PURE STORAGE, INC.

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PURE STORAGE, INC. : Change in Directors or Principal Officers (form 8-K)

12/17/2021 | 04:18pm EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

c) On December 15, 2021, the Board of Directors of Pure Storage, Inc. ("Pure") designated Ajay Singh as an officer under Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as an executive officer under Rule 3b-7 of the Exchange Act, effective immediately. Mr. Singh, age 63, has served as Pure's Chief Product Officer since January 2021. Previously, Mr. Singh worked at VMware from May 2015 to January 2021, most recently serving as the Senior Vice President - General Manager of the Cloud Management Business Unit.

Mr. Singh and Pure are parties to an employment offer letter ("Offer Letter") pursuant to which Mr. Singh receives an annual base salary of $550,000. In addition, Mr. Singh is eligible for an annual performance-based cash bonus, with a target amount equal to 80% of his base salary, based on performance measures set and being satisfied, as determined by the Compensation Committee of the Board. Pursuant to the Offer Letter and Pure's 2015 Equity Incentive Plan, in March 2021, Pure granted Mr. Singh a restricted stock unit award for 281,291 shares (the "RSU Award"). The RSU Award will vest and settle as to 25% of the shares in March 2022, with the remaining shares vesting in equal quarterly installments over the subsequent 12 quarters, subject to Mr. Singh's continuous service. In addition, in June 2021, Pure granted Mr. Singh a performance restricted stock unit with a target value of $3,250,000 (subject to a price conversion mechanism) to be earned based on performance measures set and being satisfied, as determined by the Compensation Committee of the Board (the "Performance Award"). The actual number of shares earned under the Performance Award will vest over three years, with one-third vesting in March 2022 and the remaining shares earned under the Performance Award vesting quarterly thereafter, subject to Mr. Singh's continuous service.

Mr. Singh is eligible to participate in Pure's Change in Control Severance Benefit Plan, which was filed as Exhibit 10.12 to Pure's Annual Report on Form 10-K (File No. 001-37570) filed with the Securities and Exchange Commission on March 25, 2021 (the "Annual Report"). The foregoing description is qualified in its entirety by reference to the Offer Letter, which will be filed as an exhibit to Pure's Annual Report on Form 10-K for the period ending February 6, 2022. In connection with his appointment, Mr. Singh will execute Pure's standard form of indemnity agreement for officers, which was filed as Exhibit 10.8 to the Annual Report. There is no arrangement or understanding between Mr. Singh and any other person pursuant to which Mr. Singh was appointed as an officer. There are no family relationships between Mr. Singh and any director or executive officer of Pure and, other than as described above, no transaction involving Mr. Singh that would require disclosure pursuant to Item 404(a) of Regulation S-K.

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Sales 2022 2 103 M - -
Net income 2022 -159 M - -
Net cash 2022 610 M - -
P/E ratio 2022 -41,2x
Yield 2022 -
Capitalization 7 274 M 7 274 M -
EV / Sales 2022 3,17x
EV / Sales 2023 2,47x
Nbr of Employees 4 200
Free-Float 94,0%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 24,38 $
Average target price 38,16 $
Spread / Average Target 56,5%
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Managers and Directors
Charles H. Giancarlo Chairman & Chief Executive Officer
Kevan Krysler Chief Financial Officer
John Colgrove Director & Chief Technology Officer
Robert Lee Chief Technology Officer
Michael Fitzgerald Vice President-Operations
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