Document:

Document

Exhibit 10.12

Pure Storage, Inc.
Change in Control And Severance Benefit Plan
Section 1.Introduction.
The Pure Storage, Inc. Change in Control and Severance Benefit Plan (the “Plan”) amends, restates and replaces in its entirety Pure’s Change in Control Severance Benefit Plan that was adopted as of August 19, 2015 (the “Prior Plan”), effective as of November 24, 2020 (the “Effective Date”).  The purpose of the Plan is to provide for the payment of severance benefits to certain eligible officers of Pure Storage, Inc. (“Pure”) in the event that such employees become subject to involuntary employment terminations, including in connection with an acquisition of Pure.  This Plan document also is the Summary Plan Description for the Plan.  In the event of a Change in Control (as defined below), any references to “Pure” herein will be deemed to mean Pure and/or the acquiring, surviving, resulting or successor party or purchaser of Pure’s assets (or, in each case, the parent or ultimate parent thereof), as the context requires.      
For purposes of the Plan, the following terms are defined as follows:
(a)“Affiliate” means any “parent” or “subsidiary” of Pure as such terms are defined in Rule 405 of the Securities Act of 1933, as amended.  The Plan Administrator shall have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition.
(b)“Base Pay” means the base pay amount (excluding incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation) as in effect during the last regularly scheduled payroll period immediately prior to a Covered Termination and prior to any reduction that would give rise to an employee’s right to resign for Good Reason. 
(c)“Board” means the Board of Directors of Pure; provided, however, that if the Board has delegated authority to administer the Plan to the Compensation Committee of the Board, then “Board” shall also mean the Compensation Committee.
(d)“Cause” means, with respect to a particular Eligible Employee, the occurrence of any or more of the following events: (A) an Eligible Employee’s conviction (including a guilty plea or plea of nolo contendere) of any felony or any other crime involving fraud, dishonesty or moral turpitude; (B) an Eligible Employee’s commission or attempted commission of or participation in a fraud or act of dishonesty or misrepresentation against Pure; (C) an Eligible Employee’s material violation of any contract or agreement between the Eligible Employee and Pure, including without limitation, material breach of the Eligible Employee’s Confidential Information and Inventions Assignment Agreement, or of any Pure policy, or of any statutory duty the Eligible Employee owes to Pure; or (D) an Eligible Employee’s conduct that constitutes gross insubordination, incompetence or habitual neglect of duties, provided, however, that the action or conduct described in clause (C) above and this clause (D) will constitute “Cause” only if such action or conduct continues after the Board has provided the Eligible Employee with written notice thereof and thirty (30) days opportunity to cure the same (provided that the Board is not obligated to provide such written notice and opportunity to cure if the action or conduct is not reasonably susceptible to cure).  The determination that a termination is for Cause shall be made by the Plan Administrator in its sole discretion.   
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(e)“CEO” means the Pure’s Chief Executive Officer.
(f)“Change in Control” means the occurrence of any one or more of the following events: (A) any consolidation or merger of Pure with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the stockholders of Pure immediately prior to such consolidation, merger or reorganization, continue to hold a majority of the voting power of the surviving entity (or, if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger or reorganization; (B) any transaction or series of related transactions to which Pure is a party in which in excess of fifty percent (50%) of Pure’s voting power is transferred; provided that the foregoing shall not include any transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by Pure or indebtedness of Pure is cancelled or converted or a combination thereof; or (C) a sale, lease, exclusive license or other disposition of all or substantially all of the assets of Pure.  This definition of Change in Control is intended to conform to the definitions of “change in ownership of a corporation” and “change in ownership of a substantial portion of a corporation’s assets” provided in Treasury Regulation Sections 1.409A-3(i)(5)(v) and (vii).  Once a Change in Control has occurred, no future events shall constitute a Change in Control for purposes of the Plan.  
(g)“Change in Control Period” means the period (i) commencing three (3) months prior to the Closing and ending (ii) twelve (12) months following the Closing. 
(h)“Change in Control Termination” means an Involuntary Termination that occurs within the Change in Control Period. For such purposes, if the event(s) giving rise to an Eligible Employee’s right to resign for Good Reason arise within the Change in Control Period, and the Eligible Employee’s resignation occurs no later than one hundred twenty (120) days after the first occurrence of the applicable event giving rise to a resignation for Good Reason, such termination shall be a Change in Control Termination.
     
(i)“Closing” means the initial closing of the Change in Control as defined in the definitive agreement executed in connection with the Change in Control.  In the case of a series of transactions constituting a Change in Control, “Closing” means the first closing that satisfies the threshold of the definition for a Change in Control.
(j)“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
(k)“Code” means the Internal Revenue Code of 1986, as amended.
(l)“Covered Termination” means a Regular Termination or a Change in Control Termination.
(m)“Director” means a member of the Board.
(n)“Eligible Employee” means an active employee of Pure with a title of Vice President or above who meets all the requirements to be eligible to receive Plan benefits as set forth in Section 2, including timely provision of an effective Release (as such term is defined in Section 2(b)).
(o)“Employment Agreement” means any individual employment offer letter, contract or agreement that an Eligible Employee has with Pure.
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(p)“Entity” means a corporation, partnership, limited liability company or other entity. 
(q)“Equity Plan” means Pure’s 2009 Equity Incentive Plan and Pure’s 2015 Equity Incentive Plan or any successor or other equity incentive plan adopted or under which awards have been assumed by Pure which govern the stock awards, as applicable.
(r)“Executive Staff” means (i) Pure’s executive officers as determined under Section 16 of the Securities Exchange Act of 1934 (other than the CEO), and (ii) other members of Pure’s executive team, in each case, only as affirmatively determined by the Plan Administrator in its discretion.
(s)“Good Reason” means the occurrence of any of the following events without the Eligible Employee’s written consent; provided however, that any resignation by the Eligible Employee due to any of the following events shall be deemed for Good Reason only if (i) the Eligible Employee gives Pure written notice of the intent to terminate for Good Reason within thirty (30) days after the occurrence of any of the events and that the Eligible Employee asserts that grounds for a resignation for Good Reason exist as a result which is not corrected within thirty (30) days after Pure (or any successor thereto) receives such written notice from the Eligible Employee; and (ii) the Eligible Employee resigns within one hundred twenty (120) days of the first occurrence of the applicable event:  (A) a material diminution of the Eligible Employee’s duties, position or responsibilities, provided, however, a mere change in title or reporting relationship following a Change in Control will not by itself constitute “Good Reason” for the Eligible Employee’s resignation, and further provided, however, that the acquisition of Pure and subsequent conversion of Pure as a whole to a division or unit of the acquiring entity will not by itself result in a “diminution;” (B) a reduction by Pure in the Eligible Employee’s base salary as in effect immediately prior to such reduction by more than ten percent (10%) (unless such reduction is made pursuant to an across the board reduction applicable to senior executives of Pure); or (C) the relocation of the Eligible Employee’s assigned office location resulting in an increase in the Eligible Employee’s one-way commuting distance from the Eligible Employee’s residence by at least forty-five (45) miles (disregarding, for this purpose, any remote work conducted at Eligible Employee’s residence or as otherwise permitted by Pure).  
(t)“Individual Severance Arrangement” means any Employment Agreement providing for severance benefits to an Eligible Employee or any other severance arrangement between the Eligible Employee and Pure other than the Plan, in each case that remains in effect through the date of a Covered Termination. 
(u)“Involuntary Termination” means an Eligible Employee’s termination from all positions he or she then holds with Pure, which constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h) without regard to any alternative definition thereunder), and which is either (i) a termination by Pure without Cause other than as a result of death or disability or (ii) a resignation by the Eligible Employee with Good Reason. 
(v)“Plan Administrator” means the Board, or a duly authorized committee thereof, prior to the Closing and the Representative upon and following the Closing.
(w)“Pure” means Pure Storage, Inc. or, following a Change in Control, the surviving Entity resulting from such event.
(x)“Regular Termination” means an Involuntary Termination that is not (i) a Change in Control Termination or (ii) a resignation by the Eligible Employee with Good Reason.
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(y)“Representative” means one or more members of the Board or other persons or Entities designated by the Board prior to or in connection with a Change in Control that will have authority to administer and interpret the Plan upon and following the Closing as provided in Section 7(a).
        (z)    “Target Bonus”     means the on-target amount of an Eligible Employee’s annual cash incentive compensation in effect immediately prior to a Covered Termination as if all applicable performance goals for such year were attained at a level of 100% of target.

Section 2.Eligibility For Benefits.
(a)Eligible Employee.  An employee of Pure is eligible to participate in the Plan if (i) the employee is an Eligible Employee at any time on or after the Effective Date of the Plan and prior to a Covered Termination; (ii) such Eligible Employee’s employment with Pure terminates due to a Covered Termination; and (iii) such Eligible Employee meets the other Plan eligibility requirements set forth in this Section 2.  The determination of whether an employee is an Eligible Employee (including determinations as to leveling and which roles/titles qualify under the Plan) shall be made by the Plan Administrator, in its sole discretion, and such determination shall be binding and conclusive on all persons. Pure may adopt a form of participation agreement to require acknowledgement of the terms of the Plan and confirm status as an Eligible Employee.
(b)Release Requirement.  In order to be eligible to receive benefits under the Plan, the employee also must execute a general waiver and release in substantially the form attached hereto as Exhibit A, Exhibit B or Exhibit C, as appropriate (the “Release”), within the applicable time period set forth therein, but in no event more than fifty-two (52) days following the date of the applicable Covered Termination, and such Release must become effective in accordance with its terms.  Pure, in its sole discretion, may modify the form of the Release to comply with applicable law, Pure practices and/or any changes reasonably requested by an acquirer in a Change in Control.  The Release may be incorporated into a termination agreement or other agreement with the employee.   
(c)No Duplicative Benefits Provided Under Plan.  This Plan does not supersede the terms of any Individual Severance Arrangement.  Unless otherwise determined by the Plan Administrator in its discretion, if an employee is an Eligible Employee and otherwise eligible to receive severance benefits under this Plan that are of the same category and would otherwise duplicate the benefits available under the terms of any Individual Severance Arrangement (“Duplicative Benefits”) such Eligible Employee will receive severance benefits under the Individual Severance Arrangement in lieu of any Plan benefits to the extent such benefits are Duplicative Benefits, and severance benefits will be provided under the Plan only to the extent, if any, that Plan benefits are not Duplicative Benefits.  
(d)Exceptions to Benefit Entitlement.  An employee who otherwise is an Eligible Employee will not receive benefits under the Plan in the following circumstances, as determined by the Plan Administrator in its sole discretion:
(1)The employee voluntarily terminates employment with Pure without Good Reason, other than to accept immediate reemployment with another entity that is wholly or majority owned (directly or indirectly) by Pure, or terminates employment due to the employee’s death or disability.  Voluntary terminations include, but are not limited to, resignation, retirement or failure to return from a leave of absence on the scheduled date.
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(2)The employee is offered immediate reemployment by a successor to Pure or an Affiliate or by a purchaser of Pure’s assets, as the case may be, following a Change in Control and the terms of such reemployment would not otherwise give rise to the employee’s right to resign for Good Reason (determined as if the Entity offering such reemployment were Pure).  For purposes of the foregoing, “immediate reemployment” means that the employee’s employment with the successor to Pure or an Affiliate or the purchaser of its assets, as the case may be, results in uninterrupted employment such that the employee does not incur a lapse in pay or benefits as a result of the change in ownership of Pure or the sale of its assets. Such reemployment will not make the employee ineligible if a Covered Termination occurs later.
(3)The employee is rehired by Pure or an Affiliate and recommences employment prior to the date benefits under the Plan are scheduled to commence.
Section 3.Amount Of Benefit.
(a)Severance Benefit upon a Regular Termination.  Subject to the terms of the Plan, an Eligible Employee shall receive the following severance benefits upon a Regular Termination:
(1)Cash Severance Benefit.  The Eligible Employee will be entitled to receive a single lump sum cash payment equal to the number of months, as listed on the table below, of the Eligible Employee’s Base Pay, payable to the Eligible Employee within ten (10) business days following the effective date of the Release, subject to Section 5 below:  
						
	Level	Months of Base Pay
	CEO	12
	Executive Staff	6
	Vice President	N/A

(2)Continued Health Plan Benefits. If the Eligible Employee timely elects continued group health plan continuation coverage under COBRA following a Regular Termination, Pure shall pay the full amount of the Eligible Employee’s COBRA premiums, on behalf of such Eligible Employee for continued coverage under Pure’s group health plans, including coverage for the Eligible Employee’s eligible dependents, until the earlier of (i) period listed on the table below, (ii) the date the Eligible Employee receives similar coverage (whether with a new employer or otherwise) or (iii) the expiration of the Eligible Employee’s continuation coverage under COBRA:  

						
	Level	Months of COBRA
	CEO	18
	Executive Staff	6
	Vice President	N/A

(b)Severance Benefit upon a Change in Control Termination.  Subject to the terms of the Plan, an Eligible Employee shall receive the following severance benefits upon a Change in Control Termination:
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(1)Cash Severance Benefit. The Eligible Employee will be entitled to receive a single lump sum cash payment equal to the months, as listed on the table below, of the Eligible Employee’s Base Pay and Target Bonus, payable to the Eligible Employee within ten (10) business days following the later of (i) the effective date of the Release, or (ii) the effective date of the Closing, subject to Section 5 below:
									
	Level	Months of Base Pay	Months of Target Bonus
	CEO	18	12
	Executive Staff	12	12
	Vice President	6	6

(2)Continued Health Plan Benefits. If the Eligible Employee timely elects continued group health plan continuation coverage under COBRA following a Change in Control Termination, Pure shall pay the full amount of the Eligible Employee’s COBRA premiums, on behalf of such Eligible Employee for continued coverage under Pure’s group health plans, including coverage for the Eligible Employee’s eligible dependents, until the earlier of (i) period listed on the table below, (ii) the date the Eligible Employee receives similar coverage (whether with a new employer or otherwise) or (iii) the expiration of the Eligible Employee’s continuation coverage under COBRA:  

						
	Level	Months of COBRA
	CEO	18
	Executive Staff	12
	Vice President	6

(3)Accelerated Vesting of Stock Awards.  
(i)Effective as of the later of the effective date of the Release or the effective date of the Closing, to the extent not previously vested: (A) the vesting and exercisability of all outstanding stock options to purchase Pure’s common stock that are held by the Eligible Employee on such date shall be accelerated in full, (B) any reacquisition or repurchase rights held by Pure in respect of common stock issued pursuant to any other stock award granted to the Eligible Employee by Pure shall lapse in full, and (C) the vesting of any other stock awards granted to the Eligible Employee by Pure, and any issuance of shares triggered by the vesting of such stock awards, shall be accelerated in full.  With respect to any award that vests, in whole or in part, upon satisfaction of on-going performance criteria at Closing (“Performance Award”), vesting acceleration shall (X) occur, for any Performance Award outstanding as of the Effective Date, with respect to the number of shares subject to the award as if the applicable performance criteria had been attained at 100% of target, and (Y) be treated, for any Performance Award granted after the Effective Date, as set forth in the award agreement governing the applicable Performance Award.
(ii)In order to give effect to the intent of the foregoing provision, notwithstanding anything to the contrary set forth in the Eligible Employee’s stock award agreements or the Equity Plan under which such stock award was granted that provides that any then unvested portion of 
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the award will immediately expire upon the Eligible Employee’s termination of service, no unvested portion of the Eligible Employee’s stock award shall generally terminate any earlier than the later of (A) the effective date of the Release, (B) the Release Deadline (as defined in Section 5) or (C) the Closing; provided, however that after giving effect to the vesting acceleration provisions set forth above, the Eligible Employee’s stock awards shall remain subject to earlier termination in connection with a Change in Control or a Corporate Transaction (as each term is defined in the applicable Equity Plan) in which the Eligible Employee’s stock award is not assumed, substituted or continued by the acquiring or surviving entity as provided for in such Equity Plan; provided, however, that, in the event and to the extent applicable stock awards are cancelled and converted into a right to receive cash or other proceeds upon or following the consummation of a Change in Control (the “Proceeds”), then the vesting acceleration benefits set forth in this Section 3(b) shall apply to the Proceeds in the same manner as such benefits would apply to such stock awards if such stock awards had been assumed, continued or substituted in connection with the Change in Control.
(c)Additional COBRA Terms. Notwithstanding the foregoing, if at any time Pure determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums on the Eligible Employee’s behalf, Pure will instead pay the Eligible Employee on the last day of each remaining month of the applicable COBRA payment period a fully taxable cash payment equal to the COBRA premium for that month, subject to applicable tax withholding (such amount, the “Special Severance Payment”), such Special Severance Payment to be made without regard to the Eligible Employee’s election of COBRA coverage or payment of COBRA premiums and without regard to the Eligible Employee’s continued eligibility for COBRA coverage during the applicable COBRA payment period.  Such Special Severance Payment shall end upon expiration of the applicable COBRA payment period. Upon the conclusion of the period of COBRA premium payments made by Pure, the Eligible Employee will be responsible for the entire payment of premiums (or payment for the cost of coverage) required under COBRA for the duration of the Eligible Employee’s eligible COBRA coverage period.  For purposes of Eligible Employee’s COBRA premiums, (A) references to COBRA shall be deemed to refer also to analogous provisions of state law and (B) any applicable insurance premiums that are paid by Pure shall not include any amounts payable by the Eligible Employee under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are the Eligible Employee’s sole responsibility.
(d)Additional Benefits.  Notwithstanding the foregoing, Pure may, in its sole discretion, provide benefits to employees who are not Eligible Employees (“Non-Eligible Employees”) chosen by the Plan Administrator, in its sole discretion, and the provision of any such benefits to a Non-Eligible Employee shall in no way obligate Pure to provide such benefits to any other Non-Eligible Employee, even if similarly situated.  If benefits under the Plan are provided to a Non-Eligible Employee, references in the Plan to “Eligible Employee” (and similar references) shall be deemed to refer to such Non-Eligible Employee.
(e)Certain Reductions.  Pure, in its sole discretion, shall have the authority to reduce an Eligible Employee’s severance benefits, in whole or in part, by pay and benefits provided during a period following written notice of a plant closing or mass layoff, pay and benefits in lieu of such notice, or other similar benefits payable to the Eligible Employee by Pure or an Affiliate that become payable in connection with the Eligible Employee’s termination of employment pursuant to (i) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act or any other similar state law, (ii) any Pure policy or practice providing for the Eligible 
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Employee to remain on the payroll for a limited period of time after being given notice of the termination of the Eligible Employee’s employment, or (iii) any other severance benefit agreement or arrangement between Pure and the Eligible Employee, and the Plan Administrator shall so construe and implement the terms of the Plan.  Any such reductions that Pure determines to make pursuant to this Section 3(c) shall be made such that any benefit under the Plan shall be reduced solely by any similar type of benefit under such legal requirement, agreement, policy or practice (i.e., any cash severance benefits under the Plan shall be reduced solely by any cash payments or severance benefits under such legal requirement, agreement, policy or practice, and any continued insurance benefits under the Plan shall be reduced solely by any continued insurance benefits under such legal requirement, agreement, policy or practice).  Pure’s decision to apply such reductions to the severance benefits of one Eligible Employee and the amount of such reductions shall in no way obligate Pure to apply the same reductions in the same amounts to the severance benefits of any other Eligible Employee, even if similarly situated.  In Pure’s sole discretion, such reductions may be applied on a retroactive basis, with severance benefits previously paid being re-characterized as payments pursuant to Pure’s statutory obligation.
(f)Parachute Payments.  The following provisions shall not supersede any provisions to the contrary provided under any Individual Severance Arrangement, if applicable:
(1)In the event that any of the severance payments and other benefits provided by this Plan or otherwise payable to an Eligible Employee (a) constitute “parachute payments” within the meaning of Section 280G of the Code, and (b) but for this Section, would be subject to the excise tax imposed by Section 4999 of the Code (“Excise Tax”), the Eligible Employee’s severance payments and benefits under this Plan or otherwise shall be payable either in full or in such lesser amount which would result in no portion of such severance payments or benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the Excise Tax, results in the receipt by the Eligible Employee, on an after-tax basis, of the greatest amount of severance payments and benefits under this Plan or otherwise, notwithstanding that all or some portion of such severance payments or benefits may be taxable under Section 4999 of the Code. Any reduction in the severance payments and benefits required by this Section shall be made in the following order: (i) reduction of cash payments; (ii) reduction of accelerated vesting of equity awards other than stock options; (iii) reduction of accelerated vesting of stock options; and (iv) reduction of other benefits paid or provided to the Eligible Employee.  In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A.
(2)The calculations in this Section will be performed by the professional firm engaged by Pure for general tax purposes as of the day prior to the date of the event that might reasonably be anticipated to result in severance payments and benefits that would otherwise be subject to the Excise Tax. If the tax firm so engaged by Pure is serving as accountant or auditor for the acquiring company, Pure shall appoint a nationally recognized tax firm to make the determinations required by this Section. Pure shall bear all expenses with respect to the determinations by such firm required to be made by this Section. Pure and the Eligible Employee shall furnish such tax firm such information and documents as the tax firm may reasonably request in order to make its required determination. The tax firm will provide its calculations, together with detailed supporting documentation, to Pure and the Eligible Employee as soon as practicable following its engagement. Any good faith determinations of the tax firm made hereunder shall be final, binding and conclusive upon Pure and the Eligible Employee.  However, the Eligible Employee shall have the final authority to make any good faith determination(s) associated with the assumptions used by the tax firm in providing its calculations, and such good faith determination by the Eligible Employee shall be binding on Pure.
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(3)As a result of the uncertainty in the application of Sections 409A, 280G or 4999 of the Code at the time of the initial determination by the professional tax firm described in this Section, it is possible that the Internal Revenue Service (the “IRS”) or other agency will claim that an Excise Tax greater than that amount, if any, determined by such professional firm for the purposes of this Section is due (the “Additional Excise Tax”).   The Eligible Employee shall notify Pure in writing of any claim by the IRS or other agency that, if successful, would require payment of Additional Excise Tax.   The Eligible Employee and Pure shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings concerning the existence or amount of liability for Excise Tax with respect to payments made or due to the Eligible Employee.  Pure shall pay all reasonable fees, expenses and penalties of the Eligible Employee relating to a claim by the IRS or other agency. In the event it is finally determined that a further reduction would have been required under this Section to place the Eligible Employee in a better after-tax position, the Eligible Employee shall repay Pure such amount within thirty (30) days thereof in order to effect such result.
Section 4.Return Of Pure Property.
An Eligible Employee will not be entitled to any severance benefit under the Plan unless and until the Eligible Employee returns all Pure Property.  For this purpose, “Pure Property” means all Pure documents (and all copies thereof) and other Pure property which the Eligible Employee had in his or her possession at any time, including, but not limited to, Pure files, notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, financial information, research and development information, sales and marketing information, operational and personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including, but not limited to, computers, facsimile machines, mobile telephones, servers), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of Pure (and all reproductions thereof in whole or in part).
Section 5.Tax Withholding; Offset; Section 409A.
All payments under the Plan will be subject to applicable withholding for federal, state and local taxes.  If an Eligible Employee is indebted to Pure on his or her termination date, Pure reserves the right to offset any severance payments under the Plan by the amount of such indebtedness.  All severance benefits provided under the Plan are intended to satisfy the requirements for an exemption from application of Section 409A of the Code to the maximum extent that an exemption is available and any ambiguities herein shall be interpreted accordingly.
Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under the Plan that constitute “deferred compensation” within the meaning of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) shall not commence in connection with an Eligible Employee’s termination of employment unless and until the Eligible Employee has also incurred a “separation from service,” as such term is defined in Treasury Regulations Section 1.409A-1(h) (“Separation from Service”), unless Pure reasonably determines that such amounts may be provided to the Eligible Employee without causing the Eligible Employee to incur the adverse personal tax consequences under Section 409A.
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It is intended that (i) each installment of any benefits payable under the Plan to an Eligible Employee be regarded as a separate “payment” for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), (ii) all payments of any such benefits under the Plan satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9)(iii), and (iii) any such benefits consisting of COBRA premiums also satisfy, to the greatest extent possible, the exemption from the application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(9)(v).  However, if Pure determines that any such benefits payable under the Plan constitute “deferred compensation” under Section 409A and the Eligible Employee is a “specified employee” of Pure, as such term is defined in Section 409A(a)(2)(B)(i), then, solely to the extent necessary to avoid the imposition of the adverse personal tax consequences under Section 409A, (A) the timing of such benefit payments shall be delayed until the earlier of (1) the date that is six (6) months and one (1) day after the Eligible Employee’s Separation from Service and (2) the date of the Eligible Employee’s death (such applicable date, the “Delayed Initial Payment Date”), and (B) Pure shall (1) pay the Eligible Employee a lump sum amount equal to the sum of the benefit payments that the Eligible Employee would otherwise have received through the Delayed Initial Payment Date if the commencement of the payment of the benefits had not been delayed pursuant to this paragraph and (2) commence paying the balance, if any, of the benefits in accordance with the applicable payment schedule.
In no event shall payment of any benefits under the Plan be made prior to an Eligible Employee’s termination date or prior to the effective date of the Release.  If Pure determines that any payments or benefits provided under the Plan constitute “deferred compensation” under Section 409A, and the Eligible Employee’s Separation from Service occurs at a time during the calendar year when the Release could become effective in the calendar year following the calendar year in which the Eligible Employee’s Separation from Service occurs, then regardless of when the Release is returned to Pure and becomes effective, the Release will not be deemed effective any earlier than the latest permitted effective date (the “Release Deadline”).  If Pure determines that any payments or benefits provided under the Plan constitute “deferred compensation” under Section 409A, then except to the extent that payments may be delayed until the Delayed Initial Payment Date pursuant to the preceding paragraph, on the first regular payroll date following the effective date of an Eligible Employee’s Release, Pure shall (1) pay the Eligible Employee a lump sum amount equal to the sum of the benefit payments that the Eligible Employee would otherwise have received through such payroll date but for the delay in payment related to the effectiveness of the Release and (2) commence paying the balance, if any, of the benefits in accordance with the applicable payment schedule.
Section 6.Reemployment.  
In the event of an Eligible Employee’s reemployment by Pure during the period of time in respect of which severance benefits pursuant to the Plan have been paid, Pure, in its sole and absolute discretion, may require such Eligible Employee to repay to Pure all or a portion of such severance benefits as a condition of reemployment.  
Section 7.Right to Interpret and Administer Plan; Amendment and Termination.
(a)Interpretation and Administration.  Prior to the Closing, the Board, or a duly authorized committee thereof, shall be the Plan Administrator and shall have the exclusive discretion and authority to establish rules, forms, and procedures for the administration of the Plan and to construe and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the operation of the Plan, including, but not limited to, the eligibility to participate in the Plan and amount of benefits paid under the Plan.  The rules, interpretations, 
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computations and other actions of the Board shall be binding and conclusive on all persons.  Upon and after the Closing, the Plan will be interpreted and administered in good faith by the Representative who shall be the Plan Administrator during such period.  All actions taken by the Representative in interpreting the terms of the Plan and administering the Plan upon and after the Closing will be final and binding on all Eligible Employees.  Any references in this Plan to the “Board” or “Plan Administrator” with respect to periods following the Closing shall mean the Representative.
(b)Amendment and Termination.  The Plan Administrator reserves the right to amend or terminate the Plan at any time in its discretion; provided, however, that any amendment or termination of the Plan that would adversely affect a particular employee will not be effective as to such employee without his or her written consent if such amendment or termination is to occur (i) upon or following a Regular Termination but on or prior to the date on which the Eligible Employee would otherwise be entitled to payment or other benefits hereunder, (ii) within the Eligible Employee’s cure period, if any, pursuant to the definition of Cause hereunder, (iii) upon or following the event(s) giving rise to the Eligible Employee’s right to resign for Good Reason and the Eligible Employee’s resignation occurs within one hundred twenty (120) days of the first occurrence of the applicable event or (iv) at any time during a Change in Control Period.  In addition, the Plan will automatically terminate following the satisfaction of all Pure’s obligations under the Plan.  
Section 8.No Implied Employment Contract.
The Plan shall not be deemed (i) to give any employee or other person any right to be retained in the employ of Pure or (ii) to interfere with the right of Pure to discharge any employee or other person at any time, with or without cause, which right is hereby reserved.
Section 9.Legal Construction.
This Plan is intended to be governed by and shall be construed in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”) and, to the extent not preempted by ERISA, the laws of the State of California.
Section 10.Claims, Inquiries And Appeals. 
(a)Applications for Benefits and Inquiries.  Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing by an applicant (or his or her authorized representative).  The Plan Administrator is:
Pure Storage, Inc.
Attn: Chief Legal Officer
650 Castro Street, Suite 400
Mountain View, CA 94041

(b)Denial of Claims.  In the event that any application for benefits is denied in whole or in part, the Plan Administrator must provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial.  Any electronic notice will comply with the regulations of the U.S. Department of Labor.  The notice of denial will be set forth in a manner designed to be understood by the applicant and will include the following:
    11. 
 

(1)the specific reason or reasons for the denial;
(2)references to the specific Plan provisions upon which the denial is based;
(3)a description of any additional information or material that the Plan Administrator needs to complete the review and an explanation of why such information or material is necessary; and
(4)an explanation of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as described in Section 10(d) below.
This notice of denial will be given to the applicant within ninety (90) days after the Plan Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the application.  If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial ninety (90) day period.
This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application.  
(c)Request for a Review.  Any person (or that person’s authorized representative) for whom an application for benefits is denied, in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within sixty (60) days after the application is denied.  A request for a review shall be in writing and shall be addressed to:
Pure Storage, Inc.
Attn: Chief Legal Officer
650 Castro Street, Suite 400
Mountain View, CA 94041

A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent.  The applicant (or his or her representative) shall have the opportunity to submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her claim.  The applicant (or his or her representative) shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim.  The review shall take into account all comments, documents, records and other information submitted by the applicant (or his or her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.
(d)Decision on Review.  The Plan Administrator will act on each request for review within sixty (60) days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review.  If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial sixty (60) day period.  This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the review.  The Plan Administrator will give prompt, written or electronic notice of its decision to the applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor.  In the event that the 
    12. 
 

Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will set forth, in a manner calculated to be understood by the applicant, the following:
(1)the specific reason or reasons for the denial;
(2)references to the specific Plan provisions upon which the denial is based;
(3)a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim; and
(4)a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA. 
(e)Rules and Procedures.  The Plan Administrator will establish rules and procedures, consistent with the Plan and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims.  The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the denial of benefits to do so at the applicant’s own expense.
(f)Exhaustion of Remedies.  No legal action for benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in accordance with the procedures described by Section 10(a) above, (ii) has been notified by the Plan Administrator that the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 10(c) above, and (iv) has been notified that the Plan Administrator has denied the appeal.  Notwithstanding the foregoing, if the Plan Administrator does not respond to an Eligible Employee’s claim or appeal within the relevant time limits specified in this Section 10, the Eligible Employee may bring legal action for benefits under the Plan pursuant to Section 502(a) of ERISA.  
Section 11.Basis of Payments to and From Plan.
The Plan shall be unfunded, and all cash payments under the Plan shall be paid only from the general assets of Pure.
Section 12.Other Plan Information.
(a)Employer and Plan Identification Numbers.  The Employer Identification Number assigned to Pure (which is the “Plan Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 27-1069557.  The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 504.
(b)Ending Date for Plan’s Fiscal Year.  The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is the same as Pure’s fiscal year end.
    13. 
 

(c)Agent for the Service of Legal Process.  The agent for the service of legal process with respect to the Plan is:
Pure Storage, Inc.
Attn: Chief Legal Officer
650 Castro Street, Suite 400
Mountain View, CA 94041

In addition, service of legal process may be made upon the Plan Administrator. 
(d)Plan Sponsor.  The “Plan Sponsor” is:
Pure Storage, Inc.
650 Castro Street, Suite 400
Mountain View, CA 94041
1-800- 379-7873
(e)Plan Administrator.  The Plan Administrator is the Board prior to the Closing and the Representative upon and following the Closing.  The Plan Administrator’s contact information is:
Pure Storage, Inc.
Attn: Chief Legal Officer
650 Castro Street, Suite 400
Mountain View, CA 94041
1-800- 379-7873 
The Plan Administrator is the named fiduciary charged with the responsibility for administering the Plan.
Section 13.Statement of ERISA Rights.
Participants in this Plan (which is a welfare benefit plan sponsored by Pure Storage, Inc.) are entitled to certain rights and protections under ERISA.  If you are an Eligible Employee, you are considered a participant in the Plan and, under ERISA, you are entitled to:
(a)Receive Information About Your Plan and Benefits
(1)Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration;
(2)Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description.  The Plan Administrator may make a reasonable charge for the copies; and
(3)Receive a summary of the Plan’s annual financial report, if applicable.  The Plan Administrator is required by law to furnish each Eligible Employee with a copy of this summary annual report.
    14. 
 

(b)Prudent Actions by Plan Fiduciaries.  In addition to creating rights for Eligible Employees, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan.  The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Eligible Employees and beneficiaries.  No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.
(c)Enforce Your Rights.  If your claim for a Plan benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.
Under ERISA, there are steps you can take to enforce the above rights.  For instance, if you request a copy of Plan documents or the latest annual report from the Plan, if applicable, and do not receive them within thirty (30) days, you may file suit in a Federal court.  In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.
If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court.
If you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court.  The court will decide who should pay court costs and legal fees.  If you are successful, the court may order the person you have sued to pay these costs and fees.  If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.
(d)Assistance with Your Questions.  If you have any questions about the Plan, you should contact the Plan Administrator.  If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.  You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.
    15. 
 

For Eligible Employees Age 40 or Older
Individual Termination

Exhibit A
RELEASE AGREEMENT
I understand and agree completely to the terms set forth in the Pure Storage, Inc. Change in Control and Severance Benefit Plan (the “Plan”).
I understand that this Release Agreement (the “Release”), together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between Pure, affiliates of Pure and me with regard to the subject matter hereof.  I am not relying on any promise or representation by Pure or an affiliate of Pure that is not expressly stated therein.  Certain capitalized terms used in this Release are defined in the Plan.
I hereby confirm my obligations under my proprietary information and inventions agreement with Pure and/or an affiliate of Pure.
In consideration of the severance benefits and other consideration provided to me under the Plan that I am not otherwise entitled to receive, I hereby generally and completely release Pure and its affiliates, and their parents, subsidiaries, successors, predecessors and affiliates, and their current and former partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, successors, insurers, affiliates and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date I sign this Release (collectively, the “Released Claims”).  The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with Pure and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in Pure and its affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), the California Labor Code and the California Fair Employment and Housing Act (as amended).
Notwithstanding the foregoing, I understand that the following rights or claims are not included in the Released Claims: (a) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with Pure or its affiliate to which I am a party; the charter, bylaws, or operating agreements of Pure or its affiliate; or under applicable law; (b) any rights that cannot be waived as a matter of law; or (c) any claims arising from Pure’s breach of its obligations under the Plan.  In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, the California Department of Fair Employment and Housing, or any other government agency, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding.  I hereby represent and warrant that, other than the claims identified in this paragraph, I am not aware of any claims I have or might have that are not included in the Released Claims.
    1.
   

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given under the Plan for the waiver and release in this paragraph is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised by this writing, as required by the ADEA, that:  (a) my waiver and release do not apply to any rights or claims that may arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not do so); (c) I have twenty-one (21) days to consider this Release (although I may choose voluntarily to sign this Release earlier); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice to an officer of Pure; and (e) this Release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after I sign this Release provided I have not revoked it.
I also acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”  I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to any claims I may have against Pure.
I hereby represent that I have been paid all compensation owed for all hours worked; I have received all the leave and leave benefits and protections for which I am eligible pursuant to the Family and Medical Leave Act or otherwise; and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.
I acknowledge that to become effective, I must sign and return this Release to Pure so that it is received not later than twenty-one (21) days following the date it is provided to me or such other date as specified by Pure.
Eligible Employee
Printed Name:    
Signature:     
Date:    

    2.
  

For Eligible Employees Age 40 or Older
 Group Termination

Exhibit B
RELEASE AGREEMENT
I understand and agree completely to the terms set forth in the Pure Storage, Inc. Change in Control and Severance Benefit Plan (the “Plan”).
I understand that this Release Agreement (the “Release”), together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between Pure, affiliates of Pure and me with regard to the subject matter hereof.  I am not relying on any promise or representation by Pure or an affiliate of Pure that is not expressly stated therein.  Certain capitalized terms used in this Release are defined in the Plan.
I hereby confirm my obligations under my proprietary information and inventions agreement with Pure and/or an affiliate of Pure.
In consideration of the severance benefits and other consideration provided to me under the Plan that I am not otherwise entitled to receive, I hereby generally and completely release Pure and its affiliates, and their parents, subsidiaries, successors, predecessors and affiliates, and its and their current and former partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, successors, insurers, affiliates and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date I sign this Release (collectively, the “Released Claims”).  The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with Pure and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in Pure and its affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), the California Labor Code and the California Fair Employment and Housing Act (as amended).  
Notwithstanding the foregoing, I understand that the following rights or claims are not included in the Released Claims: (a) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with Pure or its affiliate to which I am a party; the charter, bylaws, or operating agreements of Pure or its affiliate; or under applicable law; (b) any rights that cannot be waived as a matter of law; or (c) any claims arising from Pure’s breach of its obligations under the Plan.  In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, the California Department of Fair Employment and Housing, or any other government agency, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding.  I hereby represent and warrant that, other than the claims identified in this paragraph, I am not aware of any claims I have or might have that are not included in the Released Claims.
  
 

I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given under the Plan for the waiver and release in this paragraph is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised by this writing, as required by the ADEA, that:  (a) my waiver and release do not apply to any rights or claims that may arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have forty-five (45) days to consider this Release (although I may choose voluntarily to sign this Release earlier); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice to an office of Pure; (e) this Release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after I sign this Release provided I have not revoked it; and (f) I have received with this Release all of the information required by the ADEA, including without limitation a detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of Pure in the same job classification or organizational unit who were not terminated.
I also acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”  I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to any claims I may have against Pure.
I hereby represent that I have been paid all compensation owed for all hours worked; I have received all the leave and leave benefits and protections for which I am eligible pursuant to the Family and Medical Leave Act or otherwise; and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.
I acknowledge that to become effective, I must sign and return this Release to Pure so that it is received not later than forty-five (45) days following the date it is provided to me or such other date as specified by Pure.
Eligible Employee
Printed Name:    
Signature:     
Date:    

    2.
  
 

For Eligible Employees Under Age 40 
 Individual or Group Termination

Exhibit C
RELEASE AGREEMENT
I understand and agree completely to the terms set forth in the Pure Storage, Inc. Change in Control and Severance Benefit Plan (the “Plan”).
I understand that this Release Agreement (the “Release”), together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between Pure, affiliates of Pure and me with regard to the subject matter hereof.  I am not relying on any promise or representation by Pure or an affiliate of Pure that is not expressly stated therein.  Certain capitalized terms used in this Release are defined in the Plan.
I hereby confirm my obligations under my proprietary information and inventions agreement with Pure and/or an affiliate of Pure.
In consideration of the severance benefits and other consideration provided to me under the Plan that I am not otherwise entitled to receive, I hereby generally and completely release Pure and its affiliates, and their parents, subsidiaries, successors, predecessors and affiliates, and its and their current and former partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, successors, insurers, affiliates and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date I sign this Release (collectively, the “Released Claims”).  The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with Pure and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in Pure and its affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Employee Retirement Income Security Act of 1974 (as amended), the California Labor Code and the California Fair Employment and Housing Act (as amended).  
Notwithstanding the foregoing, I understand that the following rights or claims are not included in the Released Claims: (a) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with Pure or its affiliate to which I am a party; the charter, bylaws, or operating agreements of Pure or its affiliate; or under applicable law; (b) any rights that cannot be waived as a matter of law; or (c) any claims arising from Pure’s breach of its obligations under the Plan.  In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, the California Department of Fair Employment and Housing, or any other government agency, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding.  I hereby represent and warrant that, other than the claims identified in this paragraph, I am not aware of any claims I have or might have that are not included in the Released Claims.
    1.
  
 

I also acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”  I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to any claims I may have against Pure.
I hereby represent that I have been paid all compensation owed for all hours worked; I have received all the leave and leave benefits and protections for which I am eligible pursuant to the Family and Medical Leave Act or otherwise; and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim.
I acknowledge that to become effective, I must sign and return this Release to Pure so that it is received not later than fourteen (14) days following the date it is provided to me or such other date as specified by Pure.
Eligible Employee
Printed Name:    
Signature:     
Date:    

    2.Document

Exhibit 10.14

November 3, 2020
Paul Mountford

RE:    TRANSITION SERVICES, SEPARATION & RELEASE AGREEMENT

Dear Paul:
This Amendment to your Executive Employment Agreement Terms and Separation & Release Agreement is entered into by and between Paul Mountford (“You”) and Pure Storage, Inc. (the “Company”) (the “Agreement”).  You and the Company are collectively referred to as the “Parties” throughout this Agreement.
RECITALS
WHEREAS, You and the Company are parties to the Employment Terms Offer Letter dated October 15, 2019 (the “Offer”), attached hereto as Exhibit A;
WHEREAS, the Parties desire to amend the Offer on the terms and conditions set forth herein and enter into an agreement whereby the Parties release the other from any and all liability as it relates to your employment with the Company;
WHEREAS, the Parties desire for this Agreement to supersede any and all prior promises, warranties, representations, or agreements – whether oral or written and including the Offer – relating to your employment with the Company. 
NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the Parties hereto agree as follows:

1.Employment End Date.  You agree that your employment with the Company will terminate on January 31, 2021 (the “Separation Date”), unless your employment terminates sooner as stated in this paragraph. If termination occurs earlier or later than February 1, 2021, the actual date of termination shall become the “Separation Date” for purposes of this Agreement. Between today and your Separation Date (the “Transition Period”), you agree to assist the Company in delivering the planned committed bookings for Q4 FY21, assist in planning for FY22, and assist in the re-organization of the GTM organization, as appropriate (the “Transitional Duties”). At the sole discretion of the CEO, your transition time may be reduced, or you may be required not to report to work or perform any work-related tasks or transitional duties, or be otherwise involved in any Company operations.  Should you take a leave of absence during the transition period, your Separation Date will not change and you will be separated regardless of your status.  On January 31, 2021 (or earlier if your transition period is reduced or you are otherwise terminated for Cause (defined below)), your access to the Company’s systems and any Company-related electronic accounts will be deactivated.  
During the Transition Period, your employment with the Company will be at-will.  That means that during the Transition Period you are entitled to resign your employment with or without advance notice, and the Company may terminate your employment with or without Cause or advance notice.  For purposes of this Agreement, “Cause” for the Company to terminate your employment shall exist if any of the following occurs:
a)Your conviction (including a guilty plea or plea of nolo contendere) of any felony, or any crime involving fraud, dishonesty or moral turpitude;
b)Your commission or attempted commission of or participation in a fraud or act of dishonesty, or misrepresentation against the Company; 
c)Your material violation of any material contract or agreement between you and the Company, including without limitation, material breach of your Employee Proprietary Information Agreement (“PIA”), or of the 
1

Exhibit 10.14

Company’s Code of Conduct or any material Company policy, or of any statutory duty you owe to the Company; or
d)Your conduct that constitutes gross insubordination, incompetence, or habitual neglect of duties. 
2.Transition Benefits.  Between now and your Separation Date, the Company will provide you with the following benefits described below (the “Transition Benefits”):
(a)Pay During Transition Period.  During the Transition Period, you will continue to receive your Base Salary1, subject to applicable payroll deductions, applicable payroll taxes, and authorized after-tax deductions, in accordance with applicable state law.  You are entitled to this payment by law and will receive it regardless of whether you enter into this Agreement. As you know, the Company does not provide vacation accrual, or accrual of other paid time off to its employees.  Therefore, you will not accrue any vacation or paid time off during the Transition Period and you will not have any accrued and unused vacation or other paid time off to be paid out at your Separation Date.
(b)Fiscal Year 2021 Second Half Bonus Eligibility.  You will remain eligible for the 2H FY21 Bonus, to the extent a 2H FY21 Bonus is funded and paid, pursuant to the terms and conditions of the Pure Storage, Inc. Cash Incentive Plan (the “Corporate Bonus Plan”). Your personal performance multiplier for the Bonus will be capped at 100%.  The payout for the 2H FY21 Bonus will not be determined until after the end of the Company’s Fiscal Year and will be paid out pursuant to the terms and conditions of the Corporate Bonus Plan.  For avoidance of doubt, in the event you are not employed at the Company at the time the Company regularly pays out the 2H FY21 Bonus under the Corporate Bonus Plan and the 2H FY21 Bonus is funded, you will receive your 2H FY21 Bonus payment by March 31, 2021.
(c)Health Coverage and Related Medical Benefits.  During your Transition Period, you will continue to enjoy health insurance coverage, to the extent you are already enrolled.  Your health insurance coverage is paid for by the Company through midnight on the last day of the calendar month in which you terminate.  Following your Separation Date, you will be eligible to continue that coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at your own expense.
(d)Equity Interests.  During your employment, you were granted certain time-based and performance-based restricted stock unit (“RSU”) awards under the Company’s 2015 Equity Incentive Plan.  The vesting of all such RSU awards, and participation in the Employee Stock Purchase Plan (“ESPP”) (and collectively your “Equity Interests”), will continue during your Transition Period and will cease as of your Separation Date, except as provided in Section 3(c) of this Agreement.  All rights, duties and obligations with respect to all of your Equity Interests will continue to be governed by the applicable equity plan and related agreements.  Except as provided in Section 3(c) of this Agreement, any and all unvested Equity Interests will be cancelled on your Separation Date. 
3.Post Termination Benefits.  If you: (a) sign, date, and return the fully-executed Agreement to the Company; and (b) you do not subsequently revoke it; and (c) your employment with the Company is not terminated for Cause (as defined herein) between now and the Separation Date; and (d) you comply with the terms and conditions of this Agreement, including successful completion of the Transitional Duties; and (e) you reaffirm the promises and releases in this Agreement on or within five (5) days of your Separation Date by executing the “Final Waiver” (attached as Exhibit C), then you will be entitled to the following Post-Termination Benefits:
(a)Severance Payment.  The Company will pay you cash severance in the amount of $390,000.00, less applicable payroll withholdings and deductions and any other amounts owed to the Company (the “Severance Payment”). The Severance Payment will be paid in a single lump sum and provided to you within thirty (30) days after the Effective Date of this Agreement (as defined in Section 13(b)) or the Separation Date, whichever is later, provided you have complied with the terms of this Agreement.

1 Base Salary is your fixed salary compensation (if you receive salary and are not paid overtime).
2

Exhibit 10.14

(b)COBRA Payment.  Following your Separation Date, if you timely elect continued coverage under COBRA, the Company will pay your COBRA premiums for eighteen (18) month(s), on the same terms and conditions as before your separation, beginning the first day of the month after your health insurance benefits end (referred to as the “COBRA Payment”). The Company’s obligation to make these COBRA Payments will stop immediately if you become eligible for other health insurance benefits at the expense of another employer or the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination.  You must provide the Company prompt written notice of the availability of employer-sponsored health insurance as soon as possible following such eligibility.  Please note that you are entitled to COBRA coverage whether or not you sign this Agreement, but you must timely sign and return this document if you want the Company to pay COBRA premium(s) for you as set forth above.
(c)Consulting Agreement.  The Company agrees to enter into a Consulting Agreement (the “Consulting Agreement”) with you, on the terms and conditions set forth in the Consulting Agreement, attached hereto as Exhibit D.  The Consulting Agreement will address any compensation, specifically providing for the vesting of the shares that you may be eligible to receive on March 20, 2021 (if any) under the performance-based RSU award granted to you on May 19, 2020 (the “PSU”). The remainder of the PSU award will be cancelled on March 20, 2021. No other compensation will be provided under the Consulting Agreement.
4.Expense Reimbursements.  You agree to submit your final documented expense reimbursement statement reflecting all business expenses you incurred through your Separation Date, if any, for which you seek reimbursement, no later than Feb 15, 2021.  The Company will reimburse you for all documented and legitimate expenses approved for reimbursement pursuant to its regular business practice and in accordance with the Company’s Global Travel & Expense Policy.
5.Return of Company Property and Satisfaction of Financial Obligations to the Company.  Within five (5) business days following the expiration of the Consulting Period (as defined in the Consulting Agreement), the Company must have received all Company equipment, property,  documents (and all copies thereof),  and information that you have in your possession or control, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, contact information, financial information, specifications, training materials, computer-recorded information, tangible property including, but not limited to, computers, credit cards, entry cards, identification badges and keys; and any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof).  You agree that you will make a diligent search to locate any such documents, property and information within the timing referenced in this paragraph.  In addition, if you have used any personally owned computer, server, e-mail system, mobile phone, or portable electronic device (e.g., iPhone, Android, other smartphone, etc.), (collectively, “Personal Systems”) to receive, store, prepare or transmit any Company confidential or proprietary data, materials or information, then no later than five (5)  business days following the expiration of the Consulting Period, you will provide – if requested – the Company with a computer-useable copy of all such information and then permanently delete and expunge all such Company confidential or proprietary information from such Personal Systems without retaining any copy or reproduction in any form.  You agree to provide the Company access to your Personal Systems, if requested, for the purpose of verifying that the required copying and/or deletion is completed.  If you have not returned all Company equipment, including your Company-issued laptop, within five (5) business days following the expiration of the Consulting Period, it will be considered a material breach of this Agreement.
On or before your Separation Date, you agree to satisfy any and all outstanding financial obligations to the Company, including, but not limited to, variable deficits, personal charges on your corporate-issued credit card, and erroneous overpayments made to you.
6.Confidential Information Agreement.  You acknowledge and reaffirm your continuing obligations to the Company under the PIA with the Company, which you signed at the commencement of your employment.  A copy of the PIA you signed is attached as Exhibit B to this Agreement.
7.Immigration Status.  As a foreign national working in the United States pursuant to O-1 Alien of Extraordinary Ability nonimmigrant status, the validity of your status depends on continued employment with Pure Storage as the sponsor of your O-1 petition. Because your employment with Pure Storage is being terminated on January 31, 2021, you must take immediate steps to depart the United States, find another employer to sponsor your O-1, or change to another valid immigration status. Once your employment has ended, Pure Storage is required by law to notify the United States Citizenship and Immigration Service that you are no longer employed at the company. If you choose to remain in the United States, we recommend that you consult with an independent immigration attorney to advise you as to your 
3

Exhibit 10.14

immigration-related rights and responsibilities at this juncture.  You may be eligible for a 60-day grace period following your Separation Date. You may use part of the Transition Period to find a new O-1 sponsor or change to another valid status. Please note that this grace period is granted on a discretionary basis by the USCIS.  Please also be advised that if you decide to return to your home country upon the termination of your employment, Pure Storage will be responsible for the reasonable costs for return transportation to this country upon your written request, if, and only if, required by law.  If return to your home country is required by law, Pure will provide reasonable transportation costs for  you only (not for your family members or your personal belongings).  Transportation costs must be approved in advance of booking with the CEO of the Company.
8.No Other Compensation or Benefits.  Other than as set forth in this Agreement and Consulting Agreement, you acknowledge that you are not eligible for and will not receive any salary, bonuses, Equity Interests or vesting, variable commissions, severance or any other form of compensation or benefits from the Company after the Separation Date, with the exception of any vested benefits you may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account).
9.Confidentiality.  The provisions of this Agreement will be held in strictest confidence by you and the Company and will not be publicized or disclosed in any manner whatsoever; provided, however, that:  (a) you may disclose this Agreement in confidence to your immediate family; (b) the parties may disclose this Agreement in confidence to their respective attorneys, accountants, auditors, tax preparers, and financial advisors; (c) the Company may disclose this Agreement to fulfill standard or legally required corporate reporting or disclosure requirements; (d) you may disclose this Agreement, and any other documents or information (without notice to the Company) when communicating with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (“Government Agencies”), or during the course of an investigation or proceeding that may be conducted by any Government Agency; and (e) the parties may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law.  In particular, and without limitation, you will not disclose the provisions of this Agreement to any current or former Company employee, contractor or consultant.  Nothing in this provision or this Agreement is intended to prohibit or restrain you in any manner from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation.
10.Non-Disparagement. You agree not to disparage the Company or the Company’s officers, directors, employees, stockholders, affiliates, agents, distributors, partners, customers, products or services, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that you may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid subpoena or other similar compulsion of law) or as part of a government investigation.  Nothing, however, in this provision or this Agreement is intended to prohibit or restrain you in any manner from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation.
11.No Voluntary Adverse Action; Cooperation.  You agree that you will not voluntarily provide assistance, information or advice, directly or indirectly (including through agents or attorneys), to any person or entity in connection with any claim or cause of action of any kind brought against the Company, nor shall you induce or encourage any person or entity to bring such claims; provided that you may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid subpoena or other similar compulsion of law) or as part of a government investigation.  In addition, nothing in this provision or this Agreement is intended to prohibit or restrain you in any manner from making disclosures that are protected under the whistleblower provisions of federal law or regulation or under other applicable law or regulation.  Further, you agree to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during the period of your employment by the Company.  Such cooperation includes, without limitation, making yourself available to the Company upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions, and trial testimony.  The Company will reimburse you for reasonable out-of-pocket expenses you incur in connection with any such cooperation (excluding foregone wages) and will make reasonable efforts to accommodate your scheduling needs.  Moreover, you agree to execute all documents (if any) necessary to carry out the terms of this Agreement.
12.No Admissions.  You understand and agree that the promises and payments in consideration of this Agreement shall not be construed as an admission of any liability, obligation, wrongdoing or violation of law by the Company to you or to any other person, and the Company makes no such admission.
4

Exhibit 10.14

13.Release of Claims.
(a)General Release.  In exchange for the consideration under this Agreement to which you would not otherwise be entitled, including but not limited to the Transition and Post-Termination Benefits,  you hereby generally and completely release, acquit and forever discharge the Company, and its parent, subsidiary, or affiliated entities, along with its and their predecessors and successors and their respective directors, officers, employees, shareholders, partners, agents, attorneys, insurers, affiliates and assigns (collectively, the “Released Parties”), of and from any and all claims, liabilities and obligations, both known and unknown, that arise from or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date that you sign this Agreement (collectively, the “Released Claims”).  
(b)Scope of Release.  The Released Claims include, but are not limited to: (i) all claims arising out of or in any way related to your employment with the Company, or the termination of that employment; (ii) all claims related to your compensation or benefits from the Company, including salary, bonuses, variable commissions, other incentive compensation, vacation, paid time off, expense reimbursements, severance payments, fringe benefits, stock, stock options, COBRA payments, or any other ownership or equity or profits interests in the Company; (iii) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including but not limited to claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory claims, including but not limited to claims for discrimination, harassment, retaliation, wrongful termination, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (the “ADA”), the federal Age Discrimination in Employment Act (the “ADEA”), the California Labor Code (as amended), the California Fair Employment and Housing Act (as amended), and any other laws, statutes, or regulations of the state in which you reside and/or work.
(c)ADEA Waiver.  You acknowledge that you are knowingly and voluntarily waiving and releasing any rights you may have under the ADEA, and that the consideration given for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which you are already entitled.  You further acknowledge that you have been advised, as required by the ADEA, that:  (i) your waiver and release do not apply to any rights or claims that may arise after the date that you sign this Agreement; (ii) you should consult with an attorney prior to signing this Agreement (although you may choose voluntarily not to do so); (iii) you have twenty-one (21) days to consider this Agreement (although you may choose voluntarily to sign it earlier); (iv) you have seven (7) days following the date you sign this Agreement to revoke the Agreement (by providing written notice of your revocation to the Company’s Chief Legal Officer; and (v) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after the date that this Agreement is signed by you provided that you do not revoke it (the “Effective Date”).
(d)Section 1542 Waiver.  In giving the releases set forth in this Agreement, which include claims which may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code which reads as follows:  “A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”  You hereby expressly waive and relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Agreement.
(e)Excluded Claims.  Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (i) any rights or claims for indemnification you may have pursuant to any written indemnification agreement with the Company to which you are a party, the charter, bylaws, or operating agreements of the Company, or under applicable law; (ii) any rights which are not waivable as a matter of law; and (iii) any claims for breach of this Agreement.  You hereby represent and warrant that, other than the Excluded Claims, you are not aware of any claims you have or might have against any of the Released Parties that are not included in the Released Claims.  Nothing in this Agreement shall prevent you from filing, cooperating with, communicating with, or participating in any proceeding (including providing documents or other information without notice to the Company) before any Government Agency.  While this Agreement does not limit your right to receive an award for information provided to the SEC, you understand and agree that, to the maximum extent permitted by law, you are otherwise waiving any and all rights you have waived to individual relief based on any claims that you have released and waived by signing this Agreement.
5

Exhibit 10.14

14.Voluntary Agreement and Representations.  By signing this Agreement, you acknowledge that you have carefully read and understand this Agreement; you understand that this Agreement is legally binding; and by signing it you give up certain rights.  In addition, you hereby represent that as of the date of signature, you have been paid all compensation owed and for all time worked, you have received all the leave and leave benefits and protections for which you are eligible pursuant to the Company’s policies or any applicable law, and you have not suffered any on-the-job injury or illness for which you have not already filed a workers’ compensation claim.
15.Dispute Resolution.  
(a)Arbitration Agreement. To ensure the timely and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance, negotiation, execution, or interpretation of this Agreement, your employment, or the termination of your employment, including but not limited to statutory claims, shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, conducted by JAMS, Inc. (“JAMS”) under the then applicable JAMS rules (which can be found at the following web address: https://www.jamsadr.com/rules-employment-arbitration/, and which will be provided to you upon request).  By agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding.   
(b)Individual Claims.  All claims, disputes, or causes of action under this section, whether by you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity.  The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding.  To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration.  This section shall not apply to an action or claim brought in court pursuant to the California Private Attorneys General Act of 2004 or to any other action or claim that cannot be subject to arbitration as a matter of law.  
(c)Arbitration Process.  The Company acknowledges that you will have the right to be represented by legal counsel at any arbitration proceeding.  The arbitration will take place in the county (or comparable governmental unit) in which you were last employed by the Company, as determined by the arbitrator; provided, however, that if the arbitrator determines there will be an undue hardship to you to have the arbitration in such location, the arbitrator will choose an alternative appropriate location.  The arbitrator shall: (a) have the authority to compel, pursuant to the California Arbitration Act and California Code of Civil Procedure Section 1283.05, adequate discovery for the resolution of the dispute, including discovery from third parties, and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award.  The arbitrator shall be authorized to award any or all remedies that you or the Company would be entitled to seek in a court of law.  The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required of you if the dispute were decided in a court of law.  Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.  Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.
6

Exhibit 10.14

16.Miscellaneous.  This Agreement, including its Exhibits, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to your employment with the Company.  It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any and all prior and other such promises, warranties, representations, or agreements.  This Agreement may not be modified or amended except in a written agreement signed by both you and a duly authorized officer of the Company.  This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and their heirs, successors and assigns.  If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question shall be deemed modified so as to be rendered enforceable in a manner consistent with the intent of the parties, insofar as possible under applicable law.  Any ambiguity in this Agreement shall not be construed against either party as the drafter.  Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any successive breach or rights hereunder.  Any changes to this Agreement – whether material or immaterial – will not restart the consideration period.  This Agreement shall be deemed to have been entered into, and shall be construed and enforced, in accordance with the laws of the State of California without regard to conflicts of law principles.  This Agreement may be executed electronically and/or in counterparts, each of which shall be deemed to be part of one original, and electronically-submitted signatures and signatures transmitted via .PDF file or photo shall be equivalent to original signatures.
Please return the fully executed, accurately dated, and unmodified Agreement to the Company no later than November 20, 2020.  If you do not return the Agreement by midnight on this deadline, the Separation Benefits offered herein will be revoked and you will not be eligible to receive them.  

Sincerely,

Pure Storage, Inc.

    /s/ Joseph FitzGerald    
Joseph FitzGerald 
Chief Legal Officer

I have read, understand, and voluntarily accept and agree to the above terms:
    /s/ Paul Mountford         
Date: November 3, 2020
Paul Mountford

 
7

Exhibit 10.14

Exhibit A

Executive Offer of Employment

[provided separately]

8

Exhibit 10.14

Exhibit B

Employee Proprietary Information Agreement

[provided separately]

9

Exhibit 10.14

Exhibit C
 Final Waiver

			
	This document must be signed on or within five (5) days of your Separation Date
in order for you to receive Post-Termination Benefits

Paul Mountford, an individual (the “Employee”), and Pure Storage, Inc., a Delaware corporation (the “Company”), entered into an AMENDMENT TO EXECUTIVE EMPLOYMENT TERMS AND SEPARATION & RELEASE AGREEMENT on or about November 3, 2020 (the “Agreement”).  Employee and Company are collectively referred to as “Parties”.  This document shall constitute the Final Waiver as contemplated and described in the Agreement, the contents, terms, and conditions of which are incorporated by reference.

The Parties hereby acknowledge, affirm, and agree to be bound by the covenants, promises, conditions, representations, releases, and waivers set forth in the Agreement.

The Parties further acknowledge, affirm, and agree that this Final Waiver applies with the same force and effect as if the Agreement had been entered into on the date of this Final Waiver.

__________________________________     
Date: 

___________________________________
Joseph FitzGerald
On behalf of Pure Storage, Inc.

__________________________________     
Date: 

___________________________________
Paul Mountford

10

Exhibit 10.14

Exhibit D
Form of Consulting Agreement

CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT is made effective as of January 29, 2021 (“Effective Date”) by and between PURE STORAGE, INC. and its successors or assignees (“Company”) and Paul Mountford (“Consultant”) and shall continue up through March 20, 2021 (the “Termination Date”), at which time, this Agreement shall automatically terminate, unless extended in writing and such writing is executed by the Parties.  Company and Consultant may be referred to herein individually as a “Party” and collectively as the “Parties.”
1.     ENGAGEMENT OF SERVICES. Company may from time to time submit a Statement of Work (“SOW”) to Consultant substantially in the form of Exhibit A to this Agreement. Subject to the terms of this Agreement, Consultant will provide the services set forth in each SOW accepted by Consultant (the “Project(s)”) by the completion dates set forth therein. The manner and means that Consultant chooses to complete the Projects are in Consultant’s sole discretion and control. Consultant shall perform the services necessary to complete the Projects in a timely and professional manner consistent with industry standards and at a location, place and time that Consultant deems appropriate. Company agrees to provide the equipment, tools, and other materials as may be necessary for Consultant to complete the Projects, and will make its facilities and equipment available to Consultant when necessary. Company understands that addition or removal of Consultant resources from engagements take thirty (30) days to effectuate.
2.         COMPENSATION. 
2.1     Fees. Company will pay Consultant the fee specified in each SOW as Consultant’s sole compensation for the Project, provided such Project meets the terms of the SOW and this Agreement and is of a quality consistent with industry standards. Consultant shall be responsible for all expenses incurred in performing services under this Agreement, except as set forth in the SOW. Upon termination of this Agreement for any reason prior to completion of an SOW, Company will pay Consultant fees and expenses on the basis stated in the SOW for work which is then in progress, within thirty (30) days of the later of Consultant’s invoice and the effective date of such termination.
2.2     Invoicing. Unless otherwise provided in the applicable SOW, (a) payment to Consultant of undisputed fees will be due thirty (30) days following Company’s receipt of an invoice which contains accurate records of the work performed sufficient to document the invoiced fees; and (b) Consultant will submit invoices to Company upon completion of the milestones specified in the applicable SOW or, if no such milestones are specified, on a monthly basis for services performed in the previous month.
3.     CONTRACTOR RELATIONSHIP. Consultant’s relationship with Company will be that of an independent contractor, and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship. Consultant (a) is not the agent of Company; (b) is not authorized to make any representation, contract, or commitment on behalf of Company; (c) will not be entitled to any of the benefits that Company makes available to its employees, such as group insurance, profit-sharing or retirement benefits (and waives the right to receive any such benefits); and (d) will be solely responsible for all tax returns and payments required to be filed with or made to any federal, state, or local tax authority with respect to Consultant’s performance of services and receipt of fees under this Agreement. If applicable, Company will report amounts paid to Consultant by filing Form 1099-MISC with the Internal Revenue Service, as required by law. Consultant agrees to accept exclusive liability for complying with all applicable state and federal laws, including laws governing self-employed individuals, if applicable, such as laws related to payment of taxes, social security, disability, and other contributions based on fees paid to Consultant under this Agreement. Company will not withhold or make payments for social security, unemployment insurance or disability insurance contributions, or obtain workers’ compensation insurance on Consultant’s behalf. Consultant hereby agrees to indemnify and defend Company against any and all such taxes or contributions, including penalties and interest. Consultant agrees to provide proof of payment of appropriate taxes on any fees paid to Consultant under this Agreement upon reasonable request of Company.
11

Exhibit 10.14

4.         INTELLECTUAL PROPERTY RIGHTS.
4.1     Confidential Information. Consultant agrees that during the term of this Agreement and thereafter, it (a) will not use or permit the use of Confidential Information (defined below) in any manner or for any purpose not expressly set forth in this Agreement; (b) will not disclose, lecture upon, publish, or permit others to disclose, lecture upon, or publish any such Confidential Information to any third party; (c) will limit access to Confidential Information to Consultant personnel who need to know such information in connection with their work for Company; and (d) will not remove any tangible embodiment of any Confidential Information from Company’s premises without Company’s prior written consent. “Confidential Information” includes, but is not limited to, all information related to Company’s business and its actual or anticipated research and development, including without limitation (i) (a) trade secrets, inventions, mask works, ideas, processes, formulas, computer source and object codes, data, databases and data collections, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques; (ii) information regarding products or plans for research and development, marketing, sales and business plans, budgets, financial statements, licenses, contracts, prices and costs, suppliers, and customers; (iii) information regarding the skills and compensation of Company’s employees, Consultants, and any other service providers of Company; (iv) the existence of any business discussions, negotiations, or agreements between Company and any third party; and (v) all such information related to any third party that is disclosed to Company or to Consultant during the course of Company’s business (“Third Party Information”). Notwithstanding the foregoing, it is understood that Consultant is free to use information which is generally known in the trade or industry, information which is not gained as a result of a breach of this Agreement, and Consultant’s own skill, knowledge, know- how, and experience.
4.2     Competitive or Conflicting Engagements. Consultant agrees, during the term of this Agreement, not to enter into a contract or accept an obligation that is inconsistent or incompatible with Consultant’s obligations under this Agreement. Consultant further warrants that there is no other existing contract, obligation or duty on Consultant’s part that is inconsistent with this Agreement. Consultant further agrees not to disclose to Company, bring onto Company’s premises, or induce Company to use any confidential information that belongs to anyone other than Company or Consultant. Section 4.2 does not preclude Consultant from working with other companies provided that any employees of Consultant assigned to work on an SOW for Company shall not be assigned by Consultant to work on projects for a competitor of Company. 
4.3     Inventions and Intellectual Property Rights. As used in this Agreement, the term “Invention” means any ideas, concepts, information, materials, processes, data, programs, know-how, improvements, discoveries, developments, designs, artwork, formulae, other copyrightable works, and techniques and all Intellectual Property Rights therein. The term “Intellectual Property Rights” means all trade secrets, copyrights, trademarks, mask work rights, patents and other intellectual property rights recognized by the laws of any country.
4.4      Background Technology. As used in this Agreement, the term “Background Technology” means all Inventions developed by Consultant other than in the course of providing services to Company hereunder and all Inventions acquired or licensed by Consultant that Consultant uses in performing services under this Agreement or incorporates into Work Product (defined below). Consultant will disclose any Background Technology in the SOW in which Consultant proposes to use or incorporate into Work Product, and shall not use or incorporate such Background Technology into the Work Product without the prior written consent of Company. If no Background Technology is disclosed in an SOW, Consultant warrants that it will not use Background Technology or incorporate it into Work Product provided pursuant thereto.
4.5     Disclosure of Work Product. As used in this Agreement, the term “Work Product” means any Invention that is solely or jointly conceived, made, reduced to practice, or learned by Consultant in the course of any services performed for Company or with the use of materials of Company during the term of this Agreement. For purposes of this Agreement, and all SOWs hereunder, Work Product is defined to also include all deliverables being provided to Company under this Agreement and all SOWs hereunder. Consultant agrees to disclose promptly in writing to Company, or any person designated by Company, all Work Product.
12

Exhibit 10.14

4.6     Ownership of Work Product. Consultant agrees that any and all Work Product, and all Inventions and all worldwide Intellectual Property Rights therein, shall be the sole and exclusive property of Company. It is expressly understood by Consultant that SOWs under this Agreement will result in Consultant creating deliverables that will qualify as works made for hire under 17 USC Section 101 and that ownership of all such works shall vest in Company.
4.7     Assignment of Work Product. If Consultant has any rights to the Work Product that are not owned by Company upon creation or embodiment, Consultant irrevocably assigns to Company all right, title and interest worldwide in and to such Work Product. Except as set forth below, Consultant retains no rights to use the Work Product and agrees not to challenge the validity of Company’s ownership in the Work Product. 
4.8     License to or Waiver of Other Rights. If Consultant has any right to the Work Product that cannot be assigned to Company by Consultant, Consultant unconditionally and irrevocably grants to Company during the term of such rights, an exclusive, even as to Consultant, irrevocable, perpetual, worldwide, fully paid and royalty- free license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make derivative works of, distribute, publicly perform and publicly display in any form or medium, whether now known or later developed, make, use, sell, import, offer for sale and exercise any and all such rights. If Consultant has any rights to the Work Product that cannot be assigned or licensed to Company, Consultant unconditionally and irrevocably waives the enforcement of such rights, and all claims and causes of action of any kind against Company or related to Company’s customers, with respect to such rights, and agrees, at Company’s request and expense, to consent to and join in any action to enforce such rights.
4.9     Assistance. Consultant agrees to assist Company in every way, both during and after the term of this Agreement, to obtain and enforce United States and foreign Intellectual Property Rights relating to Work Product in all countries. In the event Company is unable to secure Consultant’s signature on any document needed in connection with such purposes, Consultant hereby irrevocably designates and appoints Company and its duly authorized officers and agents as its agent and attorney in fact, which appointment is coupled with an interest, to act on its behalf to execute and file any such documents and to do all other lawfully permitted acts to further such purposes with the same legal force and effect as if executed by Consultant.
5.         CONSULTANT REPRESENTATIONS AND WARRANTIES. Consultant hereby represents and warrants that (a) the Work Product will be an original work of Consultant and any third parties will have executed assignment of rights reasonably acceptable to Company prior to being allowed to participate in the development of the Work Product; (b) the Work Product will fully conform to the requirements and terms set forth in the SOW; (c) to the best of his/her knowledge, neither the Work Product nor any element or development thereof will infringe or misappropriate the Intellectual Property Rights of any third party; (d) neither the Work Product nor any element thereof will be subject to any restrictions or to any mortgages, liens, pledges, security interests, or encumbrances; (e) Consultant will not grant, directly or indirectly, any rights or interest whatsoever in the Work Product to third parties; (f) Consultant has full right and power to enter into and perform this Agreement without the consent of any third party; ( (h) Consultant will comply with all laws and regulations applicable to Consultant’s obligations under this Agreement, will refrain from any unethical conduct, and will maintain high standards of professionalism; and (i) should Company permit Consultant to use any of Company’s equipment, or facilities during the term of this Agreement, such permission shall be gratuitous and Consultant (i) shall be responsible for any injury to any person (including death) or damage to property arising out of use of such equipment or facilities; (ii) shall perform all services during Company’s normal business hours, unless Company otherwise specifically requests; and (iii) shall comply with Company’s then- current access policies and procedures, including those pertaining to safety, security, anti-harassment, and confidentiality.
6.         TERMINATION.  Unless previously terminated for the reasons set forth below in Sections 6.1 and 6.2 of this Agreement, the term of this Agreement shall commence on the Effective Date and shall terminate on the Termination Date.
6.1         Termination without Cause. Company may terminate this Agreement without cause at its convenience upon written notice to Consultant. Consultant may terminate this Agreement at any time that there is no uncompleted SOW in effect upon fifteen (15) days’ prior written notice to Company. Company will pay Consultant only those fees and expenses related to services actually performed during such notice period, as specified in the SOW.
13

Exhibit 10.14

6.2         Termination with Cause. Either party may terminate this Agreement immediately in the event that the other party has materially breached the Agreement and fails to cure such breach within five (5) days of receipt of notice by the non-breaching party, setting forth in reasonable detail the nature of the breach. Company may also terminate this Agreement immediately in its sole discretion in the event of Consultant’s material breach of the section titled Intellectual Property Rights. Company will pay Consultant only those fees and expenses related to services actually performed during such notice period, as specified in the SOW.
6.3         Return of Company Property. Upon termination of the Agreement or upon Company’s request at any other time, Consultant will deliver to Company all of Company’s property, equipment, and documents, together with all copies thereof, and any other material containing or disclosing any Work Product, Third Party Information or Confidential Information of Company and certify to Company in writing that Consultant has fully complied with this obligation Consultant further agrees that any property situated on Company’s premises and owned by Company is subject to inspection by Company personnel at any time with or without notice.
6.4         Survival. The following provisions shall survive termination of this Agreement: Sections and Subsections titled Intellectual Property Rights, Consultant Representations and Warranties, Indemnification, Return of Company Property, Survival, and General Provisions.
7.         RESERVED.
8.         GENERAL PROVISIONS.
8.1         Governing Law and Venue. This Agreement and any action related thereto will be governed, and interpreted by and under the laws of the State of California, without giving effect to any conflicts of laws principles that require the application of the law of a different state. Consultant hereby expressly consents to the personal jurisdiction and venue in the state and federal courts for the county in which Company’s principal place of business is located for any lawsuit filed there against Consultant by Company arising from or related to this Agreement.
8.2         Severability. If any provision of this Agreement is, for any reason, held to be invalid or unenforceable, the other provisions of this Agreement will remain enforceable and the invalid or unenforceable provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law.
8.3         No Assignment. This Agreement, and Consultant’s rights and obligations herein, may not be assigned, subcontracted, delegated, or otherwise transferred by Consultant without Company’s prior written consent, and any attempted assignment, subcontract, delegation, or transfer in violation of the foregoing will be null and void. The terms of this Agreement shall be binding upon assignees.
8.4         Notices. Each party must deliver all notices or other communications required or permitted under this Agreement in writing to the other party at the address listed on the signature page, by courier, by certified or registered mail (postage prepaid and return receipt requested), or by a nationally-recognized express mail service. Notice will be effective upon receipt or refusal of delivery. If delivered by certified or registered mail, any such notice will be considered to have been given five (5) business days after it was mailed, as evidenced by the postmark. If delivered by courier or express mail service, any such notice shall be considered to have been given on the delivery date reflected by the courier or express mail service receipt. Each party may change its address for receipt of notice by giving notice of such change to the other party.
8.5         Injunctive Relief. Consultant acknowledges that, because its services are personal and unique and because Consultant will have access to Confidential Information of Company, any breach of this Agreement by Consultant would cause irreparable injury to Company for which monetary damages would not be an adequate remedy and, therefore, will entitle Company to injunctive relief (including specific performance). The rights and remedies provided to each party in this Agreement are cumulative and in addition to any other rights and remedies available to such party at law or in equity.
8.6         Waiver. Any waiver or failure to enforce any provision of this Agreement on one occasion will not be deemed a waiver of any other provision or of such provision on any other occasion.
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Exhibit 10.14

8.7         Export. Consultant agrees not to export, directly or indirectly, any U.S. technical data acquired from Company or any products utilizing such data, to countries outside the United States, in violation of the United States export laws or regulations.
8.8         Entire Agreement; Modification. This Agreement and any SOWs attached hereto together constitute the entire agreement between the Consultant and Pure and supersedes in its entirety any and all oral or written agreements previously existing between Consultant and Pure with respect to the subject matter hereof. For clarity, the pre-existing indemnity agreement between the Company and Consultant will apply, on its terms, during the duration of this Agreement.  This Agreement may only be amended in a writing signed by duly authorized representatives of the parties.
[SIGNATURE PAGE TO FOLLOW]

15

Exhibit 10.14

Pure Storage, Inc.

By:                                                                               

Title: Chairman and Chief Executive Officer

Date: January 29, 2021

Address:          650 Castro Street 
                        Mountain View, CA 94041

Consultant: Paul Mountford

By:                                                                               

Date: January 29, 2021

16

Exhibit 10.14

EXHIBIT A

STATEMENT OF WORK

Consultant: Paul Mountford                Date:  January 29, 2021
Statement of Work #: One (1)
    
This Statement of Work forms part of the Consultant Agreement dated January 29, 2021 by and between Pure Storage, Inc. (“Pure”) and Paul Mountford (“Consultant”).

DESCRIPTION OF SERVICES; SERVICE FEES

a.Consultant will assist in the transition of his duties and responsibilities as the Company’s Chief Operating Officer as may be reasonably requested by the Company through March 20, 2021 (“Consulting Period”).

b.Consultant will continue vesting his outstanding performance-based RSU equity award granted May 19, 2020 in accordance with the terms and conditions thereof during the Consulting Period. Consultant will receive no additional fees or remuneration for the services performed under this Agreement.

c.The Company will reimburse Consultant, in accordance with the Company’s Global Travel & Expense Policy, for all reasonable expenses incurred by Consultant in performing the services requested by the Company pursuant to this Agreement.

Pure Storage, Inc.

By:         

Title: Chairman and Chief Executive Officer

Date: January 29, 2021

Consultant: Paul Mountford

By:         

Date: January 29, 2021
17

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