Document:

EX-10.4

 Exhibit 10.4 
 

 
  

			
	Headquarters	  	Silicon Valley Office          
	2855 E. Cottonwood Parkway, Suite 100	  	2880 Junction Avenue      
	Salt Lake City, Utah 84121	  	San Jose, CA 95134          

 October 3, 2013 
 Via
Electronic Mail 
 Mr. Gary Smerdon 
 Dear Gary:

 Congratulations! Fusion-io, Inc. (the “Company”, “Fusion-io” or “we”) is pleased to offer you the position of Chief Strategy
Officer and Executive Vice President at Fusion-io, which is a full-time, exempt position, reporting to the Chairman and Chief Executive Officer. You will be expected to faithfully and conscientiously perform your assigned duties and to diligently
observe all of your obligations to the Company. By accepting this offer of employment, you agree to devote your full business time and efforts, energy and skill to your employment at the Company and you confirm to us that you are under no
contractual or other legal obligation that could prohibit or preclude you from performing your duties for Fusion-io. This letter describes the essential elements of Fusion-io’s offer of employment to you. Please understand that this offer, if
not accepted, will expire on October 4, 2013. 
  

			
	Start Date:	  	To be mutually determined by Fusion-io and you, but not later than October 28, 2013.
		
	Compensation:	  	
		
	        Base Salary:	  	You will be paid a starting annual base salary of $370,000 payable in semi-monthly increments and in accordance with Fusion-io’s payroll policies and practices.
		
	        MBO Bonus:	  	You will be eligible for the Company’s annual MBO bonus program with a target bonus of 70% of your annual salary, payable at management’s discretion based on achievement of individual and Company performance
objectives to be determined and paid in accordance with Fusion-io’s policies and practices regarding incentive compensation awards.
		
	        Signing Bonus:	  	You will be eligible for a signing bonus of $400,000, payable at your first regularly scheduled payroll date and in accordance with Fusion-io’s policies and practices. If your employment is terminated voluntarily by you or
by the Company for cause before your one-year anniversary of employment, you agree to repay this bonus amount.

 Mr. Gary Smerdon 

October 3, 2013 
 Page 2 of 3 

 

			
	         Equity Awards:
	  	We will recommend to the Compensation Committee of our Board of Directors (the “Committee”) at a regularly scheduled meeting of the Committee after your start date that you be granted the following equity awards under
the Fusion-io, Inc. 2011 Equity Incentive Plan (the “Equity Plan”):
		
		  	Stock Option Award. An option to purchase 240,000 shares of Fusion-io common stock (the “Option Award”). The per share exercise price of the Option Award will be equal to the fair market value of one share
of Fusion-io common stock on the effective date of the grant of the Option Award, as determined by the Committee in accordance with the terms of the Equity Plan and the Company’s equity guidelines established by our Board of Directors and the
Committee. The Option Award shall be subject to formal approval by the Committee and the terms and conditions applicable to stock option awards granted under the Equity Plan, as described therein and as set forth in the stock option agreement to
which you agree to enter with the Company when the Option Award has been granted. The Option Award shall be subject to the following four (4) year vesting schedule: twenty-five percent (25%) of the total number of shares subject to the
Option Award shall become vested on the one (1) year anniversary of your Start Date and the remaining seventy-five percent (75%) of the total number of shares subject to the Option Award shall vest in thirty-six (36) substantially
equal monthly installments thereafter (on the same day of the month as your Start Date). All vesting shall be subject to your continued employment with the Company through applicable vesting dates.
		
		  	Restricted Stock Unit Award. A restricted stock unit award covering 120,000 units (the “RSU Award”). Each unit would represent the right to receive one share of Fusion-io common stock on the date of
vesting (subject to applicable tax withholding). The RSU Award shall be subject to formal approval of the Committee and the terms and conditions applicable to restricted stock unit awards granted under the Equity Plan, as described therein and
as set forth in the restricted stock unit award agreement to which you agree to enter with the Company if and when the RSU Award has been granted. The RSU Award will be subject to the following approximately four (4) year vesting schedule:
twenty-five percent (25%) of the total units subject to the RSU Award will vest on November 15, 2014 (assuming your start date is prior to November 15, 2013, otherwise the first vesting date will be on February 15,
2015; and an additional six and one-quarter percent (6.25%) of the total number of units subject to the RSU Award will vest at the end of each three (3) month period thereafter until the RSU Award is fully vested. All vesting shall be
subject to your continued employment with the Company through applicable vesting dates.
		
	Benefits:	  	To the extent that you are eligible, as a full-time employee of the Company you will be entitled to participate in Fusion-io’s employee benefit plans, including our health insurance and 401(k) plans, which are generally
available on a group basis to employees of the Company.

 Mr. Gary Smerdon 

October 3, 2013 
 Page 3 of 3 

 

			
	 InvoluntaryTermination

Severance Agreement: 
	  	We will recommend to the Committee that they approve and authorize the Company to enter into an involuntary termination severance agreement with you in substantially the form attached hereto as Exhibit A in
connection with your employment with the Company, which agreement shall not become effective unless and until it is signed and delivered by both parties thereto.
		
	 Fusion-io Policies
 and
Employment
 Conditions: 
	  	As a condition of employment with Fusion-io, and in order to accept this offer of employment, please sign and date the attached “Fusion-io Policies, Procedures and Conditions of Employment” as well as the enclosed
At-Will Employment, Proprietary Information, Invention Assignment, and Arbitration Agreement. Please return copies of the signed documents in their entirety to me.
		
	Miscellaneous: 	  	This letter agreement and the agreements incorporated by reference herein constitute the full and entire understanding between the parties with regard to the subject matter hereof and supersedes all prior agreements between you
and the Company, whether oral or in writing, related to the subject matter hereof, except with respect to provisions relating to confidential information and proprietary information. This letter agreement is entered into without reliance upon any
promise, warranty or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties, representations or agreements. It may not be amended or modified except by a written instrument
signed by you and a duly authorized officer of Fusion-io. If any provision of this letter agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this letter agreement,
which will remain in full force and effect. This letter agreement will be construed and interpreted in accordance with the laws of the State of California, without reference to the choice of law provisions thereof.

 We have a dynamic organization and believe that you can make significant contributions to our continued success. In turn, we
believe that working at Fusion-io will enable you to strengthen your own skills and expertise. We look forward to your favorable reply and to a productive and exciting work relationship. 

Very truly yours, 
 /s/ Kay Tolomeo 

Kay Tolomeo 
 Vice-President of Human Resources 

Fusion-io, Inc. 
 cc:
    Mr. Shane V. Robison 

 Fusion-io Policies, Procedures, and Conditions of Employment 

This document sets forth important benefits, obligations, restrictions, policies, procedures, and conditions (the “Fusion-io
Policies”) related to your employment with Fusion-io. Please note that these Fusion-io Policies incorporate by reference the At-Will Employment, Proprietary Information, Invention Assignment, and Arbitration Agreement (the
“Employment Conditions”). Please read these Fusion-io Policies and all related documents carefully before you agree to all of the terms by signing below. You may wish to consult an attorney prior to signing the Fusion-io
Policies and the Employment Conditions. The Fusion-io Policies, the Employment Conditions and the Offer Letter (defined below) will be construed and interpreted in accordance with the laws of the State of California, excluding its conflict of law
provisions. 
 Employment Conditions 

Fusion-io’s proprietary rights and confidential information are among the Company’s most important assets. As a condition of employment, you must
sign the Employment Conditions, a copy of which is included in the enclosed New Employee Packet. The Employment Conditions require, among other things, the assignment of patent rights to any invention made during your employment with Fusion-io. The
Employment Conditions also require you and Fusion-io to arbitrate any dispute or claim arising out of or related to your employment with Fusion-io and to waive all rights to a trial or hearing before a court or jury. 

Fusion-io Employee Handbook 
 After beginning
employment, you agree to review the Fusion-io Employee Handbook, and agree to thoroughly familiarize yourself with the policies contained in the handbook and to abide by them. Additionally, from time to time, Fusion-io will communicate important
changes to, and information about, its policies by way of electronic mail notification or the Fusion-io intranet. By signing these Fusion-io Policies, you agree to thoroughly review such policy communications and to abide by them. 

U.S. Employment Eligibility, Background Checks, and Former Government Workers 

In order to comply with the Immigration Reform and Control Act of 1986, the federal government requires the Company to examine, no later than three
(3) days after your employment begins, documents which prove your legal right to work in the United States. In addition, if you have not already successfully completed the background screening process as part of the Company’s hiring
process, this offer and your employment are contingent upon satisfactory results from your background check prior to your start date. Failure to consent to and complete the background screening process is likely to cause Fusion-io to withdraw its
offer of employment. Fusion-io is a government contractor, and, as such, certain federal, state, and local laws may place prohibitions or other restrictions on the ability of former government workers, or relatives of current or former government
workers, to be employed by or to perform certain work on behalf of Fusion-io. By signing below, you are affirming that your employment with Fusion-io, and any work you perform while employed by Fusion-io, will not conflict with any such prohibitions
or restrictions. 
 Offer Letter 
 Your starting
compensation, position, and information about your anticipated equity award, if any, are set forth in the offer letter (“Offer Letter”) you received with these Fusion-io Policies. By signing these Fusion-io Policies, you are also agreeing
to the terms set forth in the Offer Letter. Oral or written representations contradicting or supplementing the terms of the Offer Letter are not valid. In addition, by accepting our offer and signing below you are also confirming to us that you are
under no contractual or other legal obligation that would prohibit or preclude you from performing your duties for Fusion-io. 
 Bonuses &
Commissions 
 In general, if your position is eligible for incentive compensation payments, you will need to be on the payroll at the time the bonus
is paid to be considered for such incentive payments. Unless the applicable annual compensation plan for your position expressly provides otherwise, you are not entitled to pro rata bonus payments if you leave prior to the payout date. Except as
provided in your Offer Letter, in the event of termination of employment, you will not be entitled to receive any commission or bonus payment in any particular year unless you are on the payroll on the date of the bonus payout. Management by
Objective (MBO) bonuses are subject to the discretion of management and the board of directors, and may depend not only on evaluation of individual performance but overall Company performance as well. Commissions and bonuses are earned and paid at
the sole discretion of the Fusion-io. 

 Fusion-io Policies, Procedures, and Conditions of Employment 

(continued) 
 Benefits 

Fusion-io offers a comprehensive benefit program for which you may be eligible based on your employment status (e.g., full time work versus part time
may impact eligibility). The benefit plans, costs, coverage levels and enrollment processes are outlined in the Benefit Summary enclosed with the New Employee Packet. You must make your Fusion-io benefits elections within the limited time period set
forth in the communication that you will receive after beginning employment. Fusion-io reserves the right to change its benefits package at any time. Fusion-io’s benefit plans may require employee contributions. By signing these Fusion-io
Policies, you authorize Fusion-io to deduct from your compensation any and all contributions associated with your elections under Fusion-io’s benefit plans, the Fusion-io 401(k) Plan, or any other benefit offered by Fusion-io in which you
participate and for which an employee contribution is required. 
 At-Will Employment 

Employment with Fusion-io is for no specific period of time and constitutes “at will” employment. As a result, you are free to resign at any time,
for any reason or no reason at all. Similarly, Fusion-io will be free to conclude its employment relationship with you at any time and for any reason, with or without cause and with or without notice. Although your job duties, title, compensation
and benefits, as well as Fusion-io’s personnel rules, policies, standards 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 by the Chief Executive Officer of Fusion-io. As a Fusion-io employee, you will be expected to abide by all Fusion-io rules, policies, standards and procedures in effect from time to time. Any contrary representations that may have been made to
you are superseded by this offer. 
 Equal Employment Opportunity and Escalation Process 

Fusion-io believes that all employees should be treated fairly and equitably in conformance with its Equal Employment Opportunity policies. We take personnel
action without regard to race, color, national origin, sex, age, religion, sexual orientation, or disability. Our commitment to these policies applies to every phase of the employment relationship, and we make every effort to comply with these
policies. If, however, you feel you have not been treated fairly in some way in your Fusion-io employment, you agree, before taking any other action, to make a written complaint to the Vice President of Human Resources and to allow individuals
within the Human Resources Department a reasonable period of time in which to investigate and informally attempt to resolve your issues. 
 By signing
below, you are agreeing that you have read and understood every provision of the Offer Letter, the above Fusion-io Policies, and the Employment Conditions and that, in consideration for your employment at Fusion-io, you agree to abide by those
terms. You acknowledge that no other commitments were made to you as part of the hiring process, except as set forth in the Offer Letter, the above Fusion-io Policies, and the Employment Conditions. Please return a signed copy of the Fusion-io
Policies and Employment Conditions to Fusion-io’s Human Resources Department via facsimile (801.424.5990). 
 I HAVE READ
AND ACCEPT THE OFFER LETTER, FUSION-IO POLICIES, AND EMPLOYMENT CONDITIONS: 

			
		
	Signature:	 	/s/ Gary Smerdon
	Name:	 	Gary Smerdon
	Address:	 	 
		
		 	 
		
	Date:	 	October 4, 2013

  
 Page 2 of 2EX-10.5

 Exhibit 10.5 
  

			
	Headquarters	  	Silicon Valley Office    
	6350 S. 3000 E. #600	  	2130 Gold St. Ste 200  
	Salt Lake City, Utah 84121	  	Alviso, CA 95002        

 June 22, 2010 
 Via
Electronic Mail 
 Mr. David Sampson 
 Dear David,

 Congratulations! Fusion-io, Inc. (“Fusion-io” or the “Company’’) is pleased to offer you the position of Vice President of
Finance at Fusion-io, which is a full-time, exempt position, reporting to Chief Financial Officer. By accepting this offer of employment, you confirm to us that you are under no contractual or other legal obligation that could prohibit or preclude
you from performing your duties for Fusion-io. This letter describes the essential elements of Fusion-io’s offer of employment to you. 
  

			
	Start Date:	  	To be mutually determined by Fusion-io and you.
		
	Compensation:	  	
		
	        Base Salary:	  	You will be paid a starting base salary of $180,000 payable in semi-monthly increments and in accordance with Fusion-io’s standard payroll policies and practices.
		
	        Equity Award:	  	We will recommend to our Board of Directors (or the Compensation Committee of the Board) that you be granted an option to purchase 115,000 shares of Common Stock of the Company (the “Option Award”) under the 2008 Stock
Incentive Plan of the Company (the “Stock Plan”). The per share exercise price of the Option Award will be equal to the fair market value one share of Common Stock of the Company on the effective date of the grant of the Option Award, as
determined by our Board (or the Compensation Committee of the Board, as the case may be) in accordance with the terms of the Stock Plan. The Option Award shall be subject to the terms and conditions applicable to stock option awards granted under
the Stock Plan, as described therein and as set forth in the stock option agreement to which you agree to enter with the Company once the Option Award has been granted. The Option Award shall be subject to the following four (4) year vesting
schedule: twenty-five percent (25%) of the shares subject to the Option Award shall vest on the one (1) year anniversary of your start date; and the remaining shares subject to the 0ption Award shall vest in thirty-six (36) equal
monthly installments thereafter, with the first such installment vesting on the last day of the month following the month in which the first anniversary of your start date occurs and an additional installment vesting on the last day of each of the
thirty-five (35) months thereafter. All vesting shall be subject to your continued employment with the Company through applicable vesting dates.
		
	Benefits:	  	To the extent that you are eligible, as a full-time employee of the Company you will be entitled to participate in Fusion-io’s employee benefit plans, including our health insurance and 401(k) plans, which are generally
available on a group basis to employees of the Company.

 David Sampson 

June 22, 2010 
 Page 2 of 2 

 

			
	Fusion-io Policies and Employment Conditions:	  	As a condition of employment with Fusion-io, and in order to accept this offer of employment, please sign and date the attached “Fusion-io Policies, Procedures and Conditions of Employment” as well as the enclosed
Proprietary Information and Inventions Assignment Agreement. Please return copies of the signed documents in their entirety to me. Thank you.

 We have a dynamic organization and believe that you can make significant contributions to our continued success. In turn, we
believe that working at Fusion-io will enable you to strengthen your own skills and expertise. We look forward to your favorable reply and to a productive and exciting work relationship. 

Very truly yours, 
 /s/ Dennis Wolf 

Dennis Wolf 
 Chief Financial Officer 

Fusion-io, Inc. 
 cc:     Mr. David
Flynn 

 Fusion-io Policies. Procedures. and Conditions of Emplovment 

This document sets forth important benefits, obligations, restrictions, policies, procedures, and conditions (the
“Fusion- io Policies”) related to your employment with Fusion-io. Please note that these Fusion-io Policies incorporate by reference the Employee Proprietary Information and Invention
Assignment Agreement (the “Employment Conditions”). Please read these Fusion-io Policies and all related documents carefully before you agree to all of the terms by signing below. You may wish to consult an attorney prior to signing
the Fusion-io Policies and the Employment Conditions. The Fuslon-io Policies, the Employment Conditions and the Offer Letter (defined below) shall be construed and interpreted in accordance with the laws of the State of Utah, excluding its conflict
of law provisions. 
 Employment Conditions 

Fusion-io’s proprietary rights and confidential information are among the Company’s most important assets. As a condition of employment, you must
sign the Employment Conditions, a copy of which is included in the enclosed New Employee Packet. The Employment Conditions require, among other provisions, the assignment of patent rights to any invention made during your employment with Fusion-io.
The Employment Conditions also prohibit conducting competitive business activities for a period of 12 months after your employment with Fusion-io ends, and they require you and Fusion-io to arbitrate any dispute or claim arising out of or related to
your employment with Fusion-io and to waive all rights to a trial or hearing before a court or jury. 
 Fusion-io Emplovee Handbook 

After beginning employment, you agree to review the Fusion-io Employee Handbook, and agree to thoroughly familiarize yourself with the polices contained in the
handbook and to abide by them. Additionally, from time to time, Fusion-io will communicate Important changes to, and information about, its policies by way of electronic mall notification or the Fusion-io Intranet. By signing these Fusion-io
Policies, you agree to thoroughly review such policy communications and to abide by them. 
 U.S. Employment Eligibility. Background Checks. and Former
Government Workers 
 In order to comply with the Immigration Reform and Control Act of 1986, the federal government requires the Company to examine, no
later than three (3) days after your employment begins, documents which prove your legal right to work in the United States. In addition, if you have not already successfully completed the background screening process as part of the
Company’s hiring process, then your employment with Fusion-io is subject to the successful completion of such process prior to your start date. Failure to consent to and complete the background screening process is likely to cause Fusion-io to
withdraw its offer of employment. 
 Fusion-io is a government contractor, and, as such, certain federal, state, and local laws may place prohibitions or
other restrictions on the ability of former government workers, or relatives of current or former government workers, to be employed by or to perform certain work on behalf of Fusion-io. By signing below, you are affirming that your employment with
Fusion-io, and any work you perform while employed by Fusion-io, will not conflict with any such prohibitions or restrictions. 
 Offer Letter 

Your starting compensation, position, and information about your anticipated stock option grant, if any, are set forth in the offer letter (“Offer
Letter”) you received with these Fusion-io Policies. By signing these Fusion-io Policies, you are also agreeing to the terms set forth in the Offer Letter. Oral or written representations contradicting or supplementing the terms of the
Offer Letter are not valid. In addition, by accepting our offer and signing below you are also confirming to us that you are under no contractual or other legal obligation that would prohibit or preclude you from performing your duties for Fusion-io
as Vice President of Finance. 
 Bonuses & Commissions 

In general, if your position is eligible for incentive compensation payments, you will need to remain employed during the entire applicable bonus period or
applicable commission period to be considered for such incentive payments for that period. Unless the applicable annual compensation plan for your position expressly provides otherwise, you are not entitled to pro rata bonus payments if you leave
prior to the end of the applicable Incentive compensation period and corresponding payout date. In the event of termination of employment, you will not be entitled to receive any commission or bonus payment in any particular year unless such
commission or bonus has been fully earned as expressly provided under the applicable incentive compensation plan or applicable bonus policy prior to termination of employment. Management by Objective (MBO) bonuses may depend on management’s
evaluation of individual performance as well as overall Company performance. Commissions and bonuses are earned and paid at the sole discretion of the Fusion-io. 

 Fusion-io Policies, Procedures, and Conditions of Employment 

(continued) 
 Benefits 

Fusion-io offers a comprehensive benefit program for which you may be eligible based on your employment status (e.g., full time work versus part time may
impact eligibility). The benefit plans, costs, coverage levels and enrollment processes are outlined in the Benefit Summary enclosed with the New Employee Packet. You must make your Fusion- io benefits
elections within the limited time period set forth in the communication that you will receive after beginning employment. Fusion-io reserves the right to changes benefits package at any time. Fusion-io’s benefit plans may require employee
contributions. By signing these Fusion-io Policies, you authorize Fusion-io to deduct from your compensation any and all contributions associated with your elections under Fusion-io’s benefit plans, the Fusion-io 401(k) Plan, or any other
benefit offered by Fusion-io in which you participate and for which an employee contribution is required. 
 At-Will Employment 

Employment with Fusion-io is for no specific period of time and constitutes “at will” employment. As a result, you are free to resign at any time,
for any reason or no reason at all. Similarly, Fusion-io will be free to conclude its employment relationship with you at any time and for any reason, with or without cause and with or without notice. Although your job duties, title, compensation
and benefits, as well as Fusion-io’s personnel rules, policies, standards 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 by the Chief Executive Officer of Fusion-io. As an Fusion-io employee, you will be expected to abide by all Fusion-io rules, policies, standards and procedures in effect from time to time. Any contrary representations that may have been made to
you are superseded by this offer. 
 Equal Employment Opportunity and Escalation Process 

Fusion-io believes that all employees should be treated fairly and equitably in conformance with its Equal Employment Opportunity policies. We take personnel
action without regard to race, color, national origin, sex, age, religion, sexual orientation, or disability. Our commitment to these policies applies to every phase of the employment relationship, and we make every effort to comply with these
policies. If, however, you feel you have not been treated fairly in some way in your Fusion-io employment, you agree, before talking any other action, to make a written complaint to a Director of the Human Resources Department and to allow
individuals within the Department a reasonable period of time in which to investigate and informally attempt to resolve your issues. 
 By signing below,
you are agreeing that you have read and understood every provision of the Offer Letter, the above Fusion-io Policies, and the Employment Conditions and that, in consideration for your employment at Fusion-fa, you agree to abide by those terms. You
further acknowledge that no other commitments were made to you as part of the hiring process, except as set forth in the Offer Letter, the above Fusion-fa Policies, and the Employment Conditions. Please return a signed copy of the Fusion-io Policies
and Employment Conditions to Fusion-io’s Human Resources Department via facsimile (801.293.3054). 
 I HAVE READ AND ACCEPT THE OFFER LETTER,
FUSION-I0 POLICIES, AND EMPLOYMENT CONDITIONS: 
 Signature: /s/ David Sampson 

Name: David Sampson 
 Address: 

Date: June 27, 2010 
  

  
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