Fox-Martin Adaire 4
4 · EQUINIX INC · Filed Feb 19, 2026
Research Summary
AI-generated summary of this filing
Equinix CEO Fox‑Martin Adaire Sells 4,230 Shares (~$3.95M)
What Happened
- Fox‑Martin Adaire, CEO, President and a director of Equinix (EQIX), reported multiple transactions. The primary activity was open‑market sales of 4,230 shares on February 18, 2026 at prices in the mid‑$900s, generating approximately $3,946,974 in gross proceeds.
- The filing also shows exercise/conversion of derivative securities on February 17, 2026 for 2,669 and 5,297 shares at a $0 exercise price (derivative settlement/vesting), and an award/grant of 10,594 shares on February 17, 2026 (reported at $0). Additionally, 32.243 shares were acquired under the Equinix ESPP on Feb 13, 2026 (footnote F1).
- These transactions are mostly sales (routine liquidity/withholding activity), not purchases — purchases generally carry stronger bullish signals than routine sales.
Key Details
- Dates & prices: Sales on 2026‑02‑18 (4,230 shares) at weighted average prices reported between ~$925.00 and ~$943.90 (see filing footnotes F3–F18 for exact trade ranges). Gross proceeds ≈ $3,946,974.
- Derivatives/awards: Exercises/conversions (code M) for 2,669 and 5,297 shares on 2026‑02‑17 at $0; grant/award (code A) of 10,594 shares on 2026‑02‑17 at $0.
- Tax/plan notes: Some sales were made pursuant to a 10b5‑1 trading plan to raise funds to pay required withholding tax for RSU vesting (footnote F2). Several sale prices are reported as weighted averages across multiple trades (footnotes F3–F18). Footnotes F19/F21 describe vesting schedules for prior performance RSU grants.
- Shares owned after transaction: Not specified in this Form 4.
- Filing timeliness: Report filed 2026‑02‑19 for transactions on 2026‑02‑17 and 2026‑02‑18 — appears timely (not marked late).
Context
- The $0 exercise price and accompanying award entries suggest these were settlement/vesting events (restricted or performance RSUs and/or option conversions) rather than cash purchases of stock. Because the filing shows both exercises/vests and immediate open‑market sales, this looks like routine disposition (including to cover tax withholding) rather than an incremental purchase signaling conviction.
- For retail investors: note the transactions are from an executive (not a 10% owner), primarily sales and award vesting; purchases usually provide clearer positive signals than routine sales tied to compensation events.
Insider Transaction Report
Form 4
EQUINIX INCEQIX
Fox-Martin Adaire
DirectorCEO and President
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-02-17+2,669→ 17,558.661 total - Exercise/Conversion
Common Stock
2026-02-17+5,297→ 22,855.661 total - Sale
Common Stock
[F2][F3]2026-02-18$925.58/sh−101$93,483→ 22,754.661 total - Sale
Common Stock
[F2][F4]2026-02-18$926.77/sh−806$746,974→ 21,948.661 total - Sale
Common Stock
[F2][F5]2026-02-18$927.34/sh−403$373,719→ 21,545.661 total - Sale
Common Stock
[F2][F6]2026-02-18$928.63/sh−506$469,886→ 21,039.661 total - Sale
Common Stock
[F2][F7]2026-02-18$929.31/sh−174$161,700→ 20,865.661 total - Sale
Common Stock
[F2][F8]2026-02-18$930.43/sh−280$260,521→ 20,585.661 total - Sale
Common Stock
[F2][F9]2026-02-18$932.08/sh−200$186,417→ 20,385.661 total - Sale
Common Stock
[F2][F10]2026-02-18$933.76/sh−120$112,051→ 20,265.661 total - Sale
Common Stock
[F2][F11]2026-02-18$934.33/sh−120$112,120→ 20,145.661 total - Sale
Common Stock
[F2][F12]2026-02-18$936.94/sh−114$106,811→ 20,031.661 total - Sale
Common Stock
[F2][F13]2026-02-18$938.67/sh−86$80,726→ 19,945.661 total - Sale
Common Stock
[F2][F14]2026-02-18$939.33/sh−410$385,125→ 19,535.661 total - Sale
Common Stock
[F2][F15]2026-02-18$940.18/sh−150$141,027→ 19,385.661 total - Sale
Common Stock
[F2][F16]2026-02-18$941.68/sh−320$301,339→ 19,065.661 total - Sale
Common Stock
[F2][F17]2026-02-18$942.77/sh−200$188,555→ 18,865.661 total - Sale
Common Stock
[F2][F18]2026-02-18$943.84/sh−240$226,520→ 18,625.661 total - Exercise/Conversion
Restricted Stock Units
[F19][F20]2026-02-17−2,669→ 2,668 totalExercise: $0.00→ Common Stock (2,669 underlying) - Award
Restricted Stock Unit
[F21][F20]2026-02-17+10,594→ 10,594 totalExercise: $0.00→ Common Stock (10,594 underlying) - Exercise/Conversion
Restricted Stock Unit
[F21][F20]2026-02-17−5,297→ 5,297 totalExercise: $0.00→ Common Stock (5,297 underlying)
Footnotes (21)
- [F1]32.243 shares acquired under the Equinix, Inc. Employee Stock Purchase Plan on February 13, 2026.
- [F10]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $933.18 to $934.09 inclusive.
- [F11]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $934.30 to $934.44 inclusive.
- [F12]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $936.60 to $937.29 inclusive.
- [F13]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $937.82 to $938.75 inclusive.
- [F14]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $938.90 to $939.90 inclusive.
- [F15]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $940.00 to $940.51 inclusive.
- [F16]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $941.53 to $942.41 inclusive.
- [F17]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $942.60 to $942.89 inclusive.
- [F18]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $943.71 to $943.86 inclusive.
- [F19]On March 7, 2024 the reporting person was granted performance restricted stock units, the vesting of which was subject to both continued service and the attainment of certain AFFO, Revenue and EBITDA targets for 2024. The Compensation Committee certified the degree to which the targets were achieved, therefore 50% of the award vested on February 15, 2025, 25% will vest on February 15, 2026 and the remaining 25% will vest on February 15, 2027, subject solely to continued service.
- [F2]Shares were sold pursuant to a 10b5-1 Trading Plan in order to raise funds to pay the required withholding tax pursuant to the vesting of RSUs.
- [F20]Restricted stock unit award expires upon reporting person's termination of service.
- [F21]On March 11, 2025 the reporting person was granted performance restricted stock units, the vesting of which was subject to both continued service and the attainment of certain AFFO, Revenue and EBITDA targets for 2025. The Compensation Committee certified the degree to which the targets were achieved, therefore 50% of the award vested on February 15, 2026, 25% will vest on February 15, 2027 and the remaining 25% will vest on February 15, 2028, subject solely to continued service.
- [F3]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $925.00 to $925.95, inclusive. The reporting person undertakes to provide to Equinix, Inc, any security holder of Equinix Inc, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes 4 through 18 to this Form 4.
- [F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $926.01 to $927.00 inclusive.
- [F5]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $927.04 to $928.00 inclusive.
- [F6]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $928.07 to $929.07 inclusive.
- [F7]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $929.13 to $929.55 inclusive.
- [F8]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $930.27 to $930.72 inclusive.
- [F9]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $931.85 to $932.29 inclusive.
Signature
/s/ Samantha Lagocki, POA|2026-02-19