Document:

Exhibit

Exhibit 10.26 
DELL TECHNOLOGIES INC.
Deferred Cash Award Agreement

1.Purpose – EMC Corporation, a Massachusetts corporation (“EMC”), previously granted to you one or more awards of units (the “EMC Units”) representing the right to receive shares of EMC’s common stock (the “EMC Shares”) under the EMC Corporation Amended and Restated 2003 Stock Plan, as amended (the “EMC Plan”).  In addition, each award was subject to the terms and conditions described in the applicable Restricted Stock Unit Agreement (such award, the “RSU”) or Performance Restricted Stock Unit Agreement (such award, the “PSU”) between you and EMC (together, the “Stock Unit Agreements”) and the EMC Plan. The applicable Stock Unit Agreement stated the number of EMC Units granted to you under the applicable RSU or PSU award. 

On October 12, 2015, Universal Acquisition Co. (“Merger Sub”), Denali Holding Inc. a Delaware corporation (its successor, Dell Technologies Inc., “Parent”), Dell, Inc. and EMC entered into the Agreement and Plan of Merger, as amended by the First Amendment thereto dated May 16, 2016 (as further amended from time to time, the “Merger Agreement”), pursuant to which Merger Sub merged with and into EMC (the “Merger”), with EMC surviving the merger as an indirect wholly-owned subsidiary of Parent.

In connection with the Merger and pursuant to the Election Form Related to the Rollover Opportunity submitted to Parent by you, you elected to exchange a specified portion (not to exceed 50%) of your EMC Units that would vest in the ordinary course on or after January 1, 2017 for unvested deferred cash awards (“Deferred Cash Awards”) and unvested options to purchase Class C common stock of Parent (“Rollover Options” and, together with the Deferred Cash Awards, the “Rollover Awards”), whereby you agreed to the following:

		
	(i)
	with respect to all of your EMC Units being exchanged (the “Exchanged EMC Units”), waive the acceleration of vesting that would otherwise occur at the Vesting Effective Time (as defined in the Merger Agreement) under the terms of the Merger Agreement, and 

		
	(ii)
	in respect of each Exchanged EMC Unit, receive the following:

		
	(A)
	    one Deferred Cash Award having a cash value equal to the per share merger consideration of $29.05 (calculated as the closing price of an EMC Share on the last trading day prior to the Merger) (the “Per Share Cash Value”), subject generally to the existing time-based vesting schedule that applied to the Exchanged EMC Unit, with any performance-vesting condition deemed satisfied at the target level of performance at the closing of the Merger, and further subject to the vesting acceleration, forfeiture conditions, and other terms and conditions as set forth in this Deferred Cash Award Agreement (this “Agreement”), and

		
	(B)
	    A stock option giving you the right to purchase one share of Class C common stock of Parent (the terms of which will be subject to a rollover option agreement to be entered between you and Parent under the Dell Technologies Inc. 2013 Stock Incentive Plan, as amended and/or restated from time to time (the “Parent Plan”), which will be provided to you separately and concurrently herewith).

The Deferred Cash Award is made pursuant to and is subject to the terms and conditions of this Agreement.  

2.Grant of Deferred Cash Award — In accordance with the terms of your election (as described in Section 1 above), Parent hereby grants you a Deferred Cash Award in the amount set forth in Schedule I hereto, subject to the terms and conditions set forth herein.  To accept this Deferred Cash Award, please sign and print your name on the signature page attached hereto and deliver this signed Agreement, together with the other documents described in the Confidential Information Memorandum (Rollover Opportunity), dated as of June 27, 2016 (the “CIM”), to Dell Executive Compensation according to the instructions set forth in the CIM.

3.Vesting and Payment — The Deferred Cash Award will vest as provided for in Schedule I hereto, subject to your continued Employment (as defined below) on each applicable vesting date, and the Per Share Cash Value in respect of the corresponding vested portion of the Deferred Cash Award will be paid to you within 60 days of the applicable vesting date.

Notwithstanding the foregoing, if your “Employment” is terminated for any reason (including for “Cause”), other than a termination by you without “Good Reason” (unless due to “Retirement” (each as defined below)), the Deferred Cash Award will become 100% vested as of the date of such termination of Employment and the Per Share Cash Value in respect thereof will be paid to you within 60 days of the date of such termination of Employment. If your Employment is terminated by you without Good Reason (other than due to Retirement) before any applicable vesting date, you will immediately forfeit any remaining unpaid portion of the Deferred Cash Award as of the date of such termination of Employment.

As used herein, the following capitalized terms shall have their respective meanings set forth below:

		
	(i)
	    “Cause” means: (i) your willful, reckless or grossly negligent and material violation of (A) your obligations regarding confidentiality or the protection of sensitive, confidential or proprietary information, or trade secrets, which results in material harm to Parent or its subsidiaries, or (B) any other restrictive covenant by which you are bound that results in greater than de minimis harm to Parent or its subsidiaries’ reputation or business; (ii) your conviction of, or plea of guilty or no contest to, a felony or crime that involves moral turpitude; or (iii) conduct by you which constitutes gross neglect, willful misconduct, or a material breach of the Code of Conduct of your Employer or a fiduciary duty to Parent, any of its subsidiaries or the shareholders of Parent that results in material harm to Parent or its subsidiaries’ reputation or business and that you have failed to cure within thirty (30) days following written notice from the Board of Directors of Parent.

		
	(ii)
	    “Change in Control” has the meaning ascribed to such term in the Parent Plan.

		
	(iii)
	    “Employer” means Parent or the subsidiary of Parent that employs you.

    
		
	(iv)
	    “Employment” means your regular full-time or part-time employment with Parent or any subsidiary of Parent.

		
	(v)
	    “Good Reason” means: (i) a material reduction in your base salary or total annual incentive bonus target, (ii) any material adverse change to substantive plans and benefits in the aggregate which does not apply equally to other members of Parent’s Executive Leadership Team, (iii) a material adverse change to your title or a material reduction in your authority, duties or responsibilities, or the assignment to you of any duties or responsibilities which are inconsistent in any material adverse respect with your position, or (iv) a change in your principal place of work to a location of more than twenty-five (25) miles from your principal place of work immediately prior to such change; provided, that you provide written notice to your Employer of the existence of any such condition within ninety (90) days of you having actual knowledge of the initial existence of such condition and your Employer fails to remedy the condition within thirty (30) days of receipt of such notice (the “Cure Period”).  In order to resign for Good Reason, you must actually terminate Employment no later 

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than ninety (90) days following the end of such Cure Period, if the Good Reason condition remains uncured; provided, that, if such Good Reason condition is solely the result of a material reduction in your authority, duties or responsibilities (including, for this purpose, the assignment to you of any duties or responsibilities which are inconsistent in any material adverse respect with your position) that is directly related to the occurrence of a Change in Control and such Good Reason condition remains uncured following the end of the Cure Period, you may only terminate your Employment for Good Reason during the ninety (90) day period commencing on the first date that follows the six (6) month anniversary of such Change in Control.

		
	(vi)
	“Retirement” means your voluntary termination of Employment with Parent and its subsidiaries without Good Reason at or above the age of 60 and after having completed at least five (5) years of service with Parent and its subsidiaries (which includes past service with EMC) or any other combination of your age plus years of service completed (not less than five (5)) that is at least equal to 65; provided, that you may not be eligible for Retirement prior to August 1, 2017.

4.Rights as a Holder — You acknowledge and agree that you will have no rights as a shareholder with respect to the Deferred Cash Award.  The Deferred Cash Award has a fixed cash value equal to the Per Share Cash Value.

5.Agreement With Respect to Taxes — You must pay any taxes that are required to be withheld by Parent or your Employer. You may pay such amounts in cash or make other arrangements satisfactory to Parent or your Employer for the payment of such amounts. You agree Parent or your Employer, at its sole discretion and to the fullest extent permitted by law, shall have the right to demand that you pay such amounts in cash or deduct such amounts from any payments of any kind otherwise due to you. 

You agree that, subject to compliance with applicable law, Parent or your Employer may recover from you taxes that may be payable by Parent or your Employer in any jurisdiction in relation to this award. You agree that Parent or your Employer shall be entitled to use whatever method they may deem appropriate to recover such taxes, including the withholding of the Per Share Cash Value, paying you a net amount of cash, recovering the taxes via payroll and direct invoicing. You further agree that Parent or your Employer may, as it reasonably considers necessary, amend or vary this Agreement to facilitate such recovery of taxes.  

6.Transferability — None of your rights under this Agreement may be assigned, transferred, pledged or otherwise disposed of, other than by will or the laws of descent and distribution.

7.Notice — You agree that notices may be given to you in writing either at your home address as shown in the records of Parent or your Employer, or by electronic transmission (including email or reference to a website or other URL) sent to you through your Employer’s normal process for communicating electronically with its employees.

8.No Right to Continued Employment — Nothing in this Agreement shall confer upon you any right to expectation of employment by, or to continue in the employment of, your Employer. 

9.Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation — As a condition of the grant of the Deferred Cash Award evidenced by this Agreement, you hereby acknowledge that (a) the grant of the Deferred Cash Award is a one-time benefit that does not create any contractual or other right to receive future grants of awards, or benefits in lieu of award; (b) all determinations with respect to future grants of awards, if any, will be at the sole discretion of Parent; (c) the value of the Deferred Cash Award is an extraordinary item of compensation that is outside the scope of your employment contract, if any, and nothing can or must automatically be inferred from such employment contract or its consequences; (d) the Deferred Cash Award is not part of normal or expected compensation for any purpose, and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and you waive any claim on such basis; and (e) the Deferred Cash Award will vest or be forfeited in accordance with the terms stated in Paragraph 3 (Vesting and Payment) above.

10.Data Privacy Consent — As a condition of the grant of the Deferred Cash Award evidenced by this Agreement, you hereby consent to the collection, use and transfer of personal data as described in this paragraph. You understand that Parent and its subsidiaries hold certain personal information about you, including your name, home address and telephone number, date of birth, social security number, salary, nationality, job title, ownership interests or directorships held in Parent or its subsidiaries, and details of the Deferred Cash Award and all stock options or other equity awards, cancelled, exercised, vested or unvested (“Data”).  You further understand that Parent and its subsidiaries will transfer Data amongst themselves as necessary for the purposes of implementation, administration and management of your participation in the Plan, and that Parent and any of its subsidiaries may each further transfer Data to any third parties assisting Parent in the implementation, administration and management of the Plan.  You understand that these recipients may be located in the European Economic Area or elsewhere, such as the United States.  You authorize them to receive, possess, use, retain and transfer such Data as may be required for the administration of this Agreement, in electronic or other form, for the purposes of implementing, administering and managing your rights under this Agreement. You understand that you may, at any time, view such Data or require any necessary amendments to it.

11.Governing Law and Venue — This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, United States of America. The exclusive venue for any and all disputes arising out of or in connection with this Agreement shall be New Castle County, Delaware, United States of America, and the courts sitting exclusively in New Castle County, Delaware, United States of America shall have exclusive jurisdiction to adjudicate such disputes. Each party hereby expressly consents to the exercise of jurisdiction by such courts and hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to such laying of venue (including the defense of inconvenient forum). 

12.Electronic Delivery and Acceptance — You agree that Parent or your Employer may provide you with any communications associated with the Deferred Cash Award by electronic means, such as through an on-line or electronic system established and maintained by Parent or a third party designated by Parent.  Your consent to receive electronic communications includes, but is not limited to, all legal and regulatory disclosures and communications associated with the Deferred Cash Award or notices or disclosures about a change in the terms and conditions of the Deferred Cash Award.

13.Code Section 409A — This Agreement is not intended to constitute a “nonqualified deferred compensation plan” for purposes of Section 409A of the U.S. Internal Revenue Code of 1986, as amended (“Code Section 409A”). Neither you nor Parent shall have the right to accelerate or defer the vesting and/or delivery of any Deferred Cash Awards if such action would cause this Agreement to be subject to Code Section 409A. Parent makes no representations or warranty, and shall have no liability to you or any other person, if any provisions of or payments under this Agreement are determined to constitute nonqualified deferred compensation subject to Code Section 409A but not to satisfy the conditions of that section. 

14.No Trust Fund — This Agreement shall not be construed to create a trust or separate fund of any kind or a fiduciary relationship between Parent and any of its affiliates and you or any other person. To the extent that you acquire the right to receive payments from Parent, your Employer or any of their respective affiliates under this Agreement, such right shall be no greater than the right of any unsecured general creditor of Parent.

15.Successors and Assigns — This Agreement shall be binding upon, and inure to the benefit of, Parent and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of Parent’s assets and business.  

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16.Entire Agreement — There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter set forth herein.
 
17.Severability — The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

18.Waiver — You acknowledge that a waiver by Parent of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by you or any other grantees.

_________________________________________________________________________________________________________________________________

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Awarded subject to the terms and conditions stated above:

DELL TECHNOLOGIES INC.

By:_____________________________________________
       

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Acknowledged and Accepted:

Signature: ______________________________________

Print Name: _____________________________________

[Signature Page to Deferred Cash Award Agreement]

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Schedule I
(Amount and Vesting)

	
		
	Vesting Date
	Portion of Deferred Cash Award Vesting on Vesting Date

	 
	$

	 
	$

	 
	$

	 
	$

6Exhibit

Exhibit 10.38
INDEMNIFICATION AGREEMENT
This Indemnification Agreement is dated as of ______ (this “Agreement”) and is between Denali Holding Inc., a Delaware corporation (the “Company”), and __________ (“Indemnitee”).
WHEREAS, Indemnitee is a director and/or officer of the Company and may also serve as a director, executive officer, employee, consultant, fiduciary or agent (collectively, the “Indemnifiable Positions”) of other corporations, limited liability companies, partnerships, joint ventures, trusts, employee benefit plans or other enterprises controlled by the Company (collectively, the “Controlled Entities”);
WHEREAS, in order to induce Indemnitee to continue to serve as a director and/or executive officer of the Company and/or in other Indemnifiable Positions of the Controlled Entities, the Company wishes to provide for the indemnification of, and the advancement of Expenses (as defined herein) to, Indemnitee to the maximum extent permitted by law;
WHEREAS, the certificate of incorporation of the Company (the “Charter”) provides for the indemnification of the Company’s directors and officers to the fullest extent permitted under the Delaware General Corporation Law (the “DGCL”); and
WHEREAS, the Company and Indemnitee desire to enter into this Agreement to set forth their agreement regarding indemnification and the advancement of Expenses and to clarify the priority of the indemnification and advancement of Expenses with respect to certain Jointly Indemnifiable Claims (as defined herein).
NOW, THEREFORE, in consideration of Indemnitee’s service or continued service to the Company and/or the Controlled Entities and the covenants and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows.
Section 1.    Indemnification.
To the fullest extent permitted by the DGCL:
(a)    The Company shall indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party to, or is otherwise involved in, as a witness or otherwise, any threatened, pending or completed Action, Suit or Proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including appeals.
(b)    The indemnification provided by this Section 1 shall be from and against all loss and liability suffered and Expenses (including attorneys’ fees), Judgments, Fines and Amounts Paid in Settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with such Action, Suit or Proceeding, including any appeals.

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Section 2.    Payment of Expenses. To the fullest extent permitted by the DGCL, Expenses (including attorneys’ fees) incurred by Indemnitee in appearing at, participating in or defending any Action, Suit or Proceeding or in connection with an enforcement action as contemplated by Section 3(d), shall be paid by the Company in advance of the final disposition of such Action, Suit or Proceeding or such enforcement action within 15 days after receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time. The Indemnitee hereby undertakes to repay any amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled under this Agreement to be indemnified by the Company in respect of such Action, Suit or Proceeding or such enforcement action as contemplated by Section 3(d). No other form of undertaking shall be required of Indemnitee other than the execution of this Agreement. This Section 2 shall be subject to Section 3(a) and shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 6(a).
Section 3.    Procedure for Indemnification; Notification and Defense of Claim.
(a)    Promptly after receipt by Indemnitee of actual notice of the commencement of any Action, Suit or Proceeding, Indemnitee shall, if a claim in respect thereof is to be made or could be made against the Company hereunder, notify the Company in writing of the commencement thereof. The failure to promptly notify the Company of the commencement of the Action, Suit or Proceeding, or of Indemnitee’s request for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder, except to the extent the Company is actually and materially prejudiced (through the forfeiture of substantive rights or defenses) in its defense of such Action, Suit or Proceeding as a result of such failure. With respect to any Action, Suit or Proceeding of which the Company is so notified as provided in this Agreement, the Company shall, subject to the last two sentences of this paragraph and subject to the Company’s prior determination pursuant to Section 3(c) to grant Indemnitee’s indemnification request with respect to such Action, Suit or Proceeding prior to the final disposition of such Action, Suit or Proceeding or such enforcement action, be entitled to assume the defense of such Action, Suit or Proceeding, with counsel reasonably acceptable to Indemnitee (which acceptance shall not be unreasonably withheld or delayed), upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate counsel engaged by or on behalf of Indemnitee with respect to the same Action, Suit or Proceeding unless the Company does not continue to retain such counsel to defend such Action, Suit or Proceeding. Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, shall have reasonably concluded that, in the conduct of any such defense, there is or is reasonably likely to be a conflict of interest or position between the Company and Indemnitee with respect to a significant issue, then the Company will not be entitled, without the written consent of Indemnitee, to assume such defense. In addition, the Company will not be entitled, without the written consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company.
(b)    To obtain indemnification under this Agreement, upon final disposition of such Action, Suit or Proceeding or such enforcement action, in each case, contemplated in Section 1, Indemnitee shall submit to the Company a written request therefor including such documentation 

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and information as is reasonably available to Indemnitee and, to the extent available, such documentation and information as is reasonably necessary to enable the Company to determine whether and to what extent Indemnitee is entitled to indemnification. In addition, Indemnitee shall reasonably cooperate with the Company and shall give the Company such additional information as the Company may reasonably require.
(c)    The determination whether to grant Indemnitee’s indemnification request shall be made promptly and in any event within 30 days following the Company’s receipt of a request for indemnification in accordance with Section 3(a) (the “Indemnity Review Period”). Prior to final disposition of the Action, Suit or Proceeding or enforcement action in respect of which the indemnification request is made, if (i) the Company’s determination of whether to grant Indemnitee’s indemnification request shall not have been made within the Indemnity Review Period or (ii) the Company denies the Indemnitee’s indemnification request during the Indemnity Review Period, then, in each case, the indemnification request shall be deemed to have been denied and the Indemnitee shall not be entitled to such indemnification during the pendency of such Action, Suit or Proceeding or enforcement action, without prejudice to any subsequent indemnification request made by the Indemnitee following final disposition of such Action, Suit or Proceeding or such enforcement action in respect of such Action, Suit or Proceeding or such enforcement action. Following final disposition of the Action, Suit or Proceeding or enforcement action in respect of which the indemnification request is made, if the Company’s determination of whether to grant Indemnitee’s indemnification request shall not have been made within the Indemnity Review Period, then the requisite determination of entitlement to indemnification shall, subject to Section 6, nonetheless be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. If the Company determines that Indemnitee is entitled to such indemnification within the Indemnity Review Period, the Company will make payments to Indemnitee of any indemnifiable amounts pursuant to Section 1, in each case within 30 days following any payment request from Indemnitee (for any such payment request, the applicable “Payment Request Period”).
(d)    In the event that (i) the Company determines in accordance with this Section 3 that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company denies a request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification within the Indemnity Review Period, (iii) payment of any indemnifiable amounts pursuant to Section 1 is not made by the Company within the applicable Payment Request Period, (iv) advancement of Expenses is not timely made in accordance with Section 2, or (v) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. To the extent not already advanced pursuant to Section 2, Indemnitee’s Expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification or advancement of Expenses, in whole or in part, in any such proceeding or otherwise shall also be 

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indemnified by the Company; provided that to the extent Indemnitee is successful in part and unsuccessful in part in establishing Indemnitee’s right to indemnification or advancement of Expenses hereunder, Indemnitee shall be entitled to partial indemnification of Expenses in accordance with Section 20.
(e)    Indemnitee shall be presumed to be entitled to advancement of Expenses and, following final disposition of the Action, Suit or Proceeding or enforcement action in respect of which the indemnification request is made, to indemnification, in each case, under this Agreement upon submission of a request therefor in accordance with Section 2 or Section 3 of this Agreement, as the case may be. The Company shall have the burden of proof in overcoming such presumption, and such presumption shall be used as a basis for a determination of entitlement to indemnification and advancement of Expenses unless the Company overcomes such presumption by clear and convincing evidence. Neither the failure of the Company to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
Section 4.    Insurance and Subrogation.
(a)    To the extent the Company maintains a policy or policies of insurance providing directors’ and officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage provided to any other director or officer of the Company. If, at the time the Company receives from Indemnitee any notice of the commencement of an Action, Suit or Proceeding, the Company has such insurance in effect which would reasonably be expected to cover such Action, Suit or Proceeding, the Company shall give prompt notice of the commencement of such Action, Suit or Proceeding to the insurers in accordance with the procedures set forth in such policy or policies. The Company shall thereafter take all necessary or reasonably desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Action, Suit or Proceeding in accordance with the terms of such policy or policies.
(b)    Subject to Section 9(b), in the event of any payment by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy. Indemnitee shall execute all papers reasonably required and take all action reasonably necessary to secure such rights, including execution of such documents as are necessary to enable the Company to effectively bring suit to enforce such rights in accordance with the terms of such insurance policy. The Company shall pay or reimburse all Expenses incurred by Indemnitee in connection with such subrogation.
(c)    Subject to Section 9(b), the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (including, but not limited to, Judgments, Fines and Amounts Paid in Settlement, and ERISA excise taxes or penalties) if and to the extent that Indemnitee has otherwise actually received such payment under this Agreement or any insurance policy, contract, agreement or otherwise.

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Section 5.    Certain Definitions. For purposes of this Agreement, the following definitions shall apply:
(a)    The term “Action, Suit or Proceeding” shall be broadly construed and shall include, without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action, suit, arbitration, investigation, inquiry, alternative dispute mechanism or proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, in each case, by reason of the service of Indemnitee as a director and/or officer of the Company and/or in other Indemnifiable Positions of the Controlled Entities, or by reason of any action alleged to have been taken or omitted in any such capacity, and whether pursuant to any alleged breach of any fiduciary duty owed by, or failure to meet any standard of care applicable to, any such Indemnitee in respect of the Company or any Controlled Entity, or otherwise.
(b)    The term “Expenses” shall include all out-of-pocket costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements), in each case, actually and reasonably incurred by or on behalf of Indemnitee in connection with either the investigation, defense or appeal of an Action, Suit or Proceeding or establishing or enforcing a right to indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder.
(c)    The term “Judgments, Fines and Amounts Paid in Settlement” shall be broadly construed and shall mean any direct or indirect payments of any type or nature whatsoever owing or paid in connection with an Action, Suit or Proceeding, including without limitation, all judgments, awards, fines, penalties and amounts in settlement, as well as any penalties or excise taxes assessed on a person with respect to an employee benefit plan.
Section 6.    Limitation on Indemnification. Notwithstanding any other provision herein to the contrary, the Company shall not be obligated pursuant to this Agreement:
(a)    Claims Initiated by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to any threatened, pending or completed claim, action, suit, arbitration, investigation, inquiry, alternative dispute mechanism or proceeding, whether civil (including intentional and unintentional tort claims), criminal, administrative or investigative, however denominated, initiated or brought voluntarily by Indemnitee whether by way of defense, counterclaim or cross claim or otherwise, other than (i) an action brought to establish or enforce a right to indemnification or advancement of Expenses under this Agreement (which shall be governed by the provisions of Section 6(b) of this Agreement), a claim, action, suit, arbitration, investigation, inquiry, alternative dispute mechanism or proceeding that was authorized or consented to by the Board of Directors of the Company, it being understood and agreed that such authorization or consent shall not be unreasonably withheld in connection with any compulsory counterclaim brought by Indemnitee in response to an Action, Suit or Proceeding otherwise indemnifiable under this Agreement or (ii) as otherwise required under the DGCL.
(b)    Action for Indemnification. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to an action instituted by Indemnitee to enforce or interpret this Agreement 

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if Indemnitee is not successful in such enforcement action in establishing Indemnitee’s right, in whole or in part, to indemnification or advancement of Expenses hereunder; provided that to the extent Indemnitee is successful in part and unsuccessful in part in establishing Indemnitee’s right to indemnification or advancement of Expenses hereunder, Indemnitee shall be entitled to partial indemnification of Expenses in accordance with Section 20.
(c)    Section 16(b) Matters. To indemnify Indemnitee on account of any Action, Suit or Proceeding in which judgment is rendered against Indemnitee for disgorgement of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended (excluding any purchase or sale deemed to be made in connection with any merger, consolidation, reorganization or other transaction undertaken by the Company).
(d)    Fraud or Willful Misconduct. To indemnify Indemnitee on account of conduct by Indemnitee where such conduct has been determined to have been knowingly fraudulent or constitute willful misconduct by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be filed has expired without such filing. For the avoidance of doubt, each of the Company and Indemnitee acknowledge and agree that any actions or omissions by Indemnitee that are permitted by Section 6.2 of that Certain Sponsor Stockholders Agreement, dated October, 29, 2013, by and among the Company and the investors signatory thereto, and that do not otherwise constitute willful misconduct shall not be considered willful misconduct for purposes of this Agreement.
(e)    Prohibited by Law. To indemnify Indemnitee in any circumstance where such indemnification has been determined to be prohibited by law by a final (not interlocutory) judgment or other adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be filed has expired without such filing.
(f)    Unauthorized Settlement. To indemnify Indemnitee for any amounts paid in settlement of any Action, Suit or Proceeding without the Company’s prior written consent; provided that the Company will not unreasonably withhold or delay its consent to any proposed settlement.
Section 7.    Certain Settlement Provisions. The Company shall be permitted to settle any Action, Suit or Proceeding, except that it shall not settle any Action, Suit or Proceeding in any manner that would impose any penalty (unless the only penalty imposed is a monetary payment that will be paid in full by the Company (or its insurers)) or limitations or constitute any admission of wrongdoing or which may compromise, or may adversely affect, the defense of the Indemnitee in any other Action, Suit or Proceeding, whether civil or criminal, without Indemnitee’s prior written consent. Indemnitee will not unreasonably withhold or delay his or, her consent to any proposed settlement.
Section 8.    Savings Clause. If any provision or provisions (or portion thereof) of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party 

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or is otherwise involved in any threatened, pending or completed Action, Suit or Proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including appeals, from and against all loss and liability suffered and Expenses (including attorneys’ fees), Judgments, Fines and Amounts Paid in Settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with such Action, Suit or Proceeding, including any appeals, to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated.
Section 9.    Contribution/Jointly Indemnifiable Claims.
(a)    In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Company shall, to the fullest extent permitted by law, contribute to the payment of all of Indemnitee’s loss and liability suffered and Expenses (including attorneys’ fees), Judgments, Fines and Amounts Paid in Settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with any Action, Suit or Proceeding, including any appeals, in an amount that is just and equitable in the circumstances; provided, that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to any limitation on indemnification set forth in Section 4(c), 6, or 7 hereof.
(b)    Given that certain Jointly Indemnifiable Claims by reason of the service of Indemnitee as a director of the Company and/or in other Indemnifiable Positions of the Controlled Entities, or by reason of any action alleged to have been taken or omitted in any such capacity, the Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause the Controlled Entities to, be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification or advancement of Expenses in connection with any such Jointly Indemnifiable Claim, pursuant to and in accordance with (as applicable) the terms of (i) the DGCL, (ii) the Charter, (iii) this Agreement, (iv) any other agreement between the Company or any Controlled Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, (v) the laws of the jurisdiction of incorporation or organization of any Controlled Entity and/or (vi) the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Controlled Entity ((i) through (vii) collectively, the “Indemnification Sources”), irrespective of any right of recovery the Indemnitee may have from the Indemnitee-Related Entities. Under no circumstance shall the Company or any Controlled Entity be entitled to any right of subrogation or contribution by the Indemnitee-Related Entities and no right of advancement or recovery the Indemnitee may have from the Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company or any Controlled Entity under the Indemnification Sources. In the event that any of the Indemnitee-Related Entities shall make any payment to the Indemnitee in respect of indemnification or advancement of Expenses with respect to any Jointly Indemnifiable Claim, (i) the Company shall, and to the extent applicable shall cause the Controlled Entities to, reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (ii) to the extent not previously and fully reimbursed by the Company and/or any Controlled Entity 

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pursuant to clause (i), the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Company and/or any Controlled Entity or under any insurance policy, as applicable, and (iii) Indemnitee and the Company and, as applicable, any Controlled Entity shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company and Indemnitee agree that each of the Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 9(b), entitled to enforce this Section 9(b) as though each such Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of the Controlled Entities to perform the terms and obligations of this Section 9(b) as though each such Controlled Entity was a party to this Agreement. For purposes of this Section  9(b), the following terms shall have the following meanings:
(i)    The term “Indemnitee-Related Entities” means any company, corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise (other than the Company, any Controlled Entity or the insurer under and pursuant to an insurance policy of the Company or any Controlled Entity) from whom an Indemnitee may be entitled to indemnification or advancement of Expenses with respect to which, in whole or in part, the Company or any Controlled Entity may also have an indemnification or advancement obligation.
(ii)    The term “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without limitation, any Action, Suit or Proceeding for which the Indemnitee shall be entitled to indemnification or advancement of Expenses from both (i) the Company and/or any Controlled Entity pursuant to the Indemnification Sources, on the one hand, and (ii) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, the laws of the jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any Indemnitee-Related Entity, on the other hand.
Section 10.    Form and Delivery of Communications. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand, upon receipt by the party to whom said notice or other communication shall have been directed, (b)mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier, one day after deposit with such courier and with written verification of receipt or (d) sent by email or facsimile transmission, with receipt of oral confirmation that such transmission has been received. Addresses for notice to either party are shown on the signature page of this Agreement, or as subsequently modified by written notice.

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Section 11.    Nonexclusivity. The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not be deemed exclusive of any other rights which Indemnitee may have under any provision of law, in any court in which a proceeding is brought, other agreements or otherwise, and Indemnitee’s rights hereunder shall inure to the benefit of the heirs, executors and administrators of Indemnitee. No amendment or alteration of the Charter or the Company’s bylaws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement.
Section 12.    No Construction as Employment Agreement; Duration of Agreement. Nothing contained herein shall be construed as giving Indemnitee any right to be retained as a director and/or officer of the Company or in other Indemnifiable Positions of the Controlled Entities or in the employ of the Company or any of the Controlled Entities. For the avoidance of doubt, the indemnification and advancement of Expenses provided under this Agreement shall continue as to the Indemnitee even though he may have ceased to be a director and/or officer of the Company and/or in other Indemnifiable Positions of the Controlled Entities.
Section 13.    Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by the DGCL notwithstanding that such indemnification may not be specifically authorized by the Charter or the Company’s bylaws, or by statute as of the date hereof. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, consultant, fiduciary or agent, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer, employee, consultant, fiduciary or agent, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder.
Section 14.    Entire Agreement. Without limiting any of the rights of Indemnitee under the Charter and/or the Company’s bylaws, this Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement.
Section 15.    Modification and Waiver. No supplement, modification, waiver or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. For the avoidance of doubt, this Agreement may not be terminated by the Company without Indemnitee’s prior written consent.
Section 16.    Successor and Assigns. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, spouses, heirs, executors, administrators and legal representatives. The Company shall require and cause any direct or indirect successor (whether by purchase, merger, 

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consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
Section 17.    Service of Process and Venue. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.
Section 18.    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Company of Indemnitee, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary.
Section 19.    Injunctive Relief. The parties hereto agree that each party hereto may enforce this Agreement by seeking specific performance hereof, without any necessity of showing irreparable harm or posting a bond, which requirements are hereby waived, and that by seeking specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he or she may be entitled.
Section 20.    Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of loss and liability suffered and Expenses (including attorneys’ fees), Judgments, Fines and Amounts Paid in Settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with an Action, Suit or Proceeding, including any appeals, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such amounts otherwise payable hereunder.
Section 21.    Mutual Acknowledgement. Both the Company and Indemnitee acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from indemnifying its directors, officers, employees, consultants, fiduciaries or agents under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company may be required to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right, under public policy, to indemnify Indemnitee.
Section 22.    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and 

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the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart.
Section 23.    Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
This Indemnification Agreement has been duly executed and delivered to be effective as of the date stated above.
DELL TECHNOLOGIES

By:                        
Name:
Title: 

Address: One Dell Way, Round Rock, Texas 78682

INDEMNITEE:

                        
 

Address: 

 [Indemnification Agreement]

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