exv10w3



 





Exhibit 10.3



	 	 	 	 	 	 	 	 	 	 	 
	Grant

Date
	 	Grant

Number
	 	Grant Type
	 	Grant

Price
	 	Shares Granted
	 	Days Left to Accept







[Form of]




EMC CORPORATION

2003 Stock Plan

Stock Option Agreement






	1.	 	Grant of Option




EMC Corporation, a Massachusetts corporation (the “Company”), hereby grants to
you (the “Participant”) on the grant date referenced above (the “Grant Date”)
an option (the “Option”) to purchase the number of shares of the Company’s
common stock referenced under “Shares Granted” above (the “Shares”) at the
option exercise price per Share referenced under “Grant Price” above, which is
not less than the fair market value of the Shares on the Grant Date. The
Option is made pursuant to and is subject to the provisions of this Stock
Option Agreement and the Company’s 2003 Stock Plan, as amended from time to
time (the “Plan”). The final exercise date of the Option is the expiration
date which shall be the tenth (10th) anniversary of the Grant Date (the
“Expiration Date”). If the Option is designated as an “ISO” under “Grant
Type” above, it is intended that the Option shall be an incentive stock option
to the maximum extent possible under Section 422(a) of the U.S. Internal
Revenue Code of 1986, as amended (the “Code”). If the Option is designated as
a “NQO” under “Grant Type” above, it is intended that the Option shall be a
non-statutory stock option under Section 422(a) of the Code. Capitalized terms
used but not defined in this Stock Option Agreement shall have the meanings
ascribed to them in the Plan. You must accept this Stock Option Agreement,
without amendment, within the acceptance period referenced under “Days Left to
Accept” above.




     The
Option is exercisable prior to the Expiration Date as follows:

Note: the Option generally will become exercisable on certain specified dates
determined by the Committee; for certain Options, in certain circumstances, the
Option will become exercisable upon the achievement of certain goals determined
by the Committee. See (a) below for examples of vesting terms. With each
example, there may be multiple vesting dates, goals and portions of Shares
subject to vesting.


	 	[(a)	 	 On or after [date], you will be entitled to
purchase [                 ] of the
Shares subject to the Option.] [May have multiple vesting dates and
portions of Shares subject to vesting]
	 	[(a)	 	 If [goal] is achieved by [date], then you will be entitled to
purchase [                 ] of the Shares on or after the date of the Committee’s
determination that such Shares shall become exercisable.] [May have
multiple goals and portions of Shares subject to vesting]
	 	[(a)	 	 On or after [date] (the “Cliff Vesting Date”), you will be entitled
to purchase any and all Shares subject to the Option. Shares subject to
the Option may become exercisable prior to the Cliff Vesting Date as
follows:




	 	•	 	If [goal] is achieved by [date], then you will be
entitled to purchase [                 ] of the Shares on or after the date
of the Committee’s determination that such Shares shall become
exercisable.] [May have multiple goals and portions of Shares
subject to vesting]





	 	(b)	 	The Option may not be exercised to any extent after the Expiration Date.







	2.	 	Exercise of Option
	 
	 	 	The Option may be exercised by delivery of a written election to exercise to
the Company and payment in full of the aggregate option exercise price in
accordance with the provisions of the Plan, or in such other manner as the
Company may otherwise from time to time permit. Each election to exercise
the Option in whole or in part shall be in writing, signed by the Participant
or by his or her executor, administrator or the person(s) to whom the Option
is transferred by will or applicable laws of descent and distribution (the
“Legal Representative”), and received by the Company at its principal office,
accompanied by this Stock Option Agreement, and payment in full of the
aggregate option exercise price in accordance with the provisions of the
Plan. The option exercise price may be paid by delivery of cash, certified
check, bank draft or money order. In the event that the Option is exercised
by such Legal Representative, the Company shall be under no obligation to
deliver Shares hereunder unless and until the Company is satisfied as to the
authority of the





 









 






person(s) exercising the Option. To the extent the Company is required to
withhold any taxes with respect to the exercise of the Option, the
Participant or the Legal Representative, as the case may be, shall remit to
the Company, or its agent, a check in the amount of all such taxes.





	3.	 	Termination of Participant’s Service Relationship
	 
	 	 	If the Participant’s Service Relationship terminates by reason of death or
Disability, then Section 6.6.1 or Section 6.6.2, respectively, of the Plan
shall apply. If (a) the Participant’s Service Relationship terminates by
reason of Retirement and (b) the Participant has previously given written
notice of his or her decision to retire from the Company and proposed date of
Retirement to each of his or her immediate manager and the Senior Vice
President, Human Resources, at least six (6) months prior to such date of
Retirement (or such shorter period as may be agreed upon in writing by his or
her immediate manager and the Senior Vice President, Human Resources), then
Section 6.6.3 of the Plan shall apply. If the Participant’s Service
Relationship terminates by reason of Retirement but the Participant failed to
give the appropriate notice thereof pursuant to this Section 3, or if the
Participant’s Service Relationship terminates for any other reason, then
Section 6.6.4 of the Plan shall apply.
	 
	4.	 	Notice of Disposition
	 
	 	 	The person exercising the Option shall notify the Company when he or she
makes any disposition of the Shares acquired upon exercise of the Option,
whether by sale, gift or otherwise.
	 
	5.	 	Application of Stock Transfer Agreement
	 
	 	 	If, at the time the Option is exercised, the Company is a party to any
agreement restricting the transfer of any outstanding shares of its Common
Stock, the Option may be exercised only if the Shares acquired upon such
exercise are made subject to the transfer restrictions set forth in that
agreement or, if more than one such agreement is then in effect, the
agreement specified by the Committee.
	 
	6.	 	Tax Assessments
	 
	 	 	Participant acknowledges and agrees that he or she is solely responsible
for any and all taxes that may be assessed by any taxing authority in the
United States or any other jurisdiction arising out of the grant or the
exercise of the Option and that the Company or any Company subsidiary is
not liable for any such assessments.
	 
	7.	 	Agreement to Provide Security
	 
	 	 	If, at the time the Option is exercised, the Committee determines that
under applicable law and regulations the Company or any Company subsidiary
could be liable for the withholding of any income or social taxes with
respect to any Shares acquired upon exercise or disposition of the Option,
the Option may not be exercised unless the person exercising the Option
gives such security as the Committee deems adequate to meet the potential
liability of the Company or such Company subsidiary for the withholding of
tax and agrees to augment such security from time to time in an amount
reasonably determined by the Committee to preserve the adequacy of such
security.
	 
	8.	 	Non-transferability of Option
	 
	 	 	The Option is not transferable by the Participant except by will or the
laws of descent and distribution, and is exercisable during the
Participant’s lifetime only by the Participant, in accordance with the
terms and provisions of the Plan.
	 
	9.	 	Provisions of the Plan
	 
	 	 	This Stock Option Agreement and the Option are subject to the provisions
of the Plan, a copy of which is furnished to the Participant herewith.





Acceptance, Acknowledgment and Receipt


By accepting this Stock Option Agreement, I, the Participant, hereby:




	 	•	 	accept and acknowledge receipt of the Option granted on the Grant
Date, which has been issued to me under the terms and conditions of the
Plan;





 









 







	 	•	 	acknowledge and confirm my consent to the collection, use and
transfer, in electronic or other form, of personal information about me,
including, without limitation, my name, home address and telephone
number, date of birth, social security number or other identification
number, and details of all my stock awards and shares held and
transactions related thereto, by the Company and its subsidiaries,
affiliates and agents for the purpose of implementing, administrating
and managing my participation in the Company’s stock plans, and further
understand and agree that my personal information may be transferred to
third parties assisting in the implementation, administration and
management of the Company’s stock plans, that any recipient may be
located in my country or elsewhere, and that such recipient’s country
may have different data privacy laws and protections than my country;
	 	•	 	acknowledge and confirm my consent to receive electronically this
Stock Option Agreement, the Plan and the related Plan Description and
any other Plan documents that the Company is required to deliver;
	 	•	 	acknowledge that a copy of the Plan and the related Plan Description
is posted in the [     ] section of [website] and in
the [     ]
section of [intranet site];
	 	•	 	acknowledge receipt of a copy of the Plan and the related Plan
Description and agree to be bound by the terms and conditions of this
Stock Option Agreement and the Plan (including, but not limited to,
Section 6.7 — Cancellation and Rescission of Awards), as amended from
time to time;
	 	•	 	understand that neither the Plan nor this Stock Option Agreement
gives me any right to any Service Relationship with the Company or any
Company subsidiary, as the case may be, and that the Option is not part
of my normal or expected compensation; and
	 	•	 	understand and acknowledge that the grant of the Option is expressly
conditioned on my adherence to the terms of the Key Employment Agreement
with the Company.