Item 2.02. Results of Operations and Financial Condition.
On
This information, including the exhibit(s) hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Pure is making reference to non-GAAP financial information in the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release. These non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Pure anticipates granting long-term performance incentive restricted stock unit
awards (the "LTP Awards"), under Pure's 2015 Equity Incentive Plan and related
award agreements (the "Plan"), to its executive officers in early June, with
vesting contingent on both achievement of formidable stock-related milestones
and continuous service over a period of nearly five years. Recipients of these
awards will include
Background
Pure's board of directors believes that the LTP Awards will contribute to
driving higher stockholder returns, while also supporting the retention and
alignment of our executive team. The LTP Awards were designed in consultation
with Pure's
Aligned with Stockholders
The LTP Awards are structured to directly align with stockholder interests, as
the awards motivate extraordinary long-term performance, are entirely at risk,
and correlates directly with stockholder outcomes. The LTP Awards provide value
to the recipients only if there are significant increases in Pure's market
capitalization during the multi-year performance period of the awards.
Presently, Pure has an approximate market capitalization of
Terms of the LTP Awards
Subject to the terms and conditions of the Plan and award agreement, shares
earned under the LTP Awards will vest on
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The LTP Awards also contain provisions for treatment of the award upon an
executive officer's death or Disability (as defined in the Plan), or in
connection with a Change in Control (as defined in the Plan). The executive
officers may be eligible for benefits, with respect to the LTP Award, if any,
under the Change in Control and Severance Benefit Plan, which is Exhibit 10.11
to Pure's Annual Report on Form 10-K (File No. 001-37570) as filed with the
The foregoing summary of the terms of the LTP Awards is not complete, and is
qualified by reference to the Plan and related award agreement, copies of which
have been filed as exhibits to the Annual Report. The LTP Awards are subject to
forfeiture and repayment to the extent provided in Pure's Compensation
Recoupment Policy (i.e., clawback policy), as in effect from time to time. The
LTP Awards will be described further in Pure's definitive proxy statement on
Schedule 14A in connection with its 2024 Annual Meeting of Stockholders, to be
filed within 120 days after
Cautions Concerning Forward-Looking Statements
This report contains "forward-looking statements," as defined in the Private
Securities Litigation Reform Act of 1995, related to the LTP Awards and our
views relating to the future value of the company. The reader is cautioned not
to rely on these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize, actual
results could vary materially from the expectations and projections of the
company. Risks and uncertainties include, but are not limited to, those
described under the sections titled "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in the Annual
Report, and Pure's subsequent filings with the
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is furnished herewith:
Exhibit No. Description 99.1 Press Release entitled "Pure Storage Announces First Quarter Fiscal 2024 Financial Results" 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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