Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 12, 2022, Nutanix, Inc. (the "Company") announced that its Board of
Directors appointed Rukmini Sivaraman as Chief Financial Officer, effective May
1, 2022. Ms. Sivaraman is succeeding Duston M. Williams, who notified the
Company on April 6, 2022 of his decision to resign as Chief Financial Officer to
pursue a new opportunity. Mr. Williams' resignation is not due to any
disagreement with the Company on any matter relating to the Company's
operations, policies, or practices. Mr. Williams will continue to serve as Chief
Financial Officer through April 30, 2022.
Ms. Sivaraman, age 40, has served as the Company's Senior Vice President, FP&A
and Strategic Finance since January 2022. Prior to that, she served in various
roles at the Company, including as Senior Vice President of Strategic Finance,
Chief People Officer and Senior Vice President of People and Business
Operations. Prior to joining the Company in 2017, Ms. Sivaraman served as an
investment banker at Goldman Sachs from June 2009 to March 2017. Ms. Sivaraman
holds an MBA from the Kellogg School of Management at Northwestern University
and an MS in Electrical Engineering from the University of Michigan at Ann
Arbor.
There is no arrangement or understanding between Ms. Sivaraman and any other
persons pursuant to which she was appointed as Chief Financial Officer. There
are no family relationships between Ms. Sivaraman and any director or executive
officer of the Company. Other than as disclosed herein, Ms. Sivaraman does not
have any direct or indirect material interest in any transaction required to be
disclosed pursuant to Item 404(a) of Regulation S-K.
Ms. Sivaraman will enter into the Company's standard form of indemnification
agreement for directors and executive officers, which was filed as Exhibit 10.1
to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended
April 30, 2021 filed with the U.S. Securities and Exchange Commission (the
"SEC") on June 3, 2021.
On April 10, 2022, the Company entered into an offer letter with Ms. Sivaraman
in connection with her appointment as Chief Financial Officer (the "Offer
Letter"). The Offer Letter has an indefinite term, and Ms. Sivaraman's
employment is at-will. Pursuant to the Offer Letter, Ms. Sivaraman's annual base
salary will be set at $420,000 and her annual bonus target will be set at 70% of
annual base salary, which, for fiscal year 2022, will be prorated based on the
number of days in the fiscal year during which Ms. Sivaraman serves as Chief
Financial Officer. Ms. Sivaraman will also receive, pursuant to and subject to
the Company's 2016 Equity Incentive Plan, restricted stock units with an
aggregate value of $2,000,000 (the "RSUs"), where the total number of shares
underlying the RSUs will be determined by dividing this value by the average of
the daily closing prices of a share of the Company's Class A common stock during
the 20 consecutive trading days ending on April 30, 2022. Each RSU represents a
contingent right to receive one share of the Company's Class A common stock upon
vesting. The RSUs will vest in 16 equal quarterly installments, with the first
quarterly installment to vest on September 15, 2022 and each vesting subject to
continued service to the Company through the applicable vesting date. Ms.
Sivaraman is currently designated as a Tier 1 eligible employee under the
Company's Executive Severance Policy and a Tier 2 eligible employee under the
Company's Change of Control and Severance Policy.
The foregoing summary of the Offer Letter is qualified in its entirety by
reference to the full text of the Offer Letter, the Executive Severance Policy
and the Change of Control and Severance Policy, each of which is incorporated by
reference herein. A copy of the Offer Letter is filed as Exhibit 10.1 hereto,
and copies of the Executive Severance Policy and the Change of Control and
Severance Policy were filed as Exhibits 10.17 and 10.16, respectively, to the
Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2021
filed with the SEC on September 21, 2021.
Item 8.01. Other Events
On April 12, 2022, the Company issued a press release announcing Ms. Sivaraman's
appointment as Chief Financial Officer and reaffirming guidance for the third
fiscal quarter and fiscal year 2022. A copy of the press release is being
furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information provided pursuant to this Item 8.01, including Exhibit 99.1
hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject
to the liabilities of that section, nor shall it be deemed to be incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as expressly set forth by specific reference in such a
filing.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
10.1 Offer Letter between Nutanix, Inc. and Rukmini Sivaraman, dated
April 10, 2022
99.1 Press release issued by Nutanix, Inc. on April 12, 2022
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