock Award | CURRENT ROLE •Chief Executive Officer and President, Equinix (since 2024) PRIOR BUSINESS EXPERIENCE •President, Google Cloud Go to Market (2023-2024) and Head of Google Ireland (2021-2024) •President, Google Cloud International (2022-2023) •President, Google Cloud EMEA (2021-2022) •Various roles, SAP (2008-2021), including Executive Board member of 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 •Data Center / Digital Infrastructure •Relevant Technology Depth and Customer Perspective •Cloud / XaaS Experience •Executive Leadership •Global Experience / Perspective •Go-To-Market •Product / Platform Management / Software Development •Government / Public Policy / Regulatory •Human Capital |

  30. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | EQUINIX 2026 PROXY STATEMENT | Governance / 9 |

  31. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | GARY HROMADKO | | Independent Director / Since June 2003 | | | AGE: 73 COMMITTEES: •Finance •Growth Capital •Technology and Strategy | CURRENT ROLE •Private Investor PRIOR BUSINESS EXPERIENCE •Venture Partner, Crosslink Capital, a venture capital firm (2002-2017) PAST PUBLIC COMPANY BOARDS •Carbonite | | SKILLS & EXPERTISE •Data Center / Digital Infrastructure •Relevant Technology Depth and Customer Perspective •Cloud / XaaS Experience •Finance, Capital Markets & Accounting •M&A •Product / Platform Management / Software Development |

  32. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | REBECCA KUJAWA | | Independent Director / Since November 2025 | | | AGE: 50 COMMITTEES: •Audit •Nominating and Governance | CURRENT ROLE •Founder and CEO, Zerra Partners (Aug. 2025-Present) PRIOR BUSINESS EXPERIENCE •President and CEO, NextEra Energy Resources (Feb. 2022-May 2025) •Executive Vice President, Finance and Chief Financial Officer, NextEra Energy, Inc. (Mar. 2019-Feb. 2022) •Various management roles, NextEra Energy Resources (Feb. 2007-Feb. 2019), the most recent being Vice President Business Management PAST PUBLIC COMPANY BOARDS •XPLR Infrastructure | | SKILLS & EXPERTISE •Energy •Executive Leadership •Finance, Capital Markets & Accounting •M&A •Government / Public Policy / Regulatory •Digital Transformation & AI •Human Capital |

  33. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | EQUINIX 2026 PROXY STATEMENT | Governance / 10 |

  34. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | YANBING LI | | Independent Director / Since August 2025 | | | AGE: 56 COMMITTEES: •Talent, Culture and Compensation •Technology and Strategy | CURRENT ROLE •Chief Product Officer, Datadog (Aug. 2024-Present) •Limited Partner, Operative Collective (May 2019-Present) PRIOR BUSINESS EXPERIENCE •Senior Vice President of Engineering, Aurora (July 2021-Aug. 2024) •VP of Engineering and Product, Google Cloud, Google (June 2019-July 2021) •Various management roles, VMware (2008-2019), the most recent being Senior VP and GM, Storage and Availability BU PAST PUBLIC COMPANY BOARDS •Neophotonics | | SKILLS & EXPERTISE •Data Center / Digital Infrastructure •Relevant Technology Depth and Customer Perspective •Cloud / XaaS Experience •Executive Leadership •M&A •Global Experience / Perspective •Go-To-Market •Product / Platform Management / Software Development •Digital Transformation & AI •Cybersecurity •Human Capital |

  35. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | CHARLES MEYERS | | Director / Since September 2018 | | | AGE: 60 | CURRENT ROLE •Executive Chairman, Equinix (since 2024) PRIOR BUSINESS EXPERIENCE •Chief Executive Officer and President, Equinix (2018-2024) •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 •Data Center / Digital Infrastructure •Relevant Technology Depth and Customer Perspective •Executive Leadership •M&A •Global Experience / Perspective •Human Capital |

  36. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | EQUINIX 2026 PROXY STATEMENT | Governance / 11 |

  37. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | THOMAS OLINGER | | Independent Director / Since January 2023 | | | AGE: 59 COMMITTEES: •Audit •Finance •Growth Capital •Nominating and Governance | CURRENT ROLE •Corporate Director (since 2022) 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 •REITs / Real Estate Development •Executive Leadership •Finance, Capital Markets & Accounting •M&A •Global Experience / Perspective •Human Capital |

  38. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | CHRISTOPHER PAISLEY | | Independent Director / Since July 2007 Lead Independent Director / Since February 2012 | | | AGE: 73 COMMITTEES: •Audit •Finance •Growth Capital | 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 (2021-2023) •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 •Finance, Capital Markets & Accounting •M&A •Global Experience / Perspective •Human Capital |

  39. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | EQUINIX 2026 PROXY STATEMENT | Governance / 12 |

  40. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | SANDRA RIVERA | | Independent Director / Since October 2019 | | | AGE: 61 COMMITTEES: •Nominating and Governance •Stock Award •Talent, Culture and Compensation •Technology and Strategy | CURRENT ROLE •Corporate Director (since 2025) PRIOR BUSINESS EXPERIENCE •Chief Executive Officer, Altera, an Intel Corporation (2024-2025) •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) •Co-Founder and President, The CTI Authority (1996-1998) | | SKILLS & EXPERTISE •Data Center / Digital Infrastructure •Relevant Technology Depth and Customer Perspective •Cloud / XaaS Experience •Executive Leadership •M&A •Global Experience / Perspective •Go-To-Market •Product / Platform Management / Software Development •Digital Transformation & AI •Human Capital |

  41. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | FIDELMA RUSSO | | Independent Director / Since June 2022 | | | AGE: 62 COMMITTEES: •Nominating and Governance •Technology and Strategy | CURRENT ROLE •Executive Vice President and General Manager of Hybrid Cloud (since 2023) and Chief Technology Officer (since 2021), Hewlett Packard Enterprise (HPE) 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 PAST PUBLIC COMPANY BOARDS •SBA Communications | | SKILLS & EXPERTISE •Data Center / Digital Infrastructure •Relevant Technology Depth and Customer Perspective •Cloud / XaaS Experience •Executive Leadership •M&A •Global Experience / Perspective •Go-To-Market •Product / Platform Management / Software Development •Digital Transformation & AI •Cybersecurity •Human Capital |

  42. 2025 Executive Compensation Mix(1)(2)(3)(4)

    | EQUINIX 2026 PROXY STATEMENT | Governance / 13 |

  43. 2025 Executive Compensation Mix(1)(2)(3)(4)

    Board composition

  44. STOCKHOLDER COMMUNICATIONS WITH THE BOARD OF DIRECTORS

    For 2025, no additional meeting fees were paid to directors because none of the directors met the threshold for additional payment. The Board has also designated a lead independent director who earned a $50,000 annual retainer in 2025. Non-employee directors receive automatic grants of RSUs. At our annual meeting of stockholders, each non-employee director who will continue to be a director after that meeting is automatically granted an award of RSUs. For fiscal 2025, the grant date fair value of these annual awards was $260,000. The automatic RSU awards become fully vested on the earlier of (i) the first anniversary of Equinix’s immediately preceding annual meeting of stockholders or (ii) in the case of a non-employee director not standing for reelection, the date of the first annual meeting of stockholders held subsequent to the date of grant. In addition, each non-employee director shall receive a prorated award of RSUs upon joining the Board, with a grant date fair value currently set at $260,000. The proration is based upon a fraction equal to (x) the number of days from the start date of the non-employee director until the first anniversary of the date of Equinix’s immediately preceding annual meeting of stockholders divided by (y) 365. The number of shares subject to each RSU award is determined by dividing the specified dollar value of the award by the closing price of Equinix’s common stock on the date of grant. The RSUs granted to our directors will become fully vested if Equinix is subject to a change-in-control; in the event of the non-employee director’s death, the portion of the RSUs that would have become vested on the next scheduled vesting date will become fully vested. Directors accrue dividend equivalent units on their RSUs. We allow our non-employee directors to elect to defer settlement of their RSUs. Directors are also eligible to receive discretionary awards under Equinix’s 2020 Equity Incentive Plan. The 2020 Equity Incentive Plan caps non-employee director compensation at $750,000. The limit may only be increased by $200,000 if the Board deems necessary to compensate a non-employee director for service on special-purpose committees or any other special service, in the Board’s discretion. These caps may not be increased without the approval of our stockholders. Our stock ownership guidelines for directors are described above. In Mar. 2026, in connection with the committee changes approved by the Board, and after a review of peer practices and market data, on the recommendation of Compensia, the Board approved the following changes to Equinix’s director compensation program with immediate effect: (i) annual retainers for membership on the Technology and Strategy Committee of $25,000 for the chair and $12,500 for each member; (ii) an increase in the retainer for membership on the Finance Committee to $15,000 for the chair and $7,500 for each member; (iii) an increase in the retainer for membership on the Nominating and Governance Committee to $25,000 for the chair and $12,500 for each member; (iv) a reduction in the excess meeting fees paid after any threshold number of meetings is met to $2,000 for the chair and $1,500 for the member; and (v) the establishment of a cap (supplementary to the cap in the 2020 Equity Incentive Plan) on total annual pay for Board service of $500,000, requiring Board approval of any amount in excess.

  45. STOCKHOLDER COMMUNICATIONS WITH THE BOARD OF DIRECTORS

    | Name | Fees Earned or Paid in Cash(1) ($) | Stock Awards(2)(3)(4) ($) | Total ($) | | Nanci Caldwell | 107,500 | 259,460 | 366,960 | | Gary Hromadko | 122,500 | 259,460 | 381,960 | | Rebecca Kujawa(5) | 14,341 | 141,583 | 155,924 | | Yanbing Li(5) | 33,654 | 200,767 | 234,421 | | Thomas Olinger | 107,500 | 259,460 | 366,960 | | Christopher Paisley | 187,500 | 259,460 | 446,960 | | Jeetu Patel(6) | 34,028 | — | 34,028 | | Sandra Rivera | 100,000 | 259,460 | 359,460 | | Fidelma Russo | 90,000 | 259,460 | 349,460 |

  46. STOCKHOLDER COMMUNICATIONS WITH THE BOARD OF DIRECTORS

    (1)Amounts listed in this column include the annual retainers for Board and committee service. Board and committee retainers are prorated based on the number of days the director served during the year. The amount in this column for Mr. Paisley also includes a $50,000 retainer for service as lead independent director. (2)Reflects RSUs covering 302 shares granted to each newly elected non-employee director on the date of our annual stockholders’ meeting in May 2025, with a grant date fair value of $859.14 per share. Ms. Kujawa was granted 170 shares upon joining the Board in Nov 2025 with a grant date fair value of $832.84. Dr. Li was granted 255 shares upon joining the Board in Aug. 2025 with a grant date fair value of $787.32. Mr. Patel did not stand for re-election in 2025 and did not receive a grant. (3)Reflects the aggregate grant date fair value of the RSU awards granted to the director in 2025 computed in accordance with FASB ASC Topic 718. See Note 12 of the notes to our consolidated financial statements in our Annual Report on Form 10-K, filed with the SEC on Feb. 11, 2026, for a discussion of the assumptions made by Equinix in determining the values of our equity awards. (4)As of Dec. 31, 2025, Ms. Caldwell, Mr. Hromadko, Mr. Olinger, Mr. Paisley, Ms. Rivera and Ms. Russo each held 302 unvested RSUs, Ms. Kujawa held 170 unvested RSUs, and Dr. Li held 255 unvested RSUs (including accrued dividend equivalent units). (5)Ms. Kujawa and Dr. Li joined the Board in 2025 and therefore received compensation from Nov. 3 and Aug. 12 through Dec. 31, 2025, respectively. (6)Mr. Patel did not stand for reelection to the Board in 2025 and therefore did not receive compensation after May 21, 2025. Mr. Meyers is our executive chairman, but not a named executive officer, and does not receive any additional compensation for services provided as a director. For the year ended Dec. 31, 2025, Mr. Meyers earned $400,000 in salary, was eligible to earn up to 75% of his salary in incentive compensation (paid in fully vested RSUs), and was granted 1,095 RSUs with a target value of $1,000,000 with the same service and performance vesting requirements as those granted to our named executive officers, for his service as Equinix’s executive chairman. Ms. Fox-Martin, our chief executive officer and president, did not receive any additional compensation for services provided as a director.

  47. STOCKHOLDER COMMUNICATIONS WITH THE BOARD OF DIRECTORS

    *Less than 1%. (1)Includes 302 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. Also includes 1,533 vested shares pursuant to RSUs as to which Ms. Caldwell has deferred the settlement of until a later date.

  48. STOCKHOLDER COMMUNICATIONS WITH THE BOARD OF DIRECTORS

    (2)Includes 1,056 vested shares pursuant to RSUs as to which Ms. Fox-Martin has deferred the settlement of until a later date from her service as a Board member prior to becoming CEO. (3)Includes 302 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. Also includes 21,770 shares pledged as collateral by Mr. Hromadko, which pledge was approved by our Talent, Culture and Compensation Committee. (4)Includes 170 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. (5)Includes 255 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. (6)Includes 4,316 shares pledged as collateral by Mr. Lin, which pledge was made prior to him becoming an executive officer and was subsequently approved by our Talent, Culture and Compensation Committee at the time of his appointment as an executive officer. (7)Includes 302 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. (8)Includes 302 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. Also includes an aggregate of 845 shares held in trusts for Mr. Paisley’s children and a brother. (9)Includes 302 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. Also includes 691 vested shares pursuant to RSUs as to which Ms. Rivera has deferred the settlement of until a later date. (10)Includes 302 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. Also includes 353 vested shares pursuant to RSUs as to which Ms. Russo has deferred the settlement of until a later date. (11)As of Dec. 29, 2023, the most recent required Schedule 13G filed with the SEC, the total amount beneficially owned by The Vanguard Group was 12,265,027 shares. Includes 0 shares with sole voting and 199,463 shares with shared voting power. Includes 11,787,551 shares with sole dispositive and 477,476 shares with shared dispositive power by The Vanguard Group, an investment advisor. (12)As of Apr. 30, 2024, the most recent required Schedule 13G filed with the SEC, the total amount beneficially owned by BlackRock Fund Advisors was 9,733,894 shares. Includes 8,872,526 shares with sole voting and 0 shares with shared voting power. Includes 9,733,894 shares with sole dispositive and 0 shares with shared dispositive power by BlackRock Inc., an investment advisor. (13)As of Dec. 31, 2023, the most recent required Schedule 13G filed with the SEC, the total amount beneficially owned by State Street Corporation was 6,211,112 shares. Includes 0 shares with sole voting and 3,616,906 shares with shared voting power. Includes 0 shares with sole dispositive and 6,195,184 shares with shared dispositive power by State Street Corp., an investment advisor. (14)Includes 2,237 shares issuable upon settlement of RSUs that will vest within 60 days of Mar. 20, 2026. Also includes 3,633 shares pursuant to RSUs as to which settlement has been deferred until a later date. Related-party transactions

  49. SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

    | | 2025 Grants of Plan-Based Awards | 62 | | | Outstanding Equity Awards at 2025 Fiscal Year-End | 64 | | | 2025 Option Exercises and Stock Vested | 66 | | | Potential Payments Upon Termination or Change-in-Control | 67 | | | III. Policies and other information | | | | Compensation Policies and Practices Risk Assessment | 73 | | | Talent, Culture and Compensation Committee Interlocks and Insider Participation | 74 | | | Equity Compensation Plan Information | 74 | | | Chief Executive Officer to Median Employee Pay Ratio | 75 | | | Pay versus Performance | 76 | | | Financial Performance Measures Tabular List | 78 | | | Description of Relationships Between Measures in Pay Versus Performance Table | 79 |

  50. 2025 Target Annual Total Direct Compensation(1)

    2025 Target Annual Total Direct Compensation(1) (1)Represents annual base salaries (as of year-end), target annual incentive awards, and target annual long-term incentive opportunities for the 2025 performance period. (2)Amounts do not include $250,000 of sign-on bonus or $2,000,000 sign-on RSU award grant received upon hire.

  51. 2025 Target Annual Total Direct Compensation(1)

    | Target Compensation Mix(1)(2)(3) | | | | | | Chief Executive Officer | | | | | | | | At-Risk 96% | | | | | Cash 4% | Equity 96% | | | | | 4% | 8% | 59% | 29% | | | Base Salary | Annual Incentives | PSUs | RSUs | | | | Performance Based 67% | | |

  52. Compensation Program Enhancements

    Compensation Program Enhancements For 2024, certain enhancements were made to our compensation program following stockholder feedback. These changes included increasing the ratio of performance-based equity incentives, use of the S&P 500 Total Return Index as the comparator group for relative TSR (“rTSR”)-Based PSUs, a cap on rTSR-based PSUs if absolute TSR is negative, and refined performance metrics for the annual and long-term incentive plans. In Sept. 2024 the Talent, Culture and Compensation Committee reviewed the program but did not recommend any further changes to the program for 2025. In planning for 2026 compensation, after a review of market practices and considering the alignment between our business strategy and the executive compensation program, the Talent, Culture and Compensation Committee approved certain changes to 2026 incentive design. These changes include changing the rTSR-Based PSU award design from a “points against index” to “percentile rank” methodology and revising the payout scale, in both cases to improve our alignment with peer practices. In addition, the Talent, Culture and Compensation Committee approved an interconnection revenue metric for the strategic modifier to the 2026 annual incentive plan, replacing the prior metric related to Equinix Fabric, to better align our incentives with our business strategy for 2026. These changes will be described further in our 2027 proxy statement.

  53. 2025 Compensation Program Highlights

    2025 Compensation Program Highlights •Annual incentive paid out at 99% of target. As illustrated below, these annual incentives were performance-based and consistent with the prior year, dependent upon annual revenue and AFFO/Share growth, and included a +/- 10% strategic modifier based on achievement of key operational objectives across the areas of energy efficiency, renewable energy, science based climate targets and internal hiring, as well as achievement of a strategic growth goal related to the Equinix Fabric product.

  54. 2025 Compensation Program Highlights

    | | Annual Incentive Program | | | | | Long-Term Incentive Program(2) | | | | | Primary Metrics | | Revenue | AFFO/Share | | Strategic Modifier | | Revenue | AFFO/Share | rTSR | | | | 50% | 50% | r | ±10% | | 35% | 35% | 30% | | 2025 Payout | | 91.4% | 110.4% | | 98.0% | | 91.4% | 105.2% | 2025-2027 performance period in progress | | | | | | | | | | | | | | | | 99% | | | | 98% | | | | 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 is capped at 132% of target. Revenue achievement capped at target to ensure teamwide focus on near-term profitability | | | | | Maximum payout is capped at 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 | | |

  55. 2025 Compensation Program Highlights

    See “Annual Incentive Compensation” and “Long-Term Equity Compensation” below for additional information. •Equity award performance weighting maintained at 67%. In 2025, we continued to grant a mix of service-vesting RSUs and performance-vesting RSUs (“PSUs”), with 67% of the target value made up of PSUs. The metrics for the PSUs consisted of a combination of financial goals (annual revenue and AFFO/Share) and relative TSR against the S&P 500 Total Return Index. •Revenue and AFFO/Share continued to be key metrics of focus in our 2025 program. Since converting to a REIT in 2015, we have found technology-oriented investors tend to emphasize the importance of revenue as a key indicator of financial performance, whereas REIT-oriented investors tend to focus on AFFO/Share. Accordingly, we believe these two metrics are critical to measure both short- and long-term success given the hybrid REIT-technology nature of our business and their significance to our sensible growth strategy. Our annual and long-term incentive programs include structural differences between each program to calibrate payout opportunities for each metric with its significance to short- or long-term success. Further, because we have broad employee participation in the short-term incentive program, the metrics under that program create a shared and consistent focus across the company, which we further emphasize for executives under the long-term program given their efforts most directly impact performance outcomes. For these reasons, the Talent, Culture and Compensation Committee continues to believe that both revenue and AFFO/Share metrics should be featured in both short- and long-term incentive programs, rather than emphasizing only one in each program or using alternative metrics. •2023 rTSR PSUs achieved a 0% payout, based on Equinix’s performance against the TSR of the Russell 1000 for the three-year period ending Dec. 31, 2025. While we were disappointed with this result, the payout level is aligned with our pay for performance philosophy. The 2025 rTSR PSUs were granted using the S&P 500 Total Return Index as the comparator index and with a payout cap if our TSR is negative, as described elsewhere in this proxy statement.

  56. How We Determine Compensation

    | 8Our performance both over the past year and in the long term | | | 8The executive’s performance over the year | | | 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 such individuals | | | 8Internal parity between executives based on their contributions | | | 8With respect to equity, the retention value of unvested shares held by an executive | |

  57. Principal Elements of Executive Compensation

    | | 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 after the performance period ends in immediately vested RSUs | | | | AFFO per Share | | | | Aligns executive and stockholder interests through focus on profit | | | | | Strategic Modifier* | | | | Aligns to strategic and operational goals, including fabric attach rate 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 to Extent Earned | | | | | | | | | | | | | Revenue | | AFFO / Share | | | | | | | rTSR PSUs | | | | Rewards three-year total return performance relative to the S&P 500 Total Return Index consistent with stockholder experience and encourages retention and continued performance | rTSR PSUs Vesting to Extent Earned | | | | Service-Based RSUs | | | | Directly aligns with and rewards sustained value delivered to stockholders and encourages retention | Service-Based RSUs Vesting by Year | | | | | | | | | Total Long-Term Incentive Vesting by Year | | *Strategic Modifier applies only to VP-level employees and above. | | | | | | | |

  58. Annual Incentive Compensation

    Annual Incentive Compensation Annual incentive compensation for the named executive officers is linked to attainment of Equinix’s corporate growth goals and is designed to incentivize meaningful growth. This collective focus on corporate performance at the executive level is designed to align senior leaders toward common goals. Importantly, all Equinix employees participate in the same annual incentive plan as the named executive officers, further aligning our team around a common set of goals tied to our annual financial and strategic plans. As discussed above, while this results in overlap between the metrics used in our annual and long-term incentives, the Talent, Culture and Compensation Committee believes these metrics are key indicators of both short- and long-term performance outcomes. It takes this overlap into careful consideration in determining the payout level, payout curve and weighting of each metric to achieve an appropriate level of focus across the key drivers of our performance that underpin our short- and long-term incentives: revenue, AFFO/Share and relative total stockholder return. As the chart included in “Performance Against Annual Incentive Plan Targets” below illustrates, the ability to earn above-target payouts under our annual incentive program is tied primarily to over performance with respect to AFFO/Share to collectively focus all employees, including executives, on operating profitably. In addition, we use revenue to focus our team on overall delivery—both maintaining existing revenue and growth during the year. The relative stability of this metric enables us to establish a very narrow performance band, where at least 95% of target must be achieved in order to meet threshold performance, and there is no above-target earning opportunity. Lastly, given the Talent, Culture and Compensation Committee’s view of the criticality of both revenue and AFFO/Share to measuring near-term performance, at least threshold achievement of both metrics is necessary in order for any funding to be earned under the annual incentive. In total, the maximum amount that may be paid to named executive officers under our annual incentive plan is 132% of target.

  59. Annual Incentive Compensation

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 47 |

  60. Annual Incentive Compensation

    The annual incentive structure is as follows:

  61. Calculation Methodology

    | 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 2025 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 non-dilutive growth to AFFO. The AFFO/Share goal set under the 2025 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%) | Operational Objectives | | 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 certain operational objectives and Equinix Fabric attach rate growth strategies. | | | | Fabric Attach Rate Growth | | | |

  62. Calculation Methodology

    | * 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. |

  63. Calculation Methodology

    | Name | 2025 Bonus Opportunity (% Base Salary) | 2024 Bonus Opportunity (% Base Salary) | 2025 Target Bonus Award ($) | | Adaire Fox-Martin(1) | 200 | 150 | 2,000,000 | | Keith Taylor | 110 | 110 | 748,000 | | Raouf Abdel(2) | 100 | 90 | 575,000 | | Jon Lin(2) | 100 | 90 | 625,000 | | Shane Paladin(3) | 100 | N/A | 600,000 |

  64. Calculation Methodology

    (1)Ms. Fox-Martin’s target bonus opportunity was increased in 2025 to reflect her strong performance and to improve the market competitiveness of her bonus opportunity. (2)Mr. Abdel and Mr. Lin’s target bonus opportunities were increased in 2025 to align internally with other executives given the expansion of each of their responsibilities and the greater strategic importance of their roles to Equinix. (3)For Mr. Paladin, the dollar amount shown above reflects his annualized target bonus award based on his start date in July 2025.

  65. Performance Against Annual Incentive Plan Targets

    Performance Against Annual Incentive Plan Targets The following chart sets forth our results for 2025 relative to the targets established for each metric. To ensure our performance goals incentivize strong performance, the Talent, Culture and Compensation Committee set the threshold for all financial performance targets—revenue and AFFO/share—meaningfully above prior-year targets and actual performance achieved. These results and associated payouts reflect formulaic outcomes, including programmatic adjustments, based solely on corporate performance, without regard to individual performance. The annual incentive plan Metrics and Strategic Modifier targets and results for 2025 were as follows:

  66. Performance Against Annual Incentive Plan Targets

    | Metric | Threshold | Target | Maximum(1) | Reported Result(1)(2) | Adjusted Results(2)(3) | % of Target Achieved | Payout | | Revenue | $8,867.7M | $9,334.4M | n/a | $9,217M | $9,294M | 99.6% | 91.4% | | | | | | | | | | | AFFO/Share | $36.30/Share | $38.21/Share | $39.35/Share | $38.33/Share | $38.51/Share | 100.8% | 110.4% | | | | | | | | | | | | | | | | Combined Result | | 101% | | X | | | | | | | |

  67. Performance Against Annual Incentive Plan Targets

    | | Operational Objectives (% Achieved) | Fabric Attach Growth (% Achieved) | Payout | | Strategic Modifier (± 10%) | 106% | 90% | 98% | | | | Final Payout | 99% |

  68. Performance Against Annual Incentive Plan Targets

    (1)To the extent the strategic modifier was fully achieved, the maximum amount that may be paid to named executive officers under the plan is 132% (i.e., 120% of target + achievement of the strategic modifier at the maximum 10% level).

  69. Performance Against Annual Incentive Plan Targets

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 49 |

  70. Performance Against Annual Incentive Plan Targets

    (3)Programmatic adjustments under the annual incentive plan are made to ensure that we measure performance based on activities within the control of Equinix and our employees and exclude the impact of external or nonrecurring factors in a given year. Such adjustments may be positive or negative, and for 2025 adjustments to revenue and AFFO/Share included fluctuations in foreign currencies between budget estimates and actual rates, capital market activity, lease conversion impacts, other normalizing items, and one-time-adjustments not contemplated by Equinix at the time the performance goals were established.

  71. Performance Against Annual Incentive Plan Targets

    | Spotlight on 2025 Strategic Modifier Results | | | | | | | | Category | Metric Description | Beginning of Year Baseline | Target | Year End Achievement | | Operational Objectives | Energy Efficiency | Power usage effectiveness improvement of 4.1% year-over-year reduction | 1.392 | 1.376 | 1.373 | | | Renewable Energy Coverage | Maintain or exceed 96% renewable energy coverage | 96% | 96.0% | 96% | | | Science-Based Climate Targets | Engage 50% of suppliers by qualified emissions to set science-based targets by 2025 year end | 48% | 50% | 53.4% | | | Internal Hiring | Fill 25% of open requisitions with internal talent. | 24% | 25% | 30.1% |

  72. Performance Against Annual Incentive Plan Targets

    We attained 106% achievement of our operational objectives during 2025. Results for the fabric attach growth rate in 2025 were below threshold, which led to a payout of 90% for the goal. Based on these results, the VP-and-above annual incentive plan paid out at 99%, resulting in the payouts set forth below. The annual incentive bonus was paid in the form of fully vested RSUs, as in prior years, allowing Equinix to retain more cash in the business to fund our investments and to further align the executives’ incentives with our stockholders’ interests.

  73. Performance Against Annual Incentive Plan Targets

    | Name | 2025 Annual Incentive Paid ($) | | Number of RSUs Awarded(1) (#) | | Adaire Fox-Martin | | 1,980,000 | 2,034 | | Keith Taylor | | 740,520 | 760 | | Raouf Abdel | | 569,250 | 584 | | Jon Lin | | 618,750 | 635 | | Shane Paladin(2) | | 289,677 | 297 |

  74. Performance Against Annual Incentive Plan Targets

    (1)This value of the bonus award was delivered in the form of fully vested RSUs paid in shares with the number of shares calculated using a stock price of $973.43, which was the closing price of Equinix’s common stock on Mar. 11, 2026, the date the RSUs were granted. Cash was paid in lieu of any fractional shares. (2)Mr. Paladin began employment with Equinix on July 7, 2025 and was entitled to a prorated value of the target bonus award based on such start date.

  75. Long-Term Equity Compensation

    Long-Term Equity Compensation As part of our annual compensation program, we provide long-term incentive awards using a mix of time-based and performance-based equity. The Talent, Culture and Compensation Committee believes that stock awards encourage executive performance by focusing on long-term stockholder value. Our equity awards also accrue dividend equivalents, which vest on the same schedule as the underlying award and are settled in cash, and therefore no dividend equivalents are paid on awards unless and until the underlying award becomes earned and vested.

  76. Long-Term Equity Compensation

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 50 |

  77. Long-Term Equity Compensation

    The components and weightings of our 2025 long-term incentive awards are set forth below.

  78. Long-Term Equity Compensation

    | Measure | | | Payout Curve* | Weighting | Purpose | | Financial Incentive PSU Award | Revenue | | | | A performance-based award based on revenue and AFFO/Share performance to focus management on (1) revenue growth and (2) non-dilutive growth to AFFO. | | | AFFO/Share | | | | | | rTSR PSU Award | | | | | A performance-based award based on TSR performance relative to the S&P 500 Total Return Index 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. |

  79. Long-Term Equity Compensation

    *Payouts for results between performance levels are interpolated on a straight-line basis. The following table presents the overall target value and number of shares that could/can be earned by each named executive for each equity award component. See the section titled “2025 Grants of Plan-Based Awards” elsewhere in this proxy statement for the fair values on the grant date related to each award component. Increases in target award values from 2024 reflect changes in the competitive market and, in the case of Mr. Abdel and Mr. Lin, given the expansion of each of their responsibilities and the greater strategic importance of their roles to Equinix.

  80. Long-Term Equity Compensation

    | Names | Target Award Value ($)(1) | Financial Incentive Award (#) | rTSR Incentive Award (#) | Service-Based Award (#) | | Adaire Fox-Martin | 21,000,000 | 10,811 | 4,600 | 7,591 | | Keith Taylor(2) | 9,500,000 | 4,891 | 2,081 | 3,434 | | Raouf Abdel | 6,500,000 | 3,346 | 1,424 | 2,350 | | Jon Lin | 6,000,000 | 3,089 | 1,314 | 2,169 | | Shane Paladin(3) | 6,000,000 | 3,319 | 1,412 | 2,330 |

  81. Long-Term Equity Compensation

    (1)Converted from target value using the 30-day trading price of Equinix’s common stock on the date of grant rounded to the nearest whole share. (2)As described elsewhere in this proxy statement, Mr. Taylor shall continue to vest in his outstanding equity awards in his role as Special Advisor. (3)Mr. Paladin’s award value was determined by the Talent, Culture and Compensation Committee following arms-length negotiation in connection with his hiring during 2025 and follows the same vesting schedule as the annual awards granted to the other named executive officers during 2025. The amount reported here excludes the service-based RSUs with a grant date fair value of $2,000,000 that Mr. Paladin received upon hire on July 7, 2025.

  82. Long-Term Equity Compensation

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  83. 2025 Financial Incentive Awards

    2025 Financial Incentive Awards The amount that could be earned under these awards could range from 0% to 200% of target. Like the awards in 2024, the 2025 awards used a one-year performance period, with any earned awards subject to additional service-based vesting over the following two years. Specifically, 50% of any earned financial incentive PSUs vested upon the date of financial performance certification in Feb. 2026; 25% of the earned PSUs will vest on Feb. 15, 2027; and the remaining 25% of the earned PSUs will vest on Feb. 15, 2028, in each case, subject to the recipient’s continued service through each vesting date. The Talent, Culture and Compensation Committee deemed this structure to be appropriate given our recurring revenue business model makes one-year performance highly impactful on our long-term success, and allows for more rigorous goal-setting than a three-year performance period. The Committee also considered this structure to be consistent with the practices of many peer companies with whom we compete for talent.

  84. Long-Term Incentive Performance Against Targets

    Long-Term Incentive Performance Against Targets

  85. Long-Term Incentive Performance Against Targets

    | Metric | | Threshold | Target | High | Maximum | Weight | Adjusted Results(1)(2) | % of Target Achieved | Payout | | Financial Incentive Award(1)(2)(3) | Revenue | $8,867.7M | $9,334.4M | n/a | $9,801.1M | | $9,294M | 99.6% | 91.4% | | | | | | | | | | | | | | AFFO/Share | $36.30/Share | $38.21/ Share | $39.35 /Share | $42.03/Share | | $38.51/Share | 100.8% | 105.2% | | | | | | | | | | | | | | | | | | | | Combined Result | | 98% |

  86. Long-Term Incentive Performance Against Targets

    (1)For a full reconciliation of GAAP to non-GAAP financial measures, please refer to Appendix A. (2)Programmatic adjustments, such as under the annual incentive plan, are made to ensure that we measure performance based on activities within the control of Equinix and our employees and exclude the impact of external or nonrecurring factors in a given year. Such adjustments may be positive or negative, and for 2025 adjustments to revenue and AFFO/Share included fluctuations in foreign currencies between budget estimates and actual rates, capital market activity, lease conversion impacts, other normalizing items, and one-time-adjustments not contemplated by Equinix at the time the performance goals were established. For each metric noted above, the number of PSUs earned was determined upon certification by the Talent, Culture and Compensation Committee that Equinix had achieved at least the threshold performance level noted above. In setting these goals, the Talent, Culture and Compensation Committee sought to incentivize stretch performance by setting threshold goals in alignment with the company’s 2025 operating plan, with target goals requiring performance meaningfully above plan. In addition, achievement of threshold performance for both revenue and AFFO/share required performance meaningfully above prior year targets and actual performance achieved for both measures. Performance against these goals was adjusted in the same manner as described above with respect to our annual incentive awards.

  87. Long-Term Incentive Performance Against Targets

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  88. 2025 TSR Awards

    2025 TSR Awards The number of shares to be earned under the TSR Performance-Based Awards granted in 2025 will be determined based on the TSR of EQIX as measured against the TSR of the S&P 500 Total Return Index (“SPTR”) over a three-year performance period, calculated using the 30-day trading averages for both EQIX and the SPTR prior to the start (Jan. 1, 2025) and the end (Dec. 31, 2027) of the performance period. The number of PSUs vesting under the TSR Performance-Based Awards scales up or down such that the target shares increase or decrease by 2% for every 1% that Equinix’s TSR exceeds or falls below the SPTR. Accordingly, payouts are reduced meaningfully for performance below target, and no payout can be achieved for performance that falls 50% or more below the TSR of the SPTR over the performance period. The Talent, Culture and Compensation Committee believes a broad-based index like the SPTR, rather than a specific REIT or technology industry index, is most appropriate given the effect of the company’s hybrid Technology-REIT business on our competitive and marketing positioning discussed in the section titled, “Our Compensation Peer Group” below. The maximum number of shares that can be earned under this award is 200% of target. However, the payout for the TSR Performance-Based Awards granted in 2025 cannot exceed target if EQIX’s absolute TSR is negative over the performance period. Vesting will occur in early 2028 upon certification by the Talent, Culture and Compensation Committee of actual TSR for the performance period, subject to the recipient’s continued service through the vesting date.

  89. 2023 TSR Awards Achievement

    | Metric | Threshold | Target | Maximum | Weight | Results | Payout | | rTSR Performance-Based Award | -50% | Index | +50% | | 59.63% less than R1000 Index 3-year TSR performance | A payout of 0% of the target number of shares. | | | | | | | | |

  90. Governance Policies and Practices

    | 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. | | | Rigorous performance goals | We ensure all program metrics—including strategic and sustainability goals—are objective and require stretch performance. | | | Stockholder engagement | We are committed to ongoing engagement with our stockholders and feedback received informs our compensation decision-making. | | | 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 guidelines | Our Chief Executive Officer and her direct reports (including the named executive officers) are subject to stock ownership guidelines, at a level of six times and three times base salary, respectively. We do not count unearned performance awards or unvested awards toward these guidelines. | | | Independent committee | The Talent, Culture and Compensation Committee is comprised solely of independent members of our Board. | | | Independent consultant | An independent compensation consultant, Compensia, is retained directly by the Talent, Culture and Compensation Committee and performs no other work for Equinix. | | | Tally sheets | The Talent, Culture and Compensation Committee reviews tally sheets when making executive compensation decisions. | | | Compensation risk assessment | In 2026, we conducted a risk assessment of our compensation programs and presented the results to the Talent, Culture and Compensation Committee. The Talent, Culture and Compensation Committee considered the findings of the assessment and agreed with our conclusion that our compensation programs are not reasonably likely to have a material adverse effect on Equinix. | | | Limited tax gross-ups | 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). |

  91. Governance Policies and Practices

    | WHAT WE DON’T DO | | | | | Compensation Practice | Company Policy | | | No single trigger vesting | Our named executive officers are not offered single trigger vesting on a change-in-control. | | | No significant perquisites | Our named executive officers are not offered significant perquisites. | | | No hedging allowed | 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 exception | 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 Talent, Culture and Compensation Committee on a case-by-case basis. |

  92. Our Compensation Peer Group

    Our Compensation Peer Group Our compensation peer group is made up of technology companies with similar financial characteristics to Equinix and also includes a targeted number of REITs. This mix was intentionally developed to more heavily weight technology companies with whom we primarily compete for executive talent, and to reflect Equinix’s market-leading position as the largest data center REIT globally. The Talent, Culture and Compensation Committee does not believe that a peer group composed predominantly of REITs would appropriately reflect the company’s scale or talent pool.

  93. Our Compensation Peer Group

    | 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-day trading day average 8Whether we compete with the company for executive talent 8With respect to REITs, the similarity of scale and data center focus |

  94. Our Compensation Peer Group

    *Each peer group member was chosen based on one or more of the factors listed above, but not all factors are relevant for all peer companies.

  95. Our Compensation Peer Group

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 55 |

  96. Our Compensation Peer Group

    As part of our annual review process, we make adjustments to our peer group as necessary to account for M&A activity over the course of the year, and to ensure our peers continued to meet the criteria outlined above. Following this review, the Talent, Culture and Compensation Committee determined to remove two technology companies due to M&A activity, and accordingly add two new prominent, high-growth technology companies to maintain a comparably sized peer group for purposes of the Talent, Culture and Compensation Committee’s 2025 compensation review and decisions. This peer group consisted of the following 21 companies.

  97. Our Compensation Peer Group

    | TECHNOLOGY | | REITS | | Adobe | | | | Akamai Technologies | | | | Arista Networks | | | | Autodesk | | | | Block† | | | | Cadence Design Systems | | American Tower | | Cloudflare† | | Crown Castle Intl | | eBay | | Digital Realty Trust | | Electronic Arts | | Prologis | | Fortinet | | | | Intuit | | | | Palo Alto Networks | | | | PayPal Holdings | | | | Salesforce | | | | ServiceNow | | | | Synopsys | | | | Workday | | | | † Denotes newly added peers. Splunk and VMware were removed as peers for 2025 as a result of recent M&A activity. | | |

  98. Our Compensation Peer Group

    While the Talent, Culture and Compensation Committee reviews the market data in determining compensation, it does not specifically target a certain percentile of the market for overall compensation or for any particular element of compensation. Instead, it considers the overall range of the market data, as well as the alignment of the position in the overall market to the executive’s actual role and responsibilities, when setting compensation for an executive role. Based on this information, the company seeks to provide a competitive base salary and target bonus, and to concentrate the executive’s compensation in their equity awards, to better align the executive’s interests with those of our stockholders and to focus on our overall long-term performance. The Talent, Culture and Compensation Committee uses peer group survey data, proxy statement data and the AON/Radford High Technology compensation survey to define our competitive market. We used market data from a subset of the AON/Radford High Technology compensation survey to support benchmarking for our executive positions for 2025 compensation decisions. In 2024, we also participated in the AON/Radford High Technology compensation survey and used market data from a subset of the survey to support benchmarking for our executive positions for 2025 compensation decisions.

  99. Our Compensation Peer Group

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  100. The Compensation Consultant

    The Compensation Consultant The Talent, Culture and Compensation Committee engages Compensia as its independent consultant to advise it on matters related to compensation for directors, executive officers and other key employees, and on best practices to follow as it reviews and makes decisions on Equinix’s compensation programs. The compensation consultant reports directly to the Talent, Culture and Compensation Committee, and the Talent, Culture and Compensation Committee has the sole power to terminate or replace the consultant at any time. In connection with the 2025 compensation decisions, Compensia provided the Talent, Culture and Compensation Committee with a review of incentive practices, including current practices, market practices and potential alternatives; assessed our executives’ compensation relative to peer and broader market practices; reviewed proposed compensation arrangements for new executives; and reviewed our proposed changes to pay levels and performance metrics. This process includes the use of “tally sheets” outlining the total dollar compensation paid to each named executive officer in 2020-2024, including base salary, annual incentive compensation, long-term equity compensation and other compensation. Compensia continues to advise the Talent, Culture and Compensation Committee on an ongoing basis, and a representative from the firm attends most Talent, Culture and Compensation Committee meetings. Compensia also provides routine updates to the Talent, Culture and Compensation Committee regarding legal and regulatory trends. In 2025, Compensia also provided the Talent, Culture and Compensation Committee with compensation governance support as requested, including review of compensation-related disclosures. The Talent, Culture and Compensation Committee has assessed the independence of Compensia pursuant to SEC rules and concluded that Compensia’s work for the Talent, Culture and Compensation Committee does not raise a conflict of interest and that Compensia is independent under such standards.

  101. Severance, Change-In-Control and Other Post-Employment Programs

    Severance, Change-In-Control and Other Post-Employment Programs As described in detail under “Potential Payments Upon Termination or Change-In-Control” in this proxy statement, until Feb. 2026, we offered our named executive officers a cash severance payment equal to 200% of the officer’s annual base salary plus target bonus, and accelerated vesting of equity awards, in the event of a qualifying termination after a change-in-control (i.e., a “double-trigger” severance benefit). Additionally, certain executive officers were entitled to 100% of the officer’s annual base salary plus target bonus in the event of a qualifying termination absent a change-in-control. From time to time, we have offered additional severance benefits in connection with offers of employment. In Feb. 2026 our Talent, Culture and Compensation Committee approved an Executive Severance Plan for our executive officers, including our named executive officers, with the exception of our Chief Executive Officer, whose severance benefits are governed by a separate agreement. These new severance arrangements for our named executive officers are further described below under “Potential Payments Upon Termination or Change-In-Control” and under “2026 Severance Arrangements.” We operate in a highly competitive market and industry and in geographic regions that are exceptionally competitive for executive talent. We believe these benefits are important to attract and retain top talent, and to be appropriately consistent with market practices. Further, in the event of a change-in-control of Equinix, we believe these provisions protect stockholders’ interests by encouraging our executive officers to continue to devote their attention to their duties and to facilitate an acquisition with minimized distraction, and by neutralizing any bias the executive officers might have in evaluating acquisition proposals. In addition, we believe that the events triggering payment, both a change-in-control and an involuntary or constructive termination of employment, and then only when there is no misconduct by the executive officer, are reasonable hurdles for the ensuing rewards.

  102. Benefits and Perquisites

    Benefits and Perquisites Retirement, life, health and other welfare benefits at Equinix are the same for all eligible employees, including the named executive officers, and are designed to be aligned to our competitive market. Equinix shares the cost of health and welfare benefits with all of our eligible employees and offers an employer matching contribution to participant contributions to our 401(k) plan, for which all U.S. employees, including the named executive officers, are eligible. In 2025, the maximum match was $10,500. In addition, the Talent Culture and Compensation Committee has approved an executive physical program to proactively manage health risks for our executive officers. All RSU awards granted to Equinix employees, including our named executive officers, shall vest as to the next unvested tranche of the award in the event of the death of the individual as a benefit to their estate; provided, however, in the case of PSUs, that the RSUs have been earned based on actual performance results. We believe this to be an appropriate market benefit to offer to our employees and their families. In 2025, our named executive officers had family accompany them to certain company events. Certain of our named executive officers also used our company suites for personal use or invited personal guests to attend events at these suites. Certain of our named executive officers are also offered Global Services membership with United Airlines at no additional cost to Equinix. In addition, certain of our named executive officers used our executive physical program. In 2025, Ms. Fox-Martin received $194,408 in perquisites and tax-gross ups in connection with her relocation to the United States from Ireland after her appointment as Chief Executive Officer and President in 2024. This included: (a) $104,779 in tax advice and $34,007 in tax gross-ups related to this perquisite; (b) $9,126 in relocation costs including car rentals and pet shipment and $9,972 in tax gross-ups related to this perquisite; (c) $17,453 in temporary housing and $19,071 in tax gross-ups related to this perquisite. Ms. Fox- Martin also received perquisites of $15,493 in connection with spousal attendance at the 2025 annual sales reward trip and certain tax reimbursements and gross-ups related to this trip. Ms. Fox-Martin also received perquisites related to spousal attendance and travel to certain other company-sponsored and company-related events as well as tax support. In 2025, Mr. Paladin received legal fee reimbursements related to his hiring negotiations. Mr. Lin also received $75,000 in perquisites to attend an executive leadership program and related executive coaching. None of our named executive officers received tax gross-ups or other amounts during 2025 for the payment of taxes in connection with any

  103. Equity Grant Practices

    Equity Grant Practices We do not currently grant new awards of stock options, stock appreciation rights or similar option-like instruments. Accordingly, we have no specific policy or practice on the timing of granting of such awards in relation to our disclosure of material nonpublic information. In the event we determine to grant new awards of options or similar awards, the Board and the Talent, Culture and Compensation Committee will evaluate the appropriate steps to take in relation thereto.

  104. SUMMARY COMPENSATION TABLE

    SUMMARY COMPENSATION TABLE The following table sets forth the compensation awarded to, earned by, or paid to each individual who served as Equinix’s “principal executive officer” or Equinix’s “principal financial officer” during the 2025 fiscal year, and Equinix’s three other most highly compensated executive officers for the fiscal year (collectively, our “named executive officers”).

  105. SUMMARY COMPENSATION TABLE

    | Name and Principal Position | Year | Salary(1) ($) | Bonus ($) | Stock Awards(2)(3) ($) | Non-Equity Incentive Plan Compensation(3) ($) | All Other Compensation(4) ($) | Total ($) | | Adaire Fox-Martin Chief Executive Officer & President | 2025 | 1,000,000 | — | 21,416,951 | 43 | 237,891(5) | 22,654,885 | | | 2024 | 538,462 | — | 35,676,826 | 121 | 385,839 | 36,601,248 | | Keith Taylor Chief Financial Officer | 2025 | 680,000 | — | 9,533,014 | 713 | 33,785(6) | 10,247,512 | | | 2024 | 680,000 | — | 10,057,804 | 318 | 34,739 | 10,772,861 | | | 2023 | 680,000 | — | 10,916,747 | 249 | 45,808 | 11,642,804 | | Raouf Abdel EVP, Global Operations | 2025 | 572,923 | — | 6,584,983 | 767 | 31,833(7) | 7,190,506 | | | 2024 | 506,346 | — | 6,940,184 | 521 | 14,936 | 7,461,987 | | Jon Lin Chief Business Officer(8) | 2025 | 620,615 | — | 6,171,543 | 622 | 122,443(8) | 6,915,223 | | | 2024 | 466,923 | — | 6,373,516 | 212 | 34,736 | 6,875,387 | | Shane Paladin Chief Customer & Revenue Officer | 2025 | 320,717 | 250,000 | 7,062,755 | 568 | 18,275(9) | 7,652,315 |

  106. SUMMARY COMPENSATION TABLE

    (1)Reflects calendar year amount paid for the applicable year. (2)Reflects the aggregate grant date fair value of stock awards granted to the named executive officer in the applicable fiscal year computed in accordance with FASB ASC Topic 718. For 2025, includes the following stock awards granted to our named executive officers: (a) performance-based stock awards tied to revenue and AFFO/Share performance for fiscal 2025, for which the amounts in this column were determined assuming earning of 100% of the target grant date fair value, which was determined to be the probable outcome at the time of grant; the following amounts represent the value of these awards assuming the maximum level of 200% is achieved at the grant dates of Mar. 11, 2025: $18,081,181 (Fox-Martin), $8,180,100 (Taylor), $5,596,118 (Abdel), $5,166,291 (Lin); and $5,022,975 (Paladin); (b) performance-based stock awards tied to relative TSR, for which the amounts in this column represent the grant date fair value estimated using Monte Carlo simulations of the variables over the three-year performance period for such awards; (c) service-based stock awards; and (d) performance-based bonus awards earned under the 2025 annual incentive plan and paid in the form of fully vested RSUs, for which the amounts in this column represent a payout at 99% of the target bonus for each named executive officer (except for any fractional RSUs that were paid in cash, the dollar amount of which is shown in the “Non-Equity Incentive Plan Compensation” column) as described in footnote 3. For 2024 and 2023, includes performance-based stock awards tied to revenue and AFFO/Share performance for fiscal 2024 and 2023, respectively, for which the amounts in this column were determined assuming earning of 100% of the target grant date fair value, which was determined to be the probable outcome at the time of grant. See Note 1 and Note 12 of the notes to our consolidated financial statements in our Annual Report on Form 10-K filed with the SEC on Feb. 11, 2026, for a discussion of the assumptions made by Equinix in determining the values of our equity awards. (3)The 2025 annual incentive plan provided for payment of bonuses based on performance, and as in recent years, amounts earned by the named executive officers were paid in fully vested RSUs (with any fractional RSUs being paid in cash), rather than payment of the entire bonus in cash. The portion of the bonus payable in the form of RSUs that was earned under the 2025 annual incentive plan is included in the “Stock Awards” column for 2025 and the cash amount paid in respect of fractional RSUs is included in the “Non-Equity Incentive Plan Compensation” column for 2025. On Feb. 6, 2026, the Talent, Culture and Compensation Committee determined that the bonuses under the 2025 annual incentive plan for the named executive officers would be paid at 99% of target based on actual performance in the following amounts: $1,980,000 (Fox-Martin), $740,520 (Taylor), $569,250 (Abdel), $618,750 (Lin), and $289,677 (Paladin). Mr. Paladin’s bonus amount was pro-rated based upon his start date in July 2025. The portion of these bonus amounts that was paid in fully vested RSUs is included in the “Stock Awards” column for 2025 (with the dollar value of any fractional RSUs that were paid in cash shown in the “Non-Equity Incentive

  107. SUMMARY COMPENSATION TABLE

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  108. SUMMARY COMPENSATION TABLE

    Compensation” column). On Mar. 11, 2026, the following number of fully vested RSUs was issued to each named executive officer in payment of the 2025 bonus awards: 2,034 (Fox-Martin), 760 (Taylor), 584 (Abdel), 635 (Lin), and 297 (Paladin) (as determined by dividing the applicable dollar value of the bonus award by the closing price of our common stock on the grant date of Mar. 11, 2026). The performance criteria and other terms of the 2025 annual incentive plan are discussed in greater detail in “Compensation Discussion and Analysis” in this proxy statement. (4)Amounts include matching contributions made by Equinix to the named executive officers’ respective 401(k) plan accounts in the following amounts: $10,500 (Fox-Martin), $10,500 (Taylor), $10,500 (Abdel), $10,500 (Lin), and $4,846 (Paladin). All Equinix U.S. employees are eligible for our 401(k) plan matching program. (5)In 2025, Ms. Fox-Martin received $194,408 in perquisites and tax-gross ups in connection with her relocation to the United States from Ireland after her appointment as Chief Executive Officer and President in 2024. This included: (a) $104,779 in tax advisory fees and $34,007 in tax gross-ups for this perquisite; (b) $9,126 in relocation costs including car rentals and pet shipment and $9,972 in tax gross-ups related to this perquisite; and (c) $17,453 in temporary housing and $19,071 in tax gross-ups related to this perquisite. Ms. Fox-Martin also received perquisites of $15,493 in connection with spousal attendance at the 2025 annual sales reward trip and certain tax reimbursements and gross-ups related to that trip. Ms. Fox-Martin also received perquisites related to spousal attendance and travel to certain other company-sponsored and company-related events, tax support, and benefits under the executive physical program. (6)For Mr. Taylor, his 2025 compensation includes spousal attendance at certain company-sponsored events, spousal attendance and certain tax reimbursements and gross-ups related to the 2025 annual sales reward trip, personal use of company suites, attendance of personal guests at company suites at no incremental cost to Equinix, and benefits under the executive physical program. (7)For Mr. Abdel, his 2025 compensation includes spousal attendance at certain company-sponsored events, spousal attendance and certain tax reimbursements and gross-ups related to the 2025 annual sales reward trip, and benefits under the executive physical program. (8)For Mr. Lin, his 2025 compensation includes spousal attendance at the 2025 annual sales reward trip and $13,407 in tax gross-ups related to this perquisite, and benefits under the executive physical program. Mr. Lin also received $75,000 in perquisites to attend an executive leadership program and receive related executive coaching. (9)For Mr. Paladin, his 2025 compensation includes reimbursements for attorney fees related to his offer letter negotiations and spousal attendance at certain company-sponsored events. Equinix has not entered into employment agreements with any of the named executive officers, other than at-will offer letters. Equinix had entered into severance agreements pursuant to which each named executive officer was entitled to cash severance upon certain terminations of employment, and our named executive officers were also entitled to equity vesting acceleration benefits in connection with certain terminations of employment and a change-in-control of Equinix, as well as if, in a change-in-control, the surviving corporation refuses to assume outstanding equity awards or replace them with comparable awards. These severance arrangements were superseded in Feb. 2026 by the adoption of the Executive Severance Plan and an Amended and Restated Severance Agreement with Ms. Fox-Martin. See the sections titled “Potential Payments upon Termination or Change-in-Control” and “2026 Severance Arrangements” elsewhere in this proxy statement for detailed information. Equinix does not have defined benefit pension plans or non-qualified deferred compensation plans for the named executive officers.

  109. SUMMARY COMPENSATION TABLE

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  110. 2025 GRANTS OF PLAN-BASED AWARDS

    2025 GRANTS OF PLAN-BASED AWARDS The table below sets forth each non-equity incentive plan award and equity award granted to Equinix’s named executive officers during or in respect of fiscal year 2025 (with the exception of RSUs granted in payment of our 2024 annual incentive plan bonuses which were previously disclosed in the 2024 Grants of Plan-Based Awards table in our 2025 proxy statement).

  111. 2025 GRANTS OF PLAN-BASED AWARDS

    | 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 (#) | | | | Adaire Fox-Martin | 03/11/2025(3) | 03/11/2025 | | 0 | 10,811 | 21,622 | | 9,040,591 | | | 03/11/2025(4) | 03/11/2025 | | 920 | 4,600 | 9,201 | | 4,048,506 | | | 03/11/2025(5) | 03/11/2025 | | | | | 7,591 | 6,347,898 | | | 03/11/2026(7) | 02/06/2026 | | | | | 2,034 | 1,979,957 | | Keith Taylor | 03/11/2025(3) | 03/11/2025 | | 0 | 4,891 | 9,782 | | 4,090,050 | | | 03/11/2025(4) | 03/11/2025 | | 416 | 2,081 | 4,162 | | 1,831,509 | | | 03/11/2025(5) | 03/11/2025 | | | | | 3,434 | 2,871,648 | | | 03/11/2026(7) | 02/06/2026 | | | | | 760 | 739,807 | | Raouf Abdel | 03/11/2025(3) | 03/11/2025 | | 0 | 3,346 | 6,692 | | 2,798,059 | | | 03/11/2025(4) | 03/11/2025 | | 285 | 1,424 | 2,848 | | 1,253,277 | | | 03/11/2025(5) | 03/11/2025 | | | | | 2,350 | 1,965,164 | | | 03/11/2026(7) | 02/06/2026 | | | | | 584 | 568,483 | | Jon Lin | 03/11/2025(3) | 03/11/2025 | | 0 | 3,089 | 6,178 | | 2,583,145 | | | 03/11/2025(4) | 03/11/2025 | | 263 | 1,314 | 2,629 | | 1,156,465 | | | 03/11/2025(5) | 03/11/2025 | | | | | 2,169 | 1,813,805 | | | 03/11/2026(7) | 02/06/2026 | | | | | 635 | 618,128 | | Shane Paladin | 07/12/2025(3) | 07/09/2025 | | 0 | 3,319 | 6,638 | | 2,511,487 | | | 07/12/2025(4) | 07/09/2025 | | 282 | 1,412 | 2,824 | | 717,776 | | | 07/12/2025(5) | 07/09/2025 | | | | | 2,330 | 1,763,111 | | | 07/12/2025(6) | 07/09/2025 | | | | | 2,354 | 1,781,272 | | | 03/11/2026(7) | 02/06/2026 | | | | | 297 | 289,109 |

  112. 2025 GRANTS OF PLAN-BASED AWARDS

    (1)Our 2025 annual incentive plan provided for payment of bonuses based on the achievement by Equinix of the revenue and AFFO/Share goals in its 2025 operating plan, as adjusted by the Strategic Modifier, with amounts earned by the named executive officers to be paid in the form of fully vested RSUs and any fractional shares being paid in cash. Because each individual’s target bonus is a specified percentage of base salary, the target bonus amount is based on the annual base salary in effect at the end of the year when bonuses are calculated. On Feb. 6, 2026, the Talent, Culture and Compensation Committee determined that the bonuses under the 2025 annual incentive plan for the named executive officers would be paid at 99% of target based on actual performance. For Ms. Fox-Martin, Mr. Taylor, Mr. Abdel, Mr. Lin, and Mr. Paladin, the amounts shown in the “All Other Stock Awards” column of this table include the number of RSUs that were granted on Mar. 11, 2026, with respect to the bonuses earned under our 2025 annual incentive plan (as determined by dividing the applicable dollar value of the bonus award by the closing price of our common stock on Mar. 11, 2026, of $973.43, rounded down to the nearest whole share). Mr. Paladin’s payment is the prorated amount of the 99% of target based upon his start date in July 2025. Additional information on the payment of the 2025 annual incentive plan bonuses is set out in footnote 3 to the Summary Compensation Table. (2)The amounts in this column represent the aggregate grant date fair value of the equity awards calculated in accordance with FASB ASC Topic 718. See footnote 2 to the Summary Compensation Table. Also see Note 1 and Note 12 of the notes to our consolidated financial statements in our Annual Report on Form 10-K filed with the SEC on Feb. 11, 2026, for a discussion of the assumptions made by Equinix in determining the grant date fair values of our equity awards.

  113. 2025 GRANTS OF PLAN-BASED AWARDS

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  114. 2025 GRANTS OF PLAN-BASED AWARDS

    (3)These are performance-based RSUs eligible to be earned based on revenue and AFFO/Share goals for fiscal 2025. None of these RSUs would be earned unless Equinix achieved greater than 95% of revenue and/or AFFO/Share goals for 2025, with the actual number of RSUs (ranging from the “threshold” to the “maximum” amounts in the table) based on the extent to which Equinix achieved the goals. The earned RSUs would then vest, subject to continued service as follows: 50% in Feb. 2026 and an additional 25% in each of Feb. 2027 and Feb. 2028. As further described in “Compensation Discussion and Analysis” above, in Feb. 2026, our Talent, Culture and Compensation Committee determined that the number of RSUs earned was at 98% of the target level, based on our achievement of our 2025 revenue and AFFO/Share goals. These RSUs were granted under our 2020 Equity Incentive Plan. (4)These are performance-based RSUs eligible to be earned based on relative TSR over a three-year period. The RSUs may be earned based on achievement of relative TSR for the three-year period from 2025 through 2027, as further described above in “Compensation Discussion and Analysis.” The extent to which these RSUs are earned will be determined in early 2028, at which time they will vest to the extent earned. These RSUs were granted under our 2020 Equity Incentive Plan. (5)These service-based RSUs vest over three years in equal annual installments on Jan. 15 (or next subsequent trading day) of each of 2026, 2027 and 2028. These RSUs were granted under our 2020 Equity Incentive Plan. (6)These are sign-on service-based RSUs, of which 35% vested on Oct. 7, 2025, followed by equal installments of 21.67% on each Mar. 1st and Sep. 1st thereafter until fully vested. These RSUs were granted under our 2020 Equity Incentive Plan. (7)Amounts in this row reflect the bonus awards payable in the form of fully vested RSUs granted under the 2025 annual incentive plan, as further explained in footnote 1 to this table and in footnote 3 to the Summary Compensation Table. The Grant Date of Mar. 11, 2026 shown is the date on which RSUs were granted to each named executive officer in payment of their 2025 bonus awards (with any fractional RSUs paid in cash), as approved by the Talent, Culture and Compensation Committee. Mr. Paladin’s payment is the prorated amount of the 99% of target based upon his start date in July 2025. The Approval Date of Feb. 6, 2026 shown is the date on which the Talent, Culture and Compensation Committee determined that the bonuses under the 2025 annual incentive plan for the named executive officers would be paid at 99% of target. These RSUs were granted under our 2020 Equity Incentive Plan.

  115. 2025 GRANTS OF PLAN-BASED AWARDS

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  116. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END The following table sets forth information regarding all unvested stock awards held by each of our named executive officers as of Dec. 31, 2025. None of our named executive officers held outstanding stock options at Dec. 31, 2025.

  117. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    | | 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) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | | Adaire Fox-Martin | 5,337(3) | 4,234,589 | | | | | 10,594(4) | 8,268,810 | | | | | 5,260(6) | 4,173,494 | | | | | 7,591(7) | 5,922,726 | | | | | | | 4,782(9) | 3,794,230 | | | | | 4,600(10) | 3,589,058 | | | 5,645(12) | 4,478,969 | | | | | 339(13) | 282,926 | | | | | 364(13) | 299,445 | | | | | 353(13) | 285,799 | | | | Keith Taylor | 1,096(2) | 894,829 | | | | | 2,222(3) | 1,772,489 | | | | | 4,793(4) | 3,741,021 | | | | | 1,782(5) | 1,454,914 | | | | | 2,189(6) | 1,746,165 | | | | | 3,434(7) | 2,679,310 | | | | | 0(8) | 0 | | | | | | | 1,991(9) | 1,588,221 | | | | | 2,081(10) | 1,623,659 | | Raouf Abdel | 515(2) | 420,472 | | | | | 1,036(3) | 826,417 | | | | | 3,279(4) | 2,559,317 | | | | | 838(5) | 684,185 | | | | | 1,021(6) | 814,452 | | | | | 2,350(7) | 1,833,541 | | | | | 0(8) | 0 | | | | | | | 929(9) | 741,063 | | | | | 1,424(10) | 1,111,048 | | | 1,456(11) | 1,142,844 | | |

  118. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

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  119. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    | | 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) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | | Jon Lin | 458(2) | 373,934 | | | | | 1,036(3) | 826,417 | | | | | 3,027(4) | 2,362,629 | | | | | 744(5) | 607,439 | | | | | 1,021(6) | 814,452 | | | | | 2,169(7) | 1,692,319 | | | | | 0(8) | 0 | | | | | | | 929(9) | 741,063 | | | | | 1,314(10) | 1,025,222 | | | 1,092(11) | 857,133 | | | | Shane Paladin | 3,252(4) | 2,522,685 | | | | | 2,330(7) | 1,807,008 | | | | | | | 1,412(10) | 1,095,062 | | | 1,530(14) | 1,186,576 | | |

  120. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    (1)Computed in accordance with SEC rules as the number of unvested units (which include accrued dividend equivalent units) multiplied by the closing price of Equinix’s common stock on the last trading day at the end of the 2025 fiscal year, which was $766.16 on Dec. 31, 2025. The actual value realized by the officer will depend on whether the award vests and the future performance of Equinix’s common stock. (2)These performance-based units were granted in fiscal 2023 and were eligible to be earned depending on whether and to what extent Equinix achieved its 2023 revenue, digital services revenue, and AFFO/Share goals. These share numbers reflect the remaining amount actually earned for performance during fiscal 2023, as determined in Feb. 2024, vesting in Feb. 2026. (3)These performance-based units were granted in fiscal 2024 and were eligible to be earned depending on whether and to what extent Equinix achieved its 2024 revenue and AFFO/Share goals. These share numbers reflect the remaining amount actually earned for performance during fiscal 2024, as determined in Feb. 2025, with 50% of these RSUs vesting in each of Feb. 2026 and Feb. 2027. (4)These performance-based units were granted in fiscal 2025 and were eligible to be earned depending on whether and to what extent Equinix achieved its 2025 revenue and AFFO/Share goals. These share numbers reflect the maximum amount actually earned for performance during fiscal 2025, as determined in Feb. 2026, with 50% of the RSUs vesting in Feb. 2026 and 25% of the RSUs vesting in each of Feb. 2027 and Feb. 2028. (5)These service-based units were granted in fiscal 2023 and vest subject to continuous service throughout the vesting period. These vest in Jan. 2026. (6)These service-based units were granted in fiscal 2024 and vest subject to continuous service throughout the vesting period. These vest in two remaining equal annual installments on Jan. 15 of each of 2026 and 2027. (7)These service-based units were granted in fiscal 2025 and vest subject to continuous service throughout the vesting period. These vest in three equal annual installments on Jan. 15 of each of 2026, 2027 and 2028. (8)These performance-based units were granted in fiscal 2023 and were eligible to be earned depending on meeting a relative TSR goal for the three-year period ending Dec. 31, 2025. The share numbers in this table represent the number of units that were earned based on actual TSR performance for this period which reflects a payout at 0% of the target level as determined by our Talent, Culture and Compensation Committee on Jan. 15, 2026. No units were vested. (9)These performance-based units were granted in fiscal 2024 and are eligible to be earned depending on meeting a relative TSR goal for the three-year period ending Dec. 31, 2026. The share numbers in this table represent the target potential payout. The units, to the extent earned, will vest in early 2027 upon determination by our Talent, Culture and Compensation Committee.

  121. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 66 |

  122. OUTSTANDING EQUITY AWARDS AT 2025 FISCAL YEAR-END

    (10)These performance-based units were granted in fiscal 2025 and are eligible to be earned depending on meeting a relative TSR goal for the three-year period ending Dec. 31, 2027. The share numbers in this table represent the target payout. The units, to the extent earned, will vest in early 2028 upon determination by our Talent, Culture and Compensation Committee. (11)These remaining promotion service-based RSUs, granted in 2024, vest in equal installments as to 16.67% of the RSUs granted each June 1st and Dec. 1st until fully vested. (12)These remaining sign-on service-based RSUs, granted in 2024, vest in equal installments semi-annually on each June 1st and Dec. 1st until fully vested. This award's value was equivalent to equity awards Ms. Fox-Martin forfeited upon separating from her prior employer. (13)These service-based units were granted in fiscal years 2021, 2022, and 2023, with a one year vest for continuous service as a member of the Equinix Board of Directors. These units have vested although receipt of such shares has been deferred until Ms. Fox-Martin separates service. (14)These remaining service-based RSUs, granted upon hire in 2025, vest in equal installments as to 21.67% of the RSUs granted each Mar. 1st and Sep. 1st until fully vested.

  123. 2025 OPTION EXERCISES AND STOCK VESTED

    2025 OPTION EXERCISES AND STOCK VESTED The following table shows the number of RSUs that vested during fiscal year 2025 including the fully vested RSUs issued in payment of the 2024 annual incentive plan awards. None of our named executive officers acquired shares upon exercise of options during fiscal year 2025.

  124. 2025 OPTION EXERCISES AND STOCK VESTED

    | | Stock Awards | | | Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting(1) ($) | | Adaire Fox-Martin | 20,907 | 18,240,497 | | Keith Taylor | 11,866 | 11,140,097 | | Raouf Abdel | 6,558 | 6,066,894 | | Jon Lin | 6,403 | 5,950,382 | | Shane Paladin | 824 | 652,418 |

  125. 2025 OPTION EXERCISES AND STOCK VESTED

    (1)Value realized is based on the closing value of our common stock on the vesting date, multiplied by the number of shares or units vested, along with any accrued dividend equivalents, and does not necessarily reflect proceeds actually received by the named executive officer.

  126. 2025 OPTION EXERCISES AND STOCK VESTED

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 67 |

  127. POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

    POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL

  128. PAY VERSUS PERFORMANCE TABLE

    PAY VERSUS PERFORMANCE TABLE

  129. PAY VERSUS PERFORMANCE TABLE

    | Year | Summary Compensation Table Totals for CEO(1) ($) | | Compensation Actually Paid to CEO(2) ($) | | Average Summary Comp. Table Total for Non-CEO Named Executive Officers(3) ($) | Average Comp. Actually Paid to Non-CEO Named Executive Officers(4) ($) | Value of Initial Fixed $100 Investment Based On: | | Net Income (millions)(7) ($) | AFFO/Share (non-GAAP)(8) ($) | Supplemental Financial Performance Measure: Revenue (millions)(9) ($) | | | Prior CEO | CEO | Prior CEO | CEO | | | Total Stock-holder Return(5) ($) | Peer Group Total Stock-holder Return(6) ($) | | | | | 2025 | — | 22,654,885 | — | 11,908,291 | 8,001,389 | 4,439,818 | 118.10 | 123.88 | 1,348 | 38.33 | 9,217 | | 2024 | 23,348,779 | 36,601,248 | 12,859,730 | 46,018,047 | 8,255,046 | 8,357,428 | 142.07 | 121.85 | 814 | 35.02 | 8,748 | | 2023 | 23,927,452 | — | 33,348,387 | — | 8,625,580 | 7,543,407 | 118.93 | 116.79 | 969 | 32.11 | 8,188 | | 2022 | 22,282,928 | — | 12,613,714 | — | 8,315,931 | 5,927,330 | 94.85 | 104.76 | 705 | 29.55 | 7,263 | | 2021 | 23,248,193 | — | 33,570,911 | — | 6,991,224 | 10,013,447 | 120.27 | 139.88 | 500 | 27.11 | 6,636 |

  130. PAY VERSUS PERFORMANCE TABLE

    (1)The dollar amounts reported in these columns are the amounts of total compensation reported for Ms. Fox-Martin, who joined the company in June 2024 as our CEO and President, and Mr. Meyers who served as our CEO and President for each corresponding year in the “Total” column of the Summary Compensation Table (“SCT”) through June 2024, before transitioning to Executive Chairman. For additional information, please refer to the section of this proxy statement titled “Executive compensation tables and related information — Summary Compensation Table.” (2)The dollar amounts reported in these columns represent the amount of “compensation actually paid” to Ms. Fox-Martin and Mr. Meyers, as computed in accordance with Item 402(v) of Regulation S-K. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Ms. Fox-Martin’s total compensation as reported in the SCT for 2025 to determine the compensation actually paid to Ms. Fox-Martin:

  131. PAY VERSUS PERFORMANCE TABLE

    | Year | SCT Total for CEO ($) | (Minus) Value of Equity Awards Reported in SCT(a) ($) | Plus Equity Award Adjustments(b) ($) | Compensation Actually Paid to CEO(c) ($) | | Adaire Fox-Martin | | | | | | 2025 | 22,654,885 | (21,416,951) | 10,670,357 | 11,908,291 |

  132. PAY VERSUS PERFORMANCE TABLE

    (a)The amounts shown in this column reflect the total grant date fair value of equity awards granted to Ms. Fox-Martin for 2025 in the “Stock Awards” column of the SCT. (b)The equity award adjustments for 2025 include the addition (or subtraction, as applicable) of the following: (i) for any awards granted that are outstanding and unvested as of the end of the year, the year-end fair value of those awards; (ii) for any awards granted in prior years that are outstanding and unvested as of the end of the applicable year, the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of those awards; (iii) for any awards that were granted and became vested in the same applicable year, the fair value of those awards as of the vesting date; (iv) for any awards granted in prior years that vested in the applicable year, the amount equal to the change in fair value of those awards as of the vesting date (from the end of the prior fiscal year); (v) for any awards granted in prior years that failed to meet the applicable vesting conditions during the applicable year by being below target shares granted, a deduction for the amount equal to the fair value of those awards as of the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on equity awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed as of the grant date of the equity awards. The amounts deducted or added in calculating the equity award adjustments are as follows:

  133. PAY VERSUS PERFORMANCE TABLE

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 77 |

  134. PAY VERSUS PERFORMANCE TABLE

    | 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 ($) | | Adaire Fox-Martin | | | | | | | | | 2025 | 17,878,856 | (6,649,750) | — | (1,778,850) | — | 1,220,101 | 10,670,357 |

  135. PAY VERSUS PERFORMANCE TABLE

    (c)The amount shown is calculated as (i) the amount shown in the “SCT Total for CEO” column, less (ii) the amount shown in the “Value of Equity Awards Reported in SCT” column, plus or minus (iii) the amount shown in the “Equity Awards Adjustments” column. (3)The dollar amounts reported in this column represent the average of the amounts of total compensation reported for our named executive officers as a group (excluding Ms. Fox-Martin and Mr. Meyers) (the “Non-CEO Named Executive Officers”) for each corresponding year in the “Total” column of the SCT in each applicable year. The names of each of the Non-CEO Named Executive Officers included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Mr. Taylor, Mr. Abdel, Mr. Lin and Mr. Paladin, (ii) for 2024, Mr. Taylor, Mr. Abdel, Mr. Campbell, Mr. Lin, Ms. Morandi and Ms. Williamson, (iii) for 2023, Mr. Taylor, Mr. Campbell, Mr. Crenshaw, Ms. Morandi and Mr. Strohmeyer, (iv) for 2022, Mr. Taylor, Mr. Crenshaw, Ms. Morandi, and Mr. Strohmeyer, and (v) for 2021, Mr. Taylor, Ms. Baack, Mr. Campbell, Ms. Morandi and Mr. Strohmeyer. (4)The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the Non-CEO Named Executive Officers as a group, as computed in accordance with Item 402(v) of Regulation S-K. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average total compensation for the Non-CEO Named Executive Officers as a group based on the SCT to determine the compensation actually paid, using the same methodology described above in footnote 2 but as applied to the Non-CEO Named Executive Officers as a group:

  136. PAY VERSUS PERFORMANCE TABLE

    | Year | Average SCT Total for Non-CEO Named Executive Officers ($) | (Minus) Average Value of Equity Awards Reported in SCT ($) | Plus Average Equity Award Adjustments(a) ($) | Average Compensation Actually Paid to Non-CEO Named Executive Officers ($) | | 2025 | 8,001,389 | (7,338,075) | 3,776,504 | 4,439,818 |

  137. PAY VERSUS PERFORMANCE TABLE

    (a)The amounts deducted or added in calculating the total average equity award adjustments are as follows:

  138. PAY VERSUS PERFORMANCE TABLE

    | 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 ($) | | 2025 | 6,231,862 | (1,536,076) | 162,139 | (281,412) | (1,219,077) | 419,068 | 3,776,504 |

  139. PAY VERSUS PERFORMANCE TABLE

    (5)Total Stockholder Return is calculated on a cumulative basis by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between our share price at the end and the beginning of the measurement period by our share price at the beginning of the measurement period. (6)Peer Group Total Stockholder Return represents the weighted peer group total stockholder return, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: FTSE NAREIT All REITs Index.

  140. PAY VERSUS PERFORMANCE TABLE

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 78 |

  141. PAY VERSUS PERFORMANCE TABLE

    (7)The dollar amounts reported represent the amount of net income reflected in our audited financial statements for the applicable year. (9)The dollar amounts reported represent the amount of revenue reflected in our audited financial statements for the applicable year.

  142. DESCRIPTION OF RELATIONSHIPS BETWEEN MEASURES IN PAY VERSUS PERFORMANCE TABLE

    DESCRIPTION OF RELATIONSHIPS BETWEEN MEASURES IN PAY VERSUS PERFORMANCE TABLE The “compensation actually paid,” as required by Item 402(v) of Regulation S-K, reflects adjustments to the fair value of unvested and vested equity awards during the years shown in the Pay Versus Performance Table based on year-end stock prices, various accounting valuation assumptions, and projected performance modifiers, but does not reflect actual amounts earned by or paid to our Chief Executive Officer or other named executive officers during the applicable year. Compensation actually paid generally fluctuates due to stock price performance and varying levels of projected and actual achievement of performance goals. For a discussion of how our Talent, Culture and Compensation Committee assessed “pay-for-performance” and how our executive compensation program is designed to link executive compensation with the achievement of our financial and strategic objectives as well as stockholder value creation each year, see “Compensation Discussion and Analysis” in this proxy statement and in the proxy statements for 2021, 2022, 2023 and 2024. Below are graphs showing the relationship of our TSR compared to the TSR of our peer group, the FTSE NAREIT All REITs Index, as well as the relationship of the “compensation actually paid” to our Chief Executive Officer and other named executive officers in 2021, 2022, 2023, 2024 and 2025 to (1) the TSR of our common stock, (2) our net income, (3) our AFFO/Share and (4) our revenue.

  143. COMPENSATION ACTUALLY PAID VERSUS TSR

    COMPENSATION ACTUALLY PAID VERSUS TSR The chart below shows the Chief Executive Officer and other named executive officers’ compensation actually paid amounts as compared to our five-year cumulative TSR.

  144. COMPENSATION ACTUALLY PAID VERSUS NET INCOME

    COMPENSATION ACTUALLY PAID VERSUS NET INCOME The chart below shows the relationship between the Chief Executive Officer and other named executive officers’ compensation actually paid and our net income.

  145. COMPENSATION ACTUALLY PAID VERSUS NET INCOME

    | EQUINIX 2026 PROXY STATEMENT | Compensation / 81 |

  146. COMPENSATION ACTUALLY PAID VERSUS COMPANY-SELECTED MEASURE (“CSM”)

    COMPENSATION ACTUALLY PAID VERSUS COMPANY-SELECTED MEASURE (“CSM”) The chart below compares the Chief Executive Officer and other named executive officers’ compensation actually paid to AFFO/Share (non-GAAP), which is our CSM.

  147. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE The chart below compares the Chief Executive Officer and other named executive officers’ compensation actually paid to our supplemental financial measure, revenue.

  148. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | EQUINIX 2026 PROXY STATEMENT | Audit / 82 |

  149. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | Audit |

  150. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    Proposal 3 — Ratification of independent registered public accountants Equinix is asking the stockholders to ratify the appointment of PricewaterhouseCoopers LLP (“PricewaterhouseCoopers”) as Equinix’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2026. The affirmative vote of the holders of a majority of the shares present in person or represented by proxy and entitled to vote on the proposal at the Annual Meeting will be required to ratify the selection of PricewaterhouseCoopers. If the stockholders fail to ratify the selection, the Board will reconsider whether or not to retain that firm. Even if the selection is ratified, the Board in its discretion may direct the appointment of different independent auditors at any time during the year if they determine that such a change would be in the best interests of Equinix and its stockholders. PricewaterhouseCoopers has audited Equinix’s financial statements since 2000. Its representatives are expected to be present at the Annual Meeting, will have the opportunity to make a statement if they desire to do so, and will be available to respond to appropriate questions. Aggregate fees for professional services rendered for Equinix by PricewaterhouseCoopers for the years ended Dec. 31, 2025 and 2024 were:

  151. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | | Dec. 31, 2025 | Dec. 31, 2024 | | | ($) | ($) | | Audit | 11,470,000 | 11,703,000 | | Audit related | 175,000 | 741,000 | | Tax | 0 | 22,000 | | All other | 5,000 | 9,000 | | Total | 11,650,000 | 12,475,000 |

  152. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    Audit fees for the years ended Dec. 31, 2025 and 2024, were for professional services rendered for the audits and reviews of the consolidated financial statements of Equinix and the financial statements of certain of its subsidiaries, including forensic services, the impact of Equinix’s system implementations, and accounting services related to public financings during both years. The Audit-related fees for the years ended Dec. 31, 2025 and 2024, were for assessment services in connection with the implementation of Equinix’s new Oracle Cloud Enterprise Resource Planning and Enterprise Performance Management systems in 2024, a greenhouse gas pre-readiness assessment in 2024, attest procedures in connection with the ABS “Guidelines on Controls Objectives & Procedures for Outsource Service Providers” for certain data centers in Singapore in both years, attest procedures related to a Germany Energy Subsidies Opinion in 2024, attest procedures related to the allocation of proceeds related to green bond offerings in 2025, and other attest procedures in 2025. The Tax fees for the year ended Dec. 31, 2024, were for general tax consulting and compliance. All other fees for the years ended Dec. 31, 2025 and 2024, were for licensed software tools used for financial reporting in both years.

  153. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | | The Board unanimously recommends a vote “FOR” proposal 3. |

  154. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | EQUINIX 2026 PROXY STATEMENT | Audit / 83 |

  155. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    Report of the Audit Committee of the Board of Directors While Equinix’s management has primary responsibility for preparing Equinix’s financial statements and maintaining Equinix’s financial reporting process, the Audit Committee serves as the representative of the Board for general oversight of Equinix’s financial accounting and reporting process, system of internal control, audit process, process for monitoring compliance with laws and regulations, and Equinix’s Code of Ethics for Chief Executive Officer and Senior Financial Officers. The Audit Committee also provides counsel to management and the independent registered public accounting firm, PricewaterhouseCoopers, on the basis of the information it receives, discussions with management and the independent registered public accounting firm, and the experience of the Audit Committee’s members in business, financial and accounting matters. The Audit Committee annually appoints an independent registered public accounting firm to express an opinion on the financial statements and on Equinix’s internal control over financial reporting based on an integrated audit. The Audit Committee’s policy is to pre-approve all audit and permissible non-audit services to be provided by the independent registered public accounting firm. These services may include audit services, audit-related services, tax services and other services. Any pre-approval describes the particular service or category of services and is generally subject to a specific budget. The independent registered public accounting firm and management are required to report periodically to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval, and the fees for the services performed to date. All services related to audit fees, audit-related fees, tax fees and all other fees provided by PricewaterhouseCoopers during fiscal years 2025 and 2024 were pre-approved by the Audit Committee in accordance with the pre-approval policy. Additionally, on a quarterly basis, the Audit Committee reviews with management and the independent registered public accounting firm Equinix’s audited financial statements or unaudited interim financial statements and the related earnings announcement before their public release, and receives updates on, among other things, accounting policy and estimate changes, implementation of new accounting standards, significant or unusual accounting transactions and significant estimates. The Audit Committee also oversees the responsibilities, budget, staffing and effectiveness of Equinix’s internal audit function, called Business Assurance Services (“BAS”), and the head of BAS reports directly to the Audit Committee. While the Nominating and Governance Committee has primary responsibility for risk oversight at the Board level, the Audit Committee also plays a role in overseeing Equinix’s exposure to risk as described in “Board Risk Oversight” elsewhere in this proxy statement. The Audit Committee has the opportunity to meet in a private session every meeting with each of (i) the independent registered public accounting firm, (ii) Equinix’s head of BAS and (iii) management. Mr. Paisley was the Audit Committee’s chairperson until Mar. 2026 at which time Ms. Kujawa assumed the chairmanship. Ms. Russo left the Audit Committee in Mar. 2026 to become chairperson of the Technology and Strategy Committee. Ms. Kujawa, Mr. Paisley and Mr. Olinger are all considered financial experts. The Audit Committee held nine meetings during the last fiscal year. In this context, the Audit Committee hereby reports as follows: (a)The Audit Committee has reviewed and discussed the audited financial statements with Equinix’s management and the independent registered public accounting firm. (b)The Audit Committee has discussed with the independent registered public accounting firm the matters required to be discussed by Auditing Standard No. 16, as adopted by the Public Company Accounting Oversight Board. (c)The Audit Committee has received the written disclosures and the letter from the independent registered public accounting firm required by applicable requirements of the Public Company Accounting Oversight Board. The letter concerns the independent auditors’ communications with the Audit Committee about the registered accounting firm’s independence, which the committee has discussed with the firm.

  156. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | EQUINIX 2026 PROXY STATEMENT | Audit / 84 |

  157. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    Based on the Audit Committee’s discussion with management and the independent registered public accounting firm and the Audit Committee’s review of the representations of management and the report of the independent registered public accounting firm to the Audit Committee, the Audit Committee approved the audited financial statements and recommended that the audited financial statements be included in Equinix’s Annual Report on Form 10-K, for the fiscal year ended Dec. 31, 2025, for filing with the SEC. The Audit Committee and the Board have also approved, subject to stockholder ratification, the selection of PricewaterhouseCoopers as Equinix’s independent registered public accounting firm. Each of the members of the Audit Committee is independent as such term is defined under the rules of the SEC and the listing standards of the Nasdaq stock market. The Audit Committee: Rebecca Kujawa, Chairperson Thomas Olinger Christopher Paisley

  158. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | EQUINIX 2026 PROXY STATEMENT | Stockholder Proposal / 85 |

  159. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | Stockholder Proposal |

  160. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    Proposal 4 — Reasonable shareholder ability to call for a special shareholder meeting We have been advised that John Chevedden, 2215 Nelson Ave., No. 205, Redondo Beach, CA 90278, who has indicated that he has beneficially owned the requisite amount of Equinix common stock, intends to present the proposal below (the “Proposal”) at the Annual Meeting.

  161. SUPPLEMENTAL: COMPENSATION ACTUALLY PAID VERSUS REVENUE

    | The Board of Directors opposes the following Proposal for the reasons stated after the proposal. |