Did you monitor the boot process and see in which stage was the server rest? Did you assign a non-SSD VD to this compute module and see if it still has this issue?
Also please check the following BOIS settings:
Server Management => FRB-2 Enable [Enabled] It will reset the server if it doesn't complete the POST in ~6 mins.
Server Management => OS Boot Watchdog Timer [Disabled] This should be disabled unless Intel System Management Software is installed (not available on VMware ESXi)
The drives do have the AXXTM3SATA adapters installed.
I was monitoring the boot process via remote KVM, but during the first two attempts nothing actually displayed in the KVM remote screen.
I will double check the BIOS settings you mentioned and also attempt booting to a non-SSD device.