Document:

Exhibit 10.4

        

         

        

        EMPLOYEE STOCK OPTION AGREEMENT

        UNDER THE SECOND AMENDED AND RESTATED PDS BIOTECHNOLOGY CORPORATION

        2014 EQUITY INCENTIVE PLAN

        

        

        THIS STOCK OPTION AGREEMENT (this “Agreement”) between PDS Biotechnology
          Corporation (the “Corporation” or the “Company”) and the individual specified on the
          Notice of Grant (the “Optionee”) is made as of the date of grant specified on the Notice of Grant to which this Agreement is attached (the “Grant Notice”). The date of grant specified on the Grant Notice is referred to herein as the “Grant Date.”

        

        

        RECITALS

        WHEREAS, the Corporation maintains the Second Amended and Restated PDS Biotechnology Corporation 2014 Equity Incentive Plan (formerly
          known as the Amended and Restated Edge Therapeutics, Inc. 2014 Equity Incentive Plan) (the “Plan”) for the benefit of its employees, directors and consultants; and

        

        

        WHEREAS, the Plan permits the Corporation to award options with respect to shares of the Corporation’s common stock, $0.00033 par value
          per share (“Shares”), subject to the terms of the Plan.

        

        

        NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound hereby,
          agree as follows:

        

        

        1. Award of Option. The Corporation hereby grants to the Optionee, as of the Grant Date, the option (the “Option”) to purchase the number of Shares specified on the Grant Notice (the “Option Shares”). The Option is subject to the terms set forth herein, and the
          terms of the Plan, which terms and provisions are incorporated herein by reference. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.

        

        

        2. Type of Option. If the Grant Notice indicates that the grant type is “ISO,” then the Option is intended to be an Incentive Stock Option described by Section 422 of the
          Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the designation of this Option as either an Incentive Stock Option or non-qualified stock option, the Corporation
          makes no representation as to the treatment of the Option under any federal, state, local or foreign tax law and the Corporation has not advised the Optionee on such matters. If the Grant Notice does not specify the grant type as “ISO,” or if any
          portion of the Option cannot qualify as an Incentive Stock Option, then the Option (or such portion of the Option, as applicable) shall not be an Incentive Stock Option.

        

        

        3. Term of Option.

        

        

        (a) Term. The term of the Option shall commence on the Grant Date and end on the Expiration Date specified on the Grant Notice, or on such earlier date as provided in the
          Plan and Section 3(b) below (the “Term”).

         

        

        (b) Termination of Employment. Upon the Optionee’s termination of employment with the Company and its Subsidiaries, except as set forth in Section 5(b) or Section 14
          hereof, the unvested portion of the Option shall cease to vest and shall be forfeited and the vested portion of the Option (taking into consideration any vesting required by Section 5(b) hereof, if applicable) shall remain exercisable by the
          Optionee or the Optionee’s beneficiary or legal representative, as the case may be, for a period of (i) 90 days in the event of the Optionee’s termination for any reason other than for Cause, death or Disability and (ii) 180 days in the event of
          a termination due to death or Disability; provided, however, that no part of the Option shall be exercisable after the Expiration Date. The entire unexercised portion of the Option, whether or not vested, shall be forfeited immediately upon the
          Optionee’s termination by the Company or a Subsidiary for Cause.

        

        

        4. Exercise Price. The cost to the Optionee to purchase, pursuant to this Agreement, one Option Share is the Exercise Price specified on the Grant Notice (subject to
          adjustment as set forth in the Plan).

        

        

        5. Exercise of Option. Subject to Section 11, the Option will be exercisable during the Term only to the extent that it is then vested and then only in accordance with the
          terms and provisions of the Plan and this Agreement.

         

        

        
          
            

        

        (a) Vesting - General. The Option will vest and become exercisable in accordance with the vesting schedule set forth on the Grant Notice. Except as provided in Section
          5(b) hereof, upon the Optionee’s termination of employment with the Corporation and its Subsidiaries for any reason, the unvested portion of the Option shall be immediately forfeited with no consideration due to the Optionee.

        

        

        (b) Vesting - Change in Control. Unless otherwise determined by the Committee, the unvested portion of the Option shall not automatically vest upon a Change in Control.
          Notwithstanding the foregoing, the Option shall vest in full upon a Qualifying Termination (as defined in Section 5(c)).

        

        

        (c) Definition of Qualifying Termination. For purposes of this Agreement, “Qualifying Termination” means a
          termination of the Optionee’s employment with the Corporation or any Subsidiary that occurs during the 12-month period immediately following a Change in Control and is (i) due to the Optionee’s death or Disability, (ii) by the Corporation or a
          Subsidiary without Cause or (iii) by the Optionee for Good Reason. “Good Reason” shall have the meaning given in an effective employment, consulting, severance or other similar agreement
          between the Optionee and the Corporation or any Subsidiary, or, if the Optionee is not a party to such an agreement or the term “Good Reason” is not defined therein, “Good Reason” shall mean, without the Optionee’s written consent, (i) a
          reduction in the Optionee’s base salary or target bonus opportunity expressed as a percentage of base salary, (ii) a material diminution in the Optionee’s title, duties, authority, reporting relationship or responsibilities from those in effect
          immediately prior to such Change in Control or (iii) a relocation of the Optionee’s principal office or work location to a location that is more than thirty-five (35) miles from the Optionee’s principal office or work location immediately prior
          to such Change in Control; provided, however, that no event or circumstance shall constitute Good Reason unless the Optionee provides written notice to the Corporation or a Subsidiary of the condition that could constitute “Good Reason” within
          ninety (90) days after the initial existence of such condition, such condition is not remedied by the Company or a Subsidiary within thirty (30) days after such written notice is given to the Company, and the Optionee terminates his or her
          employment within ninety (90) days following the end of such cure period. Notwithstanding the foregoing, if the Optionee is party to an effective employment, consulting, severance or other similar agreement between the Optionee and the
          Corporation or a Subsidiary and (A) any prong of the definition of “good reason” therein is less favorable to the Optionee than the corresponding prong in the definition set forth in this Agreement, then the corresponding prong in this Agreement
          shall apply for purposes of this Option and (B) the definition of “good reason” set forth therein does not include a relocation prong, then clause (iii) of the definition of Good Reason set forth in this Agreement shall apply to the Optionee with
          respect to this Option

         

        

        (d) Method of Exercise. The Optionee may exercise the Option by providing written notice to the Corporation stating the election to exercise the Option. Such written
          notice shall be signed by the Optionee and shall be delivered in person or by certified mail to the Secretary of the Corporation or such other Person as may be designated by the Corporation. The written notice shall be accompanied by (i) payment
          of the Exercise Price and (ii) payment of, or arrangement of payment of, all applicable withholding taxes as provided in Section 9 below. Payment of the purchase price shall be by cash, or certified or bank check or such other consideration and
          method of payment as may be authorized by the Committee pursuant to the Plan. Following exercise, any certificate(s) for Option Shares shall be registered in the name of the Optionee (or his or her heirs or beneficiary, as applicable).

        

        

        (e) Partial Exercise. The Option, to the extent vested, may be exercised in whole or in part; provided, however, that any exercise may apply only with respect to whole
          numbers of Option Shares.

        

        

        (f) Restrictions on Exercise. Upon a Change in Control, the right to exercise the Option shall be subject to Sections 7.1 and 7.2 of the Plan. The Option shall not be
          exercised if the issuance of the Option Shares upon such exercise would constitute a violation of any applicable federal or state securities laws or other laws or regulations. As a further condition to the exercise of the Option, and in addition
          to any other requirements set forth in this Agreement, the Corporation may require the Optionee to make any other representation or warranty to the Corporation as may be required by or advisable under any applicable law or regulation.

        

        

        (g) Termination of Option. Upon the end of the Term, any portion of the Option that remains unexercised shall be forfeited and cancelled with no consideration due to the
          Optionee.

        

        

        
          
            

        

        6. Non-Transferability of Option. The Option may not be sold, pledged, assigned, hypothecated, gifted, transferred or disposed of in any manner either voluntarily or
          involuntarily by operation of law, other than by will or by the laws of descent and distribution. During the Optionee’s lifetime, the Option is exercisable only by the Optionee. If the Optionee dies during the Term, the terms of this Agreement
          and the Plan will be binding upon the executors, administrators, legal guardians, representatives, estate and heirs of the Optionee, whether testamentary heirs or heirs by intestacy.

        

        

        7. Conditions on All Transfers of Option Shares. Notwithstanding anything to the contrary contained in this Section 7, no Transfer of an Option Share shall be made, or, if
          attempted or purported to be made, shall be effective, unless and until the Corporation is satisfied that the Transfer will not violate any federal or state securities law or any other law or agreement (including this Agreement). If the Transfer
          would violate any such law or agreement and the Optionee nevertheless attempts or purports to engage in a Transfer of Option Shares, then the Corporation shall not recognize such Transfer on the books and records of the Corporation and such
          Transfer will be null and void ab initio. In addition, the Optionee will be liable to the Corporation for damages, if any, which may result from such attempted or purported Transfer.

        

        

        8. No Promise of Employment. Neither the Plan nor the Option nor the holding of Option Shares will confer upon the Optionee any right to continue in the employ or other
          service of the Corporation or any Subsidiary, or limit, in any respect, the right of the Corporation or any Subsidiary to discharge the Optionee at any time, with or without Cause and with or without notice.

        

        

        9. Withholding. The Optionee shall be responsible for making appropriate provision for all taxes required to be withheld in connection with the Option or the exercise
          thereof. Such responsibility shall extend to all applicable federal, state, local and foreign withholding taxes. The Corporation or its Subsidiaries, in their sole discretion, shall have the right to retain the number of shares whose Fair Market
          Value equals the amount to be withheld in satisfaction of the applicable withholding taxes (or to withhold from any payroll or other amounts otherwise due to the Optionee the amount of withholding taxes due in connection with the exercise of the
          Option). Notwithstanding the foregoing, if the Optionee is subject to Section 16 of the Exchange Act at the time of exercise of the Option, then the Company shall permit the Optionee to pay the Exercise Price and the withholding taxes relating to
          the exercise of the Option through a broker-assisted exercise of the Option whereby the broker will sell a number of shares sufficient to pay such Exercise Price and withholding taxes and shall remit the proceeds of the sale to the Company, and
          with any remaining shares to be credited to the account of the Optionee (provided that any form of payment of the withholding taxes or exercise price relating to the Option that would result in liability accounting shall not apply notwithstanding
          any contrary position in this Agreement or in the Plan).

        

        

        10. The Plan. The Optionee has received a copy of the Plan (a copy of which is attached hereto as Exhibit A), has read the Plan and is familiar with its terms, and
          hereby accepts the Option subject to all of the terms and provisions of the Plan, as amended from time to time, and this Agreement. Pursuant to the Plan, the Committee is authorized to interpret the Plan and to adopt rules and regulations not
          inconsistent with the Plan as it deems appropriate. The Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee with respect to the Plan, this Agreement, the Option Shares or any
          agreement relating to the Option or the Option Shares.

        

        

        11.          [Contingent on Stockholder Approval. The Option under this Agreement is expressly contingent on the
            stockholders of the Company approving the Plan at the 2021 Annual Meeting of the Stockholders of the Company (the “2021 Annual Meeting”). Notwithstanding any other terms of this Agreement, if the
            stockholders of the Company do not approve the Plan at the 2021 Annual Meeting, then this Agreement and the entire Option granted hereunder shall be rescinded and Optionee agrees that the Option will be void ab initio, and he/she shall cease to
            have any rights and will not be owed any obligations with respect to this Agreement and the Option granted hereunder. The Company will submit to its stockholders at the 2021 Annual Meeting a proposal to approve the Plan; provided, however, that
            the Company makes no representations regarding whether such approval will be obtained.]*

        

        

        12.          Governing Law. This Agreement will be construed in accordance with the laws of the State of Delaware,
            without regard to the application of the principles of conflicts of laws of Delaware or any other jurisdiction.

        

        

        *This provision shall only be included to the extent applicable.

        

        

        

        
          
            

        

        13. Severability. All provisions of this Agreement are distinct and severable and if any clause shall be held to be invalid, illegal or against public policy, the validity
          or the legality of the remainder of this Agreement shall not be affected thereby, and the remainder of this Agreement shall be interpreted to give maximum effect to the original intention of the parties hereto.

        

        

        14. Amendment. Subject to the provisions of the Plan, this Agreement may only be amended by a writing signed by each of the parties hereto.

        

        

        15. Employment Agreement Override. If the Optionee is a party to an effective employment, consulting, severance or other similar agreement with the Company or any of its
          Subsidiaries that provides for any special vesting benefits in connection with a termination of employment or other service that conflict with those set forth in this Agreement or the Plan, the provisions of such employment, consulting, severance
          or other similar agreement shall control, except that any provision in any such employment, consulting, severance or other similar agreement (i) that requires vesting of options upon a Change in Control or similar event shall not apply to the
          Option and (ii) that specifies a period during which the Option may be exercised following a termination of employment shall not apply to the Option.

        

        

        16. Entire Agreement. This Agreement, together with the Grant Notice and the Plan, and the other exhibits attached thereto or hereto, represents the entire agreement
          between the parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating to the award of the Option to Optionee by the
          Corporation. By signing the Grant Notice, the Optionee understands and hereby agrees that any provision in an effective employment, consulting, severance or other similar agreement between the Optionee and the Company or any Subsidiary that
          requires vesting of options upon a Change in Control or similar event, or that specifies a period during which the Option may be exercised following a termination of employment, shall not apply to the Option.

        

        

        
          
            

        

        EXHIBIT A

        Second Amended and Restated PDS Biotechnology Corporation 2014 Equity Incentive Plan

         

        

        
          
            

        

        NOTICE OF GRANT AND OPTION AGREEMENT

        	
                Company Information:

              	
                Optionee:

              
	
                PDS Biotechnology Corporation

              	
                [NAME]

              
	
                25B Vreeland Road Suite 300

              	
                [ADDRESS]

              
	

              	
                [CITY, STATE, ZIP]

              
	

              	
                United States

              
	

              	

              
	
                Florham Park, NJ 07932

              	

              
	
                United States

              	

              
	
                Phone: 800-208-3343

              	
                Phone: [_________]

              
	
                Fax: 800-208-3433

              	
                Email: [__________]

              
	
                Plan Name:

              	
                Amended and Restated PDS Biotechnology Corporation 2014 Equity Incentive Plan

              	
                Date of Grant:

              	
                [_____]

              
	
                Grant Type:

              	
                [ISO] [NQSO]

              	
                Date of Expiration:

              	
                [_____]

              
	
                Option Number:

              	
                [___]

              	 	  
	
                Number Granted:

              	
                [_____]

              	 	  
	
                Vesting Type:

              	
                Other

              	
                Exercise Price:

              	
                $[_____]

              
	
                Vesting Start Date:

              	
                [_____]

              	
                Total Option Price:

              	
                $[_____]

              

        	
                Vesting Schedule:

              	 	 	   
	 	
                Date Vested

              	
                Shares Vested

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                [_____]

              	
                [_____]

              	 
	 	
                Total:

              	
                [_____]

              	 
	
                By your signature and the Company’s signature below, you and the Company agree that the Option specified in this Grant Notice is granted under and governed by the terms and conditions of the
                  Amended and Restated PDS Biotechnology Corporation 2014 Equity Incentive Plan, as amended from time to time, and the Option Agreement, all of which are attached and made a part of this Grant Notice.

              

        	
                OPTIONEE:

              	

              	
                PDS BIOTECHNOLOGY CORPORATION

              
	
                Name:

              	
                [_________]

              	

              	
                By:

              	
                [_________]

              
	
                Date:

              	

              	

              	
                Date:Exhibit 10.1

     

   
   

    

   
  

    
    	
             

            

          	
             

          
	 	 

    

    

    

    	 	December 7, 2020 

          
	 	 
	 	Rajiv Ramaswami 

          
	 	 
	 	Dear Rajiv: 

          
	 	 
	 	Nutanix, Inc., a Delaware corporation (the “Company”), is pleased to offer you employment with the Company on the terms
            described below. 

          
	 	 
	1. 

          	Position.  You will start in a full-time position as the Company’s Chief Executive Officer & President and will report to Company’s Board of Directors (the “Board”). Your currently-anticipated start date is as
                soon as reasonably practicable (your actual start date will be referred to in this letter as the “Start Date”).  In this role, you will render such business and professional services in the performance of your duties, consistent with your role, as shall
              reasonably be assigned to you by the Board.  This position is considered an exempt position for purposes of federal and state law, which means that you
                are not eligible for overtime pay.  Additionally, your employment with the Company is contingent upon receipt of proof of your eligibility to work in the United States (as required by law). By signing this letter, you confirm with the
                Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties with the Company. 

          
	 	 
	 	In addition, subject to necessary corporate approvals, you will be appointed to the Board effective on your Start Date.  Upon your termination of employment as Chief Executive Officer, you
            agree to resign from the Board and any officer positions with the Company and/or any subsidiary. 

          
	 	 
	 	As a Company employee, you will be expected to abide by the Company’s rules and standards. Specifically, you will be required to sign an acknowledgment that you have read and that you
            understand the Company’s rules of conduct which are included in the Company Handbook. 

          
	 	 
	2. 

          	Compensation.  Your starting
              compensation will be a semi-monthly salary of $33,333.33, which is the equivalent of $800,000 on an annual basis, payable based on the
              Company’s regular payroll dates, and in accordance with the Company’s normal payroll procedures. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect and as amended from time to time. In addition, you will be eligible for annual incentive compensation, with an annual target of $800,000 at 100% achievement. This annual incentive compensation will be subject to the
              achievement of performance targets (which may include individual, business division, or corporate targets) which will be set by the Company’s Board of Directors (“Board”) or its Compensation Committee (the “Committee”), if so delegated to the Committee by the Board after the
              beginning of each fiscal year. Achievement of the performance targets and payment of your incentive compensation shall be determined, in good faith, by the Board or the Committee (if so delegated by the Board).  The annual incentive
              compensation paid to you for the Company’s 2021 fiscal year, if any, will be pro-rated based on your time of service during such fiscal year.  Your base salary and your annual incentive compensation opportunity will be reviewed annually by
              the Board or the Committee (if so delegated by the Board) based on your performance and/or external compensation consultant recommendations. 

          

    

    

    

    

    
      Nutanix, Inc. 1740 Technology Drive San Jose, CA 95110

      www.nutanix.com

      
        
          

      

    

    

    

    	3. 

          	Employee Benefits.  As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to
              paid vacation in accordance with the Company's vacation policy.  You should note that the Company might modify job salaries, and benefits from time to time, as it deems necessary. 

          
	 	 
	4. 

          	Restricted Stock Units. Not later than 3 days
              after the Start Date, the Board or the Committee will grant you an aggregate of number of restricted stock units that results in a grant date fair value for financial accounting purposes of $32,000,000, assuming the
              value of a share is a trailing 30-calendar day trading average ending on the date prior to the Start Date and using a Monte Carlo simulation (“RSUs”), which represent the right to receive shares of Company Class A
              common stock if specific vesting requirements are satisfied.  The RSUs will be subject to the terms and conditions applicable to RSUs granted under the Company’s 2016 Equity Incentive Plan (the “Plan”), as described
              in the Plan, as well as terms and conditions of this Agreement and those terms set forth in the Company’s standard form of executive restricted stock unit agreement (the “RSU Agreements”), which you will be required to
              sign.  You should consult with your own tax advisor concerning the tax risks associated with accepting RSUs that cover the Company’s common stock.  Subject to your continuous service with the Company, as described in the applicable RSU
              Agreements, the shares subject to the RSUs will vest as follows: 

          
	 	 
	a) 

          	
            
              35% of the RSUs (the “Time-Based RSUs”) will vest according to the following schedule
                  (subject to your continuous service with the Company, to be described in the RSU Agreement):  the “Vesting Commencement Date” for the
                  RSUs will be the first March 15th, June 15th, September 15th or December 15th, whichever is closest, following your Start Date; 25% of the RSUs will vest on the one-year anniversary of the
                  Vesting Commencement Date (or, if such date falls on a weekend or a U.S. stock market holiday, the first business day thereafter) and 1/16th of the RSUs will vest in quarterly installments thereafter on the 15th day of the
                  applicable month (or, if such date falls on a weekend or a U.S. stock market holiday, the first business day thereafter), so as to be 100% vested on the date that is the fourth anniversary of the Vesting Commencement Date (the “Standard Vesting Schedule”).  In the event that your continuous service ceases prior to an applicable vesting date in the Standard Vesting
                  Schedule, then, except as set forth in this letter, the unvested RSUs and your right to acquire any shares subject to such unvested RSUs will immediately terminate.

            

          

    

    

    
      	b) 

            	
              
                65% of the RSUs (the “Performance RSUs” and such number of RSUs that are initially
                    designated as Performance RSUs, the “targeted number of Performance RSUs”)) will vest upon both achievement of applicable Milestones described
                    below (the “Performance Condition”) and satisfaction of the Standard Vesting Schedule (the “Time Condition”).

              

            

    

    

    

    
      	

            	
              
                With respect to the Standard Vesting Schedule, your “Vesting Percentage” is the percentage of the Standard Vesting Schedule that has been achieved on the date a Milestone is achieved.  For example, on the one-year anniversary of
                  the Vesting Commencement Date, your Vesting Percentage is 25%. 

              

            

    

    

    

    
      	 

            	
              
                “Stock Price Measurement”
                  means the measurement of the Company’s stock price based on the average closing price for a 30 consecutive calendar day period ending on the calendar day prior to the day of determination. 

              

            

    

    

    

    

    

    
      Nutanix, Inc. 1740 Technology Drive San Jose, CA 95110

      www.nutanix.com

      
        
          

      

    

    

    

    	 	
            “Initial Measurement” means the measurement of the Company’s stock price based on the average
              closing price for the 45 consecutive trading day period ending on the trading day prior to the Start Date. 

            

          
	 	
             

          
	 	
            Performance RSUs will have 2 Performance Conditions: (i) Stock Price Measurement of 125% of the Initial Measurement (“Milestone 1”) and (ii) Stock Price Measurement of 150% of the Initial Measurement (“Milestone 2 and together with Milestone 1 (“Milestones”). 
              Achievement of a Milestone will be determined by the Board or the Committee.  Milestones will be proportionately adjusted for any changes in our capitalization like a stock split or a reverse stock split. 

            

          
	 	
             

          
	 	
            Milestone 1 corresponds to a multiplier (a “Performance RSU Multiplier”) of 67%.  Milestone 2
              corresponds to a Performance RSU Multiplier of 133%. 

            

          
	 	
             

          
	 	
            Upon achievement of Milestone 1, subject to continued service, your Performance RSUs will satisfy the Performance Condition on the date the Milestone 1 is achieved, and you will be credited with
              satisfying the Time Condition under the Standard Vesting Schedule, as follows: (x) your targeted number of Performance RSUs, multiplied by (y) the
              applicable Performance RSU Multiplier ((x) * (y), the “Earned Performance RSUs”) of 67%, multiplied by (z) the Vesting Percentage on that date.  No Performance RSUs will vest unless Milestone 1 is achieved. 

            

          
	 	
             

          
	 	
            Earned Performance RSUs will continue to vest on the Standard Vesting Schedule, subject to continued service. 

            

          
	 	
             

          
	 	
            Upon achievement of Milestone 2, subject to continued service, your remaining Performance RSUs will satisfy the Performance Condition on the date Milestone 2 is achieved, and you will be
              credited with satisfying the Time Condition under the Standard Vesting Schedule, as follows: 

            

          
	 	 
	 	
            (1) (x) your targeted number of Performance RSUs, multiplied by (y) the
              Performance RSU Multiplier of 133% (accordingly, your Earned Performance RSUs will be 133% of the Performance RSUs), multiplied by (z) the
              Vesting Percentage, less 

            

          
	 	
             

          
	 	
            (2) Earned Performance RSUs that have already satisfied the Time Condition. 

            

          
	 	 
	 	
            Any Earned Performance RSUs that have not yet satisfied the Time Condition will then continue to vest on the Standard Vesting Schedule, subject to continued service.  For the avoidance of doubt,
              in no event shall the total number of Earned Performance RSUs that vest at any given point in time exceed 133% of your targeted number of Performance RSUs.  Following the day after the end of the Standard Vesting Schedule, any Performance
              RSUs that have not already vested will be forfeited without consideration and no further Performance RSUs will become eligible to vest. 

            

          
	 	
             

          
	 	
            If a Change in Control (as defined in the Plan) occurs prior to Milestone 2 being achieved during the Standard Vesting Schedule, then Stock Price Measurement will be measured immediately prior
              to the closing of the Change in Control based on the price per share payable to Company stockholders in the Change in Control.  If this Stock Price Measurement results in a Milestone being achieved, then the Performance Condition shall be
              deemed satisfied as to that Milestone immediately prior to the closing of the Change in Control, with the resulting number of Performance RSUs satisfying each of the Performance Condition and Time Condition determined using the formulas set
              forth above.  Any remaining Earned Performance RSUs that have not yet satisfied the Time Condition will continue to vesting following the Change in Control on the Standard Vesting Schedule, subject to acceleration of vesting as provided in
              Sections 4(d) and (e) below. If Milestone 2 is not satisfied at the closing of the Change in Control based on the price per share payable to Company stockholders in the Change in Control, the remaining targeted number of Performance RSUs that
              have not satisfied the Performance Condition will convert into Time-Based RSUs and will continue to vest following the Change in Control on the Standard Vesting Schedule, subject to acceleration of vesting as provided in Sections 4(d) and (e)
              below, and any excess above the targeted number of Performance RSUs will be forfeited as of the closing of the Change in Control. 

            

          

    

    

    

    

    

    Nutanix, Inc. 1740 Technology Drive San Jose, CA 95110

    www.nutanix.com

    
      
        

    

    

    	c) 

          	
            Failure to Assume on Change in Control.  For the avoidance of doubt, with respect to the RSUs
              (including Time-Based RSUs, Earned Performance RSUs and the Performance RSUs that convert to Time-Based RSUs in Section 4(b) above), the treatment of such Awards on a Change in Control where awards are not assumed or substituted for shall be
              as set forth in Section 14(c) of the Plan. 

            

          
	 	
             

          
	d) 

          	
            Non-Change in Control Termination.  Notwithstanding the foregoing vesting schedule, if your
              employment is terminated other than for Cause (as defined in the CoC Policy), death or disability, in each case, apart from the Change of Control Period (as defined in the CoC Policy), then provided you sign and allow to become effective
              within 60 days following your termination date the Company’s standard form of release of claims agreement and resign from all positions you then hold with the Company, (1) the Time-Based RSUs (including any Earned Performance RSUs) will vest
              as to a number of shares that would have vested had you continued employment for 12-months following your termination date and (2) any unearned Performance RSUs that have not satisfied a Performance Condition will remain eligible to vest if
              an applicable Milestone is achieved prior to the earlier of (x) 12 months following your termination date and (y) the end of the Standard Vesting Schedule; any Performance RSUs that vest under this clause (2) will vest based on service credit
              through your termination date.  For the avoidable of doubt, the acceleration provisions under this Section 4(d) will only apply to the RSUs (including the Performance RSUs) described in Sections 4(a) and (b) of this letter and no other equity
              awards that you may be granted as a Company employee. 

            

          
	 	
             

          
	e) 

          	
            Change in Control Termination.  For the avoidance of doubt, any RSUs that remain outstanding on and
              after the closing of a Change in Control (including Time-Based RSUs, Earned Performance RSUs and the Performance RSUs that convert to Time-Based RSUs in Section 4(b) above) shall be considered time-based awards for purposes of the CoC Policy
              and be eligible for accelerated vesting under the CoC Policy. 

            

          
	 	
             

          
	g) 

          	
             In addition to the RSUs, you will participate in the Company’s standard refresh grant cycle for fiscal year 2022 that generally occurs on or about September 2021. 

            

          
	 	 
	5. 

          	
            
              
                Change of Control.  The Committee will designate you as an Eligible Employee (as defined in the CoC Policy, defined below) effective on the Start Date, provided you have executed a Participation Agreement in the form attached
                    hereto as Exhibit A (the “CoC Participation Agreement”),

                    making you eligible to participate in the Company’s Change of Control and Severance Policy (“CoC Policy”) at the Tier 1 Level. A copy of the CoC Policy and the CoC Participation Agreement are attached hereto
                    as Exhibit A.

              

            

          

    

    

    

    

    
      Nutanix, Inc. 1740 Technology Drive San Jose, CA 95110

      www.nutanix.com

      
        
          

      

    

    

    

    	6. 

          	
            
              
                Severance Unrelated to a Change of
                      Control.  The Committee will designate you as an Eligible Employee (as defined in the Severance Policy, defined below) effective on the Start Date, provided you have executed a Participation
                    Agreement in the form attached hereto as Exhibit B (the “Severance Participation Agreement”), making you eligible to participate in the Company’s Executive Severance
                      Policy (“Severance Policy”) at a level providing for 100% annual base salary severance and 12 months of COBRA. A copy of the
                    Severance Policy and the Severance Participation Agreement are attached hereto as Exhibit B.

              

            

          
	 	 
	7. 

          	
            
              
                Confidential Information and Invention
                      Assignment Agreement.  Like all Company employees, you will be required, as a
                    condition of your employment with the Company, to sign the Company’s Dispute Resolution Agreement, and the Company’s enclosed standard Confidential Information and Inventions Assignment Agreement (“CIIAA”), which requires, among other provisions, the assignment of patent rights to any invention made during your employment at the Company, and non‐disclosure of Company
                    proprietary information. Please note that we must receive your signed CIIAA and Dispute Resolution Agreement before your first day of employment.  A copy of the Dispute Resolution Agreement and the CIIAA are attached hereto as Exhibit C.

              

            

          
	 	 
	8. 

          	
            
              
                At-Will Employment Relationship.  Employment
                      with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any
                      contrary representations which may have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as
                      well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a delegate of the Board.

              

            

          
	 	 
	9. 

          	
            
              
                Outside Activities.  You will be subject to the Company’s Corporate Governance Guidelines as a Board member.  We understand that
                    you currently serve on the board of directors of NeoPhotonics Corporation.  You may continue to serve in such capacity so long as there is no conflict of interest.  Please note that the Corporate Governance Guidelines require you to
                    advise the Nominating & Corporate Governance Committee of invitations to join a public company board prior to accepting and any such service should be consistent with the Company’s conflict of interest policies.  While you render
                    services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company.  Similarly, you agree not to bring any third party confidential
                    information to the Company, including that of your former employers, and that in performing your duties for the Company you will not in any way utilize any such information.  In addition, while you render services to the Company, you
                    will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

              

            

          
	 	 
	10. 

          	
            
              
                Withholding Taxes.  All forms of compensation referred to in this letter are subject to applicable withholding and
                    payroll taxes.

              

            

          
	 	 
	11. 

          	
            
              
                Governing Law. This letter agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).

              

            

          

    

    

    

    

    
      Nutanix, Inc. 1740 Technology Drive San Jose, CA 95110

      www.nutanix.com

      
        
          

      

    

    

    

    

    

    	12. 

          	
            
              
                Acknowledgment. You acknowledge that you have had the opportunity to discuss this matter with and obtain advice from your private attorney, you have had sufficient time to read, and have carefully read and fully understand,
                    all the provisions of this letter agreement, and you are knowingly and voluntarily entering into this letter agreement.

              

            

          
	 	 
	13. 

          	
            
              
                Indemnification.  As an officer of the Company and member of the Board, you will be eligible for indemnification under the Company’s standard indemnification agreement attached hereto as Exhibit D (the “Indemnification Agreement”).

              

            

          
	 	 
	14.	
            
              
                Attorneys’ Fees.  The Company agrees to reimburse you for up to $20,000 for the cost of attorneys’ fees incurred by you in negotiating this letter agreement, payable within 30 days after you submit documentation of such fees.

              

            

          
	 	 
	15. 

          	
            
              
                Entire Agreement.  This letter, along with the CIIAA, the Dispute Resolution Agreement, the Plan, the RSU Agreement,
                    the CoC Policy and the CoC Participation Agreement (if and when executed), the Severance Policy and the Severance Participation Agreement (if and when executed) and the Indemnification Agreement, set forth the terms of your employment
                    with the Company, and supersede and replace any prior representations, understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter. This letter, including,
                    but not limited to, its at-will employment provision, may not be modified or amended except by a written agreement signed by a delegate of the Board and you.

              

            

          

    

    

    

    -Signature page follows-

     

    

     

    

    
      Nutanix, Inc. 1740 Technology Drive San Jose, CA 95110

      www.nutanix.com

    

    
      
        

    

    

    

    If you wish to accept this offer, please sign and date both the enclosed duplicate original of this letter and the enclosed
      Confidential Information & Inventions Assignment Agreement and return them via DocuSign. This offer, if not accepted, will expire at the close of business on December

      10, 2020.

    	 	We look forward to having you join us. 

          
	 	 	 
	 	 	Sincerely, 

          
	 	 	Nutanix, Inc. 

          
	 	 	 
	 	 	 
	 	 	By:       /s/ Sohaib Abbasi 
	 	 	             (Signature) 

          
	 	 	Name:   Sohaib Abbasi 

          
	 	 	Title:  Lead Independent Director 

          

    

    

    

    ACCEPTED AND AGREED: I confirm I am Rajiv Ramaswami and I intend to electronically sign this document.  I intend that my electronic signature
        shall be binding upon me in the same way as my handwritten signature.

    

    

    Rajiv Ramaswami

    

    

    

    

    /s/ Rajiv Ramaswami      (Signature)

    

      

      12/8/2020          Date

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