EX-10.21



 Exhibit 10.21 

ARISTA NETWORKS, INC. 

EMPLOYEE INCENTIVE PLAN 

Adopted on April, 2014 
 1.
Purposes of the Plan. The Plan is intended to increase shareholder value and the success of the Company by motivating Employees to (a) perform to the best of their abilities, and (b) achieve the Company’s objectives. 

2. Definitions. 
 (a)
“Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company. 

(b) “Actual Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the
Performance Period, subject to the Committee’s authority under Section 3(d) to modify the award. 
 (c)
“Board” means the Board of Directors of the Company. 
 (d) “Bonus Pool” means the pool of funds available
for distribution to Participants. Subject to the terms of the Plan, the Committee establishes the Bonus Pool for each Performance Period. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder will include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

(f) “Committee” means the committee appointed by the Board (pursuant to Section 5) to administer the Plan. Unless
and until the Board otherwise determines, the Board’s Compensation Committee will administer the Plan and be considered the Committee for purposes of the Plan. 

(g) “Company” means Arista Networks, Inc., a Delaware corporation, or any successor thereto. 

(h) “Employee” means any executive, officer, or key employee of the Company or of an Affiliate, whether such individual is so
employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 
 (i)
“Participant” means as to any Performance Period, an Employee who has been selected by the Committee for participation in the Plan for that Performance Period. 

(j) “Performance Period” means the period of time for the measurement of the performance criteria that must be met to receive
an Actual Award, as determined by the Committee 







 
in its sole discretion. A Performance Period may be divided into one or more shorter periods if, for example, but not by way of limitation, the Committee desires to measure some performance
criteria over 12 months and other criteria over 3 months. 
 (k) “Plan” means this Employee Incentive Plan, as set forth in
this instrument (including any appendix attached hereto) and as hereafter amended from time to time. 
 (l) “Target
Award” means the target award, at 100% target level of achievement, payable under the Plan to a Participant for the Performance Period, as determined by the Committee in accordance with Section 3(b). 

3. Selection of Participants and Determination of Awards. 

(a) Selection of Participants. The Committee, in its sole discretion, will select the Employees who will be Participants for any
Performance Period. Participation in the Plan is in the sole discretion of the Committee, on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or
assured of being selected for participation in any subsequent Performance Period or Periods. 
 (b) Determination of Target Awards.
The Committee, in its sole discretion, will establish a Target Award for each Participant, which may be a percentage of a Participant’s annual base salary as of the beginning or end of the Performance Period or a fixed dollar amount. 

(c) Bonus Pool. Each Performance Period, the Committee, in its sole discretion, will establish a Bonus Pool, which pool may be
established before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool. 
 (d) Discretion
to Modify Awards. Notwithstanding any contrary provision of the Plan, the Committee may, in its sole discretion and at any time, (i) increase, reduce or eliminate a Participant’s Actual Award, and/or (ii) increase, reduce or
eliminate the amount allocated to the Bonus Pool. The Actual Award may be below, at or above the Target Award, in the Committee’s discretion. The Committee may determine the amount of any reduction on the basis of such factors as it deems
relevant, and will not be required to establish any allocation or weighting with respect to the factors it considers. 
 (e) Discretion
to Determine Criteria. Notwithstanding any contrary provision of the Plan, the Committee will, in its sole discretion, determine the performance goals applicable to any Target Award which may include, without limitation: (i) attainment of
research and development milestones, (ii) bookings, (iii) business divestitures and acquisitions, (iv) cash flow, (v) cash position, (vi) contract awards or backlog, (vii) customer quality and support;
(viii) customer-related measures, (ix) customer retention rates from an acquired company, business unit or division, (x) earnings (which may include earnings before interest, taxes, depreciation and amortization, earnings before taxes
and net earnings), (xi) earnings per share, (xii) expenses, (xiii) gross margin, (xiv) growth in stockholder value relative to the moving average of the S&P 500 Index or another index, (xv) internal rate of return,
(xvi) inventory turns, (xvii) inventory levels, 

  
 -2- 








 
(xviii) market share, (xix) net income, (xx) net profit, (xxi) net sales, (xxii) new product development, (xxiii) new product invention or innovation, (xxiv) number
of customers, (xxv) operating cash flow, (xxvi) operating expenses, (xxvii) operating income, (xxviii) operating margin, (xxix) overhead or other expense reduction, (xxx) product defect measures, (xxxi) product
innovation, (xxxii) product release timelines, (xxxiii) product quality, (xxxiv) productivity, (xxxv) profit, (xxxvi) return on assets, (xxxvii) return on capital, (xxxviii) return on equity, (xxxix) return on
investment, (xl) return on sales, (xli) revenue, (xlii) revenue growth, (xliii) sales results, (xliv) sales growth, (xlv) stock price, (xlvi) time to market, (xlvii) total stockholder return,
(xlviii) working capital, and (xlvix) individual objectives such as MBOs, peer reviews or other subjective or objective criteria. As determined by the Committee, the performance goals may be based on GAAP or Non-GAAP results and any actual
results may be adjusted by the Committee for one-time items, unbudgeted or unexpected items and/or payments of Actual Awards under the Plan when determining whether the performance goals have been met. The goals may be on the basis of any factors
the Committee determines relevant, and may be on an individual, divisional, business unit or Company-wide basis. The performance goals may differ from Participant to Participant and from award to award. Failure to meet the goals will result in a
failure to earn the Target Award, except as provided in Section 3(d). 
 4. Payment of Awards. 

(a) Right to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company. Nothing in this Plan will
be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which he or she may be entitled. 

(b) Timing of Payment. To receive an Actual Award a Participant must be employed by the Company or any Affiliate on the date the Actual
Award is paid. Accordingly, an Actual Award is not considered earned until paid. 
 It is the intent that this Plan be exempt from, or
comply with, the requirements of Code Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted to so comply.
Each payment under this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

(c) Form of Payment. Each Actual Award will be paid in cash (or its equivalent) in a single lump sum. 

5. Plan Administration. 

(a) Committee is the Administrator. The Plan will be administered by the Committee. The Committee will consist of not less than two
(2) members of the Board. The members of the Committee will be appointed from time to time by, and serve at the pleasure of, the Board. 

  
 -3- 








 (b) Committee Authority. It will be the duty of the Committee to administer the Plan in
accordance with the Plan’s provisions. The Committee will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (i) determine which
Employees will be granted awards, (ii) prescribe the terms and conditions of awards, (iii) interpret the Plan and the awards, (iv) adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan
by Employees who are foreign nationals or employed outside of the United States, (v) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (vi) interpret, amend or revoke any such
rules. 
 (c) Decisions Binding. All determinations and decisions made by the Committee, the Board, and any delegate of the Committee
pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law. 

(d) Delegation by Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all
or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. 
 (e)
Indemnification. Each person who is or will have been a member of the Committee will be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award,
and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he
or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other
rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold
them harmless. 
 6. General Provisions. 

(a) Tax Withholding. The Company will withhold all applicable taxes from any Actual Award, including any federal, state and local taxes
(including, but not limited to, the Participant’s FICA and SDI obligations). 
 (b) No Effect on Employment or Service. Nothing
in the Plan will interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause. Employment with the Company and its Affiliates is on an at-will basis only.
The Company expressly reserves the right, which may be exercised at any time and without regard to when during a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her
without regard to the effect that such treatment might have upon him or her as a Participant. 

  
 -4- 








 (c) Participation. No Employee will have the right to be selected to receive an award
under this Plan, or, having been so selected, to be selected to receive a future award. 
 (d) Successors. All obligations of the
Company under the Plan, with respect to awards granted hereunder, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business or assets of the Company. 
 (e) Nontransferability of Awards. No award granted under the Plan may
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 6(e). All rights with respect to an award granted to a
Participant will be available during his or her lifetime only to the Participant. 
 7. Amendment, Termination, and Duration. 

(a) Amendment, Suspension, or Termination. The Committee, in its sole discretion, may amend or terminate the Plan, or any part thereof,
at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award theretofore earned by such Participant. No award
may be granted during any period of suspension or after termination of the Plan. 
 (b) Duration of Plan. The Plan will commence on
the date specified herein, and subject to Section 7(a) (regarding the Board’s right to amend or terminate the Plan), will remain in effect until terminated. 

8. Legal Construction. 

(a) Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also will include the feminine;
the plural will include the singular and the singular will include the plural. 
 (b) Severability. In the event any provision of the
Plan will be held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included. 

(c) Requirements of Law. The granting of awards under the Plan will be subject to all applicable laws, rules and regulations, and to
such approvals by any governmental agencies or national securities exchanges as may be required. 
 (d) Governing Law. The Plan and
all awards will be construed in accordance with and governed by the laws of the State of California, but without regard to its conflict of law provisions. 

  
 -5- 








 (e) Bonus Plan. The Plan is intended to be a “bonus program” as defined under
U.S. Department of Labor regulation 2510.3-2(c) and will be construed and administered in accordance with such intention. 
 (f)
Captions. Captions are provided herein for convenience only, and will not serve as a basis for interpretation or construction of the Plan. 

  
 -6-