Document:

Series A-1 Convertible Secured Note Due 2007 issued to i-STT Investments Pte Ltd

 
Exhibit 10.77

 
THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OR IN A TRANSACTION WHICH, IN THE
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE PARENT, QUALIFIES AS AN EXEMPT TRANSACTION UNDER THE SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. 
 
THE SECURITIES EVIDENCED HEREBY MAY NOT BE TRANSFERRED (AS SUCH TERM IS DEFINED IN THAT SECURITIES PURCHASE AGREEMENT, DATED
AS OF OCTOBER 2, 2002 (THE “PURCHASE AGREEMENT”), BY AND AMONG EQUINIX, INC., A DELAWARE CORPORATION (“PARENT”), THE GUARANTORS THERETO, AND THE PURCHASERS NAMED IN SCHEDULE 1 AND SCHEDULE 2 THERETO)) DURING THE PERIOD BEGINNING
ON THE CLOSING DATE (AS SUCH TERM IS DEFINED IN THE PURCHASE AGREEMENT) AND CONTINUING TO THE DATE THAT IS 180 DAYS FOLLOWING THE CLOSING DATE, EXCEPT AS PERMITTED UNDER THE PURCHASE AGREEMENT. A COPY OF THE PURCHASE AGREEMENT HAS BEEN FILED WITH
THE SECRETARY OF PARENT AND IS AVAILABLE UPON REQUEST. 
 
THIS NOTE
WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) WITHIN THE MEANING OF SECTION 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE ISSUE DATE OF THIS NOTE WAS DECEMBER 31, 2002. INFORMATION REGARDING THE ISSUE PRICE, THE TOTAL AMOUNT
OF OID, AND THE YIELD TO MATURITY MAY BE OBTAINED BY WRITTEN REQUEST OF THE HOLDER OF THIS NOTE TO THE SECRETARY OF PARENT. 
 
EQUINIX, INC. 
 
14% SERIES A-1 CONVERTIBLE SECURED NOTE DUE 2007 
 

	 Security No. CSN-1
	 	 DECEMBER 31, 2002

 
FOR
VALUE RECEIVED, Equinix, Inc., a Delaware corporation (“Parent”) hereby promises to pay to i-STT Investments Pte Ltd, or registered assigns (“Holder”), the principal amount of $30 million on November 1, 2007, with interest at the
rate of fourteen percent per annum (computed on the basis of a 360 day year for actual days elapsed) payable in PIK Notes semi annually in arrears on each May 1 and November 1 commencing on May 1, 2003, on the unpaid principal balance hereof from
and including the date hereof until the entire principal balance hereof and all accrued interest hereunder is paid in full. 
 
This Note is one of the Notes issued pursuant to a Securities Purchase Agreement, dated as of October 2, 2002 (the “Purchase
Agreement”), by and among Parent, the Existing Guarantors named therein and the Purchasers named therein and is entitled to the benefits of the Purchase Agreement. Reference hereby is made to the Purchase Agreement for a statement of each of
such terms and conditions, and each of the terms and conditions of the Purchase Agreement are incorporated herein by this reference. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed to them
in the Purchase Agreement. 
 
Any payments that
fall due hereunder on a day that is not a Business Day shall be payable on the first succeeding Business Day and such extension of time shall be included in the computation of interest due hereunder. If any amount of principal hereof or interest
thereon or any other 

 
amount payable hereunder or
under the Purchase Agreement, shall not be paid in full when due and in the manner provided herein (whether at the stated maturity, by acceleration or otherwise), Parent shall pay interest (after as well as before entry of judgement thereon to the
extent permitted by law) on such unpaid amount to Holder, from the date such amount becomes due until the date such amount is paid in full, payable on demand of Holder, at a rate per annum equal, at all times, to fourteen percent (computed on the
basis of a 360 day year for the actual number of days elapsed). 
 
This Note is convertible, at the option of Holder, on the terms and subject to the conditions set forth in the Purchase Agreement, into shares of Parent’s Series A Preferred Stock, par value $0.001 per share, or Series A-1
Preferred Stock, par value $0.001 per share. 
 
This Note is convertible, at the option of Parent, on the terms and subject to the satisfaction of the conditions set forth in the Purchase Agreement, into shares of the Parent’s Series A Preferred Stock, par value $0.001 per
share, or Series A-1 Preferred Stock, par value $0.001 per share. 
 
Upon the occurrence of a Change in Control, Parent is obligated to offer to purchase all of the Notes at the prices and on the terms specified in the Purchase Agreement. 
 
This Note is not subject to prepayment. 
 
This Note is equally and ratably secured by the Collateral
Documents, except as provided therein. Reference is made to the full text of the Collateral Documents for the nature and extent of the security interest created thereby and the terms and conditions upon which such security interest may be released.

 
The payment of all principal of, premium (if
any) and interest on this Note and the other Notes has been unconditionally guaranteed by Subsidiaries of Parent pursuant to separate and several Guarantees. Reference is made to the full text of such Guarantees. 
 
If an Event of Default shall occur and be continuing, the
principal of this Note may be declared or otherwise become due and payable in the manner and with the effect provided in the Purchase Agreement 
 
This Note is a registered Note and, as provided in the Purchase Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by the registered Holder or such registered Holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in
the name of the transferee. Prior to due presentment for registration of transfer, Parent may treat the Person in whose name this Note is registered as the owner of this Note for the purpose of receiving payment and for all other purposes. Parent
will not be affected by any notice to the contrary. 
 
This Note is governed by and shall be construed in accordance with the laws of the Sate of New York, including Section 5-1402 of the New York General Obligations Law. The Holder of this Note, by acceptance of this Note, waives any
right to trial by jury and agrees that any action arising out of, related to or otherwise by virtue of this Note will be determined only by arbitration as provided in the Purchase Agreement. 
 

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IN WITNESS
WHEREOF, Parent has caused this Note to be signed by its duly authorized officer as of the date first written above. 
 

	 EQUINIX, INC.

	
	 By:
	 	 /s/    PETER VAN CAMP

	 Name:
	 	 Peter Van Camp

	 Title:
	 	 Chief Executive Officer

 
OPTION OF
HOLDER TO ELECT TO HAVE NOTES PURCHASED 
 
If you
want to have this Note purchased by Parent pursuant to the Change in Control Offer made pursuant to Section 9.7 of the Purchase Agreement, check the following box:  ̈ 
 
If you wish to
have only part of your Note purchased by Parent pursuant to the Change of Control Offer made pursuant to Section 9.7 of the Purchase Agreement, state the aggregate principal amount you want to be purchased:
$                         
 

	
	 Date:
	 	
	 	 	 	 Signature:
	 	

	 	 	 	 	 	 	 Title:
	 	 

 
(Sign exactly as your
name appears on the face of this security. If you are a corporate officer, please provide appropriate evidence of authority). 

 
FORM OF
ASSIGNMENT 
 
TO BE EXECUTED BY THE REGISTERED
HOLDER 
TO TRANSFER THE ATTACHED NOTE 
 
FOR VALUE RECEIVED
                                     hereby sells, assigns and
transfers unto
                                        
     all rights of the undersigned under and pursuant to the attached Note, and the undersigned does hereby irrevocably constitute and appoint
                         Attorney to transfer said Note on the books of Equinix, Inc., a Delaware corporation, with full
power of substitution. 
 

	 i-STT Investments Pte Ltd

	
	 By:
	 	

	 	 	 Name:
 Title:

 

	
	 Dated:
	 	

 
NOTICE

 
The signature to the foregoing Assignment must correspond to the
name as written upon the face of the attached Note in every particular, without alteration or enlargement or any change whatsoever.Preferred Stock Warrant issued to i-STT investments Pte Ltd

 
Exhibit 10.78

 
THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OR IN A TRANSACTION WHICH, IN THE
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE PARENT, QUALIFIES AS AN EXEMPT TRANSACTION UNDER THE SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. 
 
THE SECURITIES EVIDENCED HEREBY MAY NOT BE TRANSFERRED (AS SUCH TERM IS DEFINED IN THAT SECURITIES PURCHASE AGREEMENT, DATED
AS OF OCTOBER 2, 2002 (THE “AGREEMENT”), BY AND AMONG EQUINIX, INC., A DELAWARE CORPORATION (“PARENT”), THE GUARANTORS THERETO, AND THE PURCHASERS NAMED IN SCHEDULE 1 AND SCHEDULE 2 THERETO)) DURING THE PERIOD BEGINNING ON THE
CLOSING DATE (AS SUCH TERM IS DEFINED IN THE AGREEMENT) AND CONTINUING TO THE DATE THAT IS 180 DAYS FOLLOWING THE CLOSING DATE, EXCEPT AS PERMITTED UNDER THE AGREEMENT. A COPY OF THE AGREEMENT HAS BEEN FILED WITH THE SECRETARY OF PARENT AND IS
AVAILABLE UPON REQUEST. 
 
EQUINIX, INC.

 
PREFERRED STOCK WARRANT 
 
December 31, 2002 
 

	 Warrant No.
	  	 PS-1

	 Date of Initial Issuance:
	  	 December 31, 2002

	 Number of Shares:
	  	 965,674

	 Initial Warrant Price:
	  	 $0.01

	 Expiration Date:
	  	 December 31, 2007

 
THIS
CERTIFIES THAT for value received, i-STT Investments Pte Ltd, a company organized under the laws of the Republic of Singapore, or its registered assigns (hereinafter called “Warrant Holder”), is entitled to purchase from Equinix, Inc., a
Delaware corporation (“Parent”), at any time during the Term of this Warrant, nine hundred sixty-five thousand six hundred seventy-four (965,674) shares of Series A Convertible Preferred Stock, par value $0.001 per share, of Parent (the
“Series A Preferred Stock”), or shares of Series A-1 Convertible Preferred Stock, par value $0.001 per share, of Parent (“Series A-1 Preferred Stock” and together with the Series A Preferred Stock, the “Conversion Preferred
Stock”), at the Warrant Price, payable as provided herein. The exercise of this Warrant shall be subject to the provisions, limitations and restrictions herein contained. This Warrant may be exercised in whole or in part. This Warrant shall be
exercisable for shares of Series A Preferred Stock unless if at the time of exercise of this Warrant, the receipt of shares of Series A Preferred Stock by the Holder would cause (i) prior to the earlier of (A) the second anniversary of the Closing
Date or (B) a Voting Stock Trigger Event (as defined in the Certificate of Designation), the voting power of the issued and outstanding shares held by such purchaser or its affiliates to exceed 40% of the aggregate voting power of all securities of
the Parent then entitled to vote on the election of members of the Parent’s board of directors or (ii) (x) the value of all outstanding voting securities held by such purchaser following such exercise would exceed $50,000,000 (as determined by
reference to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder, or any successor statute, rules and regulations (the “HSR Act”)), or any other applicable threshold
that would require compliance with the HSR Act and (y) such purchaser has not complied with the HSR Act prior to such exercise, in which case, this Warrant shall be exercisable for shares of Series A-1 Preferred Stock. 

 
Section 1. Definitions.
Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Securities Purchase Agreement, dated October 2, 2002, by and among Parent, the Guarantors thereto and the Purchasers named
therein (the “Purchase Agreement”). For all purposes of this Warrant, the following terms shall have the meanings indicated: 
 
“Term of this Warrant” shall mean the period beginning on the date of initial issuance hereof and ending on the Maturity Date.

 
“Warrant Price” shall mean $0.01 per
share of Common Stock into which one share of the Preferred Stock issuable upon exercise of this Warrant is convertible, subject to adjustment in accordance with Section 4. 
 
“Warrants” shall mean this Preferred Stock Warrant and any other Preferred Stock Warrant or
Preferred Stock Warrants issued in connection with the Purchase Agreement to the original holder of this Preferred Stock Warrant or issued to any transferees of such original holder or subsequent holder. 
 
“Warrant Shares” shall mean shares of Conversion
Preferred Stock, subject to adjustment or change as herein provided, purchased or purchasable by Warrant Holder upon the exercise hereof, provided, however, that if, as of any Exercise Date, any shares of Series A Preferred Stock have been
converted to Common Stock pursuant to the conversion provisions contained in Section 5(a)(ii) or 5(b)(ii) of the Certificate of Designation, “Warrant Shares” shall mean shares of Common Stock. 
 

	Section	 	2. Exercise of Warrant. 

 
2.1 Procedure for Exercise of Warrant. To exercise this Warrant in whole or in part (but not as to any fractional Warrant Share),
Warrant Holder shall deliver to Parent at its office referred to in Section 8 at any time (the “Exercise Date”) and from time to time during the Term of this Warrant: (i) the Notice of Exercise in the form of Exhibit A attached hereto,
(ii) cash, certified or official bank check payable to the order of Parent, wire transfer of funds to Parent’s account, or cancellation of any indebtedness of Parent to Warrant Holder (or any combination of any of the foregoing) in the amount
of the Warrant Price for each share being purchased, and (iii) this Warrant. Notwithstanding any provisions herein to the contrary, if the Current Market Value is greater than the Warrant Price (at the date of calculation, as set forth below), in
lieu of exercising this Warrant as hereinabove permitted, the Warrant Holder may elect to receive shares of Conversion Preferred Stock equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of
this Warrant at the office of Parent referred to in Section 8, together with the Notice of Exercise, in which event Parent shall issue to Warrant Holder that number of whole Warrant Shares computed using the following formula: 
 

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PS = WPS x
(CMV-WP) 
CMV 
 

	 Where
	  	 	  	 
	 	  	 PS
	  	 equals the number of shares of Conversion Preferred Stock to be issued to Warrant Holder (or if the Warrant Shares are
shares of Common Stock, the number of shares of Common Stock to be issued to Warrant Holder)

	
	 	  	 WPS
	  	 equals the number of shares of Conversion Preferred Stock purchasable under the Warrant (or if the Warrant Shares are
shares of Common Stock, the number of shares of Common Stock purchasable under the Warrant), if only a portion of the Warrant is being exercised, under the portion of the Warrant being exercised (at the date of such calculation)

	
	 	  	 CMV
	  	 equals the Current Market Value of the number of shares of Common Stock into which one share of Conversion Preferred
Stock is convertible (at the date of such calculation)

	
	 	  	 WP
	  	 equals the Warrant Price (as adjusted to the date of such calculation)

 
This Warrant shall be
exercised by the Warrant Holder by the surrender of this Warrant to Parent at any time during usual business hours at Parent’s principal place of business, accompanied by written notice, substantially in the form of Exhibit A attached hereto,
that the Warrant Holder elects to exercise all or a portion of this Warrant and specifying the name or names (with address) in which a certificate or certificates for Warrant Shares are to be issued and (if so required by Parent) by a written
instrument or instruments of transfer in form reasonably satisfactory to Parent duly executed by the Warrant Holder or its duly authorized attorney. Upon exercise of this Warrant, Parent shall deliver to Warrant Holder the certificate or
certificates for the Warrant Shares so purchased within the number of days specified in Rule 15c6-1 under the Exchange Act applicable to open market transactions, provided that immediately prior to the close of business on the Exercise Date,
the exercising Warrant Holder shall be deemed to be the holder of record of the Warrant Shares issuable upon exercise of this Warrant, notwithstanding that the share register of Parent shall then be closed or that certificates representing such
Warrant Shares shall not then be actually delivered to such Person. Immediately prior to the close of business on the Exercise Date, all rights with respect to this Warrant so exercised, including the rights, if any, to receive notices, will
terminate (in the case of a partial exercise, to the extent of the portion of this Warrant so exercised), except only the rights of the Warrant Holder to (i) receive certificates for the number of Warrant Shares into which this Warrant has been
exercised; and (ii) exercise the rights to which the Warrant Holder is entitled as a holder of Warrant Shares. 
 
2.2 Transfer Restriction Legend. Each certificate for Warrant Shares shall bear the following legends (and any additional legend
required by (i) any applicable state securities laws and (ii) any securities exchange upon which such Warrant Shares may, at the time of such exercise, be listed) on the face thereof unless at the time of exercise such Warrant Shares shall be
registered under the Securities Act: 
 
THE SHARES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT. 
 
THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE
TRANSFERRED (AS SUCH TERM IS DEFINED IN THAT SECURITIES PURCHASE AGREEMENT, DATED AS OF OCTOBER 2, 2002 (THE “AGREEMENT”), BY AND AMONG EQUINIX, INC., A DELAWARE CORPORATION (“PARENT”), THE GUARANTORS THERETO, AND THE PURCHASERS
NAMED IN SCHEDULE 1 AND SCHEDULE 2 THERETO)) DURING THE PERIOD BEGINNING ON THE CLOSING DATE (AS SUCH TERM IS DEFINED IN THE AGREEMENT)AND CONTINUING TO 
 

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THE DATE THAT
IS 180 DAYS FOLLOWING THE CLOSING DATE. A COPY OF THE AGREEMENT HAS BEEN FILED WITH THE SECRETARY OF PARENT AND IS AVAILABLE UPON REQUEST. 
 
THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS WITH RESPECT TO VOTING AND OTHER MATTERS UNDER A GOVERNANCE
AGREEMENT, DATED AS OF DECEMBER 31, 2002, BY AND AMONG EQUINIX, INC. AND CERTAIN OF ITS STOCKHOLDERS. 
 
Any certificate issued at any time in exchange or substitution for any certificate bearing such legend (except a new certificate issued upon completion of a public distribution under a registration
statement of the securities represented thereby) shall also bear such legend unless, in the opinion of counsel for Warrant Holder thereof (which counsel shall be reasonably satisfactory to Parent) the securities represented thereby are not, at such
time, required by law to bear such legend. The second legend set forth above, and the second legend set forth on the face of this Warrant, shall be removed at the request of the Warrant Holder following the lapse of such restriction. If any holder
of Warrant Shares sells, transfers or otherwise disposes of Warrant Shares, the third legend set forth above shall, at the request of the holder of the Warrant Shares, be removed from the certificates representing the Warrant Shares so sold,
transferred or disposed; provided that the sale, transfer or disposition is effected subject to the adjustment or termination of the board representation rights of the Stockholders pursuant to Article VII of the bylaws of Parent, as a result
of such sale, transfer or disposition. 
 
Section 3. Covenants
as to Series A Preferred Stock. Parent covenants and agrees that all Warrant Shares that may be issued upon the exercise of the rights represented by this Warrant and all shares of Common Stock that may be issued upon conversion of the
Conversion Preferred Stock shall, upon issuance, be validly issued, fully-paid and nonassessable, and free from all taxes, liens and charges with respect to the issue thereof and not issued in violation of any preemptive rights. Parent further
covenants and agrees that it shall pay when due and payable any and all federal and state taxes which may be payable in respect of the issue of this Warrant or any Conversion Preferred Stock or Common Stock or certificates therefor issuable upon the
exercise of this Warrant or the conversion of the Conversion Preferred Stock, as applicable. Parent further covenants and agrees that Parent shall at all times have authorized and reserved, free from preemptive rights, a sufficient number of shares
of Conversion Preferred Stock and Common Stock to provide for the exercise of the rights represented by this Warrant and for conversion of the Conversion Preferred Stock. Parent further covenants and agrees that if any shares of capital stock to be
reserved for the purpose of the issuance of shares upon the exercise of this Warrant or conversion of the Conversion Preferred Stock require registration with or approval of any governmental authority under any federal or state law before such
shares may be validly issued or delivered upon exercise, then Parent shall in good faith and as expeditiously as possible endeavor to secure such registration or approval, as the case may be. If and so long as the Common Stock issuable upon
conversion of the Conversion Preferred Stock is listed on any national securities exchange, Parent shall, if permitted by the rules of such exchange, list and keep listed on such exchange, upon official notice of issuance, all shares of such Common
Stock issuable upon conversion of the Conversion Preferred Stock. 
 
Section 4. Adjustment of Warrant Price and Number and Kind of Warrant Shares. The Warrant Price and number and kind of Warrant Shares shall be subject to adjustment from time as set forth in this Section 4. Upon each
adjustment of the Warrant Price as provided herein, Warrant Holder shall thereafter be entitled to purchase, at the Warrant Price resulting from such adjustment, the number of shares (calculated to the nearest tenth of a share) obtained by
multiplying the Warrant Price in effect immediately prior to such adjustment by the number of shares purchasable pursuant hereto immediately prior to such adjustment and dividing the product thereof by the Warrant Price resulting from such
adjustment; provided that no adjustment shall be given effect hereunder to the extent that the event that otherwise would give rise to such adjustment also gives rise to an adjustment of the Conversion Ratio under the Certificate of
Designation and the effect of both such adjustments would be duplicative. 
 

-4- 

 
(a) Adjustment
for Change in Capital Stock: 
 
(i) If, after the
date hereof, Parent 
 
(A) pays a dividend or
makes a distribution on any of its Common Stock in shares of any of its Common Stock or Warrants, rights or options exercisable for its Common Stock, other than a dividend or distribution of the type described in Section 4(h); 
 
(B) pays a dividend or makes a distribution on any of its
Common Stock in shares of any of its Capital Stock, other than Common Stock or rights, warrants or options exercisable for its Common Stock and other than a dividend or distribution of the type of described in Section 4(h); or 
 
(C) subdivides any of its outstanding shares of Common Stock
into a greater number of shares; or 
 
(D)
combines any of its outstanding shares of Common Stock into a smaller number of shares; or 
 
(E) issues by reclassification of any of its Common Stock any shares of any of its Capital Stock; 
 
then the Warrant Price in effect immediately prior to such action shall be adjusted so that the Warrant Holder may receive the number of shares of Capital
Stock of Parent which such Warrant Holder would have owned immediately following such action if such Warrant Holder had exercised this Warrant (and had converted any Conversion Preferred Stock issuable upon such exercise) immediately prior to such
action or immediately prior to the record date applicable thereto, if any. 
 
(ii) The adjustment shall become effective immediately after the record date in the case of a dividend or distribution and immediately after the effective date in the case of a subdivision, combination
or reclassification. If such dividend or distribution is not so paid or made or such subdivision, combination or reclassification is not effected, the Warrant Price shall again be adjusted to be the Warrant Price which would then be in effect if
such record date or effective date had not been so fixed. 
 
(iii) If, after an adjustment, a Warrant Holder upon exercise of this Warrant may receive shares of two or more classes of Capital Stock of Parent, the Warrant Price shall thereafter be subject to adjustment upon the occurrence of an
action taken with respect to any such class of Capital Stock as is contemplated by this Section 4(a) with respect to the Common Stock, on terms comparable to those applicable to the Common Stock in this Section 4. 
 
(b) Adjustment for Sale of Common Stock Below Current Market
Value: 
 
(i) If, after the date hereof, Parent
makes a Dilutive Issuance other than an Excluded Conversion Adjustment, the Warrant Price shall be adjusted in accordance with the formula: 
 
WP’ = WP(CS+(AC/WP)) 
                CS+AS 

	 WP’ =
	 	 The adjusted Warrant Price;

	 WP =
	 	 The Warrant Price prior to the Dilutive Issuance;

	 AC=
	 	 Aggregate consideration paid for the securities issued in the Dilutive Issuance;

	 CS =
	 	 Common Stock Outstanding prior to the Dilutive Issuance; and

	 AS =
	 	 Number of shares of securities (on as-converted basis) issued in the Dilutive Issuance.

 

-5- 

(ii) The adjustment shall become effective immediately after the Dilutive Issuance.

 
(iii) In the case of a Dilutive Issuance for
cash, the consideration shall be deemed to be the amount of cash paid therefor before deducting any reasonable discounts, commissions or other expenses allowed, paid or incurred by Parent for any underwriting or otherwise in connection with the
issuance and sale thereof. 
 
(iv) In the case of
a Dilutive Issuance for a consideration in whole or in part other than cash, the consideration other than cash shall be deemed to be the fair market value thereof as determined in good faith by the Board of Directors irrespective of any accounting
treatment. 
 
(v) In the case of the issuance of
options to purchase or rights to subscribe for Common Stock, securities by their terms convertible into or exchangeable for Common Stock or options to purchase or rights to subscribe for such convertible or exchangeable securities, the following
provisions shall apply for purposes of determining the number of shares of Additional Stock issued and the consideration paid therefore: 
 
(A) The aggregate maximum number of shares of Common Stock deliverable upon exercise (assuming the satisfaction of any conditions to
exercisability, including without limitation, the passage of time, but without taking into account potential antidilution adjustments) of such options to purchase or rights to subscribe for Common Stock shall be deemed to have been issued at the
time such options or rights were issued and for a consideration equal to the consideration (determined in the manner provided in Sections 4(b)(ii) and 4(b)(iii)), if any, received by Parent upon the issuance of such options or rights plus the
minimum exercise price provided in such options or rights (without taking into account potential antidilution adjustments) for the Common Stock covered thereby. 
 
(B) The aggregate maximum number of shares of Common Stock deliverable upon conversion of, or in exchange
(assuming the satisfaction of any conditions to convertibility or exchangeability, including, without limitation, the passage of time, but without taking into account potential antidilution adjustments) for, any such convertible or exchangeable
securities or upon the exercise of options to purchase or rights to subscribe for such convertible or exchangeable securities and subsequent conversion or exchange thereof shall be deemed to have been issued at the time such securities were issued
or such options or rights were issued and for a consideration equal to the consideration, if any, received by this corporation for any such securities and related options or rights (excluding any cash received on account of accrued interest or
accrued dividends), plus the minimum additional consideration, if any, to be received by Parent (without taking into account potential antidilution adjustments) upon the conversion or exchange of such securities or the exercise of any related
options or rights (the consideration in each case to be determined in the manner provided in Sections 4(b)(ii) and 4(b)(iii)). 
 
(C) In the event of any change in the number of shares of Common Stock deliverable or in the consideration payable to this corporation
upon exercise of such options or rights or upon conversion of or in exchange for such convertible or exchangeable securities, the Warrant Price, to the extent in any way affected by or computed using such options, rights or securities, shall be
recomputed to reflect such change, but no further adjustment shall be made for the actual issuance of Common Stock or any payment of such consideration upon the exercise of any such options or rights or the conversion or exchange of such securities.

 

-6- 

 
(D) Upon the
expiration of any such options or rights, the termination of any such rights to convert or exchange or the expiration of any options or rights related to such convertible or exchangeable securities, the Warrant Price, to the extent in any way
affected by or computed using such options, rights or securities or options or rights related to such securities, shall be recomputed to reflect the issuance of only the number of shares of Common Stock (and convertible or exchangeable securities
that remain in effect) actually issued upon the exercise of such options or rights, upon the conversion or exchange of such securities or upon the exercise of the options or rights related to such securities. 
 
The number of shares deemed issued and the consideration deemed paid therefor
in the Dilutive Issuance pursuant to Sections 4(b)(v)(A) and 4(b)(v)(B) shall be appropriately adjusted to reflect any change, termination or expiration of the type described in either Section 4(b)(v)(C) or 4(b)(v)(D). 
 
(vi) No adjustment shall be made under this Section 4(b) for
any adjustment which is the subject of Section 4(a). 
 
(c) Whenever the Warrant Price is adjusted, Parent shall promptly mail to the Warrant Holder a notice of the adjustment. Parent shall obtain a certificate from Parent’s independent public accountants briefly stating the facts
requiring the adjustment and the manner of computing it. The certificate shall be conclusive evidence that the adjustment is correct. 
 
(d) If Parent consummates a Fundamental Transaction, as a condition to consummating any such transaction the Surviving Person shall assume
the obligations under the Warrants and issue to each Warrant Holder an assumption agreement. The assumption agreement shall provide (i) that the Warrant Holder may exercise the Warrant for the kind and amount of securities, cash or other assets
which such holder would have received immediately after the Fundamental Transaction if such holder had exercised such Warrant immediately before the effective date of the transaction, assuming (to the extent applicable) that such holder (A) was not
a constituent person or an affiliate of a constituent person to such transaction, (B) made no election with respect thereto, and (C) was treated alike with the plurality of non-electing holders, and (ii) that the Surviving Person shall succeed to
and be substituted to every obligation of Parent in respect of this Warrant. The assumption agreement shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The
Surviving Person shall mail to Warrant Holder a notice briefly describing the assumption agreement. If the issuer of securities deliverable upon exercise of Warrants is an affiliate of the Surviving Person, that issuer shall join in such assumption
agreement. 
 
(e) Parent shall at all times reserve
and keep available, free from preemptive rights, out of its authorized but unissued Conversion Preferred Stock and Common Stock, or shares of Conversion Preferred Stock or Common Stock held in the treasury of Parent, for issuance upon exercise of
this Warrant and payment of the exercise price, and conversion of the Conversion Preferred Stock issuable upon exercise hereof, the full number of shares of Conversion Preferred Stock and Common Stock, as applicable, then deliverable upon the
exercise of the entire Warrant or Warrants outstanding and conversion of all Conversion Preferred Stock issued or issuable upon exercise thereof, and the shares so deliverable shall be fully paid and nonassessable and free from all liens and
security interests. 
 
(f) After an adjustment to
the Warrant Price under this Section 4, any subsequent event requiring an adjustment under this Section 4 shall cause an adjustment to the Warrant Price as so adjusted. 
 
(g) Parent will not be required to issue fractional shares upon exercise of this Warrant or distribute share
certificates that evidence fractional shares. In lieu of fractional shares, there shall be paid to the Warrant Holder an amount in cash equal to the same fraction of the Current Market Value per share of Common Stock on the Business Day preceding
the Exercise Date. Such payments will be made by check. 
 

-7- 

 
(h) If at any
time Parent grants Distribution Rights or, without duplication, makes any Distribution on the Capital Stock, then Parent shall grant, issue, sell or make to each Warrant Holder, the aggregate Distribution Rights or Distribution, as the case may be,
which such Warrant Holder would have acquired if such Warrant Holder had held the maximum number of shares acquirable upon complete exercise of this Warrant immediately before the record date for the grant, issuance or sale of such Distribution
Rights or Distribution, as the case may be, or, if there is no such record date, the date as of which the record holders of Capital Stock are to be determined for the grant, issue or sale of such Distribution Rights or Distribution, as the case may
be. 
 

	Section	 	5. Ownership. 

 
5.1 Ownership of Warrant. Parent may deem and treat the person in whose name this Warrant is registered as the holder and owner
hereof (notwithstanding any notations of ownership or writing hereon made by anyone other than Parent) for all purposes and shall not be affected by any notice to the contrary until presentation of this Warrant for registration of transfer as
provided in this Section 5. 
 
5.2 Transfer and
Replacement. This Warrant and all rights hereunder are transferable in whole or in part upon the books of Parent by Warrant Holder hereof in person or by duly authorized attorney, and a new Warrant or Warrants, of the same tenor as this Warrant
but registered in the name of the transferee or transferees (and in the name of Warrant Holder, if a partial transfer is effected) shall be made and delivered by Parent upon surrender of this Warrant duly endorsed, at the office of Parent referred
to in Section 8 hereof, together with a properly executed Assignment (in the form of Exhibit B or Exhibit C hereto, as the case may be). Upon receipt by Parent of evidence reasonably satisfactory to it of the loss, theft or destruction, and, in such
case, of indemnity or security reasonably satisfactory to it, and upon surrender of this Warrant if mutilated, Parent shall make and deliver a new Warrant of like tenor, in lieu of this Warrant; provided that if the Warrant Holder hereof is
an instrumentality of a state or local government or an institutional holder or a nominee for such an instrumentality or institutional holder an irrevocable agreement of indemnity by such Warrant Holder shall be sufficient for all purposes of this
Section 5, and no evidence of loss or theft or destruction shall be necessary. This Warrant shall be promptly cancelled by Parent upon the surrender hereof in connection with any transfer or replacement. Except as otherwise provided above, in the
case of the loss, theft or destruction of a Warrant, Parent shall pay all expenses, taxes and other charges payable in connection with any transfer or replacement of this Warrant, other than stock transfer taxes (if any) payable in connection with a
transfer of this Warrant, which shall be payable by Warrant Holder. Warrant Holder shall not transfer this Warrant and the rights hereunder except in compliance with federal and state securities laws. 
 
Section 6. Notice of Dissolution or Liquidation. In case of any
distribution of the assets of Parent in dissolution or liquidation (except under circumstances when Section 4(d) shall be applicable), Parent shall give notice thereof to Warrant Holder hereof and shall make no distribution to stockholders until the
expiration of thirty days from the date of mailing of the aforesaid notice and, in any case, Warrant Holder hereof may exercise this Warrant within thirty days from the date of the giving of such notice, and all rights herein granted not so
exercised within such thirty-day period shall thereafter become null and void. 
 
Section 7. Notice of Dividends. If the Board of Directors of Parent shall declare any dividend or other distribution on the Conversion Preferred Stock except by way of a stock dividend payable in shares of either series of
Conversion Preferred Stock, Parent shall mail notice thereof to Warrant Holder hereof not less than thirty days prior to the record date fixed for determining stockholders entitled to participate in such dividend or other distribution, and Warrant
Holder hereof shall not participate in such dividend or other distribution unless this Warrant is exercised prior to such record date. The provisions of this Section 7 shall not apply to distributions made in connection with transactions covered by
Section 4. 
 

- 8 - 

 
Section 8. Notices. Any
notice or other document required or permitted to be given or delivered to Warrant Holder shall be delivered at, or sent by certified or registered mail to, Warrant Holder at its address for notices set forth in the Purchase Agreement or to such
other address as shall have been furnished to Parent in writing by Warrant Holder. Any notice or other document required or permitted to be given or delivered to Parent shall be delivered at, or sent by certified or registered mail to, Parent at its
address for notices set forth in the Purchase Agreement or to such other address as shall have been furnished in writing to Warrant Holder by Parent. Any notice so addressed and mailed by registered or certified mail shall be deemed to be given when
so mailed. Any notice so addressed and otherwise delivered shall be deemed to be given when actually received by the addressee. 
 
Section 9. No Rights as Stockholder; Limitation of Liability. This Warrant shall not entitle Warrant Holder to any of the rights of a stockholder
of Parent except upon exercise in accordance with the terms hereof. No provision hereof, in the absence of affirmative action by Warrant Holder to purchase shares of Series A Preferred Stock, and no mere enumeration herein of the rights or
privileges of Warrant Holder, shall give rise to any liability of Warrant Holder for the Warrant Price hereunder or as a stockholder of Parent, whether such liability is asserted by Parent or by creditors of Parent. 
 
Section 10. Governing Law; Arbitration. This Warrant and the rights and
obligations of the parties under this Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York).
Each of Parent and the Warrant Holder agree that any dispute, controversies or claims (whether in contract, tort or otherwise) arising out of, related to or otherwise by virtue of this Warrant, breach of this Warrant or the transactions contemplated
hereby shall be finally settled by arbitration (which shall be the exclusive forum for dispute resolution) as provided in Section 11.12 of the Purchase Agreement. 
 
Section 11. Amendments. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by both parties (or any respective successor in interest thereof). The headings in this Warrant are for purposes of reference only and shall not affect the meaning or construction of any of the provisions hereof.

 
 

- 9 - 

 
IN WITNESS
WHEREOF, Parent has caused this Warrant to be signed by its duly authorized officer as of the date first written above. 
 

	 EQUINIX, INC.

	
	 By:
	 	 /s/ PETER VAN CAMP

	 	 	 Name: Peter Van Camp
 Title: Chief Executive Officer

 

 
EXHIBIT A

 
FORM OF NOTICE OF EXERCISE 
 
[To be signed only upon exercise of the Warrant] 
 
TO BE EXECUTED BY THE REGISTERED HOLDER 
TO EXERCISE THE ATTACHED WARRANT 
 
The undersigned hereby exercises the right to purchase
                     Warrant Shares which the undersigned is entitled to purchase by the terms of the attached Warrant according to the
conditions thereof, and herewith 
 
[check appropriate box(es)]

 

	 	•	 	makes payment of $             therefor in cash, certified or official bank check or wire transfer
of funds; 

 

	 	•	 	makes payment of $             therefor through cancellation of indebtedness; or

 

	 	•	 	directs Parent to withhold a number of shares of which the aggregate Current Market Value is equal to the Warrant Price in lieu of payment of the Warrant Price, as
described in Section 2.1 of the Warrant. 

 
All
shares to be issued pursuant hereto shall be issued in the name of and the initial address of such person to be entered on the books of Equinix, Inc., a Delaware corporation, shall be: 
 
The shares are to be issued in certificates of the following denominations: 
 

	

	
	 By:
	 	

	 	 	 Name:
 Title:

 

	
	 Dated:
	 	

 

 
EXHIBIT B

 
FORM OF ASSIGNMENT 
(ENTIRE) 
 
[To be signed only upon transfer of entire Warrant] 
 
TO BE EXECUTED BY THE REGISTERED HOLDER 
TO TRANSFER THE ATTACHED WARRANT 
 
FOR
VALUE RECEIVED                                  hereby sells, assigns and
transfers unto
                                        
all rights of the undersigned under and pursuant to the attached Warrant, and the undersigned does hereby irrevocably constitute and appoint
                                        
Attorney to transfer said Warrant on the books of Equinix, Inc., a Delaware corporation, with full power of substitution. 
 

	 i-STT Investments Pte Ltd

	
	 By:
	 	

	 	 	 Name:
 Title:

 

	
	 Dated:
	 	

 
NOTICE

 
The signature to the foregoing Assignment must correspond to the
name as written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change whatsoever. 
 

 
EXHIBIT C

 
FORM OF ASSIGNMENT 
(PARTIAL) 
 
[To be signed only upon partial transfer of Warrant] 
 
TO BE EXECUTED BY THE REGISTERED HOLDER 
TO TRANSFER THE ATTACHED WARRANT 
 
FOR VALUE RECEIVED                          hereby sells, assigns and
transfers unto                              (i) the rights of the undersigned to purchase
         Warrant Shares under and pursuant to the attached Warrant, and (ii) on a non-exclusive basis, all other rights of the undersigned under and pursuant to the attached Warrant, it being understood
that the undersigned shall retain, severally (and not jointly) with the transferee(s) named herein, all rights assigned on such non-exclusive basis. The undersigned does hereby irrevocably constitute and appoint
                                        
Attorney to transfer said Warrant on the books of Equinix, Inc., a Delaware corporation, with full power of substitution. 
 

	 i-STT Investments Pte Ltd

	
	 By:
	 	

	 	 	 Name:
 Title:

 
Dated:
                                        

 
NOTICE 
 
The signature to the foregoing Assignment must correspond to the name as
written upon the face of the attached Warrant in every particular, without alteration or enlargement or any change whatsoever.

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