Summary
Equinix, Inc. (EQIX) filed an 8-K on February 20, 2007, reporting two key events. Firstly, the company announced the election of Irving F. Lyons, III to its Board of Directors, effective February 15, 2007. Mr. Lyons brings significant real estate and investment experience from his roles at BRE Properties, Inc. and the UC Berkeley Foundation, and will serve on Equinix's Real Estate Committee. His addition expands the Board to six members. Secondly, the filing disclosed an increase in the quarterly retainer for Board service, effective February 15, 2007. The quarterly retainer for non-employee directors has been doubled from $3,000 to $6,000. While other compensation components, such as per-meeting fees and stock options granted upon joining or annually, remain unchanged, this increase in the base retainer signals a recognition of the commitment and responsibilities expected of board members.
Key Highlights
- 1Irving F. Lyons, III appointed to Equinix's Board of Directors, effective February 15, 2007.
- 2Mr. Lyons' expertise includes real estate and investment, and he will serve on the Board's Real Estate Committee.
- 3The Board of Directors has been expanded to six members with Mr. Lyons' appointment.
- 4Equinix's Board approved an increase in the quarterly retainer for directors from $3,000 to $6,000, effective February 15, 2007.
- 5The increase in the quarterly retainer doubles the base compensation for board service.
- 6All other director compensation elements, including per-meeting fees and stock option grants, remain unchanged.
- 7A press release dated February 20, 2007, detailing these events is attached as an exhibit.