Market Exclusive

Pure Storage, Inc. (NYSE:PSTG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Pure Storage, Inc. (NYSE:PSTG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(a)

On March 29, 2018, Aneel Bhusri, a Class III director, resigned from the Board of Directors (including the Compensation Committee) of Pure Storage, Inc. (the “Company”), effective immediately. Mr. Bhusri’s informed the Company that his decision to resign as a director was not due to any disagreements with the Company on any matter relating to the Company’s operations, policies or practices.

(d)

On March 29, 2018, the Board appointed Jeffrey J. Rothschild as a Class III director to fill the vacancy created by Mr. Bhusri’s resignation, effective immediately. Mr. Rothschild’s term as a member of the Board will expire at the meeting of stockholders to be held in 2018, at which time he will stand for re-election. In addition, Mr. Rothschild was appointed as a member of the Nominating & Corporate Governance Committee of the Board, effective immediately.

Mr. Rothschild was granted a restricted stock unit award for 30,075 shares of the Company’s Class A common stock. The award will vest as to 25% of the shares subject to the award on the first anniversary of the grant date, and the remaining 75% of the shares subject to the award in 12 substantially equal quarterly installments thereafter, subject to his continued service on the Board on the vesting dates. The award is subject to the terms and conditions of the Company’s 2015 Equity Incentive Plan and the related award agreement. Furthermore, Mr. Rothschild is also entitled to annual cash retainers of $37,000 per year for service on the Board and $4,000 for service on the Nominating & Corporate Governance Committee.

In connection with his appointment to the Board, Mr. Rothschild will execute the Company’s standard form of indemnity agreement for directors, which was filed as Exhibit 10.8 to the Company’s Annual Report on Form 10-K (File No. 001-37570) filed with the Securities and Exchange Commission on March26, 2018.

There is no arrangement or understanding between Mr. Rothschild and any other person to which Mr. Rothschild was elected as a director of the Company. There are no family relationships between Mr. Rothschild and any director or executive officer of the Company, and, other than as described above, no transactions involving Mr. Rothschild that would require disclosure under Item 404(a) of Regulation S-K.

About Pure Storage, Inc. (NYSE:PSTG)
Pure Storage, Inc. provides an enterprise data storage platform. The Company’s storage platform consists of approximately three integrated components, including the Purity Operating Environment, which is its flash-optimized software; FlashArray, which is its modular and scalable all-flash array hardware, and Pure1, which is its cloud-based management and support. The Company’s customers include large and mid-size organizations across a diverse set of industry verticals, including cloud-based software and service providers, consumer Web, education, energy, financial services, governments, healthcare, manufacturing, media, retail and telecommunications. The Company’s platform is used for a set of storage use cases, including database applications, private and public cloud infrastructure, virtual server infrastructure and virtual desktop infrastructure.

Exit mobile version